Bjarni Bjarnason, CEO of Reykjavik Energy points out that the traditional energy utility is underutilising a big resource by mostly picking men out of the talent pool.
Reykjavik Energy is the parent company of ON Power – the largest energy supplier in Iceland, Veitur – the largest DSO, water and sewage utility in the country and Reykjavik Fibre Network – a company that handles the fibre optics network in the capital. ON power is also the largest producer of geothermal energy in Iceland.
Following the financial crisis in Iceland, Reykjavik Energy was forced to scale back and fire 1/3 of their employees. Bjarni who was recently instated as CEO at the time had a big challenge ahead of him to restructure the company that was on the brink of serious financial problems due to the crisis. Bjarni and his team did not only take a good look at where they could cut down cost as normally is done but realised that this challenge was a great opportunity to restructure the brand and what it stands for.
The brand was to stand for the equal opportunity of genders and instead of waiting for the natural progression of women filling management positions, Reykjavik Energy used the restructuring to make a stand and in 5 years the percentage of women in management rose from 30 percent to 49 percent and the gender pay gap went from 8,4 percent to 2,1 percent at the same time.
Some might think that closing the gender gap is something that looks great during presentations but has no other effect but as Bjarni pointed out, employee satisfaction has increased during this experiment and the whole atmosphere in the company has changed for the better.