Women and Successful Business Go Well Together
Women represent approximately one half of the world‘s population but it will take more than 80 years until gender equality is achieved globally in the fields of education, health care, economy and politics. There are, however, no ‘buts’ in gender equality as such. From the economic and social view point, we are talking about the benefits that are not limited exclusively to one gender. It is human potential – skills and productivity – that is deemed to be the most important factor defining the competitiveness of the country. Development and utilization of skills of this other half of the world’s population has a great influence on the growth, competitiveness and readiness of the national economy and individual companies for their future.
•According to a study conducted in 21,980 companies in 91 contries, higher number of female leaders in top positions of corporate management correlate to increased profitability and econimic growth of these companies.
• Net income growth of companies with women on management boards reached in average by 14 % compared to 10 % for those with no female representation on board.
• A greater number of women in labour force in traditionally male-dominated industries would increase productivity in many countries by 3 % to 25 %.
• Diversity in the workplace translates into increased profitability. Companies with a high number of felame representatives are 15 % more likely to have financial results higher than the national industry median.
Supporting women employment and their career development is beneficial for a company primarily from the view of human capital and selection of the best talents. Women are often better educated and their approach to solving problems is different from men, which guarantees a greater diversity in decision-making processes. In a long-term view, diversified teams bring better understanding of customer needs, develop innovation skills and help companies enter new markets. Women are becoming a valuable capital in the global marketplace not just as workers but also as entrepreneurs, investors, but most importantly, as consumers. Based on various researches, women’s discretionary buying power is on the increase and women stand behind 80% of all consumers‘ buying decisions.
This is one of the many reasons why their voice should matter in companies. The topic of women in business touches women and men equally. Promotion of women education and career development goes hand in hand with a greater engagement of men in a family life and proportionate division of the responsibilities related to taking care of children and household. This topic goes beyond the field of business and relates to the conventional behaviours and stereotyped roles man and woman take in our society (a man as a breadwinner, a woman as a caretaker) which are inherently present in our life since the early childhood.
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Author: Tatiana Čaplová / Pontis Foundation