Despite recent efforts to close the pay gap and increase female employment levels, there is still a long way to go as a nation. 43 per cent of large UK firms still have no female representative at board level.
This International Women’s Day, the team at Flame PR wants to celebrate the importance of equal opportunities for women and the value of a gender diverse team!
Eons ago, the term gender equality was considered completely alien as the achievements of any reputable organisation were attributed to success of ‘men’s teamwork’. Employing women was always looked at as a ‘good to have’ instead of a necessity. This is changing however, as companies across the world have started to realise the benefits and importance of a diverse workforce.
Flame PR was founded and is led by a woman and we are very proud to be working with national and international businesses who are driving change in this area – not only on an executive level but across the workforce. Together we have recognised the measurable and meaningful impact that increased diversity brings, and the direct correlation to innovation and growth.
When an organisation has more than 20% of women in management positions, it sees 10% more innovative revenue — revenue driven by new products or services. Owing to the varying socialisation processes that men and women go though, their point of view and approach often differs when approaching a similar task. By having a truly diverse workforce, business owners can tap into the creativity and insights this brings to ensure superior performance. Every individual brings with them a unique set of attributes and skills and by eliminating, decreasing or not engaging female representation within the workforce, businesses are losing out on half of the talent pool available – as well as the unique attribute these women can bring from entry-level through to the boardroom.
Women often hold themselves back due to the phenomenon known as ‘imposter syndrome’ – the feeling that they’re success isn’t well-deserved or they aren’t as capable as others in their team. While men can also suffer from this, women are often the most affected. Companies that champion gender diversity and equal opportunities often propagate a culture of appreciation and positivity, enabling workforce motivation and engagement. This in-turn can increase self-confidence and enable employees to work towards their maximum potential and strive inhibited to achieve their goals.
Additionally, London is the hub of diversity and a melting pot of cultures – hence to engage and retain customers from this varied audience, an equally diverse approach to building a workforce is required. Women currently influence over 85 per cent of all buying decisions, hence aligning direct representation is essential to capitalise on these important stakeholders.
From a purely commercial perspective, a gender diverse workforce has a direct impact on the bottom line. A McKinsey study revealed that ‘companies in the top quartile for gender, or racial and ethnic diversity are more likely to have financial returns above their national industry medians’. Businesses are increasingly waking up to the commercial benefits of gender diversity including greater speed to market, revenue growth opportunities and access to a wider customer base.
As we celebrate International Women’s Day, this is a great chance to reflect on how a diverse workforce can be beneficial to your company. Come together, have a chat and think about why diversity is important to you. And if you have any interesting thoughts you’d like to share with an audience, get in touch!