BCG+推进能源部门的多样性、公平性和包容性-英

Untapped

Reserves

3.0AdvancingDiversity,

Equity,

andInclusionintheEnergySectorSeptember2023By

WhitneyHughes-Plummer,

AndreaSyth,

NikolayBelkov,

AlexWood,Pedro

Miras,

Dr.

Pierce

Riemer,

andSarahBeattieBostonConsultingGroupWPCEnergyBoston

Consulting

Group

partnerswithleadersinbusinessandsociety

to

tackle

theirmostimportantchallenges

andcapture

theirgreatestopportunities.

BCG

was

thepioneerinbusinessstrategy

whenitwas

founded

in1963.

Today,weworkcloselywithclientsto

embracea

transformationalapproach

aimedatbenefiting

allstakeholders—WPC

Energy,

theWorld

Forum

for

EnergyTransformation,isa

non-advocacy,

non-politicalorganisation

withcharitablestatus

intheUKandaccreditation

asa

Non-GovernmentalOrganisation

from

theUnited

Nations.

Formed

in1933andcomprising

60NationalCommittees,

WPC

Energyfacilitatesanopen

dialoguearound

oil,

gas,

energy,

andtheirproductsandisdedicated

to

thepromotion

oftheirsustainablemanagement

for

thebenefit

ofall.empoweringorganizations

to

grow,

buildsustainablecompetitiveadvantage,

anddrivepositive

societalimpact.Ourdiverse,

global

teams

bring

deep

industry

and

functionalexpertise

andarange

ofperspectives

thatquestion

thestatus

quo

andsparkchange.

BCG

delivers

solutionsthrough

leading-edge

management

consulting,

technologyanddesign,

andcorporate

anddigital

ventures.

We

workina

uniquely

collaborativemodel

across

thefirmandthroughout

alllevels

oftheclientorganization,

fueledby

thegoal

ofhelpingourclientsthrive

andenablingthemto

maketheworlda

betterplace.WPC

Energyorganises

thetriennialWorld

PetroleumCongress

which,

witha

typical

attendance

ofover

15,000,providesa

neutral

andinclusive

platform

to

debate

anddefinerealistic,

workable

pathstoa

netzero

future.

Theevent

bringstogether

thoughtleadersfrom

across

theglobalenergyindustry

includingHeadsofState,

Ministers,

CEOs,Presidents

andHeadsofInternational

Organisations,

aswellasengineers,

academics

andtheNGOcommunity.Contents01

ExecutiveSummary•

AClearBusinessCasefor

DE&I•

TheScopeofThisYear’s

Reportǟ

CaseStudy:

Enbridge•

DE&I-FocusedRecruiting•

FlexibleWorkingPoliciesandEnhancedCaregiverSupport•

Clear

andTransparent

Equal

Pay

Policies•

LeveragingPartnershipsto

DriveDE&IProgressMoreBroadly05

TheState

ofDE&IinEnergyǟ

CaseStudy:

YPF•

RepresentationAcross

Tenures•

PerceptionsontheChallengesWomenFace24

SupportingUnderrepresentedEthnicandRacialGroupsintheEnergySector•

RegionalDifferences•

DifferencesAcross

Industries•

Key

Levers

toSupport

UnderrepresentedEthnicandRacialGroups10

The

Effectiveness

of

DE&IPolicies

andPrograms27

Callto

Action•

COVID-19andtheImpactonFlexibleWorkingModels29

OurTool

for

Assessingandǟ

CaseStudy:

PertaminaAdvancingDE&IMaturity15

TheRole

ofDE&IinAdvancingInnovationandEnergySecurityǟ

CaseStudy:

Heirloom32

Methodology34

Appendix:

FullData

onCompanyPolicies

andPrograms17

AFrameworkforActivatingDE&I•

CommitmentandAccountabilityfromSeniorLeadership38

Acknowledgments39

About

theAuthors•

Robust

Measurement

of

DE&I

Outcomes•

BalancedandUnbiasedPromotionPoliciesExecutive

SummaryWhilediversity,

equity,

andinclusion(DE&I)isstatedasapriorityby

manyglobalenergycompanies,

theenergysectorcontinuesto

lagothersintermsofrepresentationandhasbeenslowto

makeprogress.

