Monday, May 20, 2024
CEOWORLD magazine - Latest - CEO Spotlight - 8 Reasons Why Businesses Need Women in the Workplace

CEO Spotlight

8 Reasons Why Businesses Need Women in the Workplace

Deanna Deveney

Women have played critical roles in the workplace since the industrial revolution. However, according to successful businesswoman and former Assistant District Attorney Deanna Deveney, women don’t always get the credit they deserve.

A study performed by McKinsey & Company in 2018 showed that women earn more bachelor’s degrees and tend to stay in jobs equally as long as men. Women account for 49 percent of the workforce and are integral to many businesses’ success. Deanna Deveney recently discussed eight reasons why businesses need women in the workplace.

  1. Stronger Business Success
    The No. 1 reason businesses need women in the workplace is that studies show recruiting women can lead to greater financial success. Research on Fortune 500 companies showed that companies with more women on their executive boards were financially superior to those with fewer women. A business with 30 percent female leaders can expect a margin one percentage point higher than zero women on the board.
  2. Superior Job Satisfaction
    Workplaces with a gender balance are more satisfying for the men and women who work there. Deanna Deveney cited a recent study stating that companies with more women in the workforce showed superior organizational dedication, job satisfaction, and employee engagement than others. They also showed lower rates of burnout
  3. Increased Creativity
    Creativity is necessary for effective problem-solving and innovation. Women add creative outlooks to companies, and this has been proven when women fulfill top management positions. One study showed that companies with women in leadership roles create 20 percent more patents than those with all-male teams.
  4. Respect in the Industry
    Companies with women in leadership roles gain respect in the business world. Fortune’s annual ranking of companies based on their corporate reputation showed the most admired companies have two times as many women in senior management roles than less respected companies. The business world is evolving, and leaders appreciate companies that value women in essential roles.
  5. Employee Retention Thrives
    Businesswoman Deanna Deveney explained that employee retention is essential to a company’s success. Teams thrive when they work together for years, forming bonds and learning to work toward common goals. Companies with more women show superior employee retention due to reduced gender discrimination and a more enjoyable work environment.
    Employee surveys show that those who work in a gender-diverse environment find their jobs more meaningful with more opportunities to make a difference. Gender-diverse jobs tend to fit well with other areas of employees’ lives. When employees feel appreciated and make a difference, they are less likely to search for new job opportunities.
  6. Women Add Employee Support
    Women in business leadership roles tend to make more supportive bosses. A recent study showed that men and women agree that their female bosses are more committed to helping employees develop their careers. Deanna Deveney explained that businesses with female managers stated they experienced less burnout and were more engaged in a study performed by Gallup, a U.S. analytics firm. This superior employee engagement is partly due to many women having more effective and desirable leadership styles.
  7. More Diverse Talents
    Companies that prioritize gender diversity benefit from the unique abilities and talents women bring to the workplace. These unique capabilities can increase productivity and the company’s overall success. Organizations that don’t encourage gender diversity miss out on numerous talents that 50 percent of the population (women) provide.
  8. Better Customer Reflection
    Companies that only hire men, whether in leadership roles or general employee positions, show their customers they are only concerned about male well-being. This sits poorly with clients and cuts out roughly 50 percent of potential customers.
    No matter the business, customers come from all different backgrounds, genders, ethnicities, and more. The better a workplace represents its customers, the more successful it will be. In 2018, women spent roughly 40 trillion U.S. dollars around the globe. Women are highly influential in the purchasing decisions of themselves and others, so it’s essential businesses represent this powerful gender.

Deanna Deveney and the Power of Women in the Workplace

Ms. Deveney advocates for female equality in the workplace and the positive influences women can have on the success of businesses.

Deveney served as Assistant District Attorney (ADA) in Middlesex, Massachusetts, and later entered the business world as a communications professional. She served as the Director of Intergovernmental Affairs and Communications for the cities of Medford and Everett, Massachusetts. She managed a large department and handled all internal and external affairs within the departments she oversaw.

Deveney’s success in her career and life led her to become a positive role model for countless women in the workplace. She hopes her success inspires other driven women to pursue their leadership goals.

Attorney and Businesswoman  Deanna Deveney offers eight reasons businesses need women in the workplace.

Have you read?
Best CEOs In The World, 2022.
Global Passport Ranking, 2022.
World’s Richest People (Top Billionaires, 2022).
Economy Rankings: Largest countries by GDP, 2022.
Top Citizenship and Residency by Investment Programs, 2022.

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CEOWORLD magazine - Latest - CEO Spotlight - 8 Reasons Why Businesses Need Women in the Workplace
Anna Papadopoulos
Anna Papadopoulos is a senior money, wealth, and asset management reporter at CEOWORLD magazine, covering consumer issues, investing and financial communities + author of the CEOWORLD magazine newsletter, writing about money with an enthusiasm unknown to mankind. You can follow CEOWORLD magazine on Twitter, Facebook, Instagram, or connect on LinkedIn for musings on money, wealth, asset management, millionaires, and billionaires. Email her at