By Emma Hughes, HR Manager at Wolfestone
Wolfestone Translation owes its success to its female director Anna Bastek, apparently…
The Credit Suisse Research Institute has shared its findings that, out of the 2360 companies measured globally over the past 6 years, those with at least one woman on their board have been more profitable. Those companies reported a growth in turnover of 14% compared to a 10% growth of companies with no female directors.
Why do women = profitability?
Credit Suisse found seven explanations:
1. People, including investors, believe companies with women are better businesses.
2. Evidence suggests people work harder when there is gender diversity in the workplace.
3. Women make good leaders and mentors.
4. Hiring both men and women means having access to a larger talent pool.
5. Because women are often expected to make household spending decisions, they know what consumers want.
6. Evidence suggests that having more women on a board improves corporate governance.
7. Companies avoid bad decisions, because studies show businesswomen tend to be more risk-adverse than businessmen.
Does this mean Roy Allkin, Wolfestone’s other [MALE] Director, can take no credit for the company’s continued growth?
I think what we need to do here is emphasise that it was DIVERSITY in the boardrooms that contributed to the success of the companies, just as it has in Wolfestone. I’m sure there are many examples of men who are better leaders than their female counterparts and many that are more risk adverse for that matter. It would be interesting to explore this further and determine how many different sexual orientations, ethnic minorities and disabilities also formed part of the board of these more profitable companies.
It’s well known that women are generally underrepresented in the board room and according to the BBC website, only 5.7% of the executive, board-level directors of FTSE 150 companies are women.
Are these companies successful in spite of the lack of women, and therefore disproving the findings of Credit Suisse? Or could they have been even more successful if they had just employed a woman?
Let us know your thoughts.
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