Although there are still more men starting businesses than women, the number of women deciding to become entrepreneurs has increased and there are specific reasons women make this decision that is different from men.
- Purpose
Feeling that we are not growing and need to do something worthwhile and valued by others. Particularly when women become mothers we tend to ask ourselves “Why to spend time away from my child for something that adds little value?” So women leave to find and follow a purpose and make a difference.
- Realizing that we can’t have it all in the current system
So we leave and create our own. And the reality of entrepreneurship tends to be that we work longer hours and with less support, but being able to choose when and how we do it, seems to be a key driver.
- Flexibility
The Rose Review Report in 2019 looking at female entrepreneurship (https://12080-Rose-Review-2022-Progress-Report.pdf ), found that caring responsibilities disproportionately affect women rather than men. During the pandemic, women entrepreneurs spent 6 – 10 more hours on childcare per week than before whereas the increase for men was half that. Women are still seen as the main carers in our society,
- Charge what we are worth
The gender pay gap is still here and we are not predicted to reach pay equity until 2119 (Forbes February 2019 – Why women are turning to entrepreneurship, Caroline Castrillon)- so why would we wait nearly 100 years??
But starting our own businesses isn’t the only option…
If organizations want women to stay and progress then there are things that they can do:
- Be a purpose-led organization with values that women can recognize and support and communicate clearly.
- Create flexibility by having a culture that rewards results rather than hours in the office and by understanding the importance for parents of being there for their children’s key milestones and enabling this, knowing that productivity, loyalty, trust, and goodwill will increase when you extend the same.
- Make a choice to recognize and address any gender pay gap that may exist in the organization sooner rather than later, with transparent communication and a clear plan.
Do you recognize any of these points? Which ones resonate with you?
Let me know and let’s start a debate
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Speak soon,
Sonia xx
