Women empowerment in the business world

The empowerment of businesswomen does not begin or end on International Women’s Day (IWD). The way in which any critical movement can make real progress requires sustained attention throughout the year. So think about it: When was the last time you organized or attended an event on diversity, inclusion, and equity or discussed your company’s position on gender equality at work? If the last memory that comes to mind is March 2018, consider this list as your new priority.

A further reason for prioritizing this problem is that various companies are more successful at using innovations and diverse perspectives and better mapping their current customers. So read on to find out how your company can make a difference and why it should make a difference in the fight for gender equality, in the future of your work culture and in the professional development of all your employees every day, including 8 March.

5 ways that companies of all sizes can empower women

01. Put women in contact with female mentors

Sharing stories and experiences has always been one of the most effective ways to change your mind and provoke action. That’s why matching women with strong female role models is one of the many ways to empower your employees to succeed in both your company and their industry.

For example, if a woman is starting her career, connecting her with more experienced people who are already established in their professions such as women entrepreneurs and other women in management positions could help her to define her career path.

Another benefit of a strong mentor-mentee relationship is to strengthen your employees’ confidence in their ability to thrive in their profession. This is particularly crucial if the work environment is dominated by men — admiring women in senior positions can help build their self-confidence and enable them to win and claim higher and more influential positions.

02. Remind women that they are valued

Often, in male-dominated workplaces, women feel intimidated to express their opinions for fear of being too open. The opposite is also true, where they can try to act as “one of the men” just to make their point of view heard.

That is why it is important to remind women that they are respected for who they are and what you have hired them for their unique perspective, skills, dedication and strong work ethic. Although it may seem obvious to you, you have no idea how someone else feels if you are not in their shoes. Even if you are also an employee, you don’t know how a colleague deals with internal situations and what they have experienced personally. So do your best to be compassionate and honest with how you feel about each woman’s performance.

There are several ways for your company to implement these values. The first step is training and awareness of prejudice because you will not know what you are doing wrong until you face your actions head-on. Then, you can promote a safe environment where everyone can express their concerns and challenges, as well as know where to turn for help. Finally, promote activities or training dedicated to women, such as public conferences, negotiations, and discussion/support groups. Ideally, you should offer these opportunities to all minorities, so that everyone can feel empowered to thrive at work for who they are.

03. Meet all your employees’ personal needs

True fact: Your employees have a life outside your workplace. Whether it is family priorities or other extracurricular activities, it is important to encourage them to pursue these needs and interests, regardless of the gender with which they identify.

For example, allow parents to leave earlier if necessary, offer competitive parental leave and support your colleagues’ overall work-life balance by being flexible wherever you can. By enabling your employees to meet the many demands and desires of their lives, they will be able to grow personally. In return, they will be more grateful to work for your company, which will increase their loyalty and productivity.

You can go even further than just encouraging it, but be proactive about it. At Wix, we not only send company-wide emails to celebrate each new parent, but we also organize family days of festivities and picnics. In addition to the family, we occasionally welcome guest professionals to discuss everything from finances (buying a house, investing, etc.) to organizing hours of fun, crafts and game nights.

The more fun and flexibility you offer your employees, the more enthusiastic they will be when it comes to dealing with their professional responsibilities and relationships with their colleagues, which will make everyone happier.

04. Voluntary engagement for the interests of women

Women are severely underrepresented in many areas of the world of work. For example, women account for only 20% of jobs in technology and the situation does not improve over the years. Of course, hiring an equal number of male and female employees is one way to make a difference. At Wix, we are proud to share our latest statistics, which show that 41% of our total workforce and 38% of our management team are women.

Another way to do this on a regular basis is to participate in volunteer work for women. Check with your local network for the most interesting places to invest your time, e.g. women’s hackathons, meetings, conferences, etc. The participating women felt they had overcome a lack of self-confidence and recognized their full potential as leaders, team members, and negotiators. However, it is surprising that it has gone much further. Most women come not only to acquire new skills but also to ask themselves how they can develop them and help others a question that arises almost immediately after their participation in an event.

05. Support of the International Women’s Day

Of course, you should respect and empower women at work every day. It is also important to honor the one day a year dedicated to women’s rights and that is a commitment for all, not just women. Therefore, all genders in your company should be welcome to participate in the day’s events.

