The U.S. Women’s soccer team made headlines recently for their fight to get equal pay. Despite winning more accolades and having more on-air support and in the field than men, these talented players make less than their male counterparts in soccer.
While it’s true women have come a long way in most markets and business categories today. Many barriers have been broken but many more remain, including elimination of the old boy’s network that keeps women from excelling in their chosen field.
How can companies change their business models to support women in the workplace?
Support Women Entrepreneurs
Supporting women in the work world makes good business sense; last year’s McKinsey & Company report showed that if every company around the globe increased the number of women in the ranks of leadership they could add $12 trillion to the global economy and gross domestic product by 2025.
The first step companies can take is to build a network of female entrepreneurs and support them in their effort to expand. Offering mentorships and advice from established companies and their managers is a good way to give back to women in the community who are just starting out. These women often feel shut out of traditional venture capital offerings; in 2018 less than three percent of the available capital went to women entrepreneurs. The studies show women are asked more questions than men are not asked and they receive less money for their start up ventures than men do.
Establishing a business model that includes laying a foundation of support for other women in startups is important and simply the right thing to do.
Increase Volume of Women at the Top
Last year the University of California, Davis published a study showing companies that had more women at the helm of the organization performed better. The 25 firms in the state that had the highest percentage of women executives and board members also had a 74% higher return on equity and assets. Time and time again women who are in leadership roles lead their companies to higher performance over their male counterparts.
Yet companies continue to be dominated by men and many women feel pushed out.
If your company doesn’t have women represented across the organization, it’s time to change your business model. Look closely at what your organization is doing to attract and retain female talent. Then, does your company promote from within to ensure that it’s the women you put forward into leadership roles when the time is appropriate?
Making gender equality, diversity, and unconscious bias a part of every training. Teach leadership how to mentor younger recruits. Then match senior leaders to female talent that is on the rise. Make these mentorships part of the senior executive’s performance review and compensation package. For the mentee, create a transparent, collaborative career path that they care work toward.
Increase Flexible Work Schedules
This will help attract more women to your team as well as allowing your existing teams to stay home with sick kids.
There is a clear correlation between business performance and diversity in the workplace.
Interested in Working With A Women’s Business Enterprise?
The Custom Group of Companies is a Women’s Business Enterprise (WBE). We work every day to encourage all of our colleagues to make an impact. Contact us today and see how we can help your company with all your staffing needs.
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