FARMINGTON, CONNECTICUT – Otis Worldwide Corporation (NYSE: OTIS), the world’s leading company for elevator and escalator manufacturing, installation and service, has joined the Paradigm for Parity® coalition, pledging its commitment to close its global leadership gender gap by 2030. Otis’ commitment to join the coalition also marks the first of its kind in the vertical transportation industry.
Women currently represent more than one third of Otis executives globally and 40 percent in the U.S. Otis has pledged to realize parity of 50 percent women executives globally by 2030.
Otis President and CEO Judy Marks hosted a virtual commitment signing with Sandra Beach Lin, co-chair of the Paradigm for Parity® coalition to mark the occasion, join the movement and help accelerate the pace to reach gender parity.
Otis has committed to:
- Eliminating, or minimizing, unconscious bias in the workplace;
- Significantly increasing the number of women in senior operating roles;
- Measuring targets and maintaining accountability through regular progress reports;
- Basing career progress on business results and performance, rather than physical presence in the office; and
- Providing sponsors, not just mentors, to women well-positioned for long-term success.
Progressing through these steps will help to achieve the long-term goal of establishing gender parity across Otis’ leadership by 2030, a goal also shared by the more than 120 other Paradigm for Parity® member companies.
According to industry research, powerful evidence links gender-balanced leadership with better financial and stock market performance.
“The Paradigm for Parity® coalition is thrilled to welcome Otis Worldwide Corporation to our growing list of companies that have committed to achieving gender parity in corporate leadership,” said Beach Lin.”
The coalition created the Paradigm for Parity® 5-Point Action Plan for corporations to accelerate the pace of gender equity in senior executive roles. This unique agenda defines bold and specific actions that, taken together and simultaneously implemented as a package, will catalyze change and enable today’s business executives to secure the best leaders of tomorrow.