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In
empowering women, we believe every woman deserves the opportunity to lead and
live the life she has always wanted. Empowering women in business can give opportunities to start, run, or join
a business based on their unique strengths.
In
the last decade, women have achieved tremendous strides, but women still only
represent 23.6% of corporate board seats. In fact, it's only risen by 0.3%
since 2015. And regarding top leadership positions, only 12.1% are held by
women.
Let
us look at the challenges faced by women in the business sector and three steps
to integrate their roles in the business, and how a business can benefit from
women empowerment:
1. What are the challenges faced by women in the
business sector?
1.1 - Gender discrimination in the work environment
Most
executives admit that the best person, regardless of gender, deserves to get
the job. However, many stories show that women have to undergo unconscious bias
when their name is read on their CV.
The
women who want to gain authority frequently feel they go under specific
examination, whereas men might be urged to be ambitious or emphatic. The gender
biases imply a similar way of behaving, and features — initiative, energy, and
taking responsibility — can be seen distinctively in people in the work
environment.
1.2 - Women are more likely to be paid less
Women's
own ask for higher pay is also an element behind the gender pay gap. A recent
study showed that 68% of women accepted the compensation they were offered,
while almost 50% of the men negotiated prior to taking the job. It additionally
showed that when women tried to negotiate their first offered pay, it still
resulted in lower pay than their male counterparts.
1.3 - Women are still underrepresented in key fields
While
various businesses show patterns of a developing female labor force, areas like
finance, science, and technology are still male-dominated. In STEM (science,
technology, engineering, and math) fields, women make up only 24% of the U.S.
labor force and fewer than 15% in the U.K.
Women's
underrepresentation is mainly due to stereotypical thoughts that interest in
"hard science" is unfeminine. However, women should feel engaged to
up-skill themselves and embrace the opportunities that come with a career in
science, tech, and related fields.
2. How do we introduce women to the business sector?
2.1 - Promoting respectable and engaging positions
for ladies all through the supply chain
Women
holding equal pay in the workplace is better for the company. Employees with
better salaries, working conditions, and workplace culture will result in
better attendance, higher efficiency, and better relations between laborers and
executives.
2.2 - Working with local organizations brings
integration of women in the workplace
Organizations
that act as suppliers, project workers, and wholesalers for worldwide or
homegrown business sectors should promote safe business policies. That can
include gender equality, equal compensation for equal work, protected and sound
work environments liberated from harassment and segregation, and opportunities
for women to progress. Like this, worldwide organizations should work with
their suppliers to start empowering women in business.
2.3 - Designing items and services to address
women's unique requirements
Organizations'
product plans and advancement groups must think about how their products,
services, and innovations can offer advantages to women. Business assumes a
part in giving access to services and products that assist women in their
everyday lives.
3. How business can benefit from women's
empowerment?
3.1 - Women understand more and are better
emotionally
There's
always a rising need for employees with soft skills (e.g., communication,
sympathy, and mindfulness) in the present business market. The cause is that
future recruits can be prepared for the specialized parts of their work, but
soft skills can't be taught in all cases. As a matter of fact, 92% of talent
securing experts who participated in LinkedIn's 2019 Global Talent Trends study
expressed that soft skills are more significant while employing than hard
skills.
3.2 - Women have tremendous financial power and
offer significant customer insight
Estimates
show that women contribute approximately $20 trillion in customer spending
annually. Women make up a massive portion of consumers. Yet only 11% of directors
in advertising are women, up from only 3% in 2008. Giving more opportunities to
women in marketing and advertising can offer companies important customer
insight that would be useful.
3.3 - Diverse groups are more imaginative
Suppose
you take a look at the research. In that case, it shows that variety in the
work environment - whether it's gender variety, age variety, racial variety,
etc. - brings an expansion in imagination and advancement. Men and women often
have different experiences, which impact how they carry on with work. Diversity
in the workplace gives the advantage of numerous points of view regarding
generating ideas.
To
end
In
today's society, women are often underrepresented in business and leadership
roles. This is a problem that can have far-reaching impacts on women, their
families, and the economy. Educating girls and women in STEM fields at an
earlier age can increase the number of women in these fields and increase the
number of jobs for women in those fields. This will increase the number of
women in leadership roles and will improve the economy as a whole.
Light Money is taking bold steps to inform the public and ensure
that every woman has the opportunity to experience a career in business and
fill this world with women’s empowerment.