5 reasons why gender equity can improve your business
Imagine a world where every woman feels not just included, but truly empowered within our business communities. As we celebrate International Women’s Day, it’s important to recognise the leaps we've made, yet acknowledge the hurdles that still stand in the path towards true equality.
This year's theme, Invest in Women. Accelerate Progress, reminds us of the vital importance of providing equal employment, pay and development opportunities for women in business.
Gender equity isn't just the ethical choice; it's the savvy business move. Here are 5 reasons why.
1. Increase business profitability
No matter what industry or business you work in, a gender diverse and inclusive workforce is a key ingredient for improving your business’ bottom line.
The research is in and it shows that business profits are more likely to be stronger when there is gender balance.
It's time to take a look at the senior roles in your business and ask, could there be more opportunity for women? Gender balance in senior leadership has not changed in the last 2 years for 40% of all businesses. An increase in profitability of 2.1% could be what you are missing out on.
2. Increase workplace innovation
Innovation can help you save time and money and that’s great for business. Everyone is seeking that competitive edge and striving to reclaim more time in their day to balance their professional and personal lives. Innovation can be the key to achieving that through better business performance.
Innovation is not only about inventing something new. It’s also about evolving the way you do business and how your business adapts to change. And that’s where gender equity comes in.
Inclusive teams are often more innovative with better, balanced decision-making. Different life experiences generate different insights, perspectives and approaches, removing bias and leading to innovative thinking. The next idea for a new product, an improved way of working or a creative solution could be about your next hire.
If increasing business performance is part of your 2024 business plan, don’t miss out on the opportunities that introducing more women into your team can bring.
3. Attract more talent
For your business to survive and thrive, you should be actively developing and maintaining a diverse and equal workplace. As new generations enter the workforce, they increasingly see diversity and inclusion as non-negotiable. In fact, they're likely to choose where to work based on these principles.
Businesses that welcome everyone, no matter their gender or background, will attract a wide range of talented people. When a workplace supports gender equality, it becomes a place where everyone can do their best.
There are many ways you can work towards a gender equal workplace. Here are 5 steps towards gender equality in your workplace.
4. Keep more employees
Employees are more likely to stay with your business when it supports gender diversity, because it demonstrates that your business values a range of perspectives, experiences, and talents.
No business wants to lose experienced staff members. The loss of specialist knowledge, productivity, hiring costs and training new people can add up. Research by the Society of Human Resource Management suggests that the total costs associated with employee turnover can range between 90% and 200% of their annual salary.
Finding out what’s important to your employees and introducing practices that support gender equity is a great way to keep talented staff. Here are 5 ways you can support women in your business.
5. Increase business reputation
When it comes to success, understanding your customers’ needs and spending habits is crucial, and it is well known that women are often influential when it comes to making purchasing decisions. Regardless of your industry, more employees that reflect your customers — such as women, even in heavily male-dominated industries — will only improve your business’ reputation.
In the age of social media your business will also be increasingly under the online spotlight. You cannot afford to neglect the importance of implementing gender equality policies and strategies to protect and improve your reputation. These should reduce the risk of workplace discrimination cases, support healthier workplaces and provide an avenue to have issues addressed immediately.
Research from Charlesworth, Hall and Probert supports this idea: having gender-diverse strategies in place boosts a business's reputation, as it's seen as a sign of success.
Your business will reap the rewards of improved employee satisfaction and customer loyalty.
Working towards gender equity
Gender equality in the workplace isn't just about fairness; it's a cornerstone of success. By striving for equal opportunities and outcomes for all, businesses not only do what's right but also fuel Australia's economic and business performance.
Ready to take action? Explore resources and tools to improve gender equity within your business.
Websites
- Australian Human Rights Commission website
- GenderWorks Australia website
- The Commission for Gender Equality in the Public Sector website
- The Fair Work Ombudsman website
- Victorian Equal Opportunity and Human Rights Commission website
- Workplace Gender Equality Agency website
Guides
- Gender pay equity Best Practice Guide (PDF)
- Pay equity for small business: three step guide to fairer pay (PDF)
Online tools