TheselearningsarereinforcedinthethirdversionoftheUntappedReservesreport,

acollaborationbetweenBostonConsultingGroupandWPCEnergy,

whichfor

thelastsevenyearshasmoni-toredwomen’srepresentationintheglobaloilandgasindustry.Thisreportalsoisthefirstinourseriesto

directlyassessthemedium-termimpactofCOVID-19onDE&Iintheenergysector.

Itisabundantlyclearthatthewidespreadadoptionofflexible,

remote,

andhybridworkingmodelshasbenefitedwomenandotherunderrepresentedgroups.However,

manyenergycompaniesare

consideringrollingbackthesechanges,

posingariskto

muchoftheprogressthathasbeenmadeinrecentyears.Inadditionto

thegenderrepresentationmetricswehavereportedoninthepast,

thisyear’sreporthasbeenex-pandedto

considerothergroups.

Theseincludeunderrep-resentedethnicandracialgroups(UERGs);

LGBTQ+

(lesbi-an,

gay,

bisexual,

transgender,

questioningand/or

queer)people;

peoplewithhealthconditionsordisabilities;

veter-answhohave

servedinactivemilitary,

naval,

orairservice;caregiversofchildrenandadultdependents;

andpeoplefromeconomicallydisadvantagedbackgrounds.

WhileDE&Iprogramsandinterventionshave

consistentpositiveimpact,

theiradoptionandutilizationvariesgreatlyacrossthesegroups.Since2021,

whenourlastreportwas

released,

theaveragepercentageofwomenworkinginoilandgas

hasincreasedonlyslightly,

from22%to

23%.

Althoughtherehave

beensomesignsofincrementalprogress,

suchasamoderateincreaseinwomeninseniormanagement,

manychalleng-esstillpersist,

andimpactfulDE&Iinterventions,

likeflexibleworkandmentorship,

are

inconsistentlyimple-mented,

applied,

andutilized.Thisyear’sreportincludesmeaningfulinsightsabouttheeffectivenessofvariousDE&Ieffortsandinterventions,alongwithperceptionsofthechallengesfacedinadvanc-ingDE&I.

Organizationswithhighlevelsofwomeninseniormanagementtypicallyhave

unbiasedpromotionpractices,

targetedrecruitmentprograms,

leadershipcom-pensationlinkedto

performanceagainstDE&Itargets,

andotherfoundationalprograms.For

leadersintheenergysector,

therecommendationsinthisreportofferanopportunityto

notonlyadvancediversi-ty,

butto

improvebusinessresiliencyandinnovationinthisrapidlychangingsector.1UNTAPPED

RESERVES

3.0AClearBusinessCasefor

DE&ITheScopeofthisYear’s

ReportWe

usetheterm“UntappedReserves”to

remindreadersthat,

likeundevelopedenergysources,

womenandotherunderrepresentedgroupsrepresentanenormouspotentialresource.

Companieswithinandbeyondtheenergysectorwidelyrecognizethatdiversityisimportantfor

deliveringbetterbusinessresultsandcan

be

asourceofcompetitiveadvantage.ThepreviousUntappedReservesreports,

releasedin2017and2021,

focusedexclusivelyongenderdiversityinoilandgas

companies.

For

the2023edition,

wehave

expandedtheindustryscopeto

coverthebroaderenergysector,includingpowerandutilitiescompaniesaswellascompa-niesfocusedonnewenergy.

Thislattergrouptypicallyprovidestechnologiesrelatedto

theenergytransition,

suchasthedevelopmentandproductionoflow-carbonfuels,renewableenergyequipmentandsystems,

andcarboncapture,

usage,

andstorage.StrengtheningDE&Ileadsto

amultitudeofbenefitsforcompaniesby

harnessingthepowerofvariedperspectives,experiences,

andtalent.

