2022 Equity - Report Fin

Equity
For All
®
REPORT
Equity For All® Report | Copyright © Pipeline Equity, Inc. 2022

not we CAN close the gender
“
The question isn’t whether or
equity gap - it’s whether or not

we CHOOSE to close it.
KATICA ROY, CEO

®
TABLE OF CONTENTS
Executive Summary 04
Our Philosophy 08
Our Mission 12
Why Equity for All 28
Why We Need the Male Voice 30
The Global Picture 33
Gender Equity in North America 40
50 States, Immeasurable Opportunities For Growth 50
Industry: A View to the Future 53
Gender Equity in Politics 57
Where We Go From Here 61
Sources & Citations 68

EXECUTIVE
SUMMARY

In 2018, Pipeline released its first Equity
for All® Report that included our
expanded research across 6,250
companies in 32 countries—to include
more than 1 billion points of data along
with 126 secondary resources. In 2019 we
expanded our resources to 141 secondary
resources and updated our research. In
2022, we expanded our research again,
this time to 168 secondary sources.
Despite the fanfare for gender

equity over the past 3 years, the
progress toward gender equity
remains glacially slow, and in
some cases it is moving backward.
For instance, women now make up a record 27% of the
US Congress, yet we still have a 24-point gap between
the percentage of women in the US Congress and the
US population. And, the percentage of women CEOs in
the Fortune 500 is still in the single digits.
TREND
ALERT
You’ll find “Trend Alert”

callout boxes just like
this one throughout this
report in places where
the numbers have
changed year over year.
Equity For All® Report | Copyright © Pipeline Equity, Inc. 2022 5

Since 2020, we’ve added 36 years to the time Since 2018, we
to global gender equity. In North America, have reduced

the time to
gender equity in
gender equity is another six decades away. North America
by 103.5 years
(Although, North America has reduced its

(from 165 years
to 61.5 years).
time to gender equity by 103.5 years since

2018—from 165 years to 61.5 years).
This is happening despite the fact that in 40 percent of US households with

children, mothers are the breadwinners.
In Pipeline’s research, we have found that on average

women face performance rating bias of lower ratings four
percent of the time, which modeled out over the talent
pipeline explains the 24-point gap between women at the
entry-level and the C-Suite. We have also found that
performance rating bias is a key part of closing the gender
pay gap.

However, there is some good news in pursuit of gender equity:
1. We’ve closed the

gender pay gap in 6
2. Women make up
24% of C-Suite
3. The US has closed
its gender equity
percent of executives—up 2 gap by 4.3
professions —up 3 points since 2019. percentage points
points since 2019.
since 2018—from
72% to 76.3%.
To catalyze progress toward gender

equity—and ultimately, equity for
all, we must embrace the tools of
the Fourth Industrial Revolution,
namely artificial intelligence and
cloud computing. We must move
from talk and commitment to
decisive action.
Our goal at Pipeline is to

bend the arc of history
toward inclusion and make
gender equity a reality in
our lifetime. We did. With
Pipeline, no longer is it a
question of if we can close
the gender equity gap, it’s
will we choose to?
The time is now.

Increased financial
performance and
improved economic
outcomes are
waiting for us.

O U R P H I L O S O P H Y
To Bend The Arc

Of History
Toward Inclusion

Be Brave.
You Can Do It.
P R I N C I P L E O N E

Take Action.
P R I N C I P L E T W O

Serve a
Greater Purpose.
P R I N C I P L E T H R E E

O U R M I S S I O N
To Achieve
Gender Equity
In Our Lifetime

P R I N C I P L E O N E
Be Brave.
You Can
Do It.
We are willing to step into the
unknown, fail or succeed, and
get back up.
We believe that bravery is where the

magic happens.
We are refugees, immigrants, first-

generation Americans, and multi-
generation Americans.
We are native East Coasters, West

Coasters and Midwesterners.
We are enterprising, equitable

and purpose-driven — and
believe in ingenuity, passion
and, above all else, bravery.
It’s our shared experience that trust and

connection take courage, that work
should create a sense of belonging.

P R I N C I P L E T W O
Take Action.
We are enterprising,
resourceful and creative.
Where others pause to

contemplate, we take action, and
know that our principles, strengths,
and mission will carry us through.

P R I N C I P L E
T H R E E
Serve a
Greater
Purpose.
We serve a greater purpose than
ourselves – ending the gender equity
gap, once and for all.
The Pipeline crew is a passionate group that

believes in the power of the inspired individual to
bring about change — this power is magnified
on our teams, who are unequivocally united
behind the mission to eradicate gender bias and
create the workplace change that propels our
businesses and our communities forward.
Your voice can bring gender equity

to the workforce in this lifetime.

