"Gender is no longer a women's issue; it's a business issue." -Avivah Wittenberg-Cox & Alison Maitland

According to Women Work: The Business of Closing the Gender Gap (2011), the last decade has seen 2 million more women than men graduate from college in the United States. Despite the fact that women make up almost half of the workforce, only 10% of executive roles are filled by women. Not only is this a problem for the present and future generations of females entering the workforce, it's also a sign that organizations may be overlooking some of their best talent.

What is the value-add of having female executives?

A better balance of women in business holding top leadership positions helps increase the diversity of your company. Companies who develop diverse workplaces often experience increased growth, improved operations, increased staff retention and increased productivity.

In addition to improving your companies diversity and experiencing the benefits that come with such a feat, placing women in executive roles can also be very beneficial to your bottom line.

According to The Lord Davies' Report (February 2011), companies with a significant number of women on their boards were found to outperform their rivals with a 42% higher return in sales, 66% higher return on invested capital and 53% higher return on equity.

How can businesses reduce the gender gap?

• Recruit Women:

Aim to attract and retain quality women within your business.

You can do this by providing a flexible workplace with good benefits (such as full maternity and parental leave) and by utilizing your current female leaders as role models/mentors for new and prospective employees.

• Develop and Support Women

Oftentimes the major barrier that stops women advancing in executive roles is a lack of development opportunities. People do not become leaders by simply being placed into a leadership role. Instead, they must learn to see themselves as a leader. This can be difficult for some women due to ingrained, traditional perceptions of what qualities and experience leaders should have.

According to The Global Leadership Forecast, organizations with higher quality development programs that have addressed this issue are shown to have more female leaders.

To ensure you have a high-quality development program, work with senior level women to collect, evaluate, implement, and circulate best practices programs and policies for moving women to the top.

Why wait?

The statistics don't lie: women mean business. In today's changing, competitive landscape, it is critical to have high quality leadership. Creating diversity in your business will be key to opening new business and growth opportunities. Additionally, supporting a culture that is merit-based and full of opportunity will help your business rise to the top

Need advice on diversity best practices? TPD can help with that! Our HR Services team can help you implement new strategies to best attract and retain top talent.