Anticipating Corporate Americaâ€™s Gender Shift
Career Development On both sides of the economic divide, working women are still fighting to be recognized for both their creative force and the spending power they wield.
“Women control damn near all the wealth now,” he says, befuddled at the still sorry lack of smart marketing geared toward women, realizing the untapped opportunities companies have at marketing to women and developing women leaders. Women represent the next growth economy.
He also points out that women have filled 2 out of every 3 new jobs, though I don’t know the source of his stats. As women outpace men in college degrees, increasingly women will be the big earners, too. “It’s going to be so extreme in the next 20 years,” claims Tom Peters. “It’s just eye-popping.”
Seizing the moment
We are seeing compelling data indicating that bringing in women as leaders increases company revenue, and that women’s wealth and influence is significantly increasing. This is the time for companies to leverage these opportunities by hiring more women and changing messaging to women strategic business initiatives coming from the executive suite, not the diversity departments.
Statistics regarding Women’s Buying Power:
Women account for $7 trillion in consumer and business spending in the United States.
Over the next decade, women will control two-thirds of consumer wealth.
Women make or influence 85 percent of all purchasing decisions.
Women purchase over 50 percent of traditional male products, including automobiles, home improvement products and consumer electronics.
Women influenced $90 Billion of consumer electronic purchases in 2007.
Women account for 58 percent of all total online spending.
Women make 85 percent of all brand purchases yet, incredibly, only 3 percent of advertising creative directors are women.
Over the next decade, women will control two-thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history.
91 percent of women say advertisers “don’t understand them."
Entrepreneur and venture capitalist Cindy Padnos suggests female tech entrepreneurs may provide better returns on investment than their male counterparts. But her white paper on the topic found that women-operated, venture-backed high tech companies average 12 percent higher annual revenues. They also use on average one-third less capital than male counterparts' startups.
Workplaces that are evenly split along gender lines are more productive and help the company's financial performance, compared to offices that lack gender diversity, according to the study co-authored by an MIT researcher. And all-male or all-female workplaces that shifted to a more balanced gender ratio increased revenue by roughly 41 percent.
At Google, women make up 30 percent of the company's overall workforce, but hold only 17 percent of the company’s tech jobs. At Facebook, 15 percent of tech roles are staffed by women. At Twitter, it’s a laughable 10 percent. For non-technical jobs at Twitter (think marketing, HR, sales), the gender split is 50-50.
As we prepare for the 2016 Women in Technology Summit, we want to collaborate with companies to help them understand the strategies and messaging that women want to see and hear—to create a win for women and for Corporate America.