For all of the difficulties face by women, they’re having an incredible impact on the world of business
Nowadays, it seems the media is consistently flooded with news about women’s fight for equal rights and their plight to stand up for the injustices against their gender. Whether it be equal pay or the right to do as they please with their body in Ireland's latest referendum, it appears to be an ongoing battle that’s slowly seeing gradual improvements. However, it’s refreshing to know that in one area at least, things seem to be heading in the right direction at a far more rapid rate.
Indeed, 59% of UK entrepreneurs aged under 35 are now women. The millennials are leading the way with a growing number of female-led startups emerging from this generation and it’s a trend all investors and industries should take note of. More importantly, it should encourage other aspiring female entrepreneurs.
When a woman enters the business world it can be a daunting experience but the stats suggest change is on the horizon. Not all experiences will be encouraging and there will still be pitfalls. But this is what we at Pytronot, the payroll solutions company, think female startups bring to the world of business and what aspiring female millennials can take from their experience.
(1) More female startups mean more female CEOs
Female representation on boards of directors is improving and, over time, this leads to more women in executive leadership positions. A positive being that while female CEOs are something of a rarity, their pay when they do crop up tops men, according to USA Today.
Getting diversity at the top takes time because of the change needed throughout an organisation. However, as a female-led startup, you can skip an establishment’s outdated approaches and you won’t have to worry about being given a job purely because it meets a quota, you can simply build your own success, be a CEO and make your own rules.
(2) More women mean more profit
Despite the increasing number of female business owners across the globe, it’s actually more difficult for women to secure funding for their startups.
When in fact, numerous studies and surveys have highlighted female-led companies not only yield above-market returns on investments but also drive three times the returns of companies predominantly led by men. Diversity ultimately helps make companies profitable, innovative and esteemed. Therefore, those investing in a female startup’s business would see greater returns.
(3) More women mean more creative teams
Female CEOs are renowned for leading the push for inclusive leadership and creating companies where staff are supported and can thrive. The Huffington Post reported on women’s superior emotional intelligence and their ability to read a situation and other people’s emotions more effectively as the reason for better performance rates.
Another 2015 study analysing responses from 27 million employees, reached the conclusion that female bosses outperform men when it comes to encouraging employee engagement. Ultimately, companies with highly-engaged workers outperform their competitors by 147% in earnings per share.
The evidence is mounting and it all points towards the notion that when females are in charge, it really is a win-win situation.