Prime employer for women Medtronic has unveiled some excellent news - the company is now at 99 per cent gender pay equity for its employees.
The company prides itself on being transparent and, every year, publicly communicates its social, environmental and financial impact, and progress through its Integrated Performance Report. The report covers the topics most relevant to the Medtronic Mission, its business, and its partners.
"We're at 99 per cent gender pay equity globally for our employees. See how we're progressing with access to healthcare, environmental performance, elevating women and ethnically diverse talent into leadership roles in our latest Citizenship Report," commented Medtronic.
The report is split into the following sections:
Importance of recruiting a diverse workforce
Regarding gender, the report states that Medtronic is determined to employ a workforce with varying backgrounds and experiences — matching those of its patients and communities. Medtronic and the company's CEO have joined Catalyst CEO Champions for Change, committing to accelerate inclusion, diversity, and gender equality. The pledge reflects the strong desire for Medtronic leadership to be more representative and for people with diverse perspectives to take part in decision-making.
"Our ability to innovate relies on a constant stream of new ideas. To do this, we need a global workplace where people can truly be themselves and bring their diverse perspectives forward to tackle the world’s most pressing healthcare issues," says Omar Ishrak, CEO of Medtronic.
Through CEO Champions for Change, Medtronic pledges to:
- benchmark, track, and improve the culture of inclusion within the organization
- increase the representation of women, including women of color, in management positions and on the board of directors over five years
- Share metrics with Catalyst, in order to benchmark Medtronic's collective, aggregate progress
Medtronic's 2020 gender diversity target is for women to hold 40 per cent or more of its global management and above positions. The company's ultimate aspiration is to get this number to 50 per cent globally. In FY19, women represented 38 per cent of Medtronic's global management positions and were directly responsible for $6.8 billion of the company's annual revenue.
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Disclosure: Where Women Work researches and publishes insightful evidence about how its paid member organizations support women's equality.