Whether you like it or not, more women are taking on leadership positions. This is demonstrated by the fact that women are running YouTube, Lockheed Martin, IBM, General Motors, Oracle, Bumble, and other organizations. Today, there are more women in executive positions at Fortune 500 businesses than at any other time in its history.
All of this may appear positive from the perspective of women’s empowerment, however, when taken into account, only 6.4% of these enterprises are led by women. Still, there is a salary disparity in business and women are prone to discrimination based on gender.
Even while there are numerous challenges facing women in business today, there may also be some special benefits and possibilities. Women may advance in business by overcoming obstacles and seizing opportunities when they present themselves. The obstacles that women could encounter and the possibilities that could help them achieve new achievements are listed below.
Advantages of women in business
There are benefits to having women in business, though. They produce a varied workforce, which encourages innovation. From gender to culture, color, and age, there is diversity. Industries from L’Oreal to Disney and Facebook want to establish and profit from a diverse and inclusive work culture. Men and women undoubtedly come from different backgrounds and have distinct experiences, which influence how they approach any type of company.
- A varied workforce fosters innovation.
Variety has been found to promote creativity and invention, including diversity in terms of gender, culture, age, and race. Organizations from PricewaterhouseCoopers to Disney and L’Oreal are among those working to emphasize and gain from a diverse and inclusive workplace.
Men and women will unavoidably come from diverse backgrounds and have distinct experiences that influence how they do business. The new ideas that move companies ahead may be fostered by challenging one another and working with individuals who have diverse perspectives.
- Women are particularly good at the soft skills required for corporate leadership.
Although technical knowledge and competence are essential for job success, CEOs frequently identify soft talents as the most coveted professional qualities. Though difficult to quantify, qualities like good communication, empathy, and self-awareness are highly appreciated and may significantly affect the bottom line. According to a recent study, CEOs who score well for qualities like compassion and honesty also experience a 9.35% return on assets over a two-year period. This finding suggests a link between strong character and successful company performance.
For women in business, emotional intelligence and soft skills may prove to be a crucial competitive edge. According to a 2016 survey by the international consulting company Hay Group, women are superior to men in 11 out of the 12 critical emotional intelligence abilities. These abilities included emotional self-awareness, empathy, conflict resolution skills, flexibility, and collaboration, all of which are necessary for effective leadership in the workplace.
- Women have significant economic influence and provide valuable consumer intelligence.
Women are thought to spend over $20 trillion on goods and services annually, making up a larger growth market than both China and India put together. Additionally, 85% of consumer purchases are made by women.
However, just 11% of creative directors in the advertising industry are women, up from only 3% in 2008. It’s hardly unexpected that women feel undervalued and neglected by the market, according to Boston Consulting Group’s thorough analysis of the “female economy.” Given the influence of the female customer, it is obvious that women are most suited to seize this chance and provide insightful consumer knowledge.
Utilizing the wisdom that both men and women have to give can increase the marketability and profitability of a company’s goods and services. In fact, gender-diverse organizations are 15% more likely to perform financially beyond the sector norm, according to recent McKinsey data.
Challenges for women in business
The fact that women are still underrepresented in key professions is the biggest obstacle they confront in business. While fields like finance, engineering, and technology are still predominately male, recent statistics suggest that a rising number of businesses are employing more women. Only 24% of workers in STEM (science, technology, engineering, and math) fields are women.
- In key sectors, women are still underrepresented.
The persistent misconception that interest in “hard science” is unfeminine may be to blame for women’s underrepresentation. It’s crucial that women feel empowered to acquire the skills and seize the chances provided by a career in science, technology, and related sectors since STEM jobs are anticipated to have some of the quickest growth and greatest pay rates.
- Gender discrimination at work
Although the majority of business leaders concur that the best candidate, regardless of gender, should be hired, examples of women who have found more success by using male or gender-neutral names on their resumes show that unconscious bias still exists.
Women who hold leadership positions or who wish to do so frequently feel that they are subject to extra scrutiny. Women are taught from an early age not to be “bossy,” but men may be encouraged to be ambitious or pushy. The same traits and behaviors, such as initiative, enthusiasm, and taking leadership, might be evaluated differently in men and women in the workplace due to underlying gender prejudice.
- Women have less luck negotiating salaries than males do.
One reason for the gender pay gap is sometimes attributed to women’s own unwillingness to request better compensation. In a recent poll on pay negotiations, Glassdoor discovered that although over half of the males questioned argued before taking a post, just 68% of women accepted the salary they were offered. Additionally, it was shown that women’s attempts to negotiate their starting pay often had fewer successful results.
Men tend to have a stronger sense of self-belief when vying for leadership positions or negotiating compensation, which is nearly universally acknowledged. Even successful women have “imposter syndrome,” which causes them to feel inadequate and underestimate their value. The wage gap may be closed in part by women believing in their own worth and demanding salaries that reflect that value. Greater pay transparency can also help level the playing field.
Opportunities for women in business
Whether it’s committing to recruiting diverse officers or equal representation of women in the boardroom, many progressive groups are making gender equality a matter of policy. By rejecting and dodging bias in recruiting practices, businesses may profit from gender equality and balance. Instead of focusing on political correctness, inclusivity, diversity, and gender equality, businesses may prosper more if they accept these principles and include them in their business plan.
- Policies promoting inclusion and gender equality
Gender equality is increasingly becoming a matter of policy for many progressive businesses, whether it’s committing to equal representation of women in the boardroom or appointing diverse officers.
Employing policies that discourage and avoid prejudice can help companies achieve balance and equality. Businesses flourish when diversity, inclusivity, and gender equality are included in company strategy rather than just being used as buzzwords or political correctness.
Organizations may recruit top talent by committing to initiatives like fair gender representation, an inclusive workplace culture, and work-life balance, which includes maternity and paternity leave benefits. These are just a few of the factors that make organizations like Salesforce, General Electric, and Deloitte top choices for both men and women looking for jobs.
- Leadership via entrepreneurship
The fastest path for more and more women to the executive suite is to start their own firm. Over the past 20 years, the proportion of women-owned firms in the United States has climbed by 74% or 1.5 times the national average. With the ability to set their own hours and pay their own way, today’s women are empowered to better manage their personal and professional lives. Women may narrow the income gap and advance to leadership roles through entrepreneurship on their own terms.
Running their own business also gives women the chance to work with and recruit other driven, like-minded women, helping to develop a new generation of women in leadership positions.
- Building credibility with a business degree
Many women pursue business degrees to develop the knowledge and skills they need to stand out in a crowded employment market. Women are increasingly choosing to enroll in business schools. Business school provides a useful platform for women to become subject-matter experts, exercise leadership skills, and develop the confidence they need to enter the boardroom, whether they are pursuing undergraduate education, an MBA, EMBA, or Masters degree.
Additionally, the business school offers a priceless possibility for mentoring relationships and networking with peers, instructors, and campus speakers. A mentor may act as a sounding board for fresh ideas and provide guidance on the sector. Mentors may also play a crucial role as career sponsors by providing professional chances and assisting driven and bright women in advancing their careers.
