Empowering women in business

April 2024

The position of women in business has undergone striking change, going beyond conventional roles and expectations. Promoting women’s empowerment in the business landscape is now an essential characteristic of a diverse, energetic, and progressive society.

The problems women face

To understand why women’s empowerment is crucial to business means comprehending the many obstacles they face. Even in today’s progressively enlightened world, women still face a bias that hinders their progress. It is this gender bias that perpetuates inequality of opportunity and pay.

There is also the problem of work-life balance, particularly for working mothers, that acts as a significant barrier. An expectation that women must manage responsibilities at home while trying to excel at work creates immense pressure. This often pushes women into part-time roles or out of the work force completely. For the woman entrepreneur this can also create a lack of networking opportunities and mentors, areas that have historically been dominated by men.

The benefits women bring

One of the key benefits women bring to the workplace is increased diversity and innovation. Research shows a direct correlation between diversity and innovation and performance. Women are instinctive problem solvers, often integrating unique perspectives and approaches grounded in their distinct experiences and viewpoints. Encourage more women into the business world and you broaden the pool of innovative ideas; this can only enhance a business’ competitive edge.

Diversity in leadership also brings advantages. Women leaders often possess qualities such as empathy, effective communication, and a knack for team building, typically more so than their male counterparts. These qualities not only strengthen team performance but also lead to efficient conflict resolution. This, in turn, brings improved employee satisfaction and engagement, leading to greater performance.

Consequently, it becomes clear that, from an economic point of view, gender equality is an essential driver of growth. Several studies show that gender parity contributes significantly to economic expansion. In fact, the World Economic Forum points to a strong correlation between a country’s economic competitiveness and its gender gap, suggesting nations with smaller gender differences tend to perform better economically.

Another advantage is the sustainability aspect. Businesses that prioritise gender diversity often demonstrate better sustainability benchmarks. They also maintain their workforce more effectively, ensuring the future of the business remains robust and resilient.

Strategies for empowering women

To empower women in your business so you can capitalise on the advantages they bring, consider these strategies.

Leadership training

Allocate resources for leadership development courses that are tailored for women. These courses provide women not only with specialised expertise but also with crucial abilities such as negotiation, networking, and management skills.

Flexible working conditions

Accommodate working mothers by offering flexible working conditions such as remote work or flexible hours. This can help you retain talented women who might otherwise leave the workforce.

Equality policies and practices

Implement robust company policies that makes gender equality crucial. This includes equal pay policies, measures to prevent and address sexual harassment, and a transparent promotion policy.

Build an inclusive culture

Encourage a company culture that promotes inclusivity, values diversity, and discourages biased behaviours and attitudes.

Mentorship programme

Mentorship and sponsorship programmes can help women navigate the business landscape. These initiatives provide guidance, boost confidence, and offer a platform for women to demonstrate their capabilities. This can lead to many opportunities.

As more businesses realise the powers of diversity and inclusivity, women’s empowerment in business will continue to gain momentum. Promoting, supporting, and empowering women to take up leadership positions embodies progress that transcends business goals. Further, it contributes to societal change by breaking stereotypes and fostering a culture that respects all individuals, talents, and abilities.

In conclusion, empowering women in business is not just about levelling the playing field; it’s about harnessing the huge potential that women bring to the business environment. The future of business depends on how successfully it integrates and empowers women.

About the author

Adeline Thor

Kuala Lumpur, Malaysia

Adeline is the Executive Director and Tax Service Line Leader at Russell Bedford Malaysia.

She brings over two decades of invaluable experience in providing direct taxation, tax compliance, advisory services, and transfer pricing; encompassing a broad spectrum of industries. Her role as Tax Leader demonstrates not only her exceptional service to clients, but also her strategic guidance and insights across diverse industries.

adelinethor@russellbedford.com.my