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Challenges, Opportunities, and Future for Women in Business

 Multinational companies like General 

Motors and IBM are appointing female CEOs. Many of the Fortune 500 businesses are being run by women. However, these facts are valid only for 6.4% of the leading companies. The gender pay gap and inequality towards women are problems that still exist. Let us look at the #challenges, #opportunities, and #future for #women in #business.

Challenges:

Underrepresented in Key Areas

Even though a spike can be observed in the number of female workforce in several industries, major areas like engineering, tech, and finance are still male-dominated. In the U.S., women form just 24% of the workforce in STEM (#science, #technology, #engineering, and #math) industries, while in the U.K., the numbers are less than 15%.

Gender Bias in the Workplace

Although most companies look for the best person for any job, women usually succeed more when they use a male or a gender-neutral name on their CV. This highlights the unconscious gender bias that still exists in the #workplace. Such gender bias suggests that similar characteristics and behavior are interpreted differently by men and women in the workplace.

Gender Pay Gap

According to a survey by Glassdoor, 68% of the women accept the salary offered, while more than 50% of male employees tend to negotiate. It was also observed that when women try to negotiate their salary, the outcome is usually less favorable. Even if they ask for a pay raise, they are 25% less likely to get one.

Opportunities

Policies Regarding Gender Equality and Inclusivity

Be its equal representation of women on the board or their #hiring, #gender #equality and inclusivity are gradually becoming a matter of policy for several forward-thinking companies. Many companies thrive after making commitments and embedding these policies in their #business #strategy. Such policies also help an organization in attracting top talent.

#Entrepreneurship

In the past 20 years, women-owned businesses have increased to 74%. This indicates that launching their own business is the quickest way for women who wish to acquire #leadership roles. It also allows them to collaborate and hire like-minded and ambitious women creating a path for the future.

Strengthening Resume with Business Degrees

With the number of women enrolling in business school gradually increasing, it is hinting that women are looking to sharpen their knowledge and expertise with advanced business degrees. Business schools are enabling women to become subject matter experts, acquire leadership #skills, and gain enough confidence to step out in the male-dominated business world.

Future:

Automation will Take Over

According to a McKinsey report, 70% of the average clinical posts are held by women in mature economies, while they account for more than 40% in emerging economies. It has been anticipated that all such clinical posts would be taken over by automation. Therefore, unless women upgrade their skill sets, they will face substantial job losses in the future.

B2B Sales Are Likely to Become Women-Oriented

Today's buyers no longer depend on salespeople for all the necessary information. #Salespeople are, in fact, looking for more autonomous authority, collaboration, and transparency, expectations that sync very well with a woman's strength and capabilities. From building long-term relationships to collaborating on a solution to having an emotional connection with the buyer, women would fare much better in such sales-focused tasks.

Women in Forties will Restructure Organizations

If in the future, gender equality becomes a policy, then many organizations will re-evaluate their structures. Women who usually pause their careers in their thirties to focus on their families would rejoin their organizations. With their talent and nothing to hold them back, we will likely witness a significant reshuffling in corporate structures.

It's difficult to predict the future for women in such a complex and uncertain world. However, if they can respond favorably and acclimatize themselves to the changes, we are likely to see a workforce that would be driven by women

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Location: United States

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