Why Diversity Must Become a Value for Businesses

Interview with Paola Maria Caburlotto, Equity Partner at Chaberton Partners, published on Il Sole 24 Ore.

Last March 8, a general strike brought public transport to a halt in more than 70 countries to draw attention to the condition of women—paradoxically forcing working women to stay at home. Diversity is widely discussed, and rivers of ink are spilled resorting to the usual rhetoric and, as the March 8 strike demonstrates, even to blatant hypocrisy. Yet more than words, facts matter. And numbers. Which ones?

Female employment in Italy is growing, but slowly, and the country remains at the bottom of the European rankings alongside Greece, with only 51% of women aged between 15 and 64 employed, compared to 64.9% across the EU. In public administration, women account for 58.8% of the total 3.2 million public employees, yet only one in three holds a managerial position. A similar situation can be observed in agriculture: women employed in the sector number 823,000, representing 30% of the total workforce, but only 31% of them run an agricultural business.

Looking at the annual report published by the European Banking Authority (EBA), based on a sample of 662 credit institutions and 129 investment firms, women represent 27.75% of non-executive directors, a figure that drops to 18.05% among executive directors. Within this group, out of a total of 689 CEOs, women account for just 11%, with only 78 female chief executives. More than a quarter of banks (27.05%) still lack a gender representation policy, despite its being “mandatory”, alongside gender considerations in board appointments, the application of non-discriminatory remuneration policies and the monitoring of the gender pay gap.

On this last point, the Authority notes that female executive directors earn on average 9.48% less than their male counterparts, a gap that narrows to 5.9% for non-executive directors. This persists despite clear evidence of a positive correlation between gender balance and banks’ ability to generate returns on capital. The latest report published by Citi’s Global Perspectives & Solutions highlights that gender equality in businesses would not only increase global GDP by up to 3%, but would also create several hundred million jobs worldwide.

We know well that the issue of women’s conditions cannot be confined to a single day each year, but must be addressed through continuous commitment — concretely, pragmatically and, above all, professionally — so that diversity can be transformed into real value for companies. How? By drawing on the experience of top managers who have been able to overcome the limits imposed by society, conventional thinking and even their own educational backgrounds throughout their personal and professional growth paths. Leaders who have succeeded in combining diverse skills and channeling them into a single, powerful source of energy.

This is the objective of the initiative launched today by Paola Maria Caburlotto, Equity Partner at Chaberton Partners — the international executive search firm founded in 2017 by Christian Vasino — with the aim of making a further contribution to gender equality, alongside the firm’s ongoing commitment to building candidate shortlists composed of 50% women. Women No Limits is an international platform that brings together female and male leaders across different companies and countries to share their experiences on how specific barriers to careers and talent can be overcome. In particular, the testimonies of women who have gone beyond obstacles will support the development of female leadership across multiple roles: as managers, entrepreneurs, investors and board members. By giving visibility to a female culture of success—different from, yet complementary to the male one—the initiative aims to enhance leadership quality and, with it, the value of companies themselves and the broader benefit to society.