Mo’ Women, Mo’ Money
Parking was once perceived as a man's world. This stereotype no longer holds true. The parking industry is a great place for everyone. It values, and embraces diversity. Technology is constantly evolving as market needs change, new jobs are created daily, and things we can’t even imagine are on the horizon.
Parking is a $3.39 billion industry with expected growth with by 2023 to 5.15 billion, with North America being the largest market. We all want a slice, preferably a very large slice, and to keep up your company will not only need to embrace diversity, but promote it.
“Diversity, Social Goods Provision, and Performance in the Firm,”
was recently published in the Journal of Economics and Management Strategy.
Diversity provides tangible and intangible benefits to companies, their employees, and their consumers. According to research by Josh Bersin, a Global Industry Analyst, employees create a 2.3x higher cash flow if they work for inclusive companies. A 2015 McKinsey study of 366 companies shows that businesses with gender diversity are 15 percent more likely to have higher financial success than their non-diverse counterparts, AND non-diverse companies actually have a high rate of underperforming on average against their competitors. A 2014 article in the Journal of Economics and Management Strategy shows businesses with an equal ratio of women to men in leadership positions show an average revenue increase of 41 percent. “Do Pro-Diversity Policies Improve Corporate Innovation”, co-authored by Roger Mayer, Jing Zhao and Ricahrd Warr found that companies with policies to encourage the retention and promotion of women have higher rates of innovation.
In short, increasing inherent diversity increases your profit potential. Here are a few proven tips to encourage diverse hiring practices and keep your current employees fulfilled:
• Create policies to encourage a diverse
Studies have proven that managers who share the same ethnicity as an employee are 152 percent more likely to share the employee's idea up the chain. This acknowledgement of ideas, encourages a “speak up” culture that increases idea sharing by 250 percent.
• Provide flexible work schedules and environments.
While the number women in the professional workplace has dramatically increased in number over the last few decades, the fact remains that women are still the primary childcare providers in the United States. According to the Bureau of Labor Statistics, single mothers make up 25 percent of the parental workforce and 70 percent of employed women are mothers with children under the age of 18. Letting employees telecommute at hours their parental schedule permits allows both mothers and fathers the flexibility to work where and when they can be most productive. Telecommuting reduces attrition rates as employees can easily structure their duties around illness, other family member schedules, and band practice.
• Clearly state opportunities for advancement.
New research shows that a common adage is actually wrong. Women ask for raises as often as men but there is a key difference. Women tend to be less assertive during negotiations. Presenting structured advancement policies, public job postings, and clear salary ranges will help you attract and retain female talent.
• Promote your workplaces as an inclusive environment.
Make it part of your social media web presence. Women tend to be more conservative about changing careers. Demonstrate your enthusiasm for diversity and prospective applicants will take notice and feel more confidence that your company is worth the risk of changing jobs. Look to companies like Etsy, Coca-Cola, and Target as examples.
So what does this mean? Employees perform better when they feel respected and appreciated. Companies perform better when their workforce excels. Creating a “Culture of Inclusion” may not be easy, but it makes financial sense.
Harvard Business Review, Sylvia Ann Hewlett, December 2013 issue
2017 BLS Employment in Families with Children
Madison Huemmer is the Director of Sales and Marketing at iParq. She can be reached at firstname.lastname@example.org