The trend of women in business is on the rise, but this hasn't always been the norm. For centuries, women were confined to roles centered around cooking, cleaning, and caring for the family. Seeking greater opportunities for equality and an overall improved quality of life, women began to enter the workforce and have proven to be highly successful across various industries.
However, this success has come with numerous challenges, making it difficult for women to pave the way for others in business.
Historically, women have not fared as well as men in the workplace, typically earning just three-quarters of what their male counterparts earn. Yet, this is only part of the story. Over the past years, more women have chosen to start their own businesses than ever before, even surpassing men in this regard, and they have been thriving. The truth is that women can, and should, have a significant presence in the business world.
Why More Women in Business is Better
One significant advantage women bring to the business world, especially in management, is their distinct life and work experiences compared to men, resulting in diverse perspectives. Their unique skills lead to different opinions, preferences, and strategies.
In many ways, society views women as natural caregivers or nurturers. Beyond their ability to carry a child during pregnancy, give birth, and raise that child, research shows that women excel in various workplace skills. Attributes like task management, communication, patience, and empathy are crucial for workplace success. Women often excel at encouraging others to discuss problems, staying organized, being patient, and showing understanding.
Increasing the number of women in the workplace promotes diversity and encourages collaboration between men and women. This diversity enhances decision-making, making it more multidimensional and comprehensive. Boards with at least one female member tend to take longer to approve acquisitions than all-male boards. This is because women are generally more risk-averse and strategic. While this can lead to fewer or smaller acquisitions, it also results in more careful and informed decisions.
How Times Are Changing
The presence of women in business is on the rise, driven by women eager to "lean in" and engage in the world of big business, millennials seeking to define their own career paths, and many who have an entrepreneurial spirit. With access to technology and personal digital devices, girls around the globe are more inspired than ever to pursue their passions from a young age. Increased accessibility and awareness are making it easier for women to enter the business world, a trend that is expected to continue.
Women currently venturing into the business sector are encountering opportunities that were previously unavailable. Mentorship programs are advancing women further than ever before. Additionally, women are coming together to create their own networking events, conferences, and meet-ups. However, challenges remain. Women looking to start or expand businesses face fewer funding opportunities and generally earn less than men, even when they hold the same titles and have similar education.