Quick – name the most important factors to your businesses’ success. Does attracting and retaining highly qualified and engaged employees make your list? If so, an impending hiring crisis should have you worried.
Where can you find an answer to this crisis? The millions of women who have left the workforce, along with the millions more struggling to stay in the workforce, are a good start.
Consider the following three reasons you should consider making hiring women a priority for your company. Then learn some ways to attract and retain these valuable, often overlooked candidates.
A New Talent Source
A labor shortage is already challenging businesses in a post-Covid economy due in part to shifting demographics (1) making it a widespread problem and here to stay for the foreseeable future. (2) Additionally, millions of women have left and have not yet returned to the workforce due to pandemic-related stresses. (3)
Tap into this talent pool of women returning to the workforce and often “hidden” on traditional talent job sites.
The Economic Case for Hiring Women
While the economy shows signs of bouncing back, women’s careers aren’t there yet. The pandemic wrecked many working moms’ careers. (4) Helping women return to the workforce is a priority for us all. Women must soon return to the workforce, or there will be a negative impact on long-term household incomes and their career growth potential. (5) Not to mention the economic impact to our communities of having so many consumers cutting back on spending due to income loss.
According to Labor Secretary Marty Walsh (3) “We need to make sure if we’re going to have a strong recovery — a strong, equitable recovery — we need to get women back into the workforce.”
Adding women to the workforce presents a tremendous opportunity. Increasing the number of women working is the most underutilized growth source that could send global market valuations soaring (S&P Global), leading to an $842 billion improvement in the US economy.
Savvy employers can use this information by recruiting these qualified, but often overlooked, valuable employees.
Corporate Benefits of Hiring Women
Benefit Your Company Internally
Placing a strategic emphasis on hiring women benefits your company beyond finding a resource for talent.
There are plenty of studies showing gender diversity means a financial advantage in a competitive marketplace. Placing a strategic emphasis on hiring women benefits your company beyond finding a resource for talent. There are plenty of studies showing gender diversity means a financial advantage in a competitive marketplace.
Research also shows that more women working within an organization create a healthier work environment and culture for everyone. These findings held true regardless of the respondent’s age, ethnicity, company size, industry, leadership status, or gender. (7)
For instance, one new study found that men were most likely to report higher levels of job satisfaction if they worked for businesses with higher percentages of women employees. (7)
Additionally, here are five reasons you should consider hiring moms.
Become a Social Cause Champion
Consumers favor companies that improve social issues. So, brand yourself as a company that improves the plight of women, and by extension, children and families! Promoting gender equality will always win customer’s attention and loyalty.
Additionally, social conscious initiatives improve employee engagement and loyalty (1).
Recommended Steps to Attract and Retain Top Women Employees
Flexibility – The Future of Work
To attract and retain top talent, in particular women, follow the lead of companies like Google. “The future of work is flexibility” according to Sundar Pichai, Google CEO. The company is giving its employees flexibility and choice in creating their work schedules. The goal is to find the ideal situation for employees to do their “very best work,” even if different team members will have different solutions. (8)
Google’s model is right in line with research that shows many moms thrive with flexible, hybrid work (6), while others need remote opportunities. Your company likely has some experience with these types of work models already, and it’s important to continue implementing them. You can read five more ways to integrate flexibility and attract top talent here.
Purposeful Work and Future Growth
Additionally, women value jobs that fit well with other areas of their life. Having work that connects to their values is a high priority. It’s important to women that their work makes a positive impact.
Women are also attracted to roles that provide growth and leadership opportunities. Ensure that when women have advancement opportunities, they also have the resources needed to thrive. Unfortunately, research shows that is not normally the case.
Finally, be mindful of gender parity within your organization, from equal pay to advancement options. Doing so creates an attractive work environment to help with recruiting talent and enticing them to stay. (7)
A talent shortage is here. But by recognizing this looming crisis, you can create a massive advantage over your competition. Start by identifying and targeting a non-traditional talent source, such as the millions of women forced out, underemployed, or struggling to remain in the workforce due to Covid related pressures.
Strategically hiring women benefits the economy and your company’s bottom line. In addition, increasing the number of women within your organization promotes a healthier culture. And, it brands your business as a social cause champion.
Plan to attract and retain women as employees. Offer flexibility and choice in work schedules. Provide purposeful work, opportunities for growth, and gender parity.
Implement these steps now to position your business for continued future success. Utilizing a strategic partner, such as Boulo, can save you time and money. Because many women have non-linear careers, it can be challenging to find them through traditional methods. However, we’ve found ways to surface this enormous and often overlooked talent pool.
Boulo finds candidates not found on job boards for your business. We become your personal network!