Breaking Barriers and Driving Innovation
How Women are Reshaping Business, Transforming Experiences and Why Companies Must Support Them
Women are making important strides in breaking through the glass ceiling and starting their own businesses, but we must not overlook the price of success and challenges they still face. Those are reflected in the lower retention rates for women in business than for men which can hinder their ability to advance and make a long-term impact. Additionally, women-owned businesses often struggle to secure funding and resources.
Despite the challenges, women are transforming businesses and driving innovation in countless fields. Research shows that companies with more women in leadership positions tend to be more successful, and women-owned businesses are more likely to prioritize social and environmental issues. Women are responsible for starting over 40% of new companies globally, demonstrating the immense potential of women entrepreneurs.
However, we must work to address the systemic barriers and biases that women continue to face. This includes promoting policies and practices that support women’s advancement and creating more inclusive and equitable environments. By doing so, we can help ensure that women in business are able to thrive and make a lasting impact, breaking through the remaining barriers and creating a more prosperous and sustainable future for all.
Promoting Gender Equality in the Workplace: Key Factors and Strategies for Women’s Advancement
In recent years, there has been a growing focus on increasing the number of female entrepreneurs and business leaders. Regulations and initiatives promoting gender equality have been instrumental, and companies are increasingly interested in aligning with Environmental, Social, and Corporate Governance (ESG) incentives as a way to improve financial performance. Other factors, such as increased access to education, women’s empowerment movements, and technology providing new opportunities for flexible work arrangements, have also helped women advance in the workplace.
However, there is still work to be done to create a culture where women can thrive and succeed. Companies can help by implementing policies and practices that support women’s advancement, providing mentorship and sponsorship opportunities, enabling access to training and development programs, and promoting an inclusive and safe work environment. Addressing cultural attitudes and biases that contribute to discrimination and harassment is also important. Taking proactive steps to support women can lead to a more positive and supportive workplace culture that benefits everyone in the organization. By prioritizing ESG and women-supportive initiatives, companies can contribute to improved financial performance and increased social impact.
From Traditional to Transformational Human Resources (HR): Empowering Women for Success through an Integrated, Responsible, Data-Driven Approach to Gender Equality and Equity
Today, organizations face obstacles related to the traditional approach of their HR systems. To effectively support women in the workplace, HR needs to adopt a more integrated, transparent, and employee-centric approach that prioritizes employee well-being and growth across all journey points. HR should prioritize the needs of women by implementing trusted communication channels, well reinforced policies and practices that promote women talent pipeline advancement, work-life balance, flexible working arrangements, equal opportunities and by ensuring pay equity. HR should use data to identify trends and track the effectiveness of feedback platforms. It is important that HR not only collect this data but also analyze and share it with other departments to inform company-wide decision making. The siloed approach of HR systems, specifically the Benefits and Learning and Development functions also makes it difficult for companies to address the issue of thriving holistically.
By prioritizing Employee Experience (EX) HR can create a workplace culture that is inclusive, respectful, and supportive of women’s success. EX can help HR to gather employee feedback on their experiences in the workplace, allowing them to identify areas for improvement and take action to address issues that may be impacting women’s success. Additionally, HR can use EX solutions to design targeted interventions that address the unique needs of women employees and support their career advancement, including mentorship and leadership programs.
By adopting an integrated and trusted approach that prioritizes the needs of women, leveraging data effectively, breaking down silos, and prioritizing EX, HR can create a workplace environment that supports the success of women and promotes gender equity, ultimately leading to a more engaged, productive, and successful workforce.
With the pressure on their financial performance and reputation, companies are increasingly investing in the appropriate training and resources for HR departments to effectively lead with more responsible HR practices and foster a culture of respect, inclusivity, and well-being within their organization.
Enhancing Support for Female Entrepreneurs: Collaborating with Partnerships and Socially Responsible Organizations
Entrepreneurship is a pivotal driver of economic growth, job creation, wealth generation, and improved opportunities for individuals and communities. However, women are still underrepresented in numerous industries owing to gender bias and limited access to resources and capital. Female-led businesses face significant disadvantages, with only 2-3% of venture capital allocated to them and a mere 12% of VC decision-makers being women.
Companies can play a critical role in supporting female entrepreneurs, in addition to addressing bias and discrimination, providing mentorship, and funding. Collaborating with women-focused organizations is one such way, exemplified by New Metrics’ socially responsible initiative in sponsoring an Executive Accelerator Program with the Dubai Business Women Council (DBWC). This unique program offers a range of resources and support to women entrepreneurs, including training, mentorship, and networking opportunities in the UAE.
