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The shadow secretary for women and equalities, Anneliese Dodds, said that the data showed that it is the women who hold the key to a stronger economy
As per a House of Commons research, companies with more female leaders outperform those dominated by men. The research states that women should play a major role in the UK’s post-pandemic economic recovery.
The shadow secretary for women and equalities, Anneliese Dodds, said that the data showed that it is the women who hold the key to a stronger economy. She further accused the government of ignoring women’s needs during the pandemic.
Speaking to the Guardian, she said, “When you’ve got more engagement from women, when women are in the driving seat to the extent they should be, it makes for far more successful businesses."
The research comes just a few days before International Women’s Day.
As a part of the study, data was collected from the House of Commons library.
It cited McKinsey research which shows that companies in the top quartile for gender diversity on executive teams were 25 per cent more likely to have above-average performance. Also, the companies with more than 30 per cent female executives were more likely to outperform companies that do not have as many female executives.
The study further highlighted that women-led SMEs contribute about £85bn to economic output. However, Beis research shows that just 16 per cent of small business employers and one in three of entrepreneurs are women.
There is also evidence stating that fewer women get access to financing and business loans. Only 15 per cent of bank financing applications and 22 per cent of new primary business bank account openings are coming from women.
(With inputs from agencies)