Gender Equity Is
Fundamentally
About Equity For All
The discussion surrounding gender GENDER EQUITY:
equality, diversity, inclusion, and
ultimately gender equity in business is Fairness of treatment for women and
at its core, a conversation about men according to their respective
achieving equity for all. needs. This may include equal
We’ve reached a pivotal moment treatment, or treatment that is
globally. Individuals, business owners, different, but which is considered
executives, and policy makers, are equivalent in terms of rights, benefits,
searching for answers to issues obligations, and opportunities.
surrounding gender bias—issues (UNFPA)
historically, which have not been
openly discussed. GENDER EQUALITY:
Public acknowledgment of pay Refers to the equal rights,

disparities between women and men responsibilities and opportunities of
in business, open discussions women and men, boys and girls.
surrounding appropriate workplace Equality does not mean that women
behavior, and the conversation about and men will become the same but
expanding the roles of women in that women’s and men’s rights,
positions of leadership, are positive responsibilities and opportunities will
and important if we wish to transform not depend on whether they are born
the economic and social climate male or female. (UN Women)
within business and close the gender
equity gap in our lifetime.
“If gender equality is
Understanding the difference between the end, gender
the terms ‘gender equity’ and ‘gender
equality’ is a critical starting point for
equity is the means”
companies wishing to address this PIPELINE FOUNDER &
topic. CEO, KATICA ROY

Pipeline Views The Topic
Of Gender Bias Through
The Filter Of Equity
The closing of the gender equity gap has the potential to
unlock unprecedented economic opportunities and move
us toward parity.
Between 2017 and

2021, we added
The World Economic paints a somber picture. Based on
51 years to the current rates of progress, the world is still 268 years
time to economic
gender equity. away from reaching economic gender equity.
These findings come to us in the midst of a widening

gender gap within the American and global workforce.

We are moving from the era of
capitalism into the era of
talentism. Competitiveness on a
national and on a business level
“ Those will succeed
best, who understand
to integrate women as
will be decided more than ever an important force
before by the innovative capacity
of a country or a company. into their talent pool.
KLAUS SCHWAB, FOUNDER
AND EXECUTIVE CHAIRMAN,
WORLD ECONOMIC FORUM

The Leaky
Pipeline
American women are falling out of

the workforce through what has
been dubbed the ‘leaky pipeline’.
This trend is especially common within the world of

tech, where men hold 73% of roles in this sector.
Despite being one of the largest drivers of growth in

the American economy, the technology industry has
remained doggedly undiversified—women, at all
levels, are vastly underrepresented. This gap in gender
equity has the potential for damaging consequences.
In the absence of a diverse workforce, the innovative
potential of American tech companies is stifled and
the opportunities for positive economic growth
limited.
American technology isn’t the only industry suffering
from issues related to gender inequity. A lack of equal
pay between women and men is pervasive in nearly
every vertical.
“A gender wage gap exists The percent of

in 94% of occupations.” occupations with
gender wage gaps
- National Women’s Law Center dropped by 3 points
since 2019.

Men’s Pay Women’s Pay
We narrowed the According to the National Women’s Law Center, women in the
gender pay gap by
3 points since United States working full-time, year-round are typically paid
2019. only 83 cents for every dollar paid to their male counterparts.
And the wage gap has changed

very little in the last 10 years.
To remain competitive in the global Experts such as Michael Kimmel and
economy, the United States needs to others, have used the term ‘man box’ to
foster welcoming and inclusive address dominant forms of masculinity.
working environments to keep
diverse talent and create solutions Rigid sets of expectations,
to address growing wealth inequality.
behaviors, and perceptions
We believe gender of what it means to be
equity is fundamentally ‘manly’ exist within this
about equity for all. figurative box and serve to
marginalize men.
Discussions surrounding the
longstanding tradition of unequal pay Positioning the focus on gender equity as
between women and men too often opposed to women’s equality, allows us to
focus on women only, while the eschew narrow definitions of gender that
problems, and their solutions, will are harmful to both women and men—
come from the global collaboration of psychologically and financially, and to
women and men. place our focus instead on working
together to close the gender equity gap
Men traditionally grow to thereby unlocking the potential for
adulthood within a global unparalleled economic growth and as a
culture, which places a result, establishing equity for all.
higher value on power and
strength, than it does on
expressing vulnerability
and cultivating awareness.
It Is Within Our Power

to Achieve Gender
Equity in This Lifetime.
What Do We Mean By The
Economics Of Gender Equity?
In no country on earth are have an adequate talent pool and

women equal. Not one. customers who can afford to
Not by any measure. purchase the goods you are selling.
Yes, seriously. So, what do we mean by the

economics of gender equity?
Sure, it’s a grave social illness, but
why, as a business should you care? We mean understanding
the gender equity gap from
How does it really affect your an economic perspective
economics? Gravely, in fact. and the levers that you as a
business can pull to win the
Your responsibility as a business is war on talent and improve
to maximize your shareholders’ your economics.
value. You can’t do that if you don’t

