Are You Successful In Keeping Female Talent?

Enlightened marketers know that women make 80 percent of household buying decisions. And in most cases, even when a husband goes to make a purchase, he often defers to his wife. Whether it’s a suit or a computer, she usually prevails on choosing the color and the price.

So, if you want to be successful in attracting female customers, enhance your odds by making your company a great place for women to work. That means making a commitment to giving back in your communities from where you derive income. Why?

A 2009 study provides a warning signal to companies finding it difficult to retain female talent. A survey of women managers indicates they’re happier with their employers, if social responsibility is practiced. Ironically, however, many females aren’t aware of it even when their companies are socially responsible.

Such were the findings in a survey of 380 women managers by the Simmons School of Management in Boston, which was underwritten by Hewlett-Packard.

The study indicated socially responsible companies benefitted three ways: Their female talent had a higher rate of job satisfaction, they were less inclined to think about resigning, and they were more likely to speak