by Samantha Calvao and Olivia Calcasola

Over the last few decades, there have been significant changes in terms of growth and representation for women in the world of business. Women are bringing new ideas and creativity to the industry as they have become more powerful and influential. Although we have seen vast improvements, women are still being overlooked for promotional opportunities and leadership positions. The reality is you can’t ignore the bottom line - companies with greater gender diversity among leaders are more profitable.

A Diverse Workplace Promotes Success  

It is widely recognized that a fair and productive workplace requires gender balance. Research clearly shows that having a diverse team, with both men and women in leadership roles, can help support the professional growth of all employees. Women and men should be hired at comparable and consistent rates, compensated equally, and given the same opportunities in the workplace, including access to materials, promotions, and salary. Further, having female senior leaders reduces gender discrimination in hiring, promoting, and retaining employees. As a result, a business has a better chance of attracting and retaining the best employees. However, this is often not always the case in our current society.

A workplace that is represented by employees with similar backgrounds can be comfortable and less confrontational. When consistent issues arise, having a team with similar problem-solving abilities can make it nearly impossible to produce a creative resolution. Men and women inevitably have different strengths and weaknesses - from life experiences to culture. When put together we challenge each other to think differently and breed innovation. Not only is it crucial to internally promote this work ethic, but businesses will also have the opportunity to attract various clientele. 

Power Skills

Although technical skills are highly valued in businesses, soft skills such as communication, multitasking, empathy, and self-awareness are fundamental to career success. Research shows from various reports, such as the World Economic Forum's Future of Jobs Report that “Women tend to be better at using these skills (i.e., “soft skills”) than men”. In addition, men's and women's brains are fundamentally wired differently. Generally, men are wired to take action while women tend to be better suited to problem-solving. When having a business, you want to be able to have both types of leaders. Transparency, intelligence, empathy, and creativity are qualities that rate relatively high on a measure of what makes a strong leader, according to a Pew Research Center study. Women ranked higher in almost all categories than men, giving them a competitive advantage. In order to achieve a thriving workplace men and women can both learn from each other. We can acknowledge that individuals from diverse backgrounds, including gender expression, bring valuable and distinct viewpoints to the workplace.

Financial Performance

For-profit organizations make no effort to conceal their top priority. A company's success is ultimately determined by its profitability, which can be affected by the level of gender equality. Studies indicate that companies that prioritize gender diversity tend to experience an increase in their revenue. Additionally, better performance and greater representation go hand in hand. Companies with more female leaders are prone to outperform those with fewer. In turn, these businesses had a higher likelihood of outperforming others with even fewer or no female executives. The organizations with the highest levels of gender diversity are significantly more likely to outperform those with the lowest levels.

As women in business, unfortunately, we are still underrepresented in the workplace. The explanations given by female executives for leaving their firms are telling. Women in leadership positions are equally as ambitious as males, but they frequently encounter obstacles that make it difficult for them to advance. They are more likely to encounter microaggressions that are demeaning, such as having their judgment questioned. A company could miss out on a sizable talent pool with special qualities that only female employees can bring to the table if it is eliminated or ignored.

In Conclusion

The truth is that men and women both bring unique skills and approaches to the table, which can be incredibly beneficial for any organization. Companies should also strive to have a balance of genders in their senior positions to maximize collective potential, foster creativity, and reduce the damaging effects of gender stereotyping in the workplace.

Overall, encouraging diversity in the workplace and giving women equal opportunities will benefit not only businesses but also society as a whole. With more female executives and leaders, there could be a dramatic shift in how we approach problem-solving and innovation. Companies run the danger of losing the next generation of female leaders in addition to their present female leaders if they do not act. Young women are ambitious and place greater value on working in a fair, encouraging, and inclusive environment. Our generation will not tolerate less and are prepared to leave for better opportunities.