By Vatsal Jain
Across the globe, women are continuously developing and brainstorming, they are innovating and advancing, but above all, they are eventually managing more than ever before. The State of Women-Owned Businesses report, commissioned by American Express, reveals that women-run organizations with revenues of over US$1 Mn sprang up 46% versus 12% for all US organizations over the past decade.
These numbers are supported by the sheer count of women-owned businesses that are continuously hitting the headlines for creating new avenues and changing the business norms that have been male-centered for long enough. With such profound change comes the opportunity to learn, here is what woman-led businesses teach.
5 leadership lessons from women-led businesses:
- Work-life Balance
- Offering Mentorship
- Knowing Employees’ Worth
- Better Communication, Better Environment
- Collaborative Culture
Leadership Lessons from women-led businesses
1. Work-life Balance is Important
For years, organizations with male administrators at the forefront ignored the establishment of a stringent work-life balance in workplaces. Doing overtime and working even on holidays still persists to be a blaze of glory in many organizations. Such ecosystems are obvious products of a patriarchal mentality that expects women to carry an unfair burden of domestic responsibilities and be stay-at-home wives and mothers.
But, as the number of women entering the workforce continues to reach new heights, there is a growing sense of establishing a work-life balance in workplaces as most women still experience jobs spill over into their homes.
A recent study of women entrepreneurs revealed that that the topic of work-life balance pulled the most uniform answer from respondents – with more than 25% of women prioritizing work/life balance among others.
2. Offering Mentorship
Most employees in any organization prefer to grow with time, and for this, they need help from a mentor-like individual.
“A mentor is someone who offers guidance, valuable skills, and honest opinions that can help an employee do better and learn.”
Another research found that 33% of women are better at mentoring their staff versus 9% of men in leadership duties. Great mentors almost always encourage employees to do better and contribute to a healthy work environment.
Any organization – big or small – can thus learn from this and focus on promoting an environment wherein employees feel like they are an integral component of the company.
3. Knowing Employees’ Worth
An organization is represented by its employees and keeping them in high spirits is a major challenge that many leaders confront. As per a survey, 50% of Americans prefer to work in a female-owned company over a male-owned one.
This is because female-led organizations seem to support equal pay, have better access to childcare amenities, and offer other employee benefits. Organizations and enterprises all over the globe can thus follow suit and focus on becoming more employee-friendly.
4. Better Communication, Better Environment
Communication is a vital skill that could help leaders engage with their employees. Gaps in communication could result in employees feeling demoralized or not comprehending the company’s goals.
A study by Peakon Ltd revealed that women-owned organizations are doing a much better job with regards to inducing belief in their offerings and services via communication.
Efficient communication results in improved work culture and thus should be deeply rooted in an organization’s edifice.
5. Collaborative Culture
The concerted approach is central to creating a success story for any organization. Collaboration in the workplace considers the skill sets, ideas, and experiences of various employees to produce desirable outcomes.
Studies found that female leaders are well ahead in terms of concerted efforts and are more ready to working together with various sorts of people. Women-owned organizations are thus at the driver’s seat with regards to leveraging their cooperative skills.
Vatsal believes in the mantra “Write until the ink runs out”. Despite being a B.Tech Grad in Computer Science, staunch inclination toward writing as well as keen observing skills motivated him to churn out write-ups in the online arena. Coupled with the technical insights he has ingrained, he’s tapping white spaces in the writing bracket in a bid to facilitate people with recent technology and market trends.
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