Recently Mr. Oleg Vishnepolsky shared a post on LinkedIn quoting the above unfortunate reality for women in working spaces. It is heart breaking to see that we still have senior leaders who have a provincial mindset. It is melancholic that they are yet to see the advantages of hiring more women and more importantly employ more women in senior leadership positions. Women are underrepresented in senior leadership roles. (I will share certain behavioral patterns common to women which jeopardizes their position in a company later in a different article.)
What countries have the most women leaders? According to a study, Canada ranks No. 1 with a striking 50%. The Philippines and the US are tied for second with 41% and Thailand is third, at 40%. The country with the worst record: Japan, with women making up just 8% of leaders. The second-worst country is India at 14% and Taiwan is third-worst, at 21%.(As per a DDI study cited by Forbes).
While Mr. Vishnepolsky questioned the above and shared his views which are absolutely relevant. I am however, taking the liberty to go one step further to share 5 REASONS why you should not only hire more women but also appoint them in higher leadership roles.
1. Women are the most powerful consumers and the market place is growing every year. “With more and more women joining the workforce the global income of women is increasing by a staggering amount. Even though, it might be a fraction of the global income of men, this unprecedented increase is the main cause of the emerging global markets in most industries.” As per EY, a global professional income of women would reach up to 18 trillion by 2018. In the nutshell if the consumer economy had a gender, it would be female.
Now, let me put forth a situation. You remember the ongoing debates for legally banning triple tilaq in India or rather abortions in USA? Imagine this, how can one decide the fate of the aforementioned with no women panelists. Regrettably that has been the case for a long time. But this is 21st century and you are telling me that huge conglomerates and FMCG companies which sell women oriented products like hot cakes have less women in their senior level work force. Oh what an irony!
2. Bridget Brenan author of “When she buys” reveals an edifying pattern on women spending, she says that “Women have a multiplier effect.” Women are not only better spenders but also the major influencers of the expenditures made on day to day household products. They have a stimulating effect on daily expenditure and majority of the women represent themselves as the main caregivers of the family and decide what products are to be bought. Higher service standards are of prime importance to women; and if you make a women happy with the services, you invariably keep everyone happy. When you do not have women in senior positions, companies make influenced decisions but not informed ones.
3. Feminist.org in one of its researches shared an interesting insight that one can further deliberate one. It talks about the myths related to women and pregnancies. It talks about the mommy track, popularly known as situation that helps women “ HAVE IT ALL”. In laymen terms a career path that allows a mother flexible or reduced work hours but tends to slow or block advancements. Corporations usually feel that women executives cost the corporations more because of the need to divide attention between career and family. Considering the proportion of top management that is male, the likelihood is that male-linked habits will cost companies a great deal more than pregnancy ever could. For example, alcoholism and the problems it causes are overwhelmingly associated with males. In 1985, 11.9 million men were classified as alcohol abusers as compared to 5.7 million women. Forty-five percent of men versus 18% of women were considered moderate-to-heavy drinkers. This male-associated habit creates excessive medical costs and serious performance losses in business. Yet these deficits are tolerated and are not calculated as a “male related cost of business.
Lets not even forget the smoking breaks here. Clearly the percentage of men smokers is greater than women. While they are enjoying a cigarette, a woman who wishes to leave office on time prefers to work productively. (for which by the way she is often questioned).
4. Women Exhibit more modern leadership styles than men women executives often display more modern leadership traits than men. In fact, many recent studies show than women’s style of leadership varies from the style exhibited by men and that these differences may make women more effective leaders in today’s business arena. These studies indicate that women’s management style more often encourages consensus, participation, and interaction – traits which today’s employees value – whereas men’s management style often reflects a basic commitment to the premise of a “hierarchy.”
5. It is rightly said the ones with the unconscious privileges will often not complain. Since women have been on the other side of the table, they bring an essence of emotional intelligence. Women are more empathetic and try to practice parity in all situations making them effective leaders. Statistics show that Fortune 500 companies which had 3 or more women at the director level positions had higher growth returns as compared to their contemporaries.
Needless to say having top management commitment, making it visible, and supporting gender diversity as a way of life, not just a series of initiatives is the need of the hour. The leopard needs to change its spots after all . Additionally, women themselves need to create their own social capital by developing networks of support, seeking sponsors within their workplace organizations, securing mentors, promoting themselves, and communicating the value that they bring to the workplace.