Otis Commits to Achieving Gender Parity by 2030

Rhea-AI Summary

Otis Worldwide Corporation (NYSE: OTIS) announced its commitment to achieving gender parity in global leadership by 2030, making it the first in the vertical transportation industry to join the Paradigm for Parity coalition. Currently, women hold over one-third of Otis executive positions globally and 40% in the U.S. Otis aims for 50% representation by 2030 through a 5-point Action Plan targeting bias reduction, career advancement based on performance, and accountability measures. The initiative highlights a correlation between gender-balanced leadership and improved financial performance.

Positive

• Otis aims for 50% women executives by 2030, improving diversity in leadership.
• Joining Paradigm for Parity highlights commitment to gender equity in corporate leadership.
• Current representation of women executives exceeds 40% in the U.S., showing progress.

Negative

• None.

FARMINGTON, Conn., July 22, 2020 /PRNewswire/ -- 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.

"Our people are at the heart of everything we do at Otis. This commitment is welcome progress for all 69,000 Otis colleagues and a major milestone for our industry," said Marks. "Now more than ever, we embrace a diverse and inclusive culture that includes many voices and inspires great ideas to flourish."

As part of its commitment, Otis will implement Paradigm for Parity's^® 5-point Action Plan, a set of specific actions that when concurrently implemented, will catalyze change and enable companies to more effectively increase the number of women of all races, cultures and backgrounds in leadership positions.

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. "Otis' focus on inclusion and development of their diverse talent fits wonderfully into the values and mission of the coalition. We look forward to working with Otis to close the leadership gender gap and create a new norm in the corporate world: one in which women and men have equal power, status and opportunity."

About Otis
Built on a legacy of innovation, Otis was founded in 1853 after Elisha Otis invented the elevator safety brake, giving rise to the modern city, transforming how people live and work, and revolutionizing architecture itself. Today, we are the world's leading company for elevator and escalator manufacturing, installation and service. We move 2 billion people a day and maintain more than 2 million customer units worldwide, the industry's largest maintenance portfolio. We can be found in many of the world's most recognizable buildings, as well as the busiest transportation hubs and retail centers – we are everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.

About the Paradigm for Parity® Movement
The Paradigm for Parity® coalition is comprised of CEOs, senior executives, founders, board members and business academics who are committed to achieving a new norm in corporate leadership: one in which women and men have equal power, status, and opportunity.

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. Visit www.paradigm4parity.com or follow it on Twitter using @p4parity to learn more about this exciting initiative.

Media Contact:	Ray Hernandez
	+1-860-674-3029
	Ray.Hernandez@otis.com

 

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SOURCE Otis Worldwide Corporation

FAQ

What is Otis Worldwide Corporation's commitment announced in July 2020?

Otis committed to achieving gender parity in its global leadership by 2030.

How many women currently hold executive positions at Otis?

Women represent more than one-third of Otis executives globally and 40% in the U.S.

What specific steps is Otis taking to achieve gender parity?

Otis will implement a 5-point Action Plan that includes eliminating unconscious bias and increasing women in senior roles.

What is the significance of Otis joining the Paradigm for Parity coalition?

Otis is the first company in the vertical transportation industry to join, underlining its commitment to closing the gender gap.

Why is gender parity in leadership important for companies like Otis?

Research indicates that gender-balanced leadership improves financial and stock market performance.