New Google finance chief Ruth Porat, who has been called Wall Street’s most powerful woman, is not alone in her belief that tech companies need to help open the door for more women and minorities.
But one of her reasons why isn’t always touted so clearly: It’s good for the bottom line, she said at a forum Wednesday at the Vanity Fair New Establishment Summit in San Francisco.
“This is not just the right thing to do socially. It’s the right thing to do for your business,” said Porat, who is chief financial officer of both Google and its newly-formed holding company Alphabet.
The data backs her up. A Lehman Brothers survey of 100 teams found that “gender balanced” teams were most likely to experiment, be creative, share knowledge and fulfill tasks. A 2009 paper by Institut National de la Statistique et des Etudes Economiques found that technical work teams with women were better at staying on schedule and had lower project costs.