Companies cannot afford to ignore 50% of the potential workforce [women] and expect to be competitive in the global economy.
BOTTOM LINE BENEFITS
It is well-documented and widely recognized that women are underrepresented in corporate management and decision-making roles. And with women making up about 50% of the US workforce and comprising over 55% of today’s college graduates, it’s no surprise that women are becoming a larger and larger part of the talent pool.
Over the past 6 years, a growing number of CEOs are now more concerned about the impact that talent diversity has on their businesses and rightly so. The case for leadership gender diversity and its positive impact on company performance and profitability is gaining traction, not only in the US, but also worldwide.
Companies with more balanced leadership do a better job recruiting and retaining talented workers.
Having women in at least 30% of leadership positions adds 6% to a company’s net profit margin.
A gender-diverse workforce allows companies to serve an increasingly diverse customer base.
Companies in the top quartile for gender diversity are 15% more likely to financially outperform their counterparts in the lower quartile.
Inclusive cultures have 22% lower turnover rates due to increased morale, opportunity and equality.
Companies with 3 or more women in top management functions score more highly for each organizational criterion.
86% of millenial women seek careers with companies with strong records of diversity, equality and workforce inclusion.
Companies with strong female leadership generated a Return on Equity of 10.1% per year versus 7.4% for those without.
Difference amongst men and women in viewpoints, ideas, and market insights enables better problem solving and superior performance.
There is much work to be done. Despite all the bottom line benefits of women leadership, companies typically face a greater challenge in having too small a pool of strong, quality women managers and leaders to develop and promote from.
Commonly referred to as the “leaky pipeline,” women hold 53% of entry-level jobs, 37% of mid-management roles, and 26% of senior management positions and significantly less of C-suite roles.
The pipeline problem is further compounded with the fact that since 2000, the number of “prime age” women in the workforce, ages 24-54, has been declining. This decrease in women talent is for reasons significantly greater than work pressures and family burdens:
- They struggle with exerting themselves as “Executive Material”
- They don’t get useful feedback to correct on “Executive Presence”
- They tend not to have sponsors that propel them into those positions
- They leave their companies because of feeling underpaid with a lack of development opportunities
Bobbi-Jo Brighton, CST, LCI works with progressive companies that are committed to evolving the thinking, performance, and leadership skills of their talent.
Companies that speak with us to proactively grow and develop their existing and emerging women leaders typically are:
- Concerned about retaining the best female talent as a desired competitive advantage necessary in today’s complex business world.
- Intent on developing women managers into leaders and advancing women leaders into leadership roles.
- Successful at infusing gender diversity at lower levels, yet struggling with how to increase women leadership numbers at the top.
- Unsure on how to provide what professional women want, need, and will tolerate regarding coaching, training, and mentoring for transformational change.
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Look what’s happened since 1776, most of the time, using half our talent. I mean just imagine what’s gonna happen when we, you know — go full blast with 100%… Women have every bit the potential men do.”