It’s time we understand and create a positive change for Women in Business

More and more women are starting their own businesses, but they still face challenges in running their businesses. The number of female entrepreneurs is increasing. Despite the positive results, women struggle to survive in the business ecosystem, given the challenges which we will cover in this blog.

Women are still underrepresented in key areas:

While many industries are showing signs of increasing female labour force participation, finance, engineering, and technology sectors still tend to be predominantly male. Across the STEM industry, women make up just 24% of the workforce in the US and less than 15% in the UK. Women may be underrepresented because of persistent stereotypes that interest in “hard science” is not feminine. However, STEM careers are the fastest growing and have the highest salaries, empowering women to acquire skills and make use of the opportunities that careers in science, engineering, and related fields offer. It is important to feel Organizations such as the National Girls Collaborative Project and Girls Who Code are working hard to bridge the gender gap in STEM by encouraging women to study computer science and engineering.

Gender bias in the workplace:

Most executives agree that the best people should get jobs regardless of gender, but the stories of women finding more success with a male or gender-neutral name on their CV demonstrate that unconscious bias still exists. Women in management positions or looking to position themselves often feel particularly scrutinized. Men are encouraged to be ambitious and proactive, while women are programmed from an early age not to “dominate.” Underlying gender biases mean that the same behaviours and traits (initiative, passion, responsibility) can be interpreted differently by men and women in the workplace.

Women are less likely to succeed in salary negotiations:

Women’s own reluctance to demand higher wages is often cited as a factor in the gender pay gap. A recent Salary Negotiation Survey conducted by Glassdoor found that 68% of women accepted the offered salary, and nearly half of the men surveyed negotiated before accepting the job. It also showed that women were generally less favourable when they tried to negotiate their starting salary. The 2016 study by Cass Business School, the University of Warwick, and the University of Wisconsin refute the idea that women don’t ask for a raise, finding that women are just as likely to ask for a raise as men. But they also make 25% less likely to get it. It’s almost an accepted fact that men feel more confident when it comes to taking on leadership roles and negotiating salaries. Women suffer from “impostor syndrome”, which makes even very successful women feel inadequate and underestimate their own worth. Making women believe in their worth and demanding salaries that reflect that is an important step in closing the pay gap, and greater pay transparency also helps create a level playing field.

The best way to address the issues facing women entrepreneurs is to create a supportive entrepreneurial ecosystem. This provides access to resources, a safe working environment and social and institutional support. Collaborative and community-inspired workplaces such as coworking offices can be very helpful in this regard.