One shouldn’t need a specific day like Valentine’s Day or Mother’s Day to love or appreciate but while there is no denying the commercial aspect of these days, they do at least remind us to consider and to treasure. For International Women’s Day on 8 March, let’s consider all that is special about and challenging for women and remember why they earn a round of applause!
This week, I found myself in the company of some incredible women in wine. All of them are stalwarts of the South African wine community and regardless of how long they have been involved with the local wine scene, they are all making exciting contributions, from wine quality to education, marketing, branding and lifestyle. With in-depth knowledge of their various fields and about wine in general, they offer well-considered opinions, ask challenging questions and bring insight that never fails to amaze me. I am, however, always worried that in my praise, I might come across as being patronizing. Women who excel are no surprise, but rather than trying to congratulate (and perhaps irritate in the process), let’s focus on the importance of women in business.
From Cleopatra to Queen Elizabeth II – women have made a significant contribution to history. Women are industrious, creative, tireless and caring. We know about these women, but more importantly, we also know these women. While we live in an emancipated world today, we can’t forget the underlying strength, inherent caring quality and resilience of women that brought them from important, but ignored to playing a recognised role in many aspects of our modern society. Women such as Estée Lauder, Martha Stewart, Mother Teresa and Oprah Winfrey led the way, but even women who are not heads of states, founders of global enterprises, CEO’s of financial institutions or recognised philanthropists, still make a very important contribution to the world of business – even if only for their decision-making and purchasing power! Forbes says: “Women drive the majority of consumer spending through a combination of buying power and influence..”
Even in their traditional role as caregivers, women are important to the economy. They regularly purchase consumables and have a wide-reaching influence when it comes to product preference. According to bankrate.com:
- Over 80% of purchases and purchase influence are made by women.
- Women make 91% of new home purchases.
- By 2028 women will own 75% of discretionary spending.
- In the next decade, 66% of consumer wealth will belong to women.
- Globally, 98% of women already share the responsibility or are the primary source of income for household expenditure.
- Women contribute 37% of the Global GDP.
Women spenders can’t be ignored (read more), and because of their purchasing insights, it would be wise to have women as part of your management or decision-making team, but there is much more to women than their spending habits. Except for their natural insight, women today outpace men in higher education and are gaining a reputation for their exceptional leadership style. (Read more) While only 10% of Fortune 500 companies are led by women, women are essential leaders and managers for any business. According to a recent study by the American Psychological Association, in general, women have a more transformational leadership style, they are regarded as equally or more competent than men, display traits such as compassion as well as competence, improve team collaboration, are better in establishing organizational trust and help to mitigate business stereotypes.
I can name so many reasons to applaud women, but keeping my focus on business, I can’t help but agree with this powerful sentiment: “By appreciating and supporting women in business, we not only recognize their accomplishments but also reinforce the notion that diversity, inclusion, and equality are fundamental pillars of a successful and thriving global economy.” (Read more)