Itfostersinnovationandcreativityby

encouragingadiverserange

ofideasandapproaches,andcan

betterenablecompaniesinthissectorto

solvecomplexchallenges,

suchasenergysecurityandtheenergytransition.Additionally,

thisyear’sreporthasaimedto

measurerepre-sentationofotherdiversitygroupsbeyondgender.

Howev-er,

trackingofotherunderrepresentedgroupsisfar

morelimitedwithintheenergysector.

Inmostcountries,

regula-“We

are

adaptingwiththeenergytransition,”says

LaurenMorishita,

DirectorofDiversity,

Equity,

andInclusionatEnbridge,

aCalgary-basedNorthAmericanpipelineandenergycompany.

“Asaresult,

wewillneedmorediversevoicesatthetableto

driveinnovationandkeepacompeti-tiveedge.”

Diverseteamsare

moreadeptatunderstandingdiversecustomerbases,

andthusatunlockingcustom-er-centricserviceopportunities.consentbeforecollectingandprocessingtheirdemograph-icdata,

withfew

exceptions.

Nonetheless,

trackingrepre-sentationacrossunderrepresentedgroupsandkeymetricsonoutcomesisimportantto

helpbusinessleadersunder-standrepresentationintheirorganizations,

makeinformedDE&Idecisions,

andcreatetargetedinterventions.

SeetheEnbridgecasestudyfor

anexampleofthedeepimpactthatcollectingandunderstandingrepresentationdatacanhave

onadvancingdiversityandinclusion.DE&Ialsoenhancesemployeeengagementandretention,asindividualsare

morelikelyto

feelvaluedandsupported.Aninclusiveworkenvironmentcontributesto

apositivecompanyculture,

strengthenstheemployerbrand,

andiscriticalfor

attractingtoptalent.Sincethelastreportwas

releasedin2021,

theenergysectorhasundergonesignificantchanges,

includingdisrup-tionsfromtheCOVID-19pandemic,

energysecuritycon-cernsarisingfromthewar

inUkraine,

andanacceleratedpushfor

sustainabilityandrenewableenergy.

Theseissuesare

topofmindfor

executivesseekingto

broadenDE&Iwhilebalancingcore

businessobjectives.

(See“COVID-19andtheImpactonFlexibleWorkingModels”

and“TheRoleofDE&IinAdvancingInnovationandEnergySecurity.”)Genderdiversityisalsolinkedto

higherfinancialreturns.Ouranalysisofsurveyedenergycompaniesfoundthatcompanieswithabove-median(21%)representationofwomeninseniorandexecutivemanagementexperiencedhigherreturnonequitythancompanieswithbelow-medi-anrepresentation.

Thesefindings,

whichare

consistentwithothercross-sectorstudies,1underscorethebusinessvalueinchampioningrepresentationinitiativesfor

energycompanies.1.

Inastudyanalyzing

financial

performance

of

S&P

500

companies

from

2005

through

2020,

Bank

of

America

found

that

companies

with

genderdiversity

on

their

board

of

directors

above

the

global

median

of

30%

achieved

15%

higher

return

on

equity

(ROE).

Companies

that

exceeded

themedian

(30%)

for

women

in

management

positions

saw

a

30%

higher

ROE.BOSTONCONSULTINGGROUP+WPCENERGY2CaseStudy:

EnbridgeEnbridge,

aCalgary-basedNorthAmericanpipelineandenergycompany,

hasmadeaconcertedeffortto

becomeamorediverse,

equitable,

andinclusiveorganization.

In2021,

EnbridgeaddedInclusionastheirfourthcore

val-ue—joiningSafety,

Integrity,

andRespect—highlightingitsimportanceacrosstheorganization.Thecompany’sleadershipunderstandsthebusinessvalueofbuildingamoreinclusiveorganization.

PrioritizingDE&Ifostersgreaterinnovation,

drivenby

moreideasfromawidervarietyofpeople.