As mentioned before, reproductive health, empowerment,
equality does not mean and economic status.
that women and men will
Gender inequality and its
become the same but that
women’s and men’s rights, interplay with economic
responsibilities and growth are broadly
defined as educational
opportunities will not
depend on whether they attainment, labor force
participation, and wages.
are born male or female.
From a production possibilities
The UN uses two main indices to
measure gender equality: Gender analysis, educational attainment is
Development Index (GDI) and a tied to labor productivity and labor
force participation is tied to labor
Gender Inequality Index (GII).
inputs (the size of the employed
Both indices are based upon the labor force including percentage of
United Nation’s Human Development the working-age population actually
Index (HDI) which measures human in the labor force). Both are supply-
development in countries across the side elements that contribute to
world, including a long and healthy changes in real GDP.
life, being knowledgeable, and having
Wages tie to both supply-side
a decent standard of living.
elements, in terms of costs to
The GDI delineates the HDI along produce goods, and demand-side in
gender lines to find disparities. The terms of capital to purchase goods
GII measures inequality in three and services. All are needed to
aspects of human development: increase real GDP.

When we boil down the So, Why Is Education First?
economic inputs and
outputs from a gender
equity perspective there Because education is the primary input to
are three that affect global labor productivity. In fact, for each
economic growth: additional year of education, there is a 10
percent increase in GDP per capita.
1. Education Attainment Have you ever heard the term, “you need to
2. Labor Force Participation
spend money to make money?”
3. Wages
Well, that’s true in economics.
The factors are listed in order of In the realm of economics, we call
importance. Why? It has to do with spending money, “marginal costs” and
supply and demand. We can break making money, “marginal benefits”.
the list into those categories this
way: Here’s what that looks like when applied
to gender equity:
SUPPLY:
MARGINAL COSTS
• Education attainment
(labor productivity) • Measures to increase educational
• Labor force participation attainment
(employed labor force) • Measures to increase labor force
• Wages (cost to produce goods) participation
• Measures to increase pay parity
DEMAND:
MARGINAL BENEFITS
Wages (capital to purchase)
• Labor force participation (talent pool)
• Labor productivity (output, income)
All are needed to
increase real GDP.

MARGINAL
BENEFITS
EQUILIBRIUM
MARGINAL
COSTS
If you chart both factors and where they meet, in other words
where marginal costs equal marginal benefits, you’ve
reached equilibrium. To determine how your company can
benefit from gender equity, first, calculate the equilibrium of
gender equality in terms of marginal cost and marginal
benefit and then use those numbers in the production
possibilities curve. The resulting figure is the increased
economic benefits your company can reap if you spend
money on gender equity.
Let’s dive deeper and

look at gender equity
at various levels.

Into The
Leaky Pipeline
24%
35%
41%
48%
LESS WOMEN
Entry-Level Mid-Level Department Top
Workforce Workforce Heads & GMs Executives
MORE RESPONSIBILITY
In the US, women

represent 48% of the Women’s labor force
participation rate
entry-level workforce;
dropped from 57% in
but only 24% of c-suite
2017 to 56.8% today.
executives

AMONG PEOPLE
65 AND OLDER
1.67 TIMES AS MANY
WOMEN AS MEN
Live in Poverty:
3M WOMEN vs. 1.8M MEN
Men Are
Promoted
A T 2 1 %
G R E A T E R
R A T E S
T H A N W O M E N
6 . 3 M M
Children
LIVING IN
POVERTY
ARE LIVING IN
HOUSEHOLDS
HEADED BY WOMEN
01
WHY EQUITY
FOR ALL
Why Do We Speak Of
Equity For All As Opposed
To Equality For All?

When Pipeline considers the By closing the gender equity gap, we
impact of long-standing traditions have the opportunity to unlock positive
of gender discrepancies in the economic outcomes in the United States
professional world, we dive into to the tune of $3.1T. We also have an
deep pools of data to inform our opportunity to inspire younger
philosophy, mission, and actions. generations of women and men to reach
Our belief is that if gender equality their highest potential through
is the goal, gender equity is the education, leading to successful careers,
means. and permanently altering the narrative
around the roles of women in business.
By working with companies to fix
the leaky pipeline of women in the Together, we can make
workforce and placing an
emphasis on achieving gender this future a reality.
equity in our lifetime, we’ve Whether or not you agree gender equity
realized it is possible to not only is an issue, the numbers are clear - it is a
better the lives of women and men massive economic opportunity.
globally, but also to produce
unparalleled positive economic We believe in equity for all, and we
outcomes for organizations. believe closing the gender equity gap will
allow us to reach equality in all aspects
When we underinvest in of business, and now we have the
our female workforce, we platform, Pipeline, to make it happen.
pay the price both now
and in the future.
The economic
opportunity of
gender equity grew
by $1.1 trillion
since 2019.
I N T H E U S
W E C O U L D
Increase
GDP by $3.1T
T H R O U G H
C L O S I N G
T H E G E N D E R
E Q U I T Y G A P

