Why You Need More Women in Your Workforce
“Hiring and promoting talented women is the right thing to do for society – and it’s an economic imperative.” - Carlos Ghosn
Diversity is key to the organizations of the future, and the line “what a man can do, a woman can do better” is beyond a mantra - it is a reality that is deserving of discourse. In recent times, there has been an exponential increase in the calls to close the gender wage inequality gap. Although there have been massive strides taken in this aspect, there is still a fundamental deficit of women occupying their rightful places in workspaces.
As variety is the spice of life, having more women in the workspace helps diversify the work environment. When it comes to problem-solving, women handle it from unique standpoints. They inject into the system new ideas and strategies for reaching key company goals.
Women are endowed with strong interpersonal and networking skills. This innate ability encourages collaborative or group work efforts. A survey conducted by Pew Research Centre lists several ways in which women perform significantly better in key areas of business. Survey respondents noted that women are:
● 34% better at working out compromises than their male counterparts
● 34% more likely to be honest and ethical
● 25% more likely to stand up for their beliefs
● 30% more likely to provide fair pay and benefits
● 25% better at mentoring.
According to McKinsey’s authoritative Delivering Through Diversity report, corporations that actively pursue positive gender diversity on their executive teams had a 27% higher likelihood of outperforming their peers on longer-term value creation. The unique perspectives offered by women decision-makers on customer needs, product improvements and company wellbeing result in better business strategies and solutions.
Having an inclusive culture in your workplace energizes morale and slashes staff turnover. Diversity in all its forms promotes an environment of mutual respect, reducing conflict and allowing for improved transfer of knowledge. Inclusive workplaces tend to have lower employee turnover rates. Less money is spent on recruiting, training, and absorbing replacement employees.
Customers come from all walks of life and hiring more women ensures that a company's workforce is archetypal of its client base. The more the make-up of an organization reflects its customers, the more effective the interactions with its customers will be. Research shows that women influence up to 80% of purchasing decisions globally - having an inclusive culture provides a better comprehension of consumer preferences.
“Inclusion and fairness in the workplace... is not simply the right thing to do; it's the smart thing to do.” - Alexis Herman