Economic Prosperity: The Business Case for Gender Equity
Aug 02, 2024The pandemic proved that flexible work arrangements are not only feasible but often more productive. Yet, as we emerge from this global upheaval, many organizations are eager to return to "business as usual." But should they?
Traditional work structures are rooted in an outdated approach that no longer serves the needs of the modern workforce – especially women. These rigid systems were designed in an era when women were largely absent from the professional sphere and so there was no need to take into account childcare etc.
Today, it's important to realise they're stifling women's potential and, consequently, our economic growth.
Let me share a personal experience from my early career. When I entered the legal profession, the intake was roughly 50-50 men and women. We all started on equal footing, full of ambition and potential. However, within just five years, a third of the women, myself included, had left. Not because we'd struck gold, but because we simply couldn't stay in an environment that failed to support our needs and life stages. (This statistic has not changed much to this day!)
The result? A massive loss of talent and potential. When women leave the workforce, we're not just losing individual contributors – we're losing future leaders, innovators, and changemakers. The numbers speak for themselves:
- Companies with gender-diverse teams make better business decisions 87% of the time (Cloverpop)
- Organizations with more women see productivity levels increase by 32% (NBS)
- Businesses with women in leadership roles are 70% more successful at capturing new markets (Harvard Business Review)
By clinging to outdated structures, we're leaving this potential untapped. Gender equality in the workplace represents a $12 trillion economic opportunity.
So, what's the solution? We need to reimagine our workplaces, creating environments that naturally accommodate women's needs. This means:
- Implementing flexible work arrangements, like 4-day work weeks
- Creating policies that support women through various life stages
- Offering comprehensive childcare and eldercare support
- Fostering a culture that values output over face time
By making these changes, we're not just supporting women – we're creating better workplaces for everyone. The benefits are clear. Companies that offer more flexible work arrangements see an 80% increase in job retention and hiring rates. They're more innovative, more profitable, and better able to attract top talent.
If you want to step up and make this vision a reality, support the cause by sharing this post. Visit wcorporation.org to learn more about how empowering women can boost your bottom line.