Italsoenablesthecompanytobetterunderstandtheircustomersandreflectthecommu-nitiesinwhichtheyoperate,

to

ultimatelymakebetterbusinessdecisions.

AsManager,

LeadershipandCoaching,KimberleyGrantnoted,

“Whenweare

intouchwiththelivedexperiencesofthepeoplewedeliverenergyto

andthecommunitiesweoperatein,

wecan

makebusinessdecisionsthatconsidertheirneedsandpositivelyimpactallstakeholders.”EnbridgehassetspecificDE&Igoalsto

reachby

2025intheirInclusion,

Diversity,

Equity&Accessibility(IDEA)strategy.

Theseincludeevolvingtheirmorethan1

2,000-memberworkforceto

consistof40%women,

28%UERGs,

3.5%Indigenouspeoples,

6%peoplewithdisabili-ties,

and7%veterans.

Thesegoalsare

setbasedonlabormarketavailability.TheIDEAstrategyincludesspecificactionsto

achievetheserepresentationgoals,

includingafocusonrecruit-ment,

developmentandsuccessionplanning,

andtraining.Inaddition,

executivecompensationislinkedto

perfor-manceinDE&I,

andsustainability-linkedbondsandloansprovideafurtherleverfor

publicaccountability.

Withthesemechanismsinplace,

thecompanyhasalreadysurpassedsomeofitsinterimgoals,

suchasreaching30%womeninmanager-and-abovepositionsby

2022.

From201

8to

2022,Enbridgeincreasedtherepresentationofwomeninman-agementandseniormanagementpositionsfrom27%to30%,

womeninexecutivepositionsfrom22%to

32%,

em-ployeesbelongingto

UERGsinleadershipfrom12%to22%,

andemployeesbelongingto

UERGsoverallfrom16%to

24%.2.

“Two-Spirit,”IndianHealthService:

TheFederalHealthProgramforAmericanIndiansandAlaskaNatives.3UNTAPPED

RESERVES

3.0EnbridgehasbeenrecognizedasabusinessleaderinDE&I.

In2022,

thecompanywontheprestigiousCatalystaward,

across-industryglobalrecognitionthatcelebratesoutstandingDE&Iinitiativesdrivingdiverserepresentationandinclusionintheworkplace.•

Externalpartnershipsto

developamorediverselong-termtalentpipeline.

Thecompany’sEngineeringFu-turesprogrampartnerswithlocalorganizationsto

pairgirlsandUERG

youthwithwomenengineersatEn-bridge.

Anotherexampleisthecompany’spartnershipwithBuildaDream,

anonprofitthathighlightsnon-tra-ditionalcareerpathsfor

younggirls.UniqueDE&IInterventionsEnbridge’sstrongandpubliccommitmentto

DE&Iisdrivenby

itsdeepsenseofresponsibilityto

theiremploy-eesandadesirefor

accountabilityfor

their2025goals.

Theleadershipteamunderstandsthatbecominganinclusiveorganizationisnotwithoutitschallenges.

“Thereisnomagicsolutiontomakingprogress,”saidLaurenMorishita,DirectorofDiversity,

Equity,

andInclusion.

“It’saboutacombinationofsmallandintentionalchanges.”

TheDiver-sityDashboard,

listeningsessions,

andexternalpartner-shipsalonehave

notacceleratedEnbridgetowardstheirDE&Igoals.

Rather,

thenumerouscommitmentsthatthecompany,

theleadershipteam,

andemployeeshave

col-laborativelycreatedhave

meaningfullyadvancedrepresen-tationandinclusionacrosstheorganization.Enbridgehasmadeprogresstowardstheir2025DE&Igoalsthroughdeepunderstandingoftheirworkforce’sdemographicsandspecificneeds,

enablingthe

companyto

developfocused,

intentionalplans.

To

buildawarenessonthestatusofDE&Iwithinthecompany,

Enbridgecreat-edaDiversityDashboard,

aninternalapplicationavailableto

allemployeesthatshowsrepresentationacrossgender,UERGs,

disabilitystatus,

veterans,

and2SLGBTQ+

acrossthecompany.

