On this International Women’s Day, consider hiring women over men

It is clear that the “glass ceiling” exists, and women face discrimination that hinders their advancement in comparison to men, despite having similar qualifications, skills and experience.

A study of managers in 20 Fortune 500 companies discovered that men had a faster career progression and received higher pay than women, despite the fact that women had similar qualifications, worked in the same industries, and had consistent work experience.

Another study of 138 executives, half male and half female, found that women had to work harder to overcome barriers such as exclusion from informal networks and receiving less mentoring than men.

Additionally, a study of over 1,000 MBA graduates revealed that women faced discrimination more often than men, and even when controlling for work experience, women earned less than men. However, employing women over men may be the key to success for a business, according to a wealth of scientific research. Studies have shown that teams led by women tend to outperform those led by men, and that companies with a higher proportion of women in leadership positions are more profitable.

One study published in the Harvard Business Review reports that companies with a higher proportion of women in top leadership positions “are more profitable, more socially responsible, and provide safer, higher-quality customer experiences.” Focusing deeply on innovation, the study looked at 163 multinational companies over 13 years to determine how these firms’ long-term strategies shifted after women joined their top management teams. They discovered that firms became more open to change, less open to risk and shifted focus from mergers and acquisitions to research and development.

Other scholarship shows similar results. Research from the 1996 to 1997 National Organizations Survey revealed that firms with more gender diversity tend to have more clients, higher sales revenues and greater profits. Another study found that companies with at least 30% of women on their boards of directors tend to be more profitable. A third study found that teams with gender balance tend to have better sales and profits compared to teams that are mostly male.

Research suggests that women may be more effective leaders because they are more likely to foster a positive and inclusive work environment. Studies have found that women are more likely than men to encourage collaboration, share credit and provide constructive feedback.

Additionally, women are often more adept at multitasking, which can be a valuable asset in today’s fast-paced business world.

Companies that prioritize diversity and inclusion tend to have a more engaged workforce and a more positive company culture. This can lead to increased productivity and employee satisfaction, as well as a more innovative and adaptable workforce.

However, it’s not just about the numbers. It’s also important to ensure that women are given equal opportunities to succeed and are not held back by unconscious biases. To address these biases, it is important to evaluate their consequences and take steps to counteract them. This can include implementing diversity and inclusion programs, training employees on implicit bias and its effects, and actively seeking out and promoting qualified women for leadership positions.