The program fosters a sense of sisterhood and community among participants, providing them with a supportive network of peers to learn from and experts to seek guidance from. This support can empower women entrepreneurs, enhance their motivation and confidence, and help them achieve success. Companies should aim to provide comprehensive support, spanning the entire entrepreneurial journey, from ideation to funding and post-establishment. This includes mentorship, access to capital, and resources for scaling and growth. By doing so, companies can promote inclusivity and equity within the entrepreneurial ecosystem.
In today’s world, businesses recognize their responsibility to drive positive change and contribute to a sustainable and equitable future. Partnering with socially responsible organizations provides a unique opportunity to achieve this goal. By integrating social responsibility into their operations and partnerships, companies can not only enhance their brand reputation, financial performance, and customer loyalty but also drive meaningful change.
Empowering Women Across the Entire Ecosystem: Lead by Example
Empowering women throughout the entire ecosystem is crucial for achieving gender equality. Women are often underrepresented in leadership positions, resulting in a lack of diversity in the workplace. To ensure that decision-making is informed by a diverse range of perspectives and experiences, companies need to make a concerted effort to elevate women in their supply chain and customer base. This can lead to better customer service and improved customer relationships.
To actively support women leaders across all stakeholdership and inspire other women, New Metrics has created the “Women Leading Transformation & Experience Management” platform. Through case studies, testimonials, and articles in their publications and events, New Metrics provides opportunities to promote women leaders as keynote speakers, panelists, and industry experts. By amplifying women’s voices and elevating their impact, organizations can help bridge the gender gap and create role models for future generations of women.
Women Leading the Way: Leveraging Their Unique Perspective for Business Success
Research indicates that companies with more women in leadership positions tend to perform better financially and be more innovative, highlighting the positive impact that women in CX and transformation roles can have on business outcomes. Women offer a distinctive perspective in these roles, bringing an empathetic and collaborative approach that can help meet the needs of diverse customer groups. They are also inclined to prioritize long-term sustainability and building relationships with stakeholders, resulting in better outcomes for both the company and its customers.
At New Metrics, we are committed to supporting female leaders in CX and transformation by providing them with the tools and resources they need to succeed, such as data-driven research, training programs, and best practices. We have witnessed the valuable contributions of women firsthand in our collaborations with diverse industries, but we recognize that more support is needed to help them achieve their full potential.
In honor of International Women’s Day on March 8th, 2023, we are launching our new platform, “Women in XM and Transformation,” which empowers, engages, and recognizes female champions in the industry.
Designing Inclusive and Sustainable Experience Management Platforms: Drive Actionable Insights and Shape Industry Towards DEI and ESG
As we move towards a more inclusive and sustainable future, it is increasingly important to design and implement experience management (XM) platforms that incorporate best practices of diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG). The use of unbiased surveys, data, and artificial intelligence (AI) can provide actionable insights and promote continuous improvement at the core of this effort.
However, companies need to adopt a comprehensive approach that integrates accessibility, transparency, accountability, and stakeholder engagement to make a real impact. At New Metrics, we collaborate with our clients to develop XM platforms that are user-friendly, transparent about data usage, and inclusive of diverse stakeholders throughout the design and execution process.
We also contribute to shaping XM trends by raising awareness on key topics, publishing thought leadership content that offers practical guidance on integrating DEI and ESG principles into XM programs, and engaging with industry organizations, advocacy groups, and like-minded partners. Through these efforts, companies can not only assist their clients in creating more equitable and sustainable XM programs, but also contribute to a broader movement towards DEI and ESG in business and society.
Women are making a significant impact on the business world through their resilience, determination, and unique perspectives. Despite this progress, there is still a long road ahead to achieve gender equality, and it’s crucial for companies to support women’s advancement. By revolutionizing HR practices and implementing targeted initiatives, companies can create a culture that fosters the success of women. Elevating women throughout the entire business ecosystem and partnering with socially responsible organizations can contribute to a more sustainable and equitable future while improving brand reputation, financial performance, and customer loyalty. New Metrics is at the forefront of executing innovative solutions for its customers and stakeholders, offering essential resources, data-driven research, training programs, and best practices. The company is proud to launch its “Women in XM and Transformation” platform, recognizing and engaging women champions and celebrating International Women’s Day on March 8th, 2023.