Having gender equality is not just “the right thing to do.” It is important for your business’s success as well. Many companies are working towards achieving gender equality. You can see a significant progress towards that goal. Alhough, there are a few changes made towards women’s empowerment in business. Still, there is a pay gap between male and female employees. Also, businesses do not want female employees for senior positions. In the Fortune 500 CEOs’ list, only 5% are businesswomen. Also, according to a report by the US Census Board in 2017 states that women employees earn 80% less in salary than men. Even the World Economic Forum Global Gender Gap Report 2020 stated that North America would not see gender equality for 151 years. So, the country that is at the top has a huge gap between what it says about the rest.
Bridging the gap between genders to achieve gender equality is not an easy task. But by advocating feminism, women can stand for their own. This will help bridge the gender gap. Women can become entrepreneurs and promote women’s employment by offering others a chance.
What does gender equality look like?
Instead of speaking about gender equality, now it is time to take action. But how will you determine if your company is promoting gender equality? How does gender equality help businesses?
- Do you pay your employees based on their gender and other preferences or work? If it is for work, then you are bridging the gender gap.
- Everyone deserves respectable and equal treatment. So, think about whether your company follows it. Are female employees encouraged to share their ideas and are they selected? If so, then you have taken another step towards gender equality.
- When investing in a company, people are reluctant when there is a female. Also, female entrepreneurs face more criticism as compared to their male counterparts. So, if you are investing in a business, look at the business pitch, not the gender.
- When you say that your company promotes gender equality. Do you give the same training to females that you offer to male employees? To promote women’s empowerment, you must treat both genders equally. During promotions, consider the employee based on their work rather than their gender.
If you work on these points, then you will support gender equality in your company. So, consider all your employees equal and judge them based on their work.
How can companies close the gender gap?
Researchers conduct many studies to find out how gender equality affects business. They concluded that organizations that support gender equality are better at making decisions. Which ultimately means that these organizations are making more money. First is a study from McKinsey & Company that analyzed around 1,000 companies globally. It proves that if your company has a greater diversity in its team, then you will get higher profits and long-term value. Therefore, the company that does not have gender diversity at a higher level, has chances of it making less money. Hence, promoting women’s empowerment and promoting them at a higher level will boost their careers and your business. Also, talented employees come to companies that support gender equality. Hence, many companies have made gender equality their top priority. But you can not see the same in its culture and policies. Therefore, many employees are not happy about working conditions and leave the company early.
An overview of gender equality in business
When you commit to gender equality, you will get a lot of benefits in your business. These will include higher profits, talented employees, and a good decision-making team. This will ultimately boost your business’s success. Also, to create gender equality, you must consider the following points:
Giving the same opportunities to female employees will boost their careers. Also, your business can support a charity that provides education to underprivileged girls.
Treat all your employees equally and respectfully. Also, you must make sure that there is no mistreatment of employees by others. Do not differentiate the salary based on the employee’s gender.
Many women have taken the highest chairs in businesses and have proven that they are equally effective leaders. Furthermore, they have even taken the business to another height.
Women have started to create opportunities for themselves and others, rather than standing and waiting. They have become empowering entrepreneurs and set an example for others in making their opportunities.
If you hire women, you are not only protecting their talent, but it will also help improve business. Women are a factor in the decision-making process about a purchase. Hence, your female employees will provide you with helpful insights on targeting new customers. Ultimately, this leads to an increase in profits for your business.
Hence, providing both genders with an equal opportunity in the workplace is important to succeed. You can not favor one gender over the other because opinions and ideas from the perspective of both will help improve your decision-making power.