Council Post: Empowering Women In The Workforce

There are many stories of successful women business owners whose endeavors inspired other entrepreneurs to take the leap and pursue investments. These women-owned businesses play an essential role in reinvigorating local economies and revitalizing cities.

According to a report conducted by American Express, 42% of all American businesses are owned by women. This cohort generates $1.9 trillion and employs 9.4 million workers. As small-business owners and as corporate executives, women are driving economic growth in this country.

The numbers show us that women are contributing to business growth, but they also show that women’s business opportunity lags behind that of men. So, how do we create a more equal playing field to encourage women? In my experience as a CEO, I’ve found the following to be effective:

Lead by example: Advance women to leadership positions.

Too often we lead with words and not actions. If you want to show that your company values women, create pathways into leadership. Mentorship programs help ensure both their success on that path and that their voices are part of the decision-making process. Fifty percent of consumers are women, and the best way to tap into that market is to have your firm’s leaders be representative of your consumer base. Often, women offer a different perspective than men, which presents an opportunity for the inclusion of more diverse ideas. It is crucial to make sure these ideas are part of an organization’s larger conversation.

At my organization, we are lucky to have female leadership in our board of directors, advisory committees and on our staff. The talented, capable women in those roles serve as mentors and examples for less experienced female leaders to lean into the mentorship and networking opportunities we have created through our formal and informal employee networks.

By removing obstacles to the elevation of women, not only to the chairperson role but also at all levels of the organization, companies large and small can improve their inclusiveness, better represent the communities they serve and, importantly, create better business outcomes.

Create benefits that fit your team.

Many women reduce their hours or exit the workforce after having children. Look at the STEM field, specifically, more than 40% of women leave their jobs or switch to working part time after having their first child, according to a study reported in Nature. To put this in perspective, that same study found that only 23% of fathers leave or reduce their working hours.

Although there are a number of reasons women might leave their full-time jobs after becoming mothers, I believe the choice is all too often driven by inflexible work hours and high child-care costs.

If you want to retain top talent, your schedule and benefits need to fit your workforce. Flexible hours, for example, might be attractive to staff with elderly parents or children who need to balance school, care and other scheduling issues. These scheduling benefits assist both women and men with their responsibilities. Firms looking to remain competitive need to keep working parents on board. The best way to do this is to make it possible for them to stay.

Encourage fair wage negotiations.

My daughters often ask me for advice when it comes to their careers and making the most of their opportunities. One of the pieces of advice I can’t stress enough is their need to advocate for themselves in the workplace, especially when it comes to salary.

But fair pay shouldn’t be contingent on who is the squeakiest wheel. As employers, we should strive for salaries that even the playing field and are based on quality and quantity of work.

Women are integral to the American economy. Their value to firms cannot be understated and must be recognized. In order to do this, businesses should consider ways for them to grow with the organization and ensure they aren’t left behind or passed over. Finding ways that are on-brand for a company to provide benefits or encourage fair pay are key to promoting women in the workforce and society as a whole.