Lessons for the private sector from equal pay wins in sport

Recent victories in sport have shown the world that historical equal pay wins are possible. From the pitch to the court, women athletes have pushed for, and won, historic equal pay deals: 

• US women’s national soccer team: In 2022, after years of pressure, players secured a landmark equal pay deal. FIFA has since committed to narrowing World Cup prize money gaps. 
• Tennis: All four Grand Slam tournaments now offer equal prize money to women and the Billie Jean King Cup now matches the Davis Cup in prize money. UN Women, through the HeForShe Alliance, is partnering with the International Tennis Federation to push gender equality even further on and off the court.
• Surfing: Since 2019, the World Surf League has awarded equal prize money to men and women across all its events. 
• Volleyball: In all major FIVB volleyball and beach volleyball competitions, female athletes compete for the same prize money as men. 

Yet the picture is far from uniform. The WNBA’s 2020 contract raised salaries and benefits but still leaves women basketball players earning only a fraction of what their male counterparts make in the NBA. And while prize money parity has made headlines, in less-commercialized sports and in developing regions, the gap is often far wider. Sponsorship and media coverage remain overwhelmingly skewed toward men. And none of the 50 highest-paid athletes on the Forbes 2023 list were women, according to UNESCO. 

The lesson is clear: even in sport, where momentum is real, inequality between women and men persists.

The private sector cannot afford to be outpaced by the developments in sports. Businesses hold the power to make equal pay for work of equal value a global reality, with tangible economic and performance benefits: 

• Achieving gender parity could add $342 trillion cumulatively by 2050.  
• Companies with the most gender-diverse executive teams are 25 per cent more likely to outperform on profitability. 
• In emerging markets, gender-diverse boards deliver a 2.4 times higher return on investment compared to those that do not include women. 
• Top-performing companies are nearly 50 per cent more likely to include women equally in leadership decisions.

Despite the evidence that equality in the workplace is smart economics, most businesses are trailing far behind: 

• Women hold just 30 per cent of management roles and just 7 per cent of CEO positions worldwide. 
• Only 20 per cent of economies enforce equal pay laws with audits or reporting, yet high-performing companies are nearly 50 per cent more likely to achieve gender-balanced leadership. 
• Equal pay enforcement is weak – just 20 per cent of economies mandate audits – but companies that do act are almost 50 per cent more likely to achieve gender balance in leadership.

Voluntary pledges are growing, but without pressure and regulation, they risk becoming hollow promises. The private sector has the power, influence, and resources to change this. Companies can boost profits by employing women, paying them equally, and bringing women-owned businesses into supply chains. The evidence is overwhelming, businesses that put equality at the centre are more resilient, more innovative, and more profitable.

Sport teaches us that progress comes from five clear lessons:

• Collective action works. Women athletes organized, unionized, and litigated for change. 
• Transparency drives change. Publishing pay data forced governing bodies to act. 
• Parity pays. Equal pay wins boosted fan loyalty and brand value.  
• Investment is essential. Sports federations redirected funds to deliver parity. 
• Progress must be universal. Pockets of equality are not enough, equality must be achieved across regions, roles, and sectors.

1. Publish and disclose pay gaps

• Brazil now requires companies to share pay data under a 2023 pay transparency law. 
• United Kingdom reporting rules narrowed pay gaps in 2025 in the biggest drop since 2017. 
• Iceland, through its HeForShe commitment, introduced the Equal Pay Certification requiring companies to undergo audits to ensure equal pay for equal work. 
• BancoSol (Bolivia) issued the country’s first gender bond championing financial innovation and gender-responsive approaches. 

2. Support work-life balance and recognize unpaid care work

• Latin American businesses are co-financing care services with governments and championing care as a shared responsibility. 
• UN Women’s Asia–Pacific Care Accelerator helped 12 care enterprises scale up and attract new investment, proving care is a profitable and inclusive business opportunity. 

3. Build women’s leadership pipelines

• France and India: gender equality scores and quotas accelerated women’s representation in corporate environments and on boards. 
• DSM Corridor Group (Tanzania) is breaking barriers by employing women in technical roles and paving the way to leadership for women in logistics.  

Workplace equality and pay equity are economic choices and the proof is undeniable: investing in equality means investing in prosperity. By publishing pay data, investing in care, and building women’s leadership, companies can close gender pay gaps and unlock trillions in growth and innovation.  

The unfinished business of gender equality is urgent. The time to act is now – to future-proof business and make equality the norm.