The five benefits of more gender balance in the workplace
A gender-balanced workforce and workplace are crucial for a business to reach its maximum potential. There are multiple advantages for companies who have a gender diverse workplace and an equal representation of women in the workplace.
Increasing numbers of businesses are reaping the benefits of gender parity in their workforce and companies who ignore diversity and inclusion may struggle to compete in future. If your company has an imbalance, it is time to make a change and positively impact your employees' lives with better wellbeing, which will give you a return in loyalty, focus, and energy.
So, what are the benefits of more diversity and inclusion in the workplace?
Women and men have different viewpoints, market insights, and ideas. So, a company with a gender-diverse workforce will be able to understand the needs of its customers better, giving them an edge on their competition.
With an equal representation of women in your team, your company will also be able to communicate more effectively with customers since men and women communicate in different ways. Those different perspectives and communication styles will facilitate a greater understanding of how customers feel and think.
Women drive 70-80% of all consumer purchasing decisions, and this applies to singles, couples and families. When you bring more women to your team, you will be able to spot and seize new opportunities and be better prepared to serve a more diverse customer base.
Women have different ideas from men because they have different life experiences. This difference results in alternative approaches, so it is not surprising to see sparks of innovation and a larger pool of ideas when brainstorming solutions. Organisations with the most equal workplace cultures report six times higher innovation than organisations with the least equal workplace cultures.
Employing more women will give your company broader industry knowledge, and this brings with it the opportunity to see different avenues for solving problems. Research shows that groups with more women are better at taking turns in conversations, leading to a better sharing of knowledge through group collaboration.
Women are also better at reading non-verbal cues making them extremely valuable on internal and external levels. Companies with a gender diverse workforce have above-average profitability, and a gender-diverse boardroom amplifies this profitability further. Greater gender diversity on executive teams has consistently been shown to equate to greater profitability. A 2019 analysis by McKinsey & co found that companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than companies in the fourth quartile. Moreover, the greater the female representation, the higher the likelihood of outperformance.
One of the most significant workforce changes is that more women are joining the workforce, which means the talent pool is getting wider. An organisation would be foolish to ignore half of the workforce if they want to become or remain competitive in a global economy.
Gender diverse companies have more recruitment power and become highly-desirable as a place to work. According to a survey done by Glassdoor, a diverse workplace is one of the main factors potential employees take into account when considering a job. With more female employees, your company will boost its reputation and demonstrate ethical company values.
Gender diverse workplaces also have better morale and have been shown to have a 22% lower turnover rate in research by Gallup. This will save your company a significant amount of time and money on recruitment.
How Parental Choice can assist your gender diverse workforce
Parental Choice offers customised solutions through a suite of combined services aimed at improving diversity and helping companies reach their inclusion targets. We help companies reduce the gender pay gap and promote gender parity at a senior level.
We support women in work by helping them combat the issues and stresses that arise from having care responsibilities. We will give you the tools to encourage talent to return to work following maternity leave, which reduces staff turnover and alleviates non-work-related pressures. We will help you create and maintain your talent pipeline and attract new talent.
Our suite of services that companies can use includes a comprehensive wellbeing and guidance programme of talks.
This is complemented by our childcare and eldercare search services designed to help working families find long term dependable solutions. Our one-to-one employee consultancy on care requirements, save working families time when it comes to eldercare, school, and childcare searches.
Contact Parental Choice to learn more about how we can help you capitalise on the benefits of having a gender diverse workplace.
Parental Choice works with businesses to support their employees who have childcare or eldercare responsibilities. We do this through helping them secure long-term dependable childcare or finding care homes for the elderly, all supported with a programme of wellbeing talks and presentations to provide emotional strategies designed to help with the challenges of juggling a family and a career.
020 8979 6453