We Women Wow - Why women are vital for business success.

Women, today, work shoulder to shoulder with men. With similar educational qualifications, ambitions and often vying for the same companies, they should ideally be equal contenders for equal opportunities. But, most often, that is not the case. That’s why I would like to highlight why women make a much needed and significant force for business success:

 1.    They improve company performance: Let me dive right into some statistics here – A report, Women in Business and Management: The business case for change, surveyed almost 13,000 enterprises in 70 countries. More than 575 of respondents agreed that gender diversity initiatives improved business outcomes. Almost three-quarters of those companies that tracked gender diversity in their management reported profit increases of between 5% and 20%, with the majority seeing increases of between 10% and 15%. Additionally, more than 54% said they saw improvements in creativity, innovation and openness, and a similar proportion said effective gender inclusivity enhanced their company’s reputation. Thus, women in leadership strongly correlated to business bottom-line and performance boosts.

2.    They increase the talent pool: Across the globe, the talent pool is shrinking resulting in chronic work overload, quality issues, absenteeism and much more stress. Considering the short supply of well-trained and sophisticated skill-sets, it is simply logical and essential for more organizations to include women in their workforce. As Deborah France-Massin (Senior manager in UN system) put it – “In an era of skill shortages, women represent a formidable talent pool that companies aren’t making enough of." Businesses now need to act fast and understand how to utilize and value high potential female talent.

3.    They sustain organizational culture: Women are strong in EQ (Emotional Quotient), which the world is now beginning to accept as a good thing. Emotions drive passions which enhances employee performance and satisfaction. For example, Gallup has shown that women managers are more engaged than their male colleagues. They also have more engaged teams than men. Women managers with all-women teams obtain the highest engagement scores, whereas male teams managed by men scored the lowest. Women are known to have greater soft skills, more frequently check in on individual progress, and give more praise which ultimately results in a positive, favourable work-culture.

4.    They contribute to GDP growth: This point may not directly tie into business but at a macro-level, women with an increased purchasing power now have the ability to influence business decisions and identify trends which makes them essential for amplified growth. A landmark McKinsey Global Institute report about the power of gender parity, revealed a ‘full potential’ scenario: $12 trillion could be added to global GDP by 2025 if the gender gap is narrowed.

 Given these factors, I believe, companies need to urgently attract, retain, and promote women in their organizations. More than just a job, most women want a calling combined with real leadership opportunities. What companies need to do is provide women with meaningfulness in their work roles with the right recognitions, promotions, flexibilities and opportunities if they truly want their business to flourish.

 What are your views on women as indispensable to business success? I’d love to hear from you.