Power to the ladies
One thing’s clear; women’s time is valued less than their male co-workers. This could explain why in the UK, for every £1 that men make, women make a mere 86p.
This will change however according to a computer model from Accenture, which found that developed countries will achieve workplace gender equality if current trends continue. The downside? It won’t happen until 2065
Yet, work needs women just as much, if not more than women need work. Did you know, by equalising the labour force participation rates of men and women, the UK could further increase GDP per capita growth by 0.5 percentage points per year, meaning a potential gain of 10% of GDP by 2030.
There are over 2.4 million women who are not in work but want to work, and over 1.3 million women who want to increase the number of hours they work, according to the Women’s Business Council.
These facts could be some of the main motives leading women to become more compelled to open and run their own businesses.
According to the BIS Small Business Survey, only 19% of SMEs are currently either run by women or have 50% of management team that are females, whereas almost half of all SMEs are entirely led by men.
Despite this imbalance, women-led SMEs already add approximately £70 billion to the economy.
Now here’s a success story for you - L’Oreal’s Liliane Bettencourt, is now the richest woman in the world with a fortune of $36.1 billion and the 11th richest person in the world. That’s how it should be done!
If women were setting up and running new businesses at the same rate as men, there could be 1 million more women entrepreneurs according to Global Entrepreneurship Monitor.
There is enormous potential in women’s untapped entrepreneurialism and a strong case for providing more support for women who want to set up their own businesses. Confidence is key. Women must have more confidence in themselves and this is likely to grow if they receive equal opportunities in the workplace as well as society, and this includes equal pay.
Here at PHD Marketing, our small team of ladies supports a wide variety of manufacturing, distribution, print, packaging & plastics companies – classically thought of to be male-dominated. If we can do it, so can you!