Have a look around your office. What do you see? If the answer is just a bunch of men, then you have some work to do. The facts are in: Gender diversity in the workplace is more than an ethical imperative in our modern culture. It’s also just plain good for business.
Gender equality brings a greater balance of varying perspectives to any workplace. A wider range of perspectives means a wider overall perspective for your business, and any business wants to have all their bases covered. That means having the most skills on their team, the greatest balance, and the most modern appeal.
It’s also important to understand that gender equality in your business is an expectation of an increasing number of potential customers. In other words, your customers could take their business anywhere they please. They’re going to choose businesses that align with their values and, today, more and more people value diversity in the workplace.
Fortunately, diversity isn’t a sacrifice you need to make to hang onto your client base. It’s also proven to result in higher profit margins and increased customer satisfaction. Continue reading to learn more!
Independent studies by Credit Suisse and McKinsey & Company both prove that companies with women in leadership positions perform better financially than those companies without. In fact, companies in which women comprised 15% or more of the senior management positions were shown to be more than 50% more profitable than companies with less than 10% of their senior management positions held by women. Additionally, companies in which females make up 40% of executive positions generate nearly 6% more in profits. These studies also clarify that the biggest difference in performance can be found among business that focus on innovation.
Pinning the down the exact causation of these statistics is tricky, considering how dynamic and complex today’s business environment is, but there are plenty of reasons to think that the core theory of these studies is sound. Gender diversity translates directly to skills diversity, and improves a company’s capacity to attract and retain top talent.
The first thing any company should do to achieve gender equality in their workforce is to make equality a state goal of the company. Putting your priorities in writing is a sure-fire way to increase your chance at success.
Don’t just count your entire workforce as a singular unit, however. If you have a company with 20 employees, 10 of which are male managers and 10 of which are female entry-level employees, you will still have a long way to go to achieve gender equality. Break down your workforce into its hierarchy and strive to achieve equality at every level. The best place to start? Make sure you have gender diversity on your hiring and recruiting team!
Building a supportive network for the top talent in your industry means accepting that talent in whatever form it takes. Savvy business owners know that the most talented recruits won’t always look like them. Once you have achieved gender diversity in your workforce, work to keep your top talent with you through incentive programs from Bartercard! Trade Dollars make great employee rewards and incentives. Contact Bartercard today to learn more!