As today 8 March 2016 is International Women’s Day, it seemed fitting to present some compelling arguments for hiring more women. We all have some vague ideas why diversity makes sense but the collated findings from a new paper called ‘The Case for Investing in Women’ outlines the huge difference that women make in the workforce, especially when they’re in leadership or senior roles.
Published by the Anita Borg Institute for Women and Technology (a nonprofit that seeks to help women advance in the field of technology), “The Case for Investing in Women” has brought together studies from varied academic disciplines to save us the trouble and here’s what they found:
Why companies should hire more women
- An economist from Carnegie Mellon found that teams that included at least one female member had a collectively higher IQ than teams that had just men.
- When Fortune 500 companies had at least three female directors, several key factors increased: The return on invested capital jumped over 66%, return on sales went up 42%, and return on equity increased by 53%.
- Gallup found that companies with more diversity on staff have a 22% lower turnover rate, and if an organisation has a more inclusive culture that embraces women, it’s easier to recruit a more diverse staff.
- A 2012 study on women’s participation in IT patents found that patents with mixed gender teams were cited 30% to 40% more than similar patents with all-male teams.
- Studies in 17 different countries in all different industries found that across the board, having a larger number of women on a team accounts for greater psychological safety, team confidence, group experimentation, and team efficiency.
How Nestlé narrowed the gender gap with Video Interviewing
Check out this webinar with Nestlé Academy’s Recruitment Manager Tom Banham, where he shares how his team increased the percentage of Technical Female recruits from 22% to 67%, enhanced candidate perception, reduced the time to select candidates and saved over £40,000 in the process by leveraging video interviews and strengths-based interview techniques to engage and identify top talent.