For example, if your employees want to participate in a march one morning, show your respect by allowing it without question. It is also possible to be proactive by hosting events or giving away branded products for the day something worth more than just a positive PR approach, but a modest acceptance of all your employees and their value in your company.

A strategic approach for the empowerment of women

Women are involved in all aspects of business life. For example, they are influential consumers of products and services. A study by Goldman Sachs shows that when women increase their purchasing and decision-making power, they influence consumption trends, such as household spending for family well-being, which affect clothing, childcare, consumer durables, education, financial services, food, and health care. The promotion of women in the world of work is also crucial to the success of the company. Companies with women in senior management outperform their competitors, with a McKinsey study showing a 55% increase in average corporate earnings before interest and taxes.

When companies begin to prioritize the empowerment of women, they must ensure that it is not a “niche issue” that only concerns the sustainable development team or management. Defining business professionals for the empowerment of women requires a strategic approach that takes into account both existing initiatives and business professionals.

A good starting point is the Women’s Empowerment Principles (WEP), a joint initiative of UN Women and the UN Global Compact. WEPs provide tools and resources for companies to define a business strategy (BSR serves as the steering group for the initiative), and signing WEPs is a way to demonstrate the company’s commitment to gender equality. WEPs also constitute a community of good practices for companies and other stakeholders working to empower women to share their challenges and achievements.

Integration of women’s empowerment into the company

Once companies have made the decision to give priority to empowering women, they should define how they can support women in their core activities. As we emphasize in BSR’s Business Leadership for an Inclusive Economy program, companies can focus on three areas:

1. Promoting decent and empowered jobs for women throughout the value chain. Good jobs help companies to succeed by enabling them to attract and retain the best talent, which is the basis for innovation, operational excellence, and supply stability, which are essential for business success. Ensuring that employees throughout the value chain are healthy, respected and well-paid leads to fewer absences, higher productivity and better relationships between employees and management.

ANN INC. has strengthened its strategic commitment to women by joining WEPs and expanding its participation in the BSR HER project. With a commitment of 100,000 women, the company has adopted a holistic and integrated approach that focuses on three areas of action: Health and well-being, financial competence and empowerment at the workplace. By 2018, ANN INC. will train 100,000 women in its supply chain. In addition, the company has revised its Supplier Code of Conduct to ensure that the company and its suppliers share a common vision of supporting women.

2. Developing products and services that meet the individual needs of women. Companies play a role in access to goods and services that help women improve their standard of living and increase their mobility and potential. Business product design and development teams should consider how their goods, services, and technologies can offer both benefits and risks to women. In addition, product development teams should use innovative distribution channels to reach women in remote communities.

Standard Chartered has identified women as powerful but neglected consumers with specific needs in the financial services they use. The bank has developed the Diva Club account, specifically designed for female consumers in Africa. The account not only meets customers’ needs for banking convenience and lifestyle benefits but also meets customers’ needs for networking opportunities and joint savings banks with other women. The focus on women has helped Standard Chartered differentiate itself from its competitors and build relationships with its female consumers.

3. Work with local businesses to integrate women’s empowerment. Companies in developing countries that act as suppliers, contractors, and distributors in global or national markets should promote responsible employment practices, including gender diversity, equal pay for equal work, safe and healthy workplaces without harassment and discrimination, and development opportunities for women. In return, global companies should work with their suppliers to build local capacity and involve local communities.

Group Vegpro, a Kenyan supplier to Marks & Spencer, has invested in women’s health, including sexual and reproductive health, by ensuring safe working conditions and access to health services for its employees. The integrated program, conducted in collaboration with RSO, provides health training and improves clinical services and nurses’ ability to meet the health needs of workers. The program will enable the company to play an active role in empowering women in Kenya and deepening its relationships with international buyers.

Once a company has identified women’s empowerment as a priority and integrated women’s empowerment into its core activities, the next step is to establish strategic partnerships with donors and other stakeholders. Partnerships that build on the strengths of a business and the public sector are essential to ensure that economic progress in developing countries is linked to individual prosperity, gender justice and shared opportunities.

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