Business has evolved over the years to facilitate facets of the fluctuating social, political and economic structures. One of these fundamental changes is labor composition as used in business. Revolutionary changes have shaped today’s workforce into a comprehensive system where an employee’s skills determine their position at the workplace.
Despite reaching these achievements, some industries have been slow to effect these changes and incorporate all social, gender and racial groups into their labor force. Today, women still have challenges establishing themselves in some industries as viable business partners or employees. Taking the following seven reasons into account, you will understand why gender diversity could not only drive but improve your business.
1- Influence on Customer Base
Keeping up with market changes is an ideal method of ensuring that your company is competitively ready. A majority of your clients want to associate with a reputable company which professes diversity at its core. Access to a large customer base is possible today through infrastructures such as the internet. It is easier to engage and retain clients who come from diverse social groups when your company portrays in-depth integration through its staff by hiring women.
2- Build Reputation
Your business performance in the market relies entirely on its image. Investors are interested in companies with a future which is determined by your current performance in the market. On the other hand, customers and employees are interested in forming relationships with a company which has excellent relations with the society. Building your company’s reputation is about what these three actors think about your interaction with the world. Having gender equality in your workforce is a top strategy for improving your reputation.
3- Improved Turnover
Employee turnover does not only hurt businesses but also influences customer turnover. Employees leave due to flexibility concerns. Your company should adopt flexible employment policies where women are equal members of your workforce. Such a policy is sufficient to help you retain employees and save variable resources usually spent on replacement efforts.
4- Increase Your Company’s Talent Pool
Nowadays, companies’ innovation programs develop strategies for the businesses to remain afloat in the competitive markets. However, employees form the basis of a company’s innovative resources. Therefore, having employees who provide different perspectives on social and economic realities gives your business an advantage. Contribution to organizational matters from different gender perspectives improves the analytical capacity of your workforce. Engaging in commercial ventures and operations is more profitable because your employees have analyzed all aspects of the decision.
5- Host the Best Experts
An employment process focused on excellence will expose your company to experts who are attracted to your business. Individuals qualified to work at your company will be the best in their categories. Therefore, gender equality in your business increases the chances of hiring experts who are qualified to help boost company performance. Talented women working in your business improve your business’s reputation and improves company competitiveness.
6- Compliance and Access to Resource
Your business has sole responsibility for employing workers. However, most governments have passed bills that require a mandatory inclusion of all genders in the workplace. Complying with these legislations improves your company’s reputation in the market. In some instances, access to credit and other resources is limited to companies compliant with such statutes. Therefore, a workforce with gender equality can grant you access to resources to fund projects or help you gain more advantages in the market.
7- Increased Productivity
Your company’s organizational structure influences your employees’ performance. Employees in a gender equitable environment are motivated because they are apprehensive of the flexibility of your enterprise. Further, an awareness that their employment purely from merit empowers them and motivates them to perform. Considering the contributions made by gender equity in your company, this can be considered a strategic move. Mainly, you improve your business’s reputation, competitive advantage, and gain to resources.
Labor efforts are necessary to transform a business’ ideas into deliverables at all operational stages. Shifting your organizational culture to reflect gender equality places your company at a competitive advantage. Your business becomes a resource pool of talent, and you are also able to retain employees and access a greater customer base. Implementing gender diversity will help your company realize these benefits and more.