Diversity Leaders – Growing Strong With Women Leaders

It is undeniable that the benefits of “gender diversity” bring to businesses, ranging from cultural diversity and financial indicators. According to McKinsey Group, the application of gender diversity in a quarter increases 27% of the economic profit margin of businesses. Therefore, gender equality and diversity have become the top concerns in corporate strategies.

Better profit growth and a more sustainable culture with gender diversity

Due to the development of gender diversity, there has been more focus on connecting and promoting women in organizations. In fact, the survey on 2,400 global enterprises, women are accounted for 29% of the leadership team, mainly the first-level and mid-level positions. The survey of the DDI in 2018 also shows that businesses with at least 30% gender diversity in general and 20% management gender diversity will have better business results than the rest. Specifically, better gender diversity businesses bring better results such as better leadership strength by 1.7 times, sustained profit growth of 1.4 times and stronger growth culture of 1.5 times.

Gender diversity, or mindset diversity, brings successes

Businesses with gender balance have more sustainable results than just good results on financial indicators. Their leadership strategy does not stop at owning a single goal of demographic, but a system of diverse integrated goals about people, products and other business decisions. The most striking features of their strategy that other businesses can learn are:

• Their culture is built on a variety and differences: leaders will work together to come up with solutions and many diverse perspectives have brought better results. In addition, the ability to cooperate among employees in the entire company is also better.
• They lead based on differences in mindset, not in skills: basically, the leaders in these businesses are not better than others. But they have a different mindset, they respect gender diversity and focus on developing people.

Diversity in businesses leads to more innovative business decisions

How to increase the female presence

Gender diversity brings sustainable benefits to a business, which can be achieved by developing HR strategies. Regarding the general strategy, enterprises need to develop the strategy of developing employee quality. Notably, this strategy needs to be personalized to some extent because each person has a different capacity and career goal. In addition, businesses also need to constantly monitor and discuss each employees’ performance.  Specifically, to develop female personnel to management level, businesses can focus on how to take them to their next position:

Women leadership development strategies need to be personalized by position

• For the development of female employees in the first-level and mid-level positions, enterprises need to invest in their health and well-being. Allow them to take more responsibilities and constantly guide and explore their leadership potential. Companies should also pay attention to and adjust their development plans to suit the goal each time. Finally, promotion decisions should be based on performance, expressed through data, not on sentiment.
• For senior managers, it is necessary to build a system that evaluates fair and objective-based performance. Human resource development plans also need to start from assessing strengths and points of improvement. In addition, businesses also need mentorship programs and aim for the development of the next generation of leaders.

The mentoring program brings new perspectives and knowledge

Advice from PRIMUS

   1. Complete a diversified goal within the organization, not just about gender: the diversified goal is not an easy target because it needs an overall assessment and the ability of the enterprise. When this goal is set, it is necessary to recruit and promote employees according to diversity objectives while still ensuring other objectives in the business strategy.

   2. Encourage sharing knowledge through mentoring programs: This is an effective way to develop new managers, especially mentors from other departments, or mentors from outside of the business, to bring new knowledge and perspectives to diversify the employees’ mindset.

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