Investing in Women: Why It’s Crucial & How Businesses Are Making It Happen

In the dynamic landscape of modern business, the conversation around gender equality and diversity has never been more prominent. One crucial aspect of this dialogue is the investment in women — not just as employees, but as leaders, innovators and drivers of success within organisations. Companies are increasingly recognising the undeniable benefits of empowering women in the workplace, not just for the individuals themselves, but for the entire business ecosystem.

This article delves into the heart of this discussion, exploring why investing in women is no longer just a moral imperative but a strategic one. We’ll uncover the multifaceted reasons behind this investment and examine examples of how businesses are implementing initiatives to foster the growth, development and success of their female employees.

From training, flexible work arrangements and inclusive company cultures, we’ll dissect what it truly means for a business to invest in its female talent – through the stories and experiences of women who have felt the impact of such investments first-hand.

Investing in women is not just a noble aspiration, but a business imperative that leads to innovation, profitability, and a more inclusive workplace for all.

We speak to Katie Pace, Managing Director at DANOSA UK, Lucy Masson, Head of Finance at JAE Europe Ltd and CMA’s own HR Business Partner, Hayley Murphy.

Women who lead

In January 2024, according to a FTSE report on women leaders:

• 6% of FTSE100 and
• 1% of FTSE350 directorships were occupied by women.
• Around half of all new FSTSE100 board appointments were women (47%).

However, of the UK’s small and medium-sized enterprises with employees, just 18% were led by women in 2022, according to data from the Government’s annual Small Business Survey.

 

Katie Pace is one of this 18% per cent. While she doesn’t sit on the board, Katie’s story is fascinating as it reflects her drive for ambition, passion for inclusion and her refusal to tolerate barriers.

She has worked her way to the top, with a career in finance that started first at Hendy Ford where she studied for her AAT. Katie explored many different avenues within finance, stepping up as a management accountant before progressing in her career. She eventually moved to DANOSA UK in 2018 as a Finance Manager.

Katie always envisioned herself one day in a corner office and has worked hard to make that happen, and CMA has enjoyed collaborating with her along the way. After transitioning to a Finance and HR manager role, and then to Operations, Katie has been working officially in the MD role for the UK subsidiary for the past year. Her next goal is to sit on the board of this £100million turnover family-owned global business.

Lucy Masson has a similar story of working her way up the ladder. She graduated in 2013, going on to train in audit at a Top 10 accountancy firm where she gained her ACA. Lucy then moved into industry, spending four years at a PE-backed pharmaceutical consultancy business, joining first as a Management Accountant, before being promoted to Finance Manager.

Lucy has now been at JAE for two years after being successfully placed by Rachel Amaning and the CMA Guildford team. She joined initially as Financial Controller, before being promoted to Head of Finance.

Hayley Murphy started out her career in recruitment, both in a consultant role and also in-house for some large corporate companies. She has always loved the people aspect of the role and was fortunate to spend many years as an HR Business Partner for Vodafone, which gave her the generalist skills she felt she needed in addition.

Hayley has also run her own business; and brings these skills into the mix in her current standalone HR capacity for CMA. Hayley has enjoyed the return to her roots in the recruitment industry and has been with CMA for 18 months now. In January 2024 she won the CMA Founders’ Award for her fantastic achievements and hard work in this new role for the business.

Personal Development

Personal development for any employee – regardless of gender – is essential for career growth. When it comes to female employees though, should there be more focus for employers to invest in this?

Why is it important for companies to invest in the growth and development of their female employees – and what does this look like? To explore this, our female leaders share their stories and experiences.

Professional development with transitioning roles

Lucy shares her experience to illustrate how important this training and support was to her during a time of transition following a promotion:

“Due to a few team changes, I had been doing both the FC and Head of Finance roles on and off – rather than bringing someone else in above me, JAE recognised this and promoted me.

“This meant a smoother transition, as I already knew the business, and could recruit a strong FC.”

The company has a holistic approach to learning and development and has supported Lucy in undertaking training to gain the skills she needs to succeed in her new role – both technical and ‘soft skills’.

She also felt supported by the existing senior leadership: “They supported my growth into the role and understood the time it would take, eg I was still recruiting into the team; so not all improvements could be made overnight.”

Gaining skills to succeed

Katie says that personal development is essential as it helps women gain the softer skills needed in management. “When you’re presenting to a boardroom of people, you need to have that confidence to be able to do it and believe in yourself.”

Having a manager who supports this development and your career goals is critical. Katie explains: “I’ve always read books, I’ve always been on courses, even ones that weren’t directly related to what I was doing.

“When I was at Williams [Trade Supplies], there was a course, which was something like ‘Management Accountant to Finance Director’. I said to my manager at the time, I really want to do this course and he said, ‘Yeah, that’s fine, go and do it’.

“Although I was a Management Accountant at the time, I was already thinking, I need to know what I need to do before I get there!”

What can this personal development look like?

Hayley says: “I am currently taking part in a leadership development programme, which focuses on effective leadership, emotional intelligence and building a great workplace culture.

“This is a brilliant programme to take part in and helps me to drive the people agenda.

