It’s International Women’s Day and it is well worth celebrating women.
More women are moving into leadership and executive positions in traditionally male-dominated industries. For the past 30 years, women have earned more bachelor’s degrees than men and are also employed as long as males (McKinsey & Company 2018). Women make up 49 per cent of the global workforce, but only 10.9 per cent have senior executive positions among the world’s largest 500 companies.
Researchers still don’t know exactly why companies with women perform better but it is worth reflecting upon on International Women’s Day.
Stronger business and economic results
Studies support that recruiting women boosts companies’ bottom line. Research into Fortune 500 companies who had more women on their boards financially outperformed companies with less women.
More job satisfaction for all
Gender balance in the workplace is associated with positive organisational outcomes for all. A study by the Centre for Creative Leadership and Watermark found that more women in the workplace improves work satisfaction for both women and men.
Women make more supportive bosses
One study revealed that both sexes with female bosses said they felt their employer was more committed to their career development, compared to those having a male boss. A study by an American global analytics firm Gallup found those who work for female managers were more engaged in their workplace and suffered less burnout.
Increased employee retention
Studies have also revealed that organisations with more women also attract and retain more female employees.
Women aid creativity and improve a company’s status
Studies have also identified that companies with women in top management positions experience more ‘innovation intensity’ and produce 20 per cent more patents than teams with male leaders and are also associated with higher status. Fortune’s most respected companies have twice as many women in senior management than less reputable companies.
The radio station I listen to, Triple J, has been celebrating International Women’s Day all week. Their motto for the week is “Girls Up Front”. I love this saying and I often wonder what state the world would be in if ‘girls had been up front’ more for the past three centuries???
Happy International Women’s Day everybody!