(The

notation“2S”refersto

“Two-Spirit,”atermusedby

someIndigenousNorthAmericansto

de-scribeindividualswhoperformactivitiesofbothmenandwomen.

Thisisconsideredauniquegenderstatusinsometribes.2)TheDashboardalsoshowsdemographicdatabyjoblevelandtrendsonhiring,

promotions,

andturnover(inaggregateto

protectindividualprivacy).

Alldataisself-reportedthroughEnbridge’sannual“CountYourselfIn”

survey,

with85%ofemployeesoptingto

participate.WhiletheDiversityDashboardisanessentialtoolto

guideDE&Istrategy,

theEnbridgeteamunderstandsthataware-nessaloneisnotsufficientto

drivemeaningfulchange.Theyhave

coupledlearningsfromtheDashboardwithmorethan100listeningsessions,

alongwithannualsur-veys

andengagementwiththeirhighlyactiveEmployeeResourceGroups,

to

createtargetedinterventionsthataddressspecificDE&Ichallenges.

Thismultifacetedap-proachhasledto

thelaunchofmanyprogramsandac-countabilitymeasures,

including:•

Compensationlinkedto

DE&Imetricsfor

allemployees.•

Amentorshipprogramthatintentionallymatchesmenteesandmentorsbasedondiversitypreferences.For

example,

anearly-careeremployeecan

requesttobe

matchedwithamoresenioremployeebasedonattributessuchasgender,

ethnicity,

orrace.

In2023,

over1,700pairswerematched.•

A“humanlibrary”thatcontainsstoriesoflivedexperi-encesharedby

Enbridgeemployees.

Thesestorieshelpdrivemeaningfulconversationsonsocialissuesandadvanceacultureofinclusion.BOSTONCONSULTINGGROUP+WPCENERGY4TheState

ofDE&IinEnergyAcrosstheenergysector,

theaverage

percentageofwomeninenergycompaniesis24%,

withsignificantdifferencesacrosstenures,

moderatedifferencessenior,

andexecutivelevels3.

(SeeExhibit2.)Representa-tionofwomeninentry-levelpositionshasincreasedonlyincrementally,

upto

27%in2023from25%in2020.

Whilethenumberofwomenatmid-careerandseniorlevelsalsoincreasedin2023,

thedropinrepresentation(from27%atentrylevelto

20%atseniorlevel)continuesto

persist,consistentwithour2020study.acrossindustries,

andsomedifferencesacrossregions.(SeeExhibit1.)RepresentationAcross

TenuresRepresentationofwomeninoilandgas

companiesin-creasedslightlyacrossalltenurelevelsin2023comparedto

2020,

withthemostimprovementatthemid-career,3.

For

overall

women’s

representation,

all

50

surveyed

oil

and

gas

companies

reported

data;

for

tenure-specific

data

(e.g.,

%

of

women

at

entry-level,etc.),

38

oil

and

gas

companies

reported

data.

These

differences

in

available

data

explain

small

change

in

overall

representation

vs.

larger

changeinrepresentationateachtenurelevel.5UNTAPPED

RESERVES

3.0Exhibit1-GenderDiversityintheEnergySectorStillLagsMostMajorSectorsWomen’sworkforcerepresentationpersector(%)100Women’s2023representationintheenergysector(includingoilandgas,powerandutilities,andnewenergycompanies)is24%507575656449514846433730302523Oilandgas212214Construction80HealthandsocialworkEducationRestaurantsandhotelsFinancePublicadministrationManufacturing

Agriculture%womenin2020%womenin2023Sources:

ILO

Stat

database,

2020

and

2023;

Untapped

Reserves

2.0

and

3.0

company

surveys;

BCG

analysis.Exhibit2-Women’s

RepresentationIncreasedSince2020atAllTenureLevelsinOilandGas,

withLargerIncreasesatMid-careerandHigher%

of

women’s

representationin

oiland

gas,

by

tenure2725202520141914EntrylevelMid-careerlevelSeniorlevelExecutivelevel20202023Sources:

Untapped

Reserves

3.0

and

2.0

company

surveys;

BCG

analysis.Note:

N=38

oil

and

gas

companies

for

2023,

and

N=36

companies

for

2020.

