McKinsey says that companies with gender diversity and socially and culturally diversity are more likely to get higher profits than the rest.
Although we know that women make up about 40% of the total workforce, only a little over 5% make up the position of higher roles in management such as CEO, CFO etc. Also, with men being in the same position as women they are given much higher income. Studies also suggested that women earn only 80% of their male counterparts in the workforce.
What really is equality? Equality is not having an equal number of male and female in the workforce or in one's class, it's rather giving equal opportunity and equal treatment such as through paying equal income to people at the same position regardless of their gender.
It is very crucial to see the importance of gender diversity in the workforce. It is observed that more inclusiveness of various cultures and genders promotes and boosts the morale of employees. Industries and countries that realise gender diversity as a self-fulfilling cycle as it helps in achieving an attractive work environment and leads to lower turnover rate and prosperity are capturing benefits of it.
Younger generations like Gen Z and Gen Y are much more likely to be open to diversity and can help in creating a positive and inclusive work environment for all.
Giving business priority to gender diversity in the workforce can lead it to get various types of benefits and helps in realising its full potential. To bring about the bottom-line benefits that come with diversity, the business leaders must:
• Do SWOT analysis and search businesses that have less gender diversity.
• Innovate their hiring process and make women feel more comfortable and reliable. The female candidate shouldn't feel like they are being hired merely for filling the quotas, it can affect their relationship with the company in a negative way.
• Inclusion of women is the most important, motivating them to perform at their full potential and providing them equal opportunity to work at the higher level.
The scope of improvement in inclusiveness of gender diversity is still there and we need to realise that including women and their participation in the workforce can provide an edge in the war of talent and bring more creativity to the futuristic organisation. Moving forward, the industries and businesses who ignore diversity will have to do so at their own peril and face challenges in future.
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