Women will rule the future. Studies reveal that businesses with a higher percentage of women on their boards do significantly better than those without, and that firms with more gender diversity in senior leadership positions have higher profitability. The percentage of women in senior executive positions worldwide increased to 32% in 2022, the highest amount ever noted, despite notable advancements. There is still a dearth of women in positions of leadership.
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In actuality, we require more women in positions of leadership. It’s advantageous for business as well as ladies. Let’s examine this more closely.
The Benefits Of Having Female Business Leaders
An inventive workforce is one that is diversified.
Diversity promotes creativity and fresh ideas in all its forms, including gender, age, culture, and ethnicity. Because of their disparate life experiences, men and women frequently approach business in different ways. Diverse viewpoints draw a wide range of talent and provide many growth lenses. An atmosphere of transparent, responsible communication and execution is essential for a firm to succeed. Putting one another to the test and collaborating with people who have different viewpoints may stimulate creativity and result in ground-breaking inventions that propel companies forward.
Women contribute significantly to the economy and offer insightful customer feedback.
Women accounted for around $20 trillion in yearly consumer spending in 2009, according to the Harvard Business Review, giving them a more significant prospective market development than China and India combined. Ten years later, it is estimated that women have around $31 trillion in spending power. Furthermore, according to Nielsen, women will control 75% of discretionary spending by 2028. However, research indicates that women make up just 35% of creative advertising directors in the US. Women are in a great position to take advantage of this market and offer important consumer information, in my opinion, given the size and spending power of the female demographic.
When it comes to the soft skills needed for corporate leadership, women typically succeed.
CEOs frequently rank soft skills as the most important professional attributes, despite the fact that technical expertise and knowledge are necessary for career success (paywall). Effective communicators, empaths, and self-aware people who are aware of their talents and shortcomings are among the most useful personality types. CEOs with high character strength scores—such as compassion and integrity—have the potential to generate a 9.35% return on assets over a two-year period, according to research that links character strength with company performance.
Women in business may have an advantage over males if they possess soft skills and emotional intelligence. In a 2016 poll conducted by the global consulting company Hay Group, women outperform men in 11 of the 12 key emotional intelligence domains. These include empathy, conflict resolution, emotional self-awareness, adaptability, and teamwork—all necessary traits for being a successful leader in the workplace.
Ways To Encourage Women To Take On Leadership Roles
Acknowledge excellence, encourage it, and be receptive to differing viewpoints.
The most effective method to demonstrate that women can have an equal seat at the table and that the company is dedicated to giving one is to set an example for them. Commence by acknowledging and endorsing the valuable contributions that women offer. Give women a voice, especially at board meetings; allow for discussion; and take into account the opinions of all people, regardless of gender.
Make the most of women’s innate capacity for leadership.
Instead of attempting to lead like males, women will be able to lead honestly by harnessing their inherent abilities with training and support in empathic leadership. Women frequently thrive in the soft qualities required for corporate leadership, as was previously noted. The corporation as a whole will be stronger if the firm has faith in the compassion of the women leaders inside it.
Maintain a good work-life balance and exercise flexibility.
Companies must allow flexibility to fulfill customer deliverables and workers’ personal ambitions because work is not an employee’s only concern in life. Companies should, in particular, provide parents flexibility so they may manage their professions and families.
At our company and the organizations of our clients, remote work has revolutionized employee retention strategies. It can not only boost productivity but also provide workers greater influence over other facets of their lives.
In general, the best ways for businesses to assist their leaders are to provide them with quantifiable goals that clearly define success and to give them the freedom to set healthy limits and refuse requests that do not forward those goals. Put another way, specify the what and let your staff figure out the how.
Last Words
Over the years, we at my firm have witnessed firsthand the benefits of having women in leadership positions and have discovered that being truly receptive to the needs of the women in your organization is essential to maximizing their leadership potential. Empowerment is the first step in anything. At all times, female leaders need to be able to see and feel their sense of purpose inside the organization. They are better able to define priorities, create goals, and overcome obstacles as a result. This may then have a cascading impact that improves teams, businesses, and even society at large.
