Post-pandemic Economic Recovery: How Investing In Women’s Leadership Can Help?
Gender diversity is one of the outstanding issues for leaders. According to the Global Gender Gap Report 2022 by the World Economic Forum, it would take another 132 years to achieve gender parity. The report also suggests that the post-pandemic economic burden has affected the women’s workforce outcomes even more across the globe. Only a tiny percentage of women occupy top positions, even when they are well qualified to be there.
In 2021, the total female population was 169 million, and males made up 162 million in the USA. The National Women’s Law Center found that more than 2.3 million women (and 1.8 million men) have dropped out of the workforce since February 2020, putting the percentage of women at its 57% lowest level since 1988.
In research published in Harvard Business Review, Zenger and Folkman found that women consistently score better than men on many essential leadership attributes, including resilience and a focus on outcomes. In addition, women excel in inspiration, courageous leadership, and collaboration.
According to Equilar’s research, the percentage of women in leadership roles is growing. The growth rate of women in executive positions has climbed to roughly 6.9 percent between 2016 and 2021, up from 3.8 percent in the previous five years, 2011-2016. Because of this increase, women held more than 14 percent of named executive officer roles in 2021. Women currently have one-seventh of executive positions, despite seeming to be a modest proportion. This 14 percent increase might not seem significant. In 2010, the figure was just 8%. The study also indicated that male managers perceived women to be more successful in several professional fields.
Additionally, the 2021 Women in the Workplace report illustrated women’s proficiency in diversity, equality, and inclusion (DEI). Fifty-four percent of senior-level women now devote time outside their duties to enhance DEI in the workplace. Forty-six percent of senior-level males engage in this behavior.
Women in business contributed abilities that may alter the atmosphere of the organization. Generally, women lead with compassion, ethics, and respect, compared to men’s leadership styles, characterized by compassion, ethics, and respect. According to research published in 2018 by the Pew Research Center, 61% of Americans feel that female corporate executives are more compassionate and empathic than their male counterparts.
Research indicates that businesses with a significant proportion of female CEOs are more inventive and lucrative.
However, women often believe they must adapt their conduct to be accepted into male-dominated professions, sometimes called the boys club. As a result, it places an unneeded strain on women to downplay feminine traits like softness, cooperation, and helpfulness in favor of masculine characteristics like competitiveness and domination.
According to available data, women in the private sector frequently endure more unpleasant situations than males, particularly in turbulent periods like the COVID-19 pandemic. Nevertheless, positions in the public sector are often more secure than those in the private sector. According to the National Women’s Law Center, a disproportionate number of women have lost their jobs due to the epidemic.
Between February 2020 and March 2021, for instance, women accounted for 53.5% of all net employment losses in the United States. By 2020, the epidemic had affected women’s employment much more than men’s; however, in 2021, more women worked from home than men, according to the Bureau of Labor and Statistics (BLS). Similarly, 10.8 percent more males were employed in the workforce in 2020-21.
Most statistical data comparing men and women do not account for nonbinary employees. Similarly, many data sources, such as the BLS, confuse gender and sex by using terminology such as “female” and “women” interchangeably.
According to the UNDP Global Gender Report for December 2020, Central and Southern Asia has the lowest proportion of women working in public administration. In these places, only 32% of the public sector employment comprises women.
In many regions of the globe, more women than males occupy roles in public administration. Over fifty percent of public sector employees in Eastern and Southeast Asia, Oceania, Europe, and North America are women.
The Stanford School of Business found that women hold just 25% of Fortune 100 C-suite positions. In addition, just two of the Fortune 100 have an equal number of men and women in executive positions. In addition, just two of the Fortune 100 have an equal number of men and women in executive positions. Fortunately, women’s leadership has increased in several areas. The proportion of women in financial sector leadership is predicted to increase from 24% to 28% between 2021 and 2030. In other areas, such as consumer, industrial, and technology, fewer than 25 percent of C-suite roles are held by women.
Even if there are more female CEOs in positions of power today, there is still potential for advancement. Women in the workforce have the potential to have a significant effect on their workplaces if they are motivated, flexible, and creative. Women in executive positions often value taking risks and are likelier to choose innovative techniques than traditional ones. This strategy has the potential to generate further innovation and opportunities.
However, research published in Harvard Business Review suggests that women walk a fine line between taking risks and developing innovative solutions. This achieves a healthy equilibrium for the company. Women leaders often have an openness to change and a willingness to collaborate regarding company strategy.
When women hold leadership roles, more business possibilities become available. A study indicates that the success of the firm has a direct impact on revenue. Performance is impacted by essential leadership abilities such as making decisions via collaboration and cultivating relationships with others. According to the report’s findings, women score higher than males in five of the nine critical abilities for maximum performance.
The companies that the women leadership oversees often have higher stock values than companies that males manage. Women also do better than males when it comes to being innovative and solving problems, two essential talents for growing businesses. According to the Harvard Business Review, boldness and a willingness to take risks are shared among female CEOs. This opens the door for the consideration of unconventional ideas and approaches.