02
WHY WE NEED
THE MALE VOICE
In Pursuing Equity For All

Gender equity is not just a women’s The other half are men.
issue: it’s a universal issue that impacts
Gender equity is fundamentally an
us all. Much of the historical (and
economic issue, and we need to get
current) focus on increasing gender
men involved for many reasons.
diversity has been centered on “fixing”
women—the idea that women’s lack of Whether you realize it or not, gender
competence and confidence are the equity impacts men. Not only because
reasons they’re not progressing in an they currently hold the majority of
organization, and so we need to fix leadership positions, but because
them. Firstly, this is a false narrative. many men also desire a different role
in the world—48% of working fathers
Secondly, gender equity is often used as
would like to stay home but are unable
a synonym for women’s rights, even
to do so.
though women are only half the story.
“We need to help men decouple those aspects

of masculinity that hold men - and women -
back from living the lives they want.”
MICHAEL KIMMEL
Men care about these issues and masculinity found among American
should be included in the males.
conversation. The problem however, is The rigid sets of expectations,
that many men don’t see or behaviors, and perceptions of what it
understand the issues surrounding means to be a ‘real man’ continue to
gender equity, and why would they? have damaging effects on young
Gender equity is not largely males as they grow into adulthood. As
seen as a men’s issue. a culture, we are marginalizing our
children, both men and women, and
Renowned sociologist and expert on
forcing them into metaphorical ‘boxes’
gender studies, Michael Kimmel (and
that are proving to have a widespread,
others), have used the term ‘man box’
detrimental impact.
to describe the dominant forms of

One of the reasons Pipeline focuses Suicide among males today is nearly
on gender equity as opposed to four times higher than among females,
women’s equality is because we and male suicides represent 79% of
realize narrow definitions of gender all instances of suicide inside the
harm both men and women - United States.
psychologically and economically.
Bringing men into this conversation is
The alarming rates of suicide critical to closing the gender equity
among men and boys are gap in our lifetime. We owe it to our
connected to these narrow children; boys, girls, young men and
definitions of masculinity. young women, to bend the arc of
history toward inclusion.
“We need to bring in men and women and allow them

to be imperfect in the conversation. We need
courageous conversations where everyone can speak
honestly and openly, even if something’s said which
may not be appropriate, or may minimize, or if
someone interrupts—that’s part of the conversation.
We need to create space for those conversations to
happen.”
PIPELINE FOUNDER & CEO, KATICA ROY

03
THE GLOBAL
PICTURE
Women in the Global

Workforce: An
Economic No-Brainer

As we said before, in no This is of critical concern at a time when the
country on earth are women world is facing a skilled labor shortage of up
equal to men. Not one. to 85 million workers by 2030.
Not by any measure.
In 2015, women were the majority of
university students in nearly 100
In the last four years, we countries, yet women have been
added 51 more years to the leaving the workforce. The most
Dropped the
labor force
time to global economic recent data show women’s global participation of
women globally
gender equity. labor force participation rate dropped by nearly 2
points
from 47.8% in 2019 to 45.9% in 2020.
At a time when
The entry of more women into the labor force
we should be may be an imperative for countries where labor
moving forward, force size is predicted to steadily decline
we are in fact between now and 2025 (namely, Russia from
76 in 2014 to 71 million in 2015 and Japan
moving backward. from 65 million in 2014 to 63 million in 2025).

On a global scale, and in a
world that is fast moving
toward a digital economy in
the Fourth Industrial
Revolution, gender equity
is not only a social issue - it
is a massive economic
opportunity.
The global GDP could increase
by $12T if gender equity were
achieved.
If the (gender) gap were closed in Latin

America, the region's GDP would be 16%
higher.
Whether you operate

globally or not, the global
economy impacts you.
From trade agreements to workers visas,

what happens in the global economy has an
impact on your business.

There are three main factors putting downward
pressure on the global economy today:
An Aging Workforce, the

Growing Skills Gap, and
the Digital Economy
The world is There is a growing The advent of the

getting older. global skills gap. digital economy.
Between 2020 and Reports estimate that (Also referred to as the
2030, the number of there will be a global Fourth Industrial
people in the world aged shortage of 85 million Revolution.)
60 years or over is skilled workers by 2030. Much of that disruption
projected to increase is connected to business
from 1 billion to 1.4 This shortage will come models changing rapidly
billion. at a cost: $8.45 trillion in and needed skills
unrealized annual
What does that mean? changing in concert.
revenue by 2030.
For countries with a By 2025, approximately
It will become more and
majority aging 40% of employees’ skill
more difficult to find
population, such as sets will require
skilled workers for your
Russia and Japan, it reskilling or upskilling for
talent pool.
means their workforce the future of work.
is shrinking.
In the US specifically, it’s
predicted that by 2030,
up to 9% of workers will
be in jobs that don’t
exist yet.

