In today’s business world, leaders know the importance of empowering women in the workplace. In fact, upward mobility has a direct impact on business success. HR Pulse cited data from a McKinsey study that found companies with female leadership experienced a 55 percent increase in average company earnings before interest and taxes.
At BetterWorks, we believe advanced goal setting processes and performance management systems help all employees feel empowered to move up in their careers. In the case of women in the workplace, we also believe strong goals play an integral role in their sense of empowerment.
Here are three reasons why:
- Objectives and Key Results Drive Aspiration
While S.M.A.R.T. goals encourage employees to set objectives for themselves that are attainable, OKRs focus on objectives that are aspirational. Women in the workforce today need to be empowered to aspire for greater achievements at the companies where they work. By implementing goal setting process that leverages OKRs as the framework, women are given space to strive toward personal and professional growth. Beyond that, companies that find ways to empower women to achieve their aspirations are more likely to retain those employees than companies that limit their goals to what is attainable.
- Transparency Levels the Playing Field
Companies can build a culture of equality and empowerment by managing workplace goals and performance on interactive goal setting software. Through this type of software, employees at all levels can see each other’s goals and how they ladder up to broader company goals. Not only does this align teams, it levels the playing field and helps ensure women are given the same opportunities as their male counterpart. As a result, transparency helps women trust the companies they work for.
- Regular Feedback Builds Confidence
CNN shared data from the Harvard Business Review that revealed 53 percent of entry-level positions are filled by women. On the contrary, only 19 percent of C-Suite executives are female. Regular feedback is an integral part of advanced performance management and goal setting processes. By sharing feedback, guidance and praise often with women, leaders can instill confidence in women that their hard work is recognized and there are opportunities for upward mobility. Additionally, by sharing constructive feedback, companies can show women they are invested in their professional growth.
“Companies that empower women to achieve their aspirations are more likely to retain those employees.”
Workplace goals have an enormous impact on employee satisfaction overall, and can have an especially positive effect on women in the workplace.