This is a time of immense change. The UK energy industry is on the front line as we battle to achieve our country’s Net Zero targets and establish a new era of home-grown green power. We need our very best teams tackling the problems we see in front of us. From data and research, we know that diverse teams perform better, but diversity is still lacking in the energy industry. We must transform the way we work, our culture and the systemic barriers to improve inclusion and attract and retain a diverse talent pool. This work is urgent.
With significant change comes substantial opportunity. As a UK energy sector we currently employ over 200,000 people and contribute more than £20bn to the UK economy. Our UK industry vision as defined by OEUK is that we can become ‘a leading green industrial power, offering high quality employment for a skilled workforce driving strong economic growth.’ Imagine what that could look like, how many more people we could employ, how much more we could contribute to the economy if we get this transition absolutely right.
A home-grown green energy industry isn’t guaranteed however, we are competing on a global stage for a talented workforce and significant investment capital.
So how do we gain the competitive edge? It’s clear that D&I can significantly improve our bottom line.
We know from McKinsey’s Diversity Wins that ‘the most diverse companies are now more likely than ever to outperform less diverse peers on profitability’. This report also reveals that the potential for improved performance isn’t a small one stating that ‘a substantial differential likelihood of outperformance—48 percent—separates the most from the least gender-diverse companies.’
McKinsey’s research in Women in the Workplace reveals that there is plenty of evidence that companies which are inclusive are more likely to make ‘better, bolder decisions’ and find new ways of working, declaring that ‘diverse teams have been shown to be more likely to radically innovate.’
Research from pwc also supports the business case for Diversity and Inclusion where they found evidence that an increase in workforce will benefit everyone: Overall in the UK, ‘a 5% increase in the total number of women in employment could boost UK GDP by up to £125bn every year.’
To tap into this enhanced profitability, decision making and innovation we must ensure our energy industry is a vibrant and inclusive place to work.
Our current and future challenges will be different: yesterday’s solutions will not solve tomorrow’s problems. To ensure that our home-grown energy transition has the greatest chance of success, part of our strategy must be to improve inclusion to retain our diversity. This is work that cannot wait.
AXIS Network only exist because we see this opportunity for our industry and we care deeply for its success. We are a team of volunteers, and we spend our own time to support the industry with gender equity because we’re passionate about the benefits this will bring to our sector’s performance.
AXIS Network will cease to exist when there is no longer a need for us.
This is our challenge to the industry: Make us redundant by 2030. We know it can be done, we’ve seen greater challenges overcome by our industry. Let’s all commit to Vision 2030, accelerate progress to gender equity, the energy transition and Net Zero and show the same ambition and courage in the future as we have in the past.