Finding and Retaining Female Talent

Library | 12/15/2020
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Businesses that hire, retain and promote more women tend to be more successful, generate higher revenue and have a greater competitive advantage than businesses that are less diverse. For this reason, it’s vital that organizations prioritize attracting, hiring and keeping female talent, and working to eliminate barriers that may prevent equity in the workplace.

 

Creating a more diverse work environment is not just the right and moral thing to do – it also is proven to improve a business’ bottom line. According to Learnlight, organizations among Fortune 500 companies with a greater representation of women in management “delivered a total return to shareholders that was 34% higher than for companies with the lowest representation.”

 

This is possibly due to the fact that women may be more highly educated and have more formal qualifications than their male peers. A recent study showed that female millennials, in particular, earn more bachelors’ degrees than male millennials and have more masters’ degrees (56% women to 44% men).

 

Having a gender diverse workplace is key to attracting top female candidates. A PWC survey found that 61% of women look at the gender diversity of the employer’s leadership team when deciding where to work. So how can you help your business bridge the gender gap and become more appealing and welcoming to female talent?

 
  • Communicate that your business values diversity. Make sure your website shows both men and women in photos, include a diversity statement and emphasize a corporate culture that is open to all. Find opportunities to highlight and appreciate female employees on social media or other channels as well and be vocal about your commitment towards advancing women.

  • Establish a diversity/inclusion team. Task this team with reviewing recruitment activities, hiring procedures, HR policies and work practices and implementing changes to create a more equitable work environment for all.

  • Eliminate the pay gap. Employers need to review salaries across the board, consistently monitor them and put measures in place to correct gender-based pay discrepancies and enact policies to keep them from happening in the first place.

  • Provide opportunities for career growth. Some companies hire women for subordinate roles but fail at providing management or leadership opportunities – the notorious glass ceiling. In fact, a lack of opportunity to progress in one’s job was the number one reason cited in that PWC survey for women leaving a job. Be sure that your company provides ample access for successful women to rise through the ranks.

  • Create a flexible and accommodating work environment. Both male and female candidates are more attracted to businesses that allow for better work/life balance by offering flexible schedules, more time off, the opportunity to work remotely, etc. Creating a workplace that considers employee’s personal life and needs will attract a larger pool of talent to choose from, as well as making employees more likely to stay with your organization.

   

At Valley, we’re here to support female entrepreneurs and professionals get to the next level in business. Sign up for our Women in Business program, learn about available SBA loans, or visit our Business Insight Center for more helpful advice.

 

 
Valley Women in Business
Inspiring Women

Valley Women in Business

Valley's Women in Business program connects and empowers professional women. From entrepreneurs, to executives; we provide networking and educational opportunities that enrich the professional lives of women at every stage of their career.

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