Not

all

companies

provided

detailed

breakdowns

by

tenure.BOSTONCONSULTINGGROUP+WPCENERGY6Whenweconsiderwomen’srepresentationinbusinessandadministrationrolesandoperationsandtechnicalrolesseparately,

distincttrendsemerge,

indicatingthatcompaniesneedto

take

specificactionsto

advancewom-en’s

representationfor

bothfunctions.

(SeeExhibit3.)personalcommitments,

limitedtransparencyintopromo-tionpractices,

lackofmentorshiporrolemodels,

andpaydisparities.

Thesefactorscan

hinderprofessionaldevelop-mentandaffectwomen’smotivationto

remaininthesector.

Asonefemaleindustryprofessionalshared,

“Prog-ressin[my]careerfeelslimited...

Ittakescourageandpatienceto

stay

intheindustryfor

alongtime.”For

operationsandtechnicalroles,

entry-levelrepresenta-tionislowat1

8%.

Thisconstrainsthetalentpipelineforseniorleadership,

whichisrelativelystablethroughseniorlevelsbutfallssharplyto

5%for

executives.

To

achievehigherwomen’srepresentationintheseroles,

oilandgascompaniesneedto

investinattractingmorewomentooperationsandtechnicalrolesto

expandthetalentpipe-line.

Theyalsoshouldinvestinretainingandadvancingwomen,

maintainingrepresentationthroughto

theexecutivelevel.InBCG’s2022DiversityandInclusionAssessmentforLeadership(DIAL)study,

25%offemalejuniormanagersatenergycompaniesreportedthattheyare

consideringleavingtheirjobswithinayear,

whileonly12%oftheirmalecounterpartssaidthesame.

Amongthosewhocon-sideredleaving,

thetopreasonswereto

seekhigherpayandalackofadvancementopportunities.Whileenergycompanieslargelyrecognizethatcareerprogressionandcompensationare

keyfactorsinwomenchoosingto

leavetheirpositions,

thedropinrepresenta-tionathighertenurelevelspersists.

To

take

action,

compa-niesshouldimplementtargetedinterventionsthroughouttheemployeelifecycle.

Thereare

particularlyeffectiveinterventionscorrelatedwithhigherwomen’srepresenta-tionatseniorlevels.

(See“TheEffectivenessofDE&IPoli-ciesandPrograms”

and“AFramework

for

Activating

DE&I.”)For

businessandadministrativeroles,

representationisapproachinggenderparityatentrylevel.

Thispresenceofwomenisimportantfor

manyreasons,

especiallyasitestablishesapipelinefor

seniorleadershipinthefuture.However,

representationfallsdramaticallyatmid-careerandseniorlevels,

reflectingthesignificantheadwindsthatwomenface

astheyclimbthecorporateladder,

aswellascompanies’shortcomingsinretainingandadvancingwomen.

Thechallengescan

includebalancingcareerwithExhibit3

-

Women’s

Representation

inOilandGas

ShowsanUpward

Trend,Except

inOperations/Technical

Support

Roles

attheExecutive

Level%ofwomeninoperationsandtechnicalsupportroles,bytenure%ofwomeninbusinessandadministrationroles,bytenureGenderbalance(50%)Genderbalance(50%)483939262513241418101512149105EntrylevelMid-careerlevelSeniorlevelExecutivelevelEntrylevelMid-careerlevelSeniorlevelExecutivelevel20202023Sources:

Untapped

Reserves

3.0

and

2.0

company

surveys;

BCG

analysis.Note:

N=36oilandgascompaniesfor2023,

andN=26oilandgascompaniesfor2020.

Notallcompaniesprovideddetailedbreakdownsbytenureandjobtype.7UNTAPPED

RESERVES

3.0PerceptionsontheChallengesWomenFaceRegional

DifferencesAsinpreviousreports,

wesurveyedindustryprofessionalsabouttheissuesthatcontributeto

thelackofwomeninseniormanagementinenergycompanies.

Thoughmenandwomenare

broadlyalignedinrecognizingthechal-lengesposedto

womeninthesector,

theycontinuetoattributedifferentcausalfactorsasbeingmostresponsi-ble.

While66%ofmensay

thelackofqualifiedwomenintheindustryisto

blame,

66%ofwomenbelievethattheissueiswomenbeingoverlookedfor

promotions.

(SeeExhibit4.)Across

regions,

thereare

moderatedifferencesinoverallwomen’srepresentation,

withsomeexpectedvarianceinworkforcecompositionreflectingculturalfactors.

Onaver-age,

companiesinAsiaPacificreportthehighestlevelsofrepresentation(27%),

followedby

companiesinCentral&SouthAmerica(26%),

NorthAmerica(25%),

andGlobalcompanies(25%).

CompaniesintheMiddleEastandAfricareportthelowestwomen’srepresentation(20%).Thisdisparityinperceptionsindicatesthatunconsciousbiascontinuesto

persist.

To

addressthisproblem,

energyleadersneedto

supportspecificmeasuresto

buildmaleallyship.

Companiesalsoneedto

supporttheattraction,retention,

andadvancementofwomenintheenergysec-tor.

(See“CaseStudy:

Pertamina”and“AFrameworkforActivatingDE&I.”)Exhibit

4

-

Men

and

Women

Continue

to

Cite

Different

Causal

Factors

fortheLackofWomeninSeniorManagement2020:Menreportlackofqualifiedwomen,lackofflexibility,andlackofpromotionslaterequirementsaskeyfactorsholdingwomenback2023:Mencontinuetoreportlackofqualifiedwomen,whilewomenreportreceivinglesssupportandbeingoverlookedasbiggestfactorsWomengetlesssupportWomengetlesssupport75%60%75%60%Womenarenotflexibleenough45%30%15%0%WomenareoverlookedWomenarenotflexibleenough45%30%15%0%WomenareoverlookedTherearenotenoughqualified

womenintheindustryTherearenotenoughqualified

womenintheindustryWomenarenotconfidentenoughtoaskWomenarenotconfidentenoughtoaskPromotionslatesdon'tPromotionslatesdon'trequirewomenrequirewomenWomenMenSource:

Untapped

Reserves

2.0

and

3.0

individual

surveys;

BCG

analysis.Note:

N=775

energy

industry

employees

surveyed

for

the

Untapped

Reserves

3.0

individual

survey.BOSTONCONSULTINGGROUP+WPC

ENERGY8Differences

Across

IndustriesPower

andutilitiescompaniesalsohave

higherimplemen-tationratesofkeyinterventions,

suchasflexible,

remote,andhybridworkingpolicies;

linkingleadershipcompensa-tionto

DE&Igoals;

andestablishingaChiefDiversityOffi-cer(CDO)orsimilarroleto

driveDE&Istrategy.

(SeeExhib-it5.)Theseinterventionsare

stronglylinkedto

increasedwomen’srepresentation,

andcompaniesseekingtoboostrepresentationshouldprioritizetheseactionsfor

imple-mentation.Power

andutilitiescompaniesappearto

have

slightlyhigherworkforce-widerepresentation(26%)thanoilandgas

(23%)andtendto

have

higherrepresentationofwom-eninseniorandexecutivelevels.

Severalfactorsmaycontributeto

thisdifference,

includingindustrypercep-tions,

skillsetalignment,

mobilityrequirements,

andtheregulatoryenvironment.

Unlikeoilandgas

companies,locations(suchasonrigsorplatforms),

powerandutilitiescompaniesare

typicallyregionally-basedwithlimitedexpectationsfor

locationflexibility(especiallyinternationalrequire