Higher labor force
participation by women
can offset a shrinking
global workforce.
Here’s why gender equity matters in the global

equation: it can substantially increase the size of
the workforce – as an employer, that’s your talent
pool.
For instance, in preparation for the G20 Summit in September 2014, the OECD,
IMF, World Bank, and the ILO proposed a 25 percent reduction in the gender gap
in labor force participation by 2025; this one action would result in 126 million
more women in the workforce and a 5 percent increase in the total labor force
of the G20 countries by 2025.
As well, an increase in corporate leadership to 30% female share is associated

with a 1% increase in net margin - which translates to a 15% increase in
profitability for a typical firm.
30% 1%
INCREASE
15%
FEMALE IN NET INCREASE IN
SHARE PROFITABILITY
MARGIN

Global Participation of
Women in the Workforce:
Women in management leads to a

19% higher return on equity and
9% higher dividend payments
Women account for

39% of the total
global labor force.
Asia has shown

substantial
improvement with a
60% increase in
gender diversity at
top levels. This being
said, in Asia, female
representation in the
workplace overall is
still shockingly low,
just 10%.

“
Today, in 2018, we have a strong body
of evidence that shows that women’s
participation in the economy is
critical because when women are able
to fulfill their economic potential,
GDP goes up and poverty goes down.
RACHEL VOGELSTEIN, SENIOR ADVISOR,
WHITE HOUSE GENDER POLICY COUNCIL

04
GENDER EQUITY IN
NORTH AMERICA
Why It Pays

The US is leaving
$3.1 trillion on the
table because of
gender inequity.
Couple that with the fact that the US has a
5.03 million person gap between the number
of jobs open and the number of people
looking for work, and we have a problem.

GENDER
EQUALITY
61.5 Years
CURRENT
STATE
North America—the US and Canada

combined—are 61.5 years away from gender
equality. We have reduced the time to
gender equity in this region by 103.5 years
since 2018.
The US has closed
its gender equity
gap by 4.3 The US rose 21 spots since 2018—primarily due to an increase in
percentage points
since 2018 (from women’s political empowerment. However, there is still a 24-point
72% to 76.3%). gap between the percentage of women in the US population and the
percentage in the 117th US Congress.
This does not bode well for the US economy as women in elected
office is positively correlated with economic growth. It is not a
coincidence, then, that the US is the only developed nation not to
offer paid parental leave as a federal policy.

The Most Educated
Cohort in the US
Women have become the Note, overall 34.6% of women in the US

have a bachelor's degree or higher. When
most educated cohort in the we break that down by race and ethnicity
US. They obtained 58% of it paints a stark picture:
bachelor degrees and above White and Asian women are above the
in 2021 and that trajectory is national average (38.3% and 52.3%
respectively) and Black and Hispanic
projected to continue. women are below the national average
Yet their labor force participation is falling (25.7% and 18.6% respectively).
(59.4% in 2006 to 57% in 2017 to 56.8% in
2022), which poses a grave economic threat
because a country cannot thrive if it doesn’t
have workers to produce goods and services.
We have work to do to
close the education
attainment gap.
While women’s education attainment is
increasing, they also hold almost 67%
of all student loan debt - there is an
almost 9-point gap between women’s
education attainment and their burden
of student debt. There is also an urban
myth that women are not as committed
to their jobs when they have children -
that is categorically untrue.

The “Real” Reason
Why Women Are
Leaving Their Jobs
90% of women who leave

their jobs when they have a
child, leave for reasons
other than having a child.
Falsely attributing the departure of women
to motherhood overlooks the real reasons.
We need to look at these issues now.
There’s a myopic focus on having more
flexible workplaces. Those things are good
to have, but that’s not the primary reason
women are leaving.
They’re leaving because they find
it very difficult to move up the
corporate ladder and to procure
leadership positions.
For the remainder of women who stay in the
workforce after having a child, they are the
most productive workers in the workforce
over the course of their careers.

And yet...
W O M E N A R E
P R I M A R Y O R S O L E
B R E A D W I N N E R S
I N 4 0 % O F U S
Households

The Gender Pay Gap
We closed the
aggregate gender pay
gap by 3 cents on the
dollar since 2019.
$1 $0.83 $0.64 $0.57
MEN WOMEN BLACK LATINA

WOMEN WOMEN
We closed the aggregate gender pay gap

by 3 cents on the dollar since 2019.
Women still only earn 83 cents on

the dollar of their white male
peers - that gap has grown year
over year, and it is, in general,
worse for women of color:
For Black women, the
Black women earn 64 cents on the dollar and Latinas gender pay gap
narrowed by 3 cents.
earn 57 cents on the dollar (with the exception of
Asian women who earn 87 cents on the dollar). For Latinas, it
narrowed by 4 cents.

The Three-Legged
Stool of Wages
LOWER PINK
WAGES TAX
STUDENT
LOAN DEBT
Not only do women carry a larger load of

the student loan debt, they also earn less
- but those are only two legs of the
three-legged stool of wages.
The third leg, the demand side of wages, is the “pink tax”.
Women’s products are, on average, priced higher and therefore

women are giving up a larger share of their wallet, on average
paying 7% more for similar products 50% of the time.

