Things are looking up for female business leaders across Corporate America, and the entire U.S. workforce is the chief beneficiary.
As industries become more competitive amid a shakily rebounding macroeconomy, diversity of thought and perspective at the top of the corporate ladder is becoming important. New challenges from inflation and globalization to automation and supply chain woes need to be met with new solutions – often the kind of ideas and innovation that stem from a leadership team comprised of different life experiences, whether it’s a difference of gender, race, identity, or socioeconomic background.
The oil and gas services sector, particularly, has needed a fresh perspective for many years, but it recently has made great strides. Today, the female perspective is not only necessary but also encouraged in a once male-dominated field.
A new and inclusive approach is required to stay relevant and advance in a competitive market. The number of women in leadership roles is growing daily, and it’s become commonplace in many industries. Even those who were initially slow to accept change have since warmed up to the idea of having the make-up of the C-Suite reflect that of the workforce. This includes critical areas of the economy like the supply chain, where female leaders are being accepted at a rate that would have been surprising only ten years ago.
There is still room for improvement, though, according to workplace diversity research, which recently found that “3.6 percent of individuals leading America’s Fortune 500 companies are women.”
According to a study by McKinsey and Co, gender equity is crucial for organizations and businesses to perform at the highest levels. The study found “companies in the top quartile for gender diversity on executive teams were 21 percent more likely to outperform on profitability.” Additionally, having women in decision-making roles has been found to help the company better serve its female clients and consumers.
Better opportunities for creativity and problem-solving are just a few benefits of diversity in the workplace. Female leadership brings a point of view that is sorely lacking in many industries. Despite the spread of false stigmas, women are likely to improve corporate culture and boost efficiencies while maintaining quality. Consider the following takeaways:
Challenge your team to go outside of their comfort zone
Putting those who’ve enjoyed majority status into a scenario where they’re suddenly a minority can be very enlightening and empowering for many people. Consider enrolling your team in industry conferences, staff training opportunities, DEI programs, and other learning opportunities that demonstrate what it’s like to walk in someone else’s shoes. Also, create an open-door policy for employees to share new ideas, encourage learning new skills and networking together, and challenge yourself as a leader if you want others to follow your example.
Learn from the person sitting next to you
Learn the job from everyone else. A ‘prescribed’ job won’t help you learn – there is no better way to lead a company than by observing and learning from people in several different positions at the company, especially if they’ve been there longer.
Develop a culture of mutual respect
Create a workplace where behavior is professional, collaborative, and involves clear communication. Keep in mind that often, what you’re noticing is a generational gap more than a gender gap. Recognize and celebrate success: show your employees you value and appreciate their efforts. Communicate respectfully and treat everyone with kindness and respect, listening to and valuing their opinions and encouraging them to express their ideas.
Create an environment where people feel included
Make it your mission to make sure no person, man or woman, feels sidelined at their company. When a manager values the mental and physical health of the team at the core, it is evident. Make sure your employees are engrained in the culture, and ask, “Are they happy?” It’s a perspective and empathy that women, specifically, can bring to the table. When employees know their superior cares, other managers do the same and it trickles down and becomes the overall culture.