LONDON, June 8, 2017 /PRNewswire/ -- GLOW (Growth & Leadership of Women) is Frost & Sullivan's global initiative aimed at supporting and enhancing growth and leadership of its professional women. The company plans to lead the way as an innovative global organisation that recognises the huge benefits that diversity at every level can bring to a company.
There has been much media coverage on the importance of leveraging women in the workforce. Frost & Sullivan research shows that gender gaps in salary, titles, and opportunities are closing. As a company that focuses on supporting its clients to accelerate growth through innovation, Frost & Sullivan is leveraging its strategic know-how to find inventive solutions to close this gap.
It's no secret that, for a long time, men have made the majority of decisions on product design, sales and marketing, and R&D. However, the key buyers and influencers of products and services are often female. Furthermore, technological advances and standardisation are increasing competition across industries, making it difficult for companies to differentiate themselves. Reaching the end user has also become much more complex, and selling a product or service now requires creative thinking. Tapping into the female segment for talent not only provides organisations with a new perspective, it gives them an inside look into the thinking of people who make at least half of the purchases worldwide.
"Frost & Sullivan is applying its unique research methods and strategic skills to tackle these global challenges that many organisations face," noted Frost & Sullivan Digital Transformation Global Vice President Alpa Shah. "Collected data shows that the company starts out of the gate at full speed: whereas the number of men and women on staff is quite close for junior to mid-senior levels, women drop off considerably as one moves up the ladder. Reasons for this decline may be children or family, work-life balance, insufficient incentives, better opportunities elsewhere, or lack of recognition. However, Frost & Sullivan is determined to change this statistic: the company's Board and Partners recognise that innovation is only possible by bringing new perspectives to the table. By mentoring and empowering the best and brightest women, Frost & Sullivan aims at incorporating more women into the critical corporate decision-making needed to thrive in this competitive landscape."
An extensive survey of the organisation will help identify the gender gaps and determine the career growth needs of its staff. After analysing the results, training modules will be developed, and policies changed, in order to support both men and women. The changes will positively impact the entire workforce by giving everyone the skills and tools needed to better communicate, negotiate, and collaborate. The outcome of this process will give the company a significant edge.
Why Should All Industries Take Action Now?
Frost & Sullivan's recent research, The Next Frontier of Growth—Women as Corporate Customers What This Means for Business and Economies, highlights the following key insights:
- Retail companies lead industries in female representation, with more than 60% of women engaged in the workforce and more than 50% posted in managerial roles.
- There has been an almost 6% decrease in the gender gap (2012–2015) in entrepreneurship, with women now owning 37% of global enterprises.
- 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.
- 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.
- Companies with at least one female board member have increased performance by 10%, in contrast with companies with no female board members.
- 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