5 Reasons Why Companies Perform Better When They Hire Both Men And Women
Studies show that companies with better gender representation are more competitive in today's market.
Published for MARIGOLD Yogurt, 17 Oct 2018, 11:07 AM
Women have many strong qualities that make them great leaders but are often prejudiced for their gender
However, we're seeing more and more organisations are promoting an inclusive culture in their workforce and are reaping the many benefits that come with it.
As a matter of fact, we're still amazed our country has elected Wan Azizah as now our first ever female deputy prime minister! This is amazing feat for Malaysia as not many countries have a woman in a high-ranked government position.
It's great to see that we are more accepting at empowering people for their merits, not judge them for their gender.
1. It increases your employee retention rate and cuts down employee turnover
If you own a business, you'd know that employee turnover is a huge and costly problem for companies. Employee retention is a crucial factor when it comes to a company's success as you won't bleed out unnecessary funding to scout for new talents.
A study by Gallup, an American based performance consulting agency, shows that companies with a more inclusive culture have a 22% lower turnover rate than companies without a diverse workforce. This is because a diverse workforce fosters a more welcoming working environment, keeps morale high, and makes employees choose to stay for a longer period of time.
fortefoundation.org
2. It boosts your company's overall performance
In terms of sales and profits, business teams with a balanced gender representation actually perform better than gender-biased teams. This is because a more inclusive and gender diverse workforce gives more work satisfaction, and drives better performance in the company.
In a study by Taylor & Francis, an international academic journal publisher, they found that companies with more gender diversity are more likely to stay competitive in the market. A diverse workforce would inspire more creativity and will come up with better innovations to compete in the changing market.
3. It increases your hiring options, allowing you to get the pick of the best regardless of gender
Emphasising the importance of inclusivity and diversity in the workforce will attract more people with unique skills and attributes to work for your company. According to a study conducted by Robert Walters, 85% of employers say that increasing diversity in their workforce is a priority in this day and age. They recognise the benefits of having a gender-balanced workforce and definitely acknowledge the revenue it will bring to the company.
A company with better representation of diversity, would have an edge at better adapting and developing themselves in the ever-changing competitive landscape. By focusing on merits instead of gender during a hiring process, a company would only widen the pool of talent they can hire from.
4. It improves your company image and reputation
The world is rapidly progressing towards total equality and inclusivity. Consumers are caring more and more for the company behind the product they're buying. As electing Wan Azizah improved our country's global stance on being an inclusive nation, a more diverse workforce will make a better impact against any gender-biased competitors.
So, in today's competitive PR playing field, businesses with a good reputation on diversity and inclusivity definitely win big. The positive impact your diverse workforce has on consumers could sway their decision to buy your products instead of your competitors.
5. You'll have the opportunity to hire more effective leaders that will generate better revenue
Many studies have shown that the key factor to sustain a successful business is by hiring an effective leader. Both men and women have unique leadership styles, each with their own merits and demerits. While male leaders tend to be more dominant figures with high expectations for their teams, women leaders are more empathetic and place more importance on uplifting the morality and motivation of their team to achieve their goals.
As no two sets of employees are the same, companies that can unbiasedly hire their leaders that will best lead their workforce will often see the most increase in overall productivity and revenue.
scienceofpeople.com