According to research conducted by the International Finance Corporation, incorporating more women in businesses will not only help with protection of female rights, but can also improve the reputation of the company. A report from different case studies found that there are several benefits to hiring women in various industries across the globe. The benefits are noted below.
1. Access To Available Talent
It was discovered that the number of potential professionals to fill vacancies was increased dramatically ranging from executive positions to lower-skilled jobs.
2. Improvements In Innovation And Productivity
Increasing evidence has been noted that the co-existence of males and females in the same work environment can result in more creative and productive teams. Diversity has been found as the key to successful organizations.
3. Improved Team Dynamics
Women tend to possess an innate skill for uniting people and drawing together proposals and opinions. This ability can encourage the creation of teams, improve participation of employees, and optimize decision-making processes.
4. Reducing Staff Turnover And Long Term Relations
As compared to males, the majority of females are able to multi-task and multi-focus. Businesses will be able reduce costs of staff turnover by supporting training options instead of having to hire new employees.
5. More Effective Work Environments
Women tend to be more focused on individuals and their needs; therefore, they can relate to others via empathy and appreciation. This willingness to communicate and receive feedback is beneficial as it contributes to effective conflict resolution.
While working women represent only 40% of the global work force, the majority of these females progress to begin their own businesses. Based on research, the International Labor Organization estimates that approximately half of the working females’ productivity potential is unused (48%), as compared to 22% of male unused productivity potential.
Investing in initiatives supporting women in the work place can be seen as a “win-win” move because both the employee and employer will benefit. According to a survey by McKinsey, approximately one third of all businesses that invest in these campaigns in developing and emerging countries improve their benefits and at least 38% can expect earnings.
While some benefits for investment are short term benefits, such as reduction in staff turnover and levels of absenteeism, there are numerous long term benefits. The long term benefits often relate to corporate reputation, earnings, attraction of future talent, and increased innovation levels.
By hiring more females, the company’s work force is a strong representative of its client base and will provide knowledge on customer preference. This is beneficial because females influence approximately 80% of all purchases made on a global scale.
The private sector, where companies represent approximately 9 of all 10 vacancies in developing countries, has a significant position to play. The companies in this area presenting with a higher level of female workers will have a better reputation because they are so rare. Despite the growing progress regarding gender equality, males continue to be more dominant in almost all industries and almost all levels of position.
What Are The Regional Barriers?
Regional barriers need to be considered when looking at females in the workplace. Latin American countries, for example, see female employment as a cultural issue; as well as a legal and administrative problem. Elizaveta Perova, a well-known world bank economist, notes that the lack of family-friendly and flexible policies, together with the traditional view of gender roles, will impede a female’s right and access to paid employment.
The barriers, needless to say, are significant when considering that females are not interested in pursuing careers in areas that are attributed to the more “traditional” male-dominant roles, such as technology or science. In addition, there are practical challenges including an absence of quality childcare services for working mothers.