It’s common knowledge that some industries are severely lacking in female employees. Male-dominated industries such as technology and finance are suffering because they don’t have enough women in the field. In recent years, these industries have been working hard to increase their appeal to women and get more females in the industry. Glenda May from Glenda May Consulting believes hiring more women and balancing the gender ratio is beneficial to any business, and can really help increase your profit margins. Not sure how? Here’s just 3 reasons why hiring more female staff can benefit your business and make your company more profitable.
1. A diverse staff is more representative of the marketplace
If your staff is heavily dominated by one social group, you’ll find that all of your products and services end up geared towards one demographic – the one that your staff represents. This isn’t done purposefully. It’s simply that as individuals we can only think in the scope of our own experiences. Therefore, if your team is made up entirely of white, middle-aged, middle-class men, you’ll find that your market is mostly made up of white, middle-aged, middle-class men who find your product or service entirely applicable to them. If you want to increase your demographic and attract a larger market, you need to diversify your team to represent all walks of life. This includes hiring more women, different backgrounds and people from different age brackets. This will allow you greater insight into more of the population and thus, attract more customers and create more revenue.
2. An inclusive workplace reduces staff turnover
Research and statistics show that the more diverse and inclusive of all walks of life a workplace is, the lower the staff turnover. This is due to a number of reasons, but mainly because the more diversity in a workplace, the more dynamic it is and therefore, the more enjoyable. Your staff will stay longer and you won’t have to constantly replace employees. Replacing an employee tends to cost about 3 times the employee’s salary. This is due to the downtime in work while you hire and train the employee’s replacement. This means that over the years, a reduced staff turnover can really help maximise your profits.
3. More diversity equals more innovation
Time and time again, it’s the most innovative and cutting-edge businesses that are the most profitable. By staying ahead of your competitors and always offering a new or improved product or service, you’re more likely to attract and retain customers. The way to be the most innovative business is to have the most diverse team. Diversity in a business is a wonderful thing. By bouncing ideas around each other and trying them out, you can get different perspectives to improve your products and services. This is less likely to happen if your team are all very similar to one another – male-dominated, for instance. Therefore, hiring more women can lead to a new way of thinking. Additionally,the next brilliant innovation that can earn your business more money.
The role and respect of women in the workplace has come along way in recent generations. Yet, we look forward to seeing future developments for even greater appreciation of workplace diversity, inclusiveness and equal opportunity. We know it can be hard to change the culture of a workplace. If your company are looking for a change in your employee engagement and performance, please contact us to talk to one of NotedCareers consultants.