The clamor for and interest in women in business is gaining increased focus across the globe. Partly, this is fueled by women themselves, who are determined to “lean in” and have a bigger say in the big business game. Also, entrepreneurial women millennials are increasingly looking to define and chart their career paths. In addition, mentorship programs that aim to help pull women up are increasing and becoming stronger.
According to an American Express report, between 2014 and 2019, women-owned businesses increased by 21 percent compared to a 9 percent increase for all businesses. Several factors might contribute to an even bigger number of women working in business over the coming years. For instance, more access to entrepreneurship education and more funding is available. Besides, many companies are focusing on boosting the role of women in entrepreneurship and management.
A big advantage that women offer to the world of business and management is that they come with different work and life experiences. This promotes different strategies, opinions, and preferences. In turn, the diversity allows for more multidimensional decision-making that can also be more comprehensive and inclusive.
According to Forbes, it generally takes longer to green light acquisitions for company boards with at least one female member than in all-male boards. The reason behind this scenario is that compared to men, women tend to be more strategic and risk-averse. Although this tendency may lead to fewer or smaller acquisitions, it also brings an element of more informed and carefully made decisions.
According to a UN economic empowerment report, companies benefit greatly from increasing leadership opportunities for women as it has been shown to increase organizational growth and effectiveness. It is estimated that where women occupy three or more senior management positions, companies tend to score higher in all organizational performance aspects. In addition, a study by Babson College published by Huffpost indicated that businesses with at least one woman occupying an executive seat tend to return higher valuations than those where all men sit in C-level positions such as chief marketing officer, chief operating officer, or chief financial officer.
Alongside technical competencies, a combination of soft skills and decision-making aptitude is necessary. For women in business, emotional intelligence and soft skills may offer a significant competitive advantage. In a study published by Hay Group, a consulting firm, it was found that when it comes to emotional intelligence, women outperform their male counterparts in 11 of 12 key competencies. These emotional competencies included conflict management, empathy, emotional self-awareness, teamwork, and adaptability, which are all skills essential in effective leadership.
The participation of women in tech is rising. According to a UNESCO article published in 2020, the future of science, technology, engineering, and mathematics (STEM) is female. Areas that are also witnessing more success stories from women include people and project management. Upskilling workers and improving technical competencies among women in the face of emerging technologies will be critical in sectors like services and manufacturing. Over the coming years, the STEM sector is poised to encourage more females to apply to join the industry as the business sector increasingly recognizes the role of women in tech.
Many women in the workforce previously lacked mentors and role models. Today, women entrepreneurs have access to a great global community where they can seek professional support. There are women role models, coaches, and mentors who can influence, guide, educate and inspire women on how to succeed in the business world.
