09, September, 2016
Companies today are often looking to hire more women, for a variety of reasons, such as the need for more workplace diversity, the large numbers of talented women graduating from top institutions, and the opportunity to improve the vast gender gap in the job market.
But at the end of the day, maybe we should look at the numbers. CEOs and other executives might want some proof that hiring more women will really help their businesses grow.
If you are at all skeptical about the need for more women in the workforce, check out the following examples of how women can revolutionize your company:
Women-Led Teams are Better Engaged
A study conducted by Gallup showed that corporate teams which were predominantly male with a male leader seemed to be less engaged in their work than female teams with a female leader.
Teams with male leaders showed only 25% engagement throughout the year whereas teams with female leaders showed 37% engagement, according to the study.
These numbers could be attributed to the idea that women are often better able to tap into the feelings of their team members and get them emotionally invested in their work. Once an employee is emotionally invested, their productivity and engagement will definitely show positive gains.
Hiring Women Results in Lower Project Costs
Most consumer-purchasing decisions today are driven by women, as they are usually the ones in charge of the household. To be precise, a study conducted by Gallup shows that 70% of consumer-purchasing decisions worldwide are made by women.
The global female consumer market is roughly $20 trillion. So, wouldn’t it be at least a little ineffective to have predominantly men in leadership roles trying to figure out what women are looking for? This tends to lead to greater expenses for research and trial-and-error marketing strategies.
Women, on the other hand, are more likely to be able to gauge what’s really needed in a household, and will be able to develop products and strategies that sell.
Women Plan Better
Carlson Wagonlit Travel, a corporate travel agency, decided to look at their 2014 database to see how men and women matched up against each other when it came to travel.
In that year alone, there were 6.4 million flight bookings. Researchers found that most of the female travelers had a tendency to book their flights at least 2 days before their male counterparts.
Now, you might say this doesn’t account for much, and you’re probably right because the difference in flight expenses between the genders amounted to roughly $17. But imagine a company with at least 21,000 travelers every year. That’s $350,000! And we all know that multinational companies have many more travelers than that!
This discrepancy is primarily due to the idea that women tend to have better planning skills when it comes to travel, and they often book tickets in advance so they can feel reassured. Men, on the other hand, often wait until the last minute to book their flight tickets and this can lead to the rise in prices.
Travel is just one arena where the planning skills come to light. Women are generally well-planned and are able to foresee events, both in business and personal spheres. This will come as a huge advantage when making business decisions, where small savings can lead to big ones.
These are just a few reasons why hiring more women will be great for business. Besides the benefits described above, keep in mind that having diversity is essential today for the growth of any business.
Hiring the right women will help to promote diversity in your company, which will lead to better productivity and innovation, and create a workforce where different perspectives are brought together to solve problems and achieve growth.