Janet Yellen and Sasheer Zamata will become role models for the next generation of innovators, encouraging young girls and women to try their hand at careers that were previously closed to them. Girls pondering whether or not to study economics will look at the example of Janet Yellen, analyze her career trajectory and realize that if they study hard enough in school, they can eventually make it to the top. It’s not just guys resembling Alan Greenspan, Paul Volcker or Ben Bernanke who get to run the economy.
This is a bigger factor than you might think. No matter how far you lean in, it doesn’t matter if there’s a glass ceiling in place to keep you from leaning too far.
Companies in industries currently facing a gender gap would do well to study the examples of Yellen and Zamata. Creating new role models can have a dramatic impact on the pipeline for new talent in fields where women have been historically underrepresented. The best examples are the STEM fields, where educators have searched for years to find ways to attract girls to study science, technology, engineering and math. The current consensus is that girls do not feel welcome within these fields. However, once they have role models, that all changes. Suddenly, women see themselves as not just rank-and-file workers, but also as executives and board members.
Once they are in these decision-making roles, women can bring their unique perspectives to problems in creative new ways that aren’t always possible when there’s an “old boys’ network” in place. Innovation always flourishes in the presence of maximum diversity, whether it’s sports or entertainment or business or technology. When there is sexism or ageism or racism, then there are artificial constraints placed on the amount of innovation that can occur since certain perspectives are ignored and certain voices are silenced, to the detriment of the organization.
With this in mind, consider the example of Janet Yellen and how having a woman in charge might help to shape the future of the economy. Having a woman at the helm of the economy could lead to new thinking about ways to address the persistent wage gap differentials between men and women in nearly every field, new thinking about how to help out single mothers trying to survive in a tough economy, or new ways to understand the needs and desires of the average American household. In the past, Yellen has shown the ability to think in different ways than her male colleagues, especially when it came to the housing boom and the subprime loan crisis.
The future of American innovation is based on the ability of this nation to present a welcoming environment for everyone, regardless of age, gender, ethnicity or race. Yellen and Zamata, by helping to break the glass ceiling for women, are doing their part to ensure that women will play an important future role in American creativity and innovation.