1. Women are still underrepresented in key areas
While some industries tend to have an increasing female workforce, sectors such as finance, engineering, and technology still tend to be strongly male-dominated. In the STEM (science, technology, engineering and math) industries overall, women make up only 24% of the workforce in the US (1) and less than 15% (2) in the UK.
The underrepresentation of women may be due to the continuing stereotype that interest in "science" is not feminine. But as STEM occupations are predicted to be among the fastest growing and highest paid, it is important for women to feel empowered to acquire the skills and embrace the opportunities that a career in science, technology and related fields provides.
2. Gender bias in the workplace
While most executives agree that the best person should get the job, regardless of gender, stories of more successful women with a male or gender-neutral name on their resume show that unconscious bias still exists.
Women who have positioned or want to position themselves for leadership roles often feel that they are under special scrutiny. Where men can be encouraged to be ambitious or assertive, women are programmed from a young age not to be "bossed". The underlying gender bias means that the same behaviors and traits—initiative, passion, and taking responsibility—can be interpreted differently in men and women in the workplace.
3. Women are less successful when it comes to salary negotiation
Women's reluctance to charge higher wages is often cited as a factor behind the gender pay gap. A recent survey on salary bargaining (3) found that 68% of women accepted the salary offered to them, with nearly half of the men surveyed bargaining before accepting a role. It has also been found that when women try to negotiate their starting salary, the outcome is generally less positive.
A 2016 study by Cass Business School, University of Warwick, and University of Wisconsin challenged the notion that women don't want a raise, revealing that women are just as likely to want a pay increase as men.
It is almost an accepted fact that men have a better sense of self-confidence when positioning themselves for leadership roles or negotiating salaries. Even highly successful women have prejudices that feel inadequate and underestimate their worth. Women who believe in their own values and demand a salary that reflects this is an important step towards closing the pay gap, while greater pay transparency can help level the playing field.
Opportunities for women in business
1. Gender equality and inclusion become policy
Equal opportunity at work is becoming a policy issue for many forward-thinking organizations, whether it's to commit to equal representation of women on the board or to hire diversity officers.
Deterring and avoiding bias through hiring policy can help organizations reap the benefits of balance and equity. If diversity, inclusion and gender equality become policy and built into business strategy, businesses will be more successful than political correctness or buzzwords.
Making commitments (including maternity and paternity benefits) on issues such as fair gender representation, inclusive company culture and work-life balance also helps organizations attract top talent. These are just a few reasons why some global companies are cited as excellent workplaces for both women and men.
2. Entrepreneurship as a path to leadership
The fastest route to senior management for a growing number of women is to start their own business. In the United States, the number of women-owned businesses has increased 74% over the past 20 years; this is 1.5 times the national average (4). Today's start-up culture facilitates career and family life balance by defining how they want to work, giving women the power to be their own boss and pay their own wages. Entrepreneurship offers women a way to close the pay gap and rise to leadership positions on their own terms.
Running their own companies encourages the next generation of women in leadership roles by giving women the opportunity to collaborate with and hire other like-minded women.
3. Strengthening credentials with a business degree
Many women describe a business degree as the knowledge and expertise they need to stand out in a competitive job market (5). For this reason, it would not be wrong to say that the number of women enrolled in business school is increasing. Whether it's an undergraduate, MBA, EMBA, or Master's degree, the business school provides a valuable platform for women to become subject matter experts, practice their leadership skills, and gain the confidence they need to step onto the board.
Business school is also an invaluable networking opportunity and chance to meet fellow students, professors, and mentors on campus speakers. A mentor can provide industry advice and act as a sounding board for new ideas. Mentors can also be important career sponsors by providing professional opportunities and helping ambitious and talented women take their next step up the career ladder.
Sources;
(1) http://www.esa.doc.gov/sites/default/files/womeninstemagaptoinnovation8311.pdf
(2) https://www.theguardian.com/news/datablog/2015/jun/13/how-well-are-women-represented-in-uk-science
(3) https://www.glassdoor.com/blog/category/in-the-news/
(4) http://www.womenable.com/content/userfiles/Amex_OPEN_State_of_WOBs_2015_Executive_Report_finalsm.pdf
(5) https://www.hult.edu/blog/women-in-business-advantages-challenges-and-opportunities/