Being a woman in business today comes with many obstacles, but it may also bring some unique advantages and opportunities. By navigating challenges and taking advantage of opportunities that come their way, women can go further in business.
In 2021, 41 women CEOs were on the Fortune 500 list. That’s more than there have been at any other point in the index’s 67-year history. In fact, there were no women CEOs at all at Fortune 500 companies until 1972. As such, the latest figures are a huge indicator of how far the business sector has come in terms of diversity and inclusion.
But they’re also a sign of how much work we still need to do, as female CEOs only account for 8.1% of the business leaders on the list.
In an exclusive interview with Dr. Meenu Kumar, Director, Cosmo Arts, shared with us the advantages and challenges of women in the business industry.
Advantages of Women in the Business Industry
1. Versatility in the Workplace
The surge in the number of women in the Workplace has caused businesses to take a deeper look at the challenges that their employees and staff face. With the influx of women into the industry, management has made a number of good adjustments, including the implementation of various new initiatives that will benefit both male and female employees. Childcare, an ATM machine at work, work from home, elder care, and much more are the amenities that management did not provide until women began to enter the workforce.
2. Efficacious and Smooth Communication
Women are better communicators than males because they respond better to visual, verbal, and sensitive stimuli. They are given exceptional communication and networking abilities, which they may use to support any collaborative or group work endeavours. Women also attentively listen to team members, exchange ideas, and offer aid to enhance collaboration while maintaining professionalism.
3. Diverseness and Multifaceted Interest in the Workforce
Women enjoy a wide variety of activities like painting, playing instruments, watching sports, cooking and smoking cigars, and they do it with equal zeal. Women may bring a fresh topic to discuss in the office since they have a diverse range of interests, allowing others to contribute their perspectives. Aside from impacting her employer’s approach to employee benefit, women bring a variety of abilities to the office that facilitates interpersonal contact.
4. Solid team spirit and a sense of belonging
Women place a higher priority on relationships and are better at analyzing problems. If these heart-stirring characteristics are carried over to the Workplace, it can result in fruitful team-building that benefits the firm. To effectively lead a team, women utilize their relationship-building and communication skills. They have the ability to make every member of their team feel valued for their contributions and hard work.
5. Optimist and positivistic
Women are full of hope and optimism. They can detect opportunities wherever they go; and are laser-focused, strategic, and never lose sight of their objective. They have the ability to detect any hint of danger before it arrives. Women can handle emergencies with ease and constantly attempt to learn something from them.
6. Excellent Management
Women are born with mind-blowing management talent, and they are experts at conducting board meetings, teaching children, taking care of the household, and cooking. They are good at time management, and their collaborative management style, compassion, and intuitiveness make it easy for staff to give their all.
Challenges to women in Business Industry
1. Biasness against women and psychological impediments
Women’s engagement in business is restricted by less-established business networks, as well as social and institutional barriers. Women are barred from holding companies due to religious restrictions. Still, some individuals in our culture believe that women are insufficient in themselves and that they may be needed a male partner who will execute commercial transactions, negotiate, and represent the company.
2. Timorousness
Women who suffer and succeed are frequently hesitant to brag about their achievements. They are afraid of being labelled as arrogant or boastful. Women must be proud of their accomplishments and let others know about them.
3. Limited financial resources
It is not required for all business owners to be fortunate enough to have an investor. Some people must start their own businesses, rely on credit cards, or raise funds on their own. Women’s companies are among the most financial downside enterprises.
4. The fear of failing
Running a business is difficult and necessitates unexpected circumstances. Nobody begins a business with the expectation of success. For women, fear of the known and unknown is a huge concern because women may operate from a situation of fear rather than confidence; this dread is corrosive and destructive. As a consequence, even if they were born to achieve, they will fail in business.
5. Responsibilities Must Be Balanced
A large proportion of women have kids, marriages, and other obligations in addition to being entrepreneurs or working professionals. Personal and professional obligations might force a woman to choose between her career and her family. It is particularly challenging for women who lack social support because they must bear the full load on their own. Some women are able to oversee these two aspects of their life, while others are unable to do so.
