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In January, Nancy Pelosi became the first woman Speaker of the House in our nation’s history. And just last spring, Katie Couric was named the first woman anchor for a major network’s evening news broadcast. Events like these underscore the progress women have made in the workplace over the past 40 years.
Since women began entering the corporate world in significant numbers in the 1960s, they have steadily climbed the ladder and fought to break through the glass ceiling. Nowadays, female CEOs, COOs and Chairwomen of the Board are becoming more and more commonplace. And, while there are still battles to be won, for the most part, today’s working women have earned a level of equality and respect their predecessors did not enjoy.
Which is why the latest workplace demographic trends prove particularly interesting. Though studies published in 1999 predicted that the percentage of women in the workforce would continue to grow through 2015 – even outpacing the percentage growth of men in the labor force – seven years later, some economists now believe that the percentage of women in the workforce may have peaked in 2000. And that’s not all; they expect the trend of women opting out of the traditional workforce to continue to increase.
What does this mean for your business? There’s no simple answer, but Lee Hecht Harrison has practical suggestions for how you can bolster the female ranks in your business.
So, why the shift?
Experts cite the retirement of the Baby Boomer generation combined with the effect of young women remaining in school longer in order to attain advanced degrees and increase their earning potential as key factors in the drop off. In addition, women in their 30s who delayed starting a family while they attended graduate school or started their career are now leaving the workforce during their prime employment years to become stay-at-home moms.
The topic is still up for debate, with some experts attributing the decreasing number of women in the labor market to the sluggish economy. Others feel that women have simply reached their maximum potential for work. Having squeezed every possible hour from the week and every moment from the day, women can’t increase their participation in the workforce because they simply don’t have any more time to give.
What you stand to lose.
While men and women share many of the same characteristics that make them successful employees – business savvy, a strong work ethic, compassion, etc. – the very presence of women in your organization adds something significant: diversity. And, like any great team, a broader representation of talent only strengthens your business.
Consider this: women are key influencers in the home and community – why shouldn’t they be just as important in the boardroom as well? A healthy employee base includes men and women who represent various cultures, perspectives and backgrounds because it better enables your business to respond to your clientele. And, with more and more women in high-level positions, a drop-off in that resource could negatively affect the leadership – and the bottom line – of your company.
Give them a reason to stay.
Competitive pay, good health benefits, a 401(k) – all of these are standard perks employees can get at most jobs. They’re the basics that people consider when they’re applying for a new position, and they do impact the decision of a potential employee. Once an individual starts working for you, however, these things are no longer considered benefits, they become entitlements. Fortunately, there are things you can do to make your company more appealing – not just to your female employees, but to any talented individuals you may hire.
• Timing is everything.
For decades, millions of women have sacrificed their personal time, even their sleep, in order to have the “best of both worlds” – a career and a family. Now, however, maintaining a healthy work/life balance has grown increasingly important to working mothers – and women in general – and companies are beginning to respond. In fact, it isn’t only women who are looking for a good balance between the demands of their career and their personal lives; men want it too.
That’s why perks like flex-time and telecommuting – and technology like laptops and hand-held PDAs – are a great idea for all of your top employees. These benefits demonstrate that you understand the demands on your people’s time, and go a long way to creating good will and retaining key members of your team. After all, respect is a two-way street, and an employee who feels appreciated – and isn’t overwhelmed by stress – is much more likely to go the extra mile for you when necessary.
• Move ‘em on up!
Creating and implementing a career development program specifically aimed at bringing more women into leadership positions is an investment worth making. Identifying women with managerial potential and providing them with the training and mentoring necessary to be successful enables your organization to tap into the potential of this group. An added bonus? Promoting women to leadership positions within your organization gives other female employees someone to look up to and emulate. Top corporations like Cigna have invested in similar programs with resounding success.
A female-friendly business is an employee-friendly business.
Maintaining a solid, diverse team is beneficial to your company, so take the time now to develop or enhance a female-friendly corporate culture. Since the majority of perks will benefit all of your employees, in the long run the investment should improve productivity – and lower costs – across the board. After all, happy employees are more efficient and do better work. They’re also much less likely to leave their job, which saves your company the expense of having to hire and train new employees. Regardless of demographic trends, that’s just good business.
Interested in learning more about how evolving workplace demographics will impact your business? Contact your local Lee Hecht Harrison branch today for helpful tips on issues that impact your business! Visit our website at lhh.com for more information or to locate an office nearest you.
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| Encouraging workplace equality in corporate america. |
In 1993, Deloitte & Touche established the Initiative for the Retention and Advancement of Women. Since the program’s launch, the Women’s Initiative has helped Deloitte create a more inclusive environment, win the war for talent and build intellectual capital.
In 2005, Women’s Initiative teams delivered more than 235 programs and were honored with seven national awards. By providing workshops, hosting networking events and implementing work-life programs such as MyDeloitte and Personal Pursuits, Deloitte is an organization where women and men have equal opportunities to succeed.
As a result of the success of its programs, Deloitte has seen the number of women leaving the organization decline and a closing of the gender turnover gap. They have also seen the number of women partners, principals and directors grow throughout the initiative (as compared to men). |
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