The global economic power of women is undeniable. Around the world today, women comprise over 39 percent of the workforce. Approximately 50 percent of women in the workforce are college graduates. In the United States alone, women make over 70 percent of all consumer purchases. The amount of money spent by women annually is in the trillions of dollars.
According to an article in the Economist Magazine, “Many of the most successful women are to be found in hard-edged companies, rather than the touchy-feely organizations of the new feminist imagination. On average, women have a higher “emotional-intelligence quotient” than men.”
In the United States, women are attending colleges and universities at a higher rate then men. Women between the ages of 18 and 24 were over 40 percent of the students at institutions of higher learning. Men in the same age group, consisted of approximately 38 percent of the students. The number of women enrolling in universities in the past few decades has doubled, and the number of men has increased only slightly.
Around the world societies with well-educated women, who have a prominent role in the work force, are an economic success. It is estimated that women will eventually control approximately a third of the wealth among developed nations. In the United States, experts predict women will control half of all private wealth by the year 2020.
The success of women in the economies of nations, is not based on an emotional interpretation of facts. It is simply based on women being able to make good career and purchasing decisions. It has been proven that businesses who have more senior female managers, perform better than those who don’t. A series of studies covering two decades and involving Fortune 500 companies were conducted. It showed those companies with a history of fairly promoting women, strongly out performed their competition. This performance advantage ranged from 40 percent to over 100 percent.
Women are Different
It has been shown that women take a less aggressive approach to situations in the business world. Their desire to achieve consensus among important groups of people is very important. In many cases, women are not focused on obtaining power, but more on succeeding at what is best for their group. A woman’s ability to network and avoid risk, are valuable skills. These abilities have proven to give women an advantage over men in many business situations.
More than one study has shown that women desire a flexible work schedule more than more money. The ability to take time off when they need it, has caused companies to review how they schedule workplace time. More companies are offering flexible schedules to accommodate employee’s needs. This has been a workplace accommodation used to attract and retain more women. It is an improvement that has been beneficial to all workers. Some companies have increased their employee retention rate by as much as 40 percent by removing mandatory work hours.
Many experts agree, the economic influence of women will only increase in the future. As companies succeed with the skills a women brings to the workplace, their value will increase. Companies are experiencing benefits from being flexible with women who are raising families. As more women are expected to join the workforce, their economic purchasing power will play a more prominent role in what businesses produce. Women will have more of an impact on how companies are run, as well as what products or services they offer.