SANTA CLARA, Calif., June 7, 2017 /PRNewswire/ -- GLOW (Growth & Leadership of Women) is an exciting new initiative that Frost & Sullivan has launched globally. The company plans to lead the way as an innovative global organization that recognizes the vast benefits diversity at every level can bring to an organization.
There has been much press, presentations, articles, blogs, and seminars discussing the importance of leveraging women in the workforce. Frost & Sullivan research shows that gender gaps (i.e., pay, titles, and opportunities) are closing. As a company that focuses on helping its clients to accelerate their growth through innovation, Frost & Sullivan is leveraging its consulting know-how to find inventive solutions to close this gap.
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It is no secret that for a long-time men have made the majority of decisions on product design and production, sales and marketing as well as R&D. However, the key buyers (or at least solid influencers) of the products and services being sold are often female. Furthermore, technological advances and standardization is increasing competition across industries, making it difficult for companies to differentiate themselves.
"Selling a product or service now requires innovative and creative thinking," stated Frost & Sullivan Digital Transformation Global Vice President Alpa Shah. "Tapping into the female segment for talent not only provides organizations with a new perspective, it gives them an 'inside' look into the thoughts of people who make at least half of purchases worldwide!"
Unfortunately, most companies have not taken action to initiate change in their organizations. Although many leaders understand the benefits of elevating women in the organization, changing their corporate culture is difficult. Having a diverse staff in the boardroom can be uncomfortable; understanding how the other half thinks, works, communicates, and even plays, is a process.
"In response, Frost & Sullivan is applying unique research methods and consultative skills to tackle the issue. An extensive survey of an organization will help identify the gender gaps and determine the career growth needs of its staff," noted Shah. "After analyzing the results, training modules will be developed and policies will be changed to support both men and women. The changes should positively impact the entire work force by giving everyone the skills and tools they need to better communicate, negotiate, and collaborate with one another."
Ultimately, there are many probable reasons for the decline of women in leadership roles, some of which may include children/family/work-life balance, insufficient incentives, better opportunities, and lack of recognition. These are challenges that many organizations face, however, Frost & Sullivan is determined to change the statistic. The company's board and partners recognize innovation is only possible by bringing new perspectives to the table. By mentoring and empowering the best and brightest women, Frost & Sullivan hopes to incorporate more women into the critical corporate decision-making needed to thrive in this competitive landscape.
Why Should All Industries Take Action Now?
Discover key findings from Frost & Sullivan's recent analysis The Next Frontier of Growth—Women as Corporate Customers What This Means for Business and Economies:
- Women are expected to control $43 trillion of global consumer spending by 2020.
- Global female income is expected to reach $24 trillion by 2020; this is more than the economies of China or the United States, the largest state economies in the world.
- In the next decade, women will change the workforce landscape with an average participation rate of more than 40%; this will add up to 250 million more women to the global labor force.
- Companies with more than 30% of women in management are expected to have up to a 25% increase in profits.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.
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SOURCE Frost & Sullivan