Greetings, fellow HR professionals! As we commemorate Women’s Equality Day, it’s not only a time to celebrate the progress made in gender equality but also to reflect on the significance of women in the workforce. Today, we’re diving into the impact of women in business, highlighting the role of gender equality, how that makes money, and inclusive hiring in promoting diversity and inclusion. Let’s explore how these factors contribute to gender parity, bridge the gender wage gap, and did we mention that companies make more money?
Affirmative Action and Inclusive Hiring: Paving the Way for Gender Equality
Affirmative action isn’t just a legal requirement; it’s a catalyst for positive change in the workforce. By implementing inclusive hiring practices, organizations create opportunities for women to thrive, bridging the gender gap. But remember: It’s not a quota! It’s about exposing women to opportunities to apply for jobs or to be promoted, etc., if they are qualified.
Creating Equal Opportunities: Affirmative action ensures that women have equal access to job opportunities and promotions. Inclusive hiring practices dismantle barriers that might hinder their professional growth.
Championing Diversity: A diverse workforce, including gender diversity, fuels innovation and creativity. Inclusive hiring brings different perspectives to the table, enhancing problem-solving and strategic thinking.
Gender Equality and Parity: A Win-Win Scenario
Gender equality isn’t just about fairness; it’s a strategic advantage that benefits businesses and society at large.
Leadership Diversity: Gender diversity at leadership levels enhances decision-making. Organizations with a mix of male and female leaders tend to be more well-rounded in their approach to challenges.
Employee Morale and Retention: Organizations that prioritize gender equality foster positive work environment. Employees feel valued, leading to higher job satisfaction, increased retention rates, and better overall performance.
The Business Case: In the words of Goldman Sach’s CEO, David Solomon, “Goldman’s push for diversity will be focused primarily on women. Over the past four years, initial public offerings of companies in the United States with at least one female director on their boards performed “significantly better” compared to those without.” (Source: CNN Business)
In 2015, the top 25 of the top 400 California companies had an average of 35.2% women in their leadership, compared with 4.3% of the remaining 375. And those 25 companies had 74% higher returns than the combined 400.
This was just women in leadership, but it is true across all of the positions within an organization.
The Gender Wage Gap and Equal Pay: Addressing Disparities
The gender wage gap persists, but organizations can play a pivotal role in narrowing it by ensuring equal pay for equal work. And, of course, this helps retain that awesome female talent!
Equal Pay Initiatives: By implementing equal pay initiatives, such as regularly reviewing salaries/wages within pay bands, businesses demonstrate their commitment to closing the gender wage gap. This fosters a culture of fairness and equality.
As we celebrate Women’s Equality Day, let’s acknowledge the essential role of women in the workforce and the transformative power of affirmative action, gender equality, and inclusive hiring. By championing diversity and inclusion, organizations not only bridge the gender wage gap but also create environments where all employees can thrive…and your organizations can also be more successful.
Happy Women’s Equality Day!
HR Unlimited, Inc. specializes in helping federal contractors and employers effectively meet their AAP and EEO compliance obligations. Please contact us to discuss any of your questions, concerns, or needs in this area.