Women make up 47% of the UK workforce but only 4% of women are engaged in entrepreneurial activities compared to 9% of men. If women were to start a business at the same rate as men, an additional 150,000 startups would establish in the UK each year. The Women and Work Commission found that by unleashing the full potential of women, an extra £23 billion a year would go to the Exchequer. This extra money indicates that a more balanced gender distribution within a company will add to its profitability states Inspire 212.
Inspire 212: About the firm
According to McKinsey, companies across all sectors that have more women on their board of directors significantly and consistently outperformed those companies with zero female representation. Also, a study by Catalyst showed that of Fortune 500 companies, those with the highest percentile of women on their boards performed better than those with the lowest percentile with a 53% higher return on equity and 42% higher return on sales.
Inspire 212 is committed to having a gender-balanced company and states there is a wealth of evidence that this is good for business profitability and that businesses need to be doing more to attract women and to make their business female friendly. Companies can do this by raising awareness that more diversity is being brought to the organisation and that the perspectives, skills and experiences of everyone are valued. Companies also need to be setting clear goals to make the workplace better for women. Looking at the example of enterprise application software company SAP, in 2011 they set a goal for women to fill 25% of its leadership roles by the end of 2017.
Inspire 212 also state that companies need to stop thinking all women are the same and should develop a strategy that fits individual contractors as well as the whole organisation in addition to career development being built into the company’s maturity leave policy.
“There are too many companies where women’s needs and priorities remain an afterthought and it’s naive to think that this lack of understanding doesn’t have some kind of impact on female worker engagement and retention,” said a spokesperson for Inspire 212. “Here at Inspire 212, we are committed to having a balanced company of men and women and celebrate the benefits we reap from this diversity. Not only is our Managing director a strong and empowered female, but many of our top leaders are females with excellent business qualities” added the spokesperson.
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- Jenna Hadden
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- Inspire 212
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