77% of talent experts have reportedly said that gender diversity continues to be one of the main issues of diversity in recruitment. A proof of the above is the McKinsey & Company and LeanIn.org Women in the Workplace study that has just been released.
It has been a year since LinkedIn undertook research on gender and work to explore the gap between what leaders want to achieve and what they have actually achieved in their bid to close this gap. This indicates some recruitment strategies that may be used by managers to attract more women now or later on.
Organizations in practice find that their gender and ethnically diverse workforces outperform their less ethnically diverse peers. For instance, McKinsey reported in 2020 that companies in the top quartile of gender diversity were 25% more likely to have above-average profitability. On the other hand, gender bias in the workplace can cause damage, especially when it comes to productivity. According to Oregon State University, “a typical Fortune 500 company that hires 8,000 new employees a year with a 1% gender bias effect can expect 32 additional failed hires and many more sub-optimal hiring decisions, resulting in productivity losses of about $2.8 million per year. A 4% bias effect would lead to an additional 192 failed hires and an additional $17 million in lost productivity.”
Journalists Katty Kay and Claire Shipman provided insightful analysis for The Atlantic, revealing that women frequently overestimate their abilities while males tend to underestimate theirs, creating a "confidence gap." Because of this psychological barrier, women are forced to rule themselves out before ever applying; unlike men, who feel comfortable applying after meeting around 60% of the requirements, women feel pressured to meet every condition given for a job opportunity. The revelation raises two important questions: what more do we need to do than just support women, and why aren't these factors addressed earlier at places of employment recruiting women employees?
If employers are serious about bridging the gender gap in recruiting practices, they must address the underlying confidence concerns that female job seekers face and reevaluate the strict prerequisites for positions.
Effect of Salary on Attracting and Retaining Women Talent: Based on findings by RecruitMyMom, 21% of the women in the work field are actively searching for new job opportunities, so the competitive salary will definitely be enticing. Competitive compensation could be considered a strong magnet for attracting females with skills and experience who bring along undeniable value. The act of offering a market-related salary right from the start speaks volumes about an employer's dedication towards acknowledging what these female employees bring on board— thus instilling a sense of security and contentment which paves way for mutual long-term success between both parties (company and employee).
Highlight the Power of Flexibility to Attract and Retain Female Talent: According to the research, female employees place flexibility and remote work as the second and third most appealing factors when looking for a job, respectively. The beauty of workplace flexibility is its variety. From micro-flexibility for running errands to fully remote positions with flexible hours, there's an option to empower every woman. Employers can tailor these arrangements to individual needs, team dynamics, and overall structure.
Provide Benefits That Women Appreciate: One of the best ways to draw and keep top female talent is to invest in comprehensive benefits that have real value for the workers. The research summed up that the most attractive benefits desired by ladies seeking employment are coverage of health insurance, pension fund contributions, bonuses, and opportunities for professional development. Any or all these benefits prove a concern to their workers' financial stability, welfare, and professional life. Childcare support and maternity leave benefits ranked relatively lower, scoring around 42 percent. However, adding these benefits to the package of one's compensation is important but not going to help radically in that ability to attract A-grade female talent. Emphasizing the benefits that really count for its female candidates, employers are better positioned today to deliver.
Provide Mentorship and Training: In addition to laying a strong foundation for success, providing mentorship programs and professional development opportunities for women in the workforce gives them the skills necessary to mentor and educate their colleagues. These mentoring programs can cover a wide range of topics, from networking and growth opportunities to leadership development and specialized training. It's important for companies to do succession planning for each woman employee who is looking to climb up the ladder.
Address Safety Concerns: It is important to make your workplace safe and free from harassment, discrimination and other forms of violence against employees. This can include setting clear reporting standards, providing training and instruction, and committing to investigate and address problems.
Leverage Social Media to Your Benefit: Today's digital age has turned the social media sites, like LinkedIn and Instagram, into very effective tools of recruitment. However, building a narrative that highlights your company culture is as important as simply posting open positions. Give the potential employees a sneak-peek into your company through such channels. Share videos with workshops, interviews with staff members, or just view seconds of the daily activities around your employees. As such glimpses will allow candidates to connect with your brand personally. Moreover, a steady, engaging social media presence grants visibility to brands that have a company at the top of mind when the best talent thinks about the leaders in the industry.
Establish an inclusive workplace culture by setting up processes for regular feedback from employees and ensure that staff suggestions come up with ways in which the product could be improved. Make sure that gender equality is advanced through all company policies and practices. It is not only the right thing but also a business imperative to foster an all-inclusive and diverse workplace. Major and positive changes can come out employing such stratagems as organizations strive to source the best female talents. Women are more likely to join and succeed in an organization when they see opportunities, leadership, and values that align with their own. Beyond just filling jobs, encouraging gender diversity has a downstream impact that improves decision-making, boosts creativity, and enhances financial performance.