Are you ready for this? According to a new survey by the Women President’s Organization (WPO), women-owned businesses in the important middle market are now responsible for hiring a full quarter of all workers.
“Perceptions have changed that female founders only run small ‘cookies and crafts’ businesses,” says the WPO. In fact, when you add it all up, women-owned and led businesses now contribute an astonishing
$754 billion to our overall economy.
That’s great news for everyone. Especially knowing that 63% of women-led businesses plan to increase the number of employees this year. Which, when you think about it, is just what our challenged economy needs to keep plowing ahead.
What’s more, the economic impact of women in business leadership roles goes far beyond women-owned businesses. According to a recent study by the Peterson Institute for International Economics, more women in the highest corporate offices generates increased profitability for any company. An increase in the share of women in leadership roles to just 30 percent is associated with a 15 percent rise in profitability.
Yet, as we know, many corporations are still lacking in gender diversity at the upper levels. Almost 60 percent of the companies reviewed had no female board members and more than 50 percent had no female executives.
So we’ve come a long way, but there’s still tremendous room for improvement. After all, more gender diversity isn’t just the right thing to do. It’s the profitable thing to do, too.
Here are three ways we can keep the progress going:
- Increase STEM education for girls According to Marcus Noland, Peterson’s Director of Studies, “Countries with school-age girls who score highly on math tests were more likely to have women
in management positions.”
- Support pro-working-women policies For example, maternity—and yes, paternity—leave are correlated with female success in the marketplace.
- Join the WPO If you’re a woman entrepreneur, the support, counsel and camaraderie you’ll
receive from your peers can be invaluable to your success.
As for us, Mirror Show Management is a woman-owned business certified by WBENC. Our President
is a platinum member of the WPO, so we know firsthand how transformative their presence can be
for businesswomen. We strongly support all women in business and salute their success. And we’re especially proud to contribute to the needs of women and children in our community.