Broader Economic Benefits
U S W O U L D
C L O S E T H E
$4.7Trillion
SOCIAL SECURITY
SAVINGS GAP
I F W E C L O S E D
T H E G E N D E R
P A Y G A P
Closing the gender pay gap also has broader

economic benefits: The United States could
close the Social Security Savings gap by a
third, if we closed the gender pay gap.

96% of CEOs
SAY GENDER
EQUALITY IS
T O P 1 0
P R I O R I T Y
Within the corporate world, while 96% In original research performed across
of CEOs include gender equality in 4,161 companies in 29 countries,
their top 10 priorities, the gender Pipeline found that for every 10%
inclusion numbers are not changing increase in gender equity there is a 1-
and only 22% of employees say that 2% increase in revenue.
gender diversity is regularly measured
and shared. In 2018, Pipeline expanded this
original research to 6,250 companies
When companies’ focus on in 32 countries and found that for
increasing gender inclusion, every 7% increase in gender equity,
they see better financial there is a 3% increase in revenue.
returns including revenue,
profitability and lower Whether or not you
volatility for their stock (if it’s
publicly traded). believe gender equity is
a social issue - it is a
massive economic
opportunity.

05
50 STATES,
IMMEASURABLE
OPPORTUNITIES
FOR GROWTH
When The Economic Status Of Women
Improves – So Do State’s Economies

That status of women in As we parse through education
attainment, labor force participation
the United States on a and wages across the states, we see
state by state basis both promising numbers and
shows a clearer picture opportunities for improvement that
are depressing states’ economies.
as to why the US ranks
Before we dive into the numbers, the
30th out of 156 trajectory between 2019 and 2022—
countries for gender through the lens of wages, shows
equity, as measured by that 94% of states have improved
their rates of gender equity.
the World Economic
(That said, 0% of states have
Forum. completely closed their gender wage
gaps and 100% of states have gender
Further, it demonstrates the pressing inequitable rates of labor force
economic issue of closing the gender participation and educational
equity gap in the US. attainment.)
Let’s Dive Deeper

Into the Numbers Since 2019, five more
states have fallen
below the national
average.
Women's educational attainment rate

01 ranges from the lowest, 21.7% in
West Virginia, to the highest, 44.5%
EDUCATION ATTAINMENT:
THE 21 POINT GAP in Massachusetts.
Yes, that means there’s an over 22-
As of 2020, 38.3% of women in the point gap between the lowest and
US have a bachelor degree or higher. highest states in education
Yet, 41 states (or 82%) have attainment.
averages below the national average.

02 03
LABOR FORCE PARTICIPATION ECONOMIC GAINS
AND WAGES
When we look at the overall
Education attainment is the primary factor in economic gains from closing the
achieving gender equity (from an economic gender equity gaps in
perspective) and we see a relationship Massachusetts and West
between education attainment percentages Virginia, we see that each state
and the ranking of states across employment could add $73 billion and $10
and earnings measures including labor force billion to their economics,
participation and wages. respectively.
Massachusetts ranks number 11 for gender Economic gains hold true across
equity in labor force participation. West all 50 states.
Virginia ranks 18. While there is a 1-point As states look for levers to grow
gap between the two states in labor force their economies, closing the
participation, there is a stark difference in gender equity gap is not only a
women's earnings in these states. Women in pressing social issue, it is a
Massachusetts earn 1.6 times their female massive economic opportunity.
peers in West Virginia. Yes, you read that
correctly.
Colorado slipped 19
spots in labor force
participation and 13
spots in the wage gap
since 2019.
As a call out to With an unemployment rate of 3.7%

and a tight labor market, Colorado
Pipeline’s home state of must find new levers to strengthen its
Colorado, Colorado economy.
ranks second in the Gender equity is one such lever that
nation for education can not only unlock $40 billion (or
11.59% of GDP) in economic potential
attainment at 43% and for the state but also attract both
yet we rank 32nd in talent and enterprise from across the
labor force participation nation.
and 26th in wage equity.

06
INDUSTRY:
A View to The Future

Gender equity is The ease of recruiting talent (that is
finding available talent to join companies
important from an and organizations) is worsening. The
industry perspective largest growth areas are expected to be in
because of its role in the cloud computing, engineering, sales
marketing and content, data and AI, and
future of work. people and culture.
Within the scope of industry, gender
equity matters because it is relative to
the prospective talent pool (people Women as a percent of the
corporations can hire to work for them). workforce in those industries:
Within the Fourth Industrial Revolution
and the digital economy, the world is
changing as fast as it's ever been, and
14% 42%
it is as slow as it will ever be which Cloud Computing Sales Marketing
puts increased pressure on recruitment and Content
and retention of talent.
Understanding the intersection between
the future of industries and gender
20% 32%
equity within those industries is Engineering Data & AI
paramount to proactively bending
industries toward inclusion to ensure a
larger talent pool.
61%
People and Culture
A bigger talent pool
amidst a human capital
shortage Glass Ceilings Abound
While only 16% of companies agree The glass ceiling is the gap between the
with the larger talent pool rationale for percentage of women at the entry level
gender equity, a full 25% of companies and at higher levels in
target gender equity, engaging female organizations. There is a glass ceiling in
talent in particular, as a workforce every industry ranging from 11 in
planning strategy for future talent. Technology to 6 in Professional Services.
The world has an impending 85 million

skilled worker shortage. Yet, Currently, across
approximately 40% of employees’ skill industries the glass ceiling
sets will require reskilling or upskilling is at the entry level in
for the future of work by 2025.
every industry.

