Other research into the introduction of PFL in California has shown that PFL had either a positive effect or no noticeable effect on productivity, rather than negative attitudes towards costs. More USfirms – not compelled to introduce PFL – have been initiating or expanding their paid leave benefits, andmaking use of the offerings as tools to hire the best talent. POLICY PROOF The gender pay gap and the lack of women in senior positions are burning issues for governments on both sides of the Atlantic. In theUS there are question marks over whether privately offered benefits like paid leavewill only be for the good times, not kept upwhen the labour market shifts and unemployment rises. Ourfindingsare important in demonstrating thevalueofmandatory benefits for femaleemployees. And in termsof thebigger picture, inshowing howthegoodprinciplesof equalityand fairness, gohand-in-handwithfinancial returns. There is thepotential of apositive spiral here for bothbusinessandsociety: more tangiblesupport and recognition for the realities facedbywomen in the workplace leads tomoreengagement, morecontinuityandcareer success; in turn, this security isgood for productivity, lowers turnover costsandprovides role models for otherwomen.Morewomen joinexecutive teams. The resultinghigher levelsof diversityandequalityare thebest environment for encouragingcompetition among talent, for asenseof fairnessand a level playingfield. Gender equality is a principle with universal support. Good intentions abound. But changes in attitudes don’t always deliver a change in day-to-day realities and experience; as our research shows, that can require the commitment of funding and investment. Dr Jesse Zexi Wangis a Lecturer (Assistant Professor) in Finance. The paper Feminist Firms – written with Benjamin Bennett, Assistant Professor at the A.B. Freeman School of Business, Tulane University; Isil Erel, Chair Professor at the Fisher College of Business, the Ohio State University; and Léa Stern, Assistant Professor at the Foster School of Business, University of Washington – is available at ssrn.com/abstract=3490645 z.wang41@lancaster.ac.uk FIFTY FOURDEGREES | 41
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