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It is now more important to create better gender diversity in places of work. That is why there has been a big change in attitudes in Australia. Women are now pulling their weight, and they are paving new paths in different roles, such as executive positions and leadership. Men used to dominate these roles in the past. It is now mandatory for businesses to improve gender diversity in their workplaces.
More women than men have been earning more degrees for over 30 years, so they have been asking for promotions and negotiating salaries. This is because women want to earn the same as men. According to McKinsey & Company’s 2018 study, women, nowadays, stay in the same job for as long as men.
Out of the 49% of the global workforce, successful women like Louise Linton, account for 10.9% of the senior executives of the largest 500 brands in the world. Read more about
Even though there is no research showing why brands with women are performing better, recruiting more women is beneficial to the business.
As we celebrate International Women’s Day, the following are the top reasons to improve gender diversity and the reasons companies lacking strong female representation are being left behind:
Strong Business and Improve Economy
Studies show that hiring women allows businesses to tap into a great pool of talent and increases the bottom line of the business.
Looking into the Fortune 500 companies with more women on the boards, these companies financially outperform companies with fewer women on the board. The net margin of firms with 30% women leaders is more likely to increase by over 1 percentage point. However, the net margin of firms without women leaders is unlikely to increase.
KPMG report states that increasing the number of women in the workplace is more likely to boost the economic growth of Australia by $60 Billion in the next 20 years.
Improve Job Satisfaction
Gender balance in workplaces can help improve job satisfaction. Why? It creates positive organizational outcomes for everyone. According to the Center for Creative Leadership and Watermark, hiring more female workers can improve job satisfaction for both men and women.
Employees of companies with a high percentage of female workers rated their companies more favorably on:
And job satisfaction.
Women bosses are more supportive.
The performance of employees improves if their bosses provide them with enough support. One study showed that both men and women felt their female bosses are committed to helping them grow and develop in their careers as compared to male bosses. According to Gallup, a global analytics firm in America, employees working for female bosses are more productive and they suffer less burnout.
According to another research, it is more beneficial to have more female workers in the workplace because of the ‘female advantage’. This means women are more likely to be effective leaders.
Increase Employee Retention
Having more women leaders can reduce gender discrimination during the hiring process. Companies with more female workers are more likely to attract and retain more women. So, if you invest in women now, you will create better gender diversity in your company in the future.
Employees working in gender-balanced offices and other workplaces love working with their employers and they have:
Opportunities for making a difference
Jobs, which fit well with their lives
Improve the Status of the Company and Aid Creativity
Companies with women leaders may experience ‘innovation intensity. That is why they can produce 20% more patents than the companies with male leaders.
Having more female leaders can also improve the status of the company. The most respected Fortune 500 companies have more women in senior management positions. However, the less respected companies do not have more women in senior management positions.