The workplace has historically been a challenging environment for women, with many obstacles and biases hindering their progress and success. As a result, the retention of talented female employees has become a pressing concern for many organizations.
One of the companies taking action on this subject is Figures, an all-in-one compensation platform updated in real-time that powers improved pay equity. They live and breathe gender equality, taking this issue seriously and going one step further to achieve it.
Since gender equality should not be owned by one company but by everyone, here is their grain of sand to inspire others to join this movement: Women in SaaS.
Transparency, the First Step Towards Pay Equity
"Transparency is a great asset for companies. It's crucial to attract, retain, and develop women."
Transparency refers not only to being open, honest, and forthcoming in communication and decision-making but also to having visibility in payment, career paths, and compensation—transparency everywhere.
When it comes to the workplace, transparency can have a significant impact on employee satisfaction and retention, particularly for women.
Figures conducted a study on this topic and found that pay equality can be accurately measured through pay transparency. Right now there is a gender pay gap of 19% in favor of men in the tech industry (across Europe and the UK), this means that for every 1€ that a man earns, a woman earns 81¢.
In a recent study published on the Gender Pay Gap, it was found that 83% of women in tech want salary details in the job description.
Companies that prioritize transparency in their compensation practices have a remarkably lower gender pay gap, which is three times less compared to companies that do not prioritize transparency.
Retention as a priority
To create a workplace that supports the success of all employees, companies need to improve their retention strategy, and the best way to do so is by promoting transparency throughout the organization. When everyone knows what's going on, it creates a more level playing field and helps women excel in their roles.
So, how can transparency help women in the workplace? Here are four ways:
- Fair pay: One of the most significant issues facing women in the workplace is the adjusted gender pay gap. By being transparent about salaries and compensation, companies can help to ensure that women are being paid fairly for their work. This means being open about the criteria for determining pay, as well as publishing salary ranges for different roles.
- Equal opportunities: Another challenge facing women is the lack of equal opportunities for career advancement. By being transparent about the skills and experience required for different roles, as well as the criteria for promotion, we can help to ensure that women have a fair shot at advancing in their careers.
- Open communication: Transparency also means being open and honest in our communication with employees. This includes sharing information about company goals and objectives, as well as soliciting feedback from employees regularly. When everyone feels like they're part of the decision-making process, it creates a sense of trust and engagement that can help women to thrive.
- A diverse recruitment process: By using gender-neutral language and avoiding gender stereotypes, companies can remove unconscious bias and create a more inclusive workplace culture. Inclusive language can help to widen the pool of candidates and improve employee morale and retention.
Making retention as easy as 1,2,3
Despite the progress in workplace equality, women still face unique challenges that can lead to higher turnover rates compared to their male colleagues. To address this issue, organizations must develop and implement effective retention strategies specifically tailored to the needs and preferences of women.
Here are some examples of strategies that you can implement:
1. An opportunity to dare: When women feel comfortable sharing their ideas and opinions with their employer, they are more likely to contribute to the company's success. Create a working environment where everyone feels challenged and feels they have growth opportunities.
2. Flexible work arrangements: Many women face the challenge of balancing work and family responsibilities. By offering flexible work arrangements, such as part-time schedules or remote work options, we can help to support women in their efforts to juggle their various commitments.
Example: Create an environment of work-personal life balance, try having a 9-day fortnight schedule, where everyone can choose to have every second Wednesday or Friday off work.
3. Act on feedback: Ask your teams for their opinions (on if they are happy or not, on what they are doing, their work/personal-life balance, etc.). Monitor employee engagement satisfaction regularly. Listen, take the time to action those insights into new policies, and address inequities and biases in the workplace.
"Employees will be keener to tell you when something is not right if they know you'll try to improve things afterward."
By prioritizing the retention of talented women, organizations can improve diversity, equity, and inclusion, as well as their bottom line.
"If you hire people who are complementary and create a diverse team, this can bring different things to the table, and this is key to going one step further."
Summary:
- Transparency is a critical retention strategy that can help women excel in the workplace.
- By building trust, encouraging collaboration and innovation, fostering a positive work culture, and addressing inequities and biases, transparency can create a more supportive environment for female employees.
- Organizations that prioritize transparency are more likely to retain talented women and reap the benefits of their contributions to the company's success.
