Companies are developing strategies to attract more female talent at all levels and empower women to elevate to executive positions. Some organizations are better than others in putting forth this effort. Some industries and roles continue to be male dominated. Women are now holding positions of leadership and taking on a variety of roles in the workplace. To have a productive workplace, it’s critical that all employees feel empowered to do their best.
Empower Female Leaders and Mentors
Studies show that Fortune 500 companies with more women on the board have higher financial performance than their peers. While women comprise of about half of the population, they are unfortunately underrepresented in leadership roles. One of the ways that you can encourage talented leaders to step up is to encourage mentorship. Women need to have more real-life examples of mentors to help empower them to succeed as future leaders.
Offer Fair Wages
The gender wage gap is one major factor standing in the way of equality in the workplace. If you want to empower women in the workplace, you have to make sure they have the opportunity to succeed. If employees think that they will never receive equity in pay because of their gender, they will be less inclined to do their best work. Human beings want to be rewarded for their work, and it’s critical they believe they are paid fairly for their contributions.
One way to close the wage gap is by removing hiring bias through blind candidate selection. In one study, top orchestras started using a blind to hide the musician from the selection committee. To their surprise, they selected a higher percentage of women for the orchestra. They may not have been consciously choosing applicants because of their gender. By hiding the applicant’s gender, they were able to remove their unconscious bias and pick the applicants who could play the best. In some situations, this is obviously not possible.
Look at Your Benefits
To empower women in the workplace, you have to create a culture that welcomes all applicants. Obviously, you have to follow federal regulations. Beyond legal compliance, you will also want to make sure that the way you schedule employees and offer benefits is fair for all employees. Parental leave for both genders and flexible scheduling can make it easier for parents to actively participate in the workplace. When it comes to benefits, you may want to look into things like maternity leave, day care and more flexible work arrangements.
A recent study called “The Business of Empowering Women” conducted a survey of 2,300 executives. It showed clear advantages for companies that empower women. A third saw a direct increase in profits, and another third expected their investments to grow in the short-term. To achieve these results, companies have to motivate their employees. Equal pay and opening up leadership positions helps to motivate your employees. When women see that promotions and pay equity is in their grasp, they are more likely to set their goals high.