The powerhouse conglomerate behind products including Olay, Pantene, Tide, Gillette, and Tampax has committed to hiring more women directors for its commercials. According to CNN Money, Procter & Gamble (P&G) has promised that at least 50 percent of its commercials will be women-helmed by 2023.

P&G is also pushing for gender parity among the top marketing and creative jobs at its advertising agencies. Women currently represent about 30 percent of these positions and direct just 10 percent of commercials.

Procter & Gamble’s goal is a big deal, and could mean significant progress for women in commercial directing. P&G spends $7 billion annually on advertising, making it the world’s biggest advertiser. Plus, while the company doesn’t make its own commercials, it has pledged to work with ad agencies and partners who are also dedicated to gender equality.

Queen Latifah and Katie Couric — both of whom are active in supporting women in show business — are teaming up with P&G on ads. The conglomerate is also taking the “Free the Bid” pledge, which guarantees that at least one woman is on the shortlist of directors for every commercial.

P&G hopes to lead by example, and inspire other companies to push for equality. “No company can do it alone, so we hope to inspire others to be agents of change to accelerate momentum,” stated chief brand officer Marc Pritchard.

Pritchard also observed that gender equality is not only an ethical goal — it’s a smart business move. “Some of P&G’s best performing brands have the most gender-equal campaigns,” he said, referring to Always’ “Like a Girl” and Olay’s “Live Fearlessly” ads. “It’s clear that promoting gender equality is not only a force for good, it’s a force for growth.”

He’s correct. CNN Money cited an Association of National Advertisers study, which found, “Ads that promote gender equality lead to higher sales growth.” Here’s hoping other major advertisers also keep up with the changing culture, pay attention to business trends, and commit to hiring more women.