Women are still under-represented in the world of work and the labour force. Current statistics show that the labour force participation rate for men is 72%. Whereas the rate for women is a significantly lower 47%. On top of this, only around 8% of Fortune 500 companies have female CEOs.
There are many reasons for this, including traditional gender roles in relationships, gender bias in the application and interview process, lack of affordable childcare, active discrimination and sexism, and more.
Whatever the reasons might be, employers and companies are greatly missing out on the skill, power, and value that women bring to the table. Hiring more female employees has a lot of benefits for everyone in the world of work, and this page is going to tell you more about exactly that.
High Competency Levels
Research has found a direct correlation between women in leadership positions and increased profitability. Companies with high levels of diversity and gender inclusion in their management teams are 25% more likely to have higher levels of profitability than those with less diverse teams. Some experts, therefore, posit that women and women-led teams are the key to the U.K. beginning to thrive again, post-pandemic.
The fact that there are fewer women in management positions isn’t because they aren’t performing well in these jobs. It is because of gender bias and discrimination that holds women back from getting these jobs and, often, from even applying in the first place. Studies have also been able to show that women don’t apply for jobs unless they feel that they are 100% qualified for the job. In comparison, men will apply for a job if they feel about 60% qualified for it.
The way society has functioned for centuries keeps women out of the game. There is no problem with their skills, education, or experience. And those factors are all that should matter in a job application process, not gender.
Having a diverse range of perspectives is essential to the smooth running of a company. Essential for making informed decisions, avoiding employee discontent and managing conflict appropriately.
Having gender diversity within all layers of your team, particularly so in management positions, is superior to having a team dominated only by men. If men are making all the decisions in your workplace, there is not a fair or equal representation of half of the population in the process. To make the right decisions in a company, you need to be able to have open and equal perspectives that take into account how these decisions can affect every kind of person.
Research even suggests that women in management positions have better communication skills and overall leadership skills than their male counterparts. This includes a better understanding of their team’s concerns, as well as greater patience with developing their employees or dealing with difficult situations.
This means that if you aren’t actively hiring, including, and promoting women, you are missing out on profitable opportunities at every turn.
Women are statistically more loyal to their companies than men. They stay in the same companies for longer and they commit themselves more fully to said job.
Hiring more women means having more dedicated members of staff in your place of work. This in turn easily boosts productivity and staff morale. It also means reducing the costs and stresses involved with replacing staff members after frequent exits.
Staff retention is a great thing for a company, and hiring more female employees can help you greatly with your levels of staff retention for a while to come.
Company Image and Messaging
When your company is run by and filled with men, you are showing the world that you don’t value equality, diversity and inclusion. This can certainly harm your business in 2022. People are less likely to give their business to companies that are less diverse, especially when they don’t see this as a reflection of who they are and what their values are.
Showing a united front of gender inclusion and diversity can do a lot of good for your company’s image. It sends a message of who you are as a company and who you want to be going forward.
Being a Diversity-Positive employer will also encourage a wider, more diverse pool of applicants to apply for jobs with your company. Which kickstarts a very positive chain reaction of diversity.
Hiring female employees is a positive action for you, your company, the workers within your company, the workers still to come, the women involved, the economy, and the general public.
That is an impressive list of positives.
If you want to get involved with this positive side of change, you can do so by learning how to harness EDI, become a Diversity-Positive employer and post inclusive jobs on our inclusive job board. Our jobs reach a diverse pool of candidates who want to work with the best diverse companies on the market.
To find out even more about what we can offer employers, you can take a look at our specialized packages and start to get involved with a new, inclusive, and diverse future.