This is a mixture of group training sessions and individual coaching, with a 360-degree feedback element. I feel really supported; it was CMA’s suggestion for me to take part in the development programme, so I have time in my diary for the sessions, to discuss progress and follow up.”

Career Growth

When we talk about women in business, the term ‘glass ceiling’ regularly comes up. In recent times a new term has emerged, ‘The Broken Rung’. This term highlights the barriers women face when taking that first step into managerial roles. Imagine a ladder, but with its first or second rung missing or damaged.

According to McKinsey & Company, Women in the Workplace 2023 report:

• For every 100 men promoted from entry level to manager, 87 women were promoted
• For women of colour: this year, 73 women of colour were promoted to manager for every 100 men, (down from 82 women of colour last year).

How can women grow their careers?

We asked our female leaders for their advice to other women aspiring to leadership roles.

1. Don’t apologise

Lucy says: “As the youngest person and only second female in the senior leadership team, I felt like a cliché when I got pregnant soon after being promoted.”

“I was worried about the impact on my career, but then I realised it was natural for my priorities to change somewhat …it’s a privilege to take time off to raise my son (not everyone can be pregnant or breastfeed.)”

2. Be aware of imposter syndrome and take steps to overcome it

Hayley advises: “Women are far more prone to imposter syndrome than men, so being aware of the signs (self-doubt, attributing success to other factors) can ensure you go for the opportunities you deserve.”

3. Share a different perspective

Women can bring different skills and viewpoints to the table. Lucy says: “Be confident in your abilities and speak up with differing opinions.”

4. Find an employer which aligns with your values and gives you the opportunity to develop alongside any work-life balance requirements.
5. Build your network within your professional field, both internally and externally in the market.

This is an invaluable source of information, contacts and potentially mentorship too, says Hayley.

Lucy recommends the importance of supporting other women within this network: “Champion women at all levels, across departments. Work on establishing valuable relationships, both in and outside your organisation, to use in the future.”

What about the pay gap?

What can companies learn? Lucy says: “Close the gender pay gap. Offer a good maternity package, flexible working options and training opportunities.”

While the gender pay gap for full-time employees has decreased from 17% in 1997 to 7.7% in 2023 – a chasm between remuneration for male vs female employees still exists in the UK.

According to the Government Equalities Office, Analysis by the Institute for Fiscal Studies (IFS) finds that most of the gender pay gaps can be traced to ‘child penalties’, or parenthood. It finds the average earnings of men are almost completely unaffected by parenthood, while women’s earnings fall sharply when they become parents and then stabilise at a much lower level with little growth.

Flexible Working

When it comes to women specifically, there is no doubt that flexibility is allowing women to pursue their ambitions: one in five women say flexibility has helped them stay in their job or avoid reducing their hours (McKinsey & Company, Women in the Workplace 2023 report).

Hayley demonstrates: “CMA is a really flexible employer. Not only does CMA support different working patterns across the business, but with our hybrid working policy and core hours flexibility, my colleagues and I are able to juggle work and life in a way that suits us. The flexibility enables me to work in my role, be productive, add value and not compromise my home life.”

Many companies have made changes since Covid, such as DANOSA UK and JAE and adopted a more flexible approach; whether it’s a firm policy or a case-by-case basis.

Since Covid, JAE has a hybrid working policy with 1-2 days a week in the office, providing all the benefits of working from home but enabling the efficiencies brought with certain in-person meetings.

They also offer a flexible working day, where employees work a 7.5 hour day and can choose a start time between 7:30am – 10am. Lucy says: “I’m currently on maternity leave, so when I return, this will be super useful when fitting in with nursery drop off and pick up.”

At DANOSA UK, work hours are determined on a case-by-case basis. Katie explains: “We have people that do one day a week from home and others who work four long days and have Fridays off. For me, I leave early on a Wednesday to pick up the kids up from school and log back on from home.”

Investing in female employees

“Companies with diversity in their teams, all the way to leadership level, are proven to generate better results. The varied opinions, ideas and contributions of women in business is a key part of this.” – Hayley Murphy, CMA HR Business Partner

Lucy agrees with this and explains: “Female employees can offer different skills and perspectives. Investing in them means companies are more likely to benefit from long term commitment/loyalty from employees.”

Hayley adds that “women in leadership positions are great role models and mentors for more junior female employees”.

There is also plenty more that can be done to create an inclusive and diverse workplace that supports and lifts women. Hayley finishes with two pieces of advice for employers:

1. Create an inclusive culture with inclusive workplace policies. An internal diversity and inclusion group is a great way to focus on this. This will attract women into the business and help to retain them.
2. Ensure leaders are having great career conversations. Women are less likely than men to go for progression opportunities if they feel they don’t tick every box in terms of experience. Having proactive conversations about career development will alleviate this and empower women within the business to progress.

If you’d like to discuss the career opportunities open to you and how you can take the next step in your HR, Finance or Executive career, get in touch with one of our dedicated Recruitment Consultants.

Further reading:

• Lean In: Women, Work, and the Will to Lead – Book by Nell Scovell and Sheryl Sandberg.
• International Women’s Day | United Nations