Mind the gap:
So, not only is it a struggle to fix the
entry pipeline, the pipeline is very
The women-in-
leaky.
tech disparity The disparity in tech is one of the

reasons Tim Cook, CEO of Apple,
lingers on warned that the US is in danger of
losing its leadership position in
technology if the gender equity gap in
Particularly worrisome is the fact that tech is not closed.
many emerging professions, such as
cloud computing and engineering, are
already inequitable. While the gender gap is closing in
many industries, which is good news,
there is still work to do to leverage
Couple this with the lack of women in the full economic potential of our
technology careers (women make up female labor base across industries
31% of tech talent) and if they do and embrace the full power of the
enter, they leave at a 45% higher rate Fourth Industrial Revolution.
than men.

“
The failure to unleash women’s
potential is one of the great tragedies—
and missed opportunities—of our time.
I remain optimistic, however, that we can work together to
help women reach their full economic potential—for
themselves, their families, their communities, and the world.
CHRISTINE LAGARDE, PRESIDENT,
EUROPEAN CENTRAL BANK

07
GENDER EQUITY
IN POLITICS
Vote Yes!

2020 had the largest number of broader participation of women within
female candidates (647) running for the global economy and give a
election in congressional primaries substantial push toward achieving
(144 won). widespread gender equity.
Statistics demonstrate achieving Despite the positive

gender equity has positive economic
benefits for all and increasing the outlook for women
presence of women in political roles entering US politics this
correlates to wider economic year, relative to
impacts.
population numbers,
Since 91% of countries have legal women are
restrictions limiting the full- underrepresented in
participation of women in the the 117th US Congress.
economy, having greater numbers of
women in elected office would enable
Women’s
representation in the
116th vs 117th
Congress:
27% 51%
-1 pt in the Senate
+11 pts in the House
Women make up just Women are 51% of

27% of US congressional the United States
members: population
24% of the Senate There is a 24-point gap between Closed the
34% of the House of Representatives the percentage of women in the gender gap in
Congress by 3
US Congress (27%) and the US points since
population (51%). 2019.

Equitable representation in legislative
bodies is an important factor in The Political
Impact of
achieving global gender equity.
The United States, a global leader in

other areas, is far behind with
respect to female political
Women in
The US rose
from 99th
representation.
Elected Office
place to 37th We rank 37th out of more than 156
place in female
political
representation.
countries. America we have made
progress, and we must do better. 01
MORE EFFECTIVE
Women want to work alongside men LEGISLATION
on the political stage. The myth that
family duties keep women from Congresswomen deliver 9% more
becoming involved in the political per year in federal programs to their
process is just that - a myth. home districts than their male
colleagues, and on average pass
Family responsibilities are not twice as many laws.
contributing factors to the lack of
female representation inside
politics. 02
INCREASED
What keeps them out is COLLABORATION
lack of recruitment. Increased collaboration among

politicians and political
The talent pool that political representatives: women are skilled
gatekeepers create from state at leading in divisive environments.
legislators and governors is
inequitable. In fact, political
gatekeepers recruit men at a rate of 03
10 percentage points higher than INCREASED
women. CREDIBILITY
Women are not being tapped to form Growing the number of women in
an equitable political talent pool and political leadership raises credibility
as a result, our nation is missing out in institutions and strengthens the
on a substantial economic democratic process and outcomes.
opportunity.

The Economic Impact of
Women in Elected Office
01 02 03
EDUCATION LABOR WAGES
• Women today are the • The number of prime • Closing the gender
most educated cohort working age women pay gap will improve
in the United States in the labor force is our economy. It’s
and are outpacing expected to grow by that simple.
men’s attainment 6.3% between 2020 • Women make up 64%
rates. and 2030. of minimum wage
• Women carry the • Expanding the model workers and are
majority of student set forth by Iceland, disproportionately
loan debt and it is 10 and shifting the impacted by their
points higher than their burden of inclusivity inability to increase
attainment rates. to employers, gives the minimum wage.
• Female legislators can female legislators • Raising the minimum
help to reform access the ability to have a wage has the
to higher education, profound impact on potential to lift
including the costs, reversing the trend of populations out of
and relieve student women leaving the poverty, most of
loan debt--key factors workforce. whom are women
in economic and children.
improvement.
Increasing the numbers of Let’s encourage party leaders to

expand the economic pie for all, and
women in elected office, broaden their recruiting networks to
will have a measurable inspire more women to run for political
positive impact on the office—it’s not only the right thing to
do, it is the smart thing to do.
American economy.

08
WHERE WE GO
FROM HERE:
Achieving Gender
Equity in Our Lifetime

A P R I L 1 0 T H
Equity for All™ Day

On April 10, 2018, former Governor John W.
Hickenlooper proclaimed April 10th in the state of
Colorado, Equity for All™ Day, in honor of the work
Pipeline has done to close the gender equity gap.
This is an achievement not only for Pipeline, but
also for women and men in the state of Colorado
and nationwide. It recognizes that fundamentally
gender equity is about equity for all.

We, at Pipeline, are a hopeful bunch. We launched
Pipeline on April 4, 2017 - Equal Pay Day in the US.
We believed that through data and embracing advanced technologies such as cloud
computing and artificial intelligence, we could achieve gender equity in our
lifetime. We are researchers by trade and when we dove into the data, we found
that from education to innovation, debt to social security, poverty to healthcare, a
common thread exists in the effort to improve performance in all of these issues:
gender equity in the workforce.
This report shares only a fraction of the research we did - with the express purpose
of disproving our hypothesis: gender equity is not only a social issue it is a massive
economic opportunity.
What we found was that no matter how we tried to manipulate

the data that gender equity is indeed a massive economic
opportunity - and a pressing one with the looming global
human capital crisis.

For every 10% There is a 1-2%
Increase in Increase in Revenue
Gender Equity
We also found through our own research

across 4,161 companies in 29 countries that
for every 10% increase in gender equity
there is a 1-2% increase in revenue.
In 2018, we expanded this original research to 6,250 companies in 32
countries and found that for every 7% increase in gender equity, there
is a 3% increase in revenue (we collected over 1 billion data points).

We then set out to create a software platform that would
operationalize that model. One that would enable
companies to achieve gender equity, to leverage the full
economic power of closing the gender equity gap.
We spent the last two years eyeball We knew from professional experience
deep in data and programming, that many senior leaders - men and
determining how to build and refine women - are deeply committed to
the Pipeline platform. closing the gender equity gap.
To bridge the 74-point gap between That commitment has been born out The number of
the percentage of CEOs who by the 10,400 companies across the companies that
have signed a
prioritize gender equity (96%) and world who showed their commitment gender equity
pledge increased
employees who regularly see it publicly through signing a gender by 174% since
measured and shared (22%). equity pledge (we hand counted 2019.
them).

Here’s what we discovered as we built We make it possible for the 48% of working
the platform: fathers who would like to stay home to do
it.
Using the Pipeline platform,
not only can we tell any We have the opportunity to eliminate gender
company their time to parity: as a marker for poverty during working age
and beyond. To lift families out of poverty.
We Can Get Them To free men from the narrow definition of

what it means “to be a man”.
To Parity. To improve the economic pie for all.
We are women and men who believed that
Yes, you read that correctly. through bravery, being enterprising and
We can close the gender equity gap driving forward with purpose we could bend
using the Pipeline platform - in our the arc of history toward inclusion.
lifetime. We did. We made gender equity possible in
So, the question is no longer CAN we our lifetime.
achieve gender equity. It’s will we
CHOOSE to?
Join us - be the one to
CHOOSE to close the
The power is ours to gender equity gap in our
make gender equity a lifetime.
reality. Today, with the power of the Pipeline
When we do that, we achieve equity platform it is possible.
for all. We no longer leave out 40% of
US households with children where
women are the breadwinner. The Time Is Now.

Women are the most
underutilized economic asset
in the world’s economy.
“
ANGEL GURRÍA, FORMER SECRETARY-GENERAL
OF THE ORGANISATION FOR ECONOMIC
CO-OPERATION AND DEVELOPMENT

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equity gap - it’s whether or not

KATICA ROY, CEO

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Despite the fanfare for gender

You’ll find “Trend Alert”

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to global gender equity. In North America, have reduced

(Although, North America has reduced its

time to gender equity by 103.5 years since

This is happening despite the fact that in 40 percent of US households with

In Pipeline’s research, we have found that on average

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1. We’ve closed the

To catalyze progress toward gender

Our goal at Pipeline is to

The time is now.

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To Bend The Arc

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We believe that bravery is where the

We are refugees, immigrants, first-

We are native East Coasters, West

We are enterprising, equitable

It’s our shared experience that trust and

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Where others pause to

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The Pipeline crew is a passionate group that

Your voice can bring gender equity

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Public acknowledgment of pay Refers to the equal rights,

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Between 2017 and

These findings come to us in the midst of a widening

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American women are falling out of

This trend is especially common within the world of

Despite being one of the largest drivers of growth in

“A gender wage gap exists The percent of

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And the wage gap has changed

It Is Within Our Power

In no country on earth are have an adequate talent pool and

Yes, seriously. So, what do we mean by the

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Let’s dive deeper and

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In the US, women

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