Women play a crucial role in the workplace, contributing to improved productivity, enhanced collaboration, and increased innovation. Research shows that companies with women on leadership teams are 21% more likely to experience above-average profitability. Women leaders bring unique perspectives that enhance problem-solving and drive organizational success. Additionally, inclusive workplaces tend to have higher employee engagement and satisfaction, which can lead to better overall performance.

Learn how businesses can create a more supportive environment for women in the workplace.

Establish a Clear Compensation Strategy

In 2023, women in Hawaiʻi who worked full-time earned a median income of $902 per week, in comparison to their male counterparts who earned a median of $1,095. For employers, it’s important to outline a well-defined pay philosophy that can help HR professionals address pay inequities in the workplace. A pay philosophy outlines where labor costs fit in the budget, what behaviors are rewarded with pay, and the overall strategy for compensation. Once an organization has this foundation, HR professionals can address pay inequities by benchmarking against market rates and ensuring fair pay for similar work.

Focus on Leadership Development

Establish formal mentorship and sponsorship programs to support women’s career advancement. Women’s representation in the C-suite has increased to 28%, but many still face significant barriers in middle management. Organizations with more women in leadership roles report higher levels of job satisfaction among employees. With initiatives like skip-level mentoring—one-on-one meetings between senior leaders and staff—your organization can create opportunities for women to grow and contribute at a higher level.  When combined with targeted leadership training programs, these programs can better prepare women for senior roles and strengthen overall workplace equity.

Promote Work-Family Life Balance

Consider offering generous parental leave policies for both men and women to support family responsibilities. In an effort to hire and retain, tech companies such as Adobe Inc. expanded their benefits to include childcare and homeschooling expenses and increased paid leave for birthing and non-birthing parents. 

Though parental leave can result in additional costs for the company, a recent report found that not offering flexible work options for parents can actually hurt your company’s bottom line.

Parental leave benefits are proven to increase productivity, boost morale, improve loyalty and retention, and help small businesses stay competitive, according to the National Partnership for Women and Families (PDF).

Related: Parental Leave Considerations for Employers

Create a Supportive Culture with Fair Hiring Practices and Policies

Widen candidate pools and use blind recruitment techniques to reduce bias. Enforce Zero Tolerance Policies against rules harassment and discrimination to create a safe and inclusive workplace. Cultivate an environment in which everyone feels comfortable speaking up, taking on leadership roles, and being their authentic selves.

By analyzing business practices, focusing on leadership development, promoting work-life balance, and creating a supportive culture, organizations can continue to make strides in closing the gender gap. Empowering women in the workforce not only benefits the individuals but also enhances organizational performance, innovation, and customer satisfaction. As the labor market becomes increasingly competitive, prioritizing gender representation and equal opportunities will be crucial for long-term success.

This article is for informational purposes only and does not constitute legal advice. Readers should first consult their attorney, accountant or adviser before acting upon any information in this article.