Give Me The Power To Make A Difference
For many women, reaching the top can seem like an unattainable dream. We’re half of the population but make up less than one-quarter of board members and only four percent of CEOs, according to McKinsey & Company’s Female Leadership Quarterly, Women Matter (2010).
The good news is that with the increased focus on women in the workplace, there are more opportunities than ever before to help us close the gender gap and seize leadership roles that matter. So how do we make the most of these opportunities? How do we get started?
Acknowledging that women in business are more productive than men
A 2013 study by Harvard Business School showed that top-performing teams are more than 40% likely to include women. Why is that? The research says women are better at collaboration, negotiation and communication. Collaboration allows people to work together more effectively; good negotiation skills reduce conflict, and clear communication makes everyone feel like they’re on board. If you want your business to succeed, you need all three of these skills in your team. It also helps if you have someone who can empathise with others – which women are known for doing well. If you want your business to succeed, find ways to get more women involved.
Changing the way women pay themselves
It’s not because they don’t want a raise or don’t think they deserve it. New research reveals that women who negotiate for higher salaries are viewed as less warm and friendly—qualities that can impact career advancement. What’s more, their requests may be ignored if others perceive them as too pushy. So why are women undervaluing themselves? Researchers say there is a double standard at play: Men are rewarded for being assertive, while women risk being penalised. But there is good news: Women who negotiate pay off in spades over time. While those who don’t ask for more money earn about $1 million less than men over their careers, those who do ask to earn about $1 million more than men – and nearly $2 million more than non-negotiators.
If you still think women aren’t as important as men in today’s economy, check out these statistics: Women account for 46% of total labour hours across Asia and 49% in Africa. More than twice as many women are doing paid work today than there were 30 years ago; by 2020, it is estimated that an additional 200 million jobs will be created for them worldwide. In 2010, women started nearly half of all new businesses in America. A quarter of senior managers are now female, up from just 8% 20 years ago. In 2012, 14 Fortune 500 companies had female CEOs; by 2015, that number had grown to 24.
Hiring women is not just a gender equity issue; it is an economic imperative. The McKinsey Global Institute estimates that increasing women’s workforce participation by 25 percent, combined with gender equality in educational attainment and hiring, could boost U.S. GDP by 9 percent and worldwide GDP by 13 percent in 2025. Women are rising at an unprecedented rate: You can’t afford to tap into their potential. Companies with diverse boards have been shown to perform better than other firms—and as diversity within your organisation rises, so does profit.
According to Deloitte research, 60% of organisations have no women among their top 10 talent performers – they may be right under your nose! In an increasingly competitive world, one of your most valuable assets is top talent. And it’s easy to overlook your female employees when you’re looking for fresh candidates – after all, they’re already on staff. But should you settle for those who are comfortable in their current roles and unwilling to step up into positions that might better suit them? The sad truth is that statistics reveal that women in mid-career tend to be more ambitious than their male peers. So if you want vital players who are hungry for success and have developed experience that will add value – try recruiting from within.
And while there is still a long way to go in terms of equal pay, there are now plenty of opportunities for women looking to break into male-dominated industries. There are countless success stories from women who were able to step up and lead in business, science, technology and politics.
Despite our society being full of patriarchal tropes about leadership positions being more suited for men, remember that it doesn’t matter what you wear or what you look like – anyone can be an inspirational leader if they put their mind to it. It is time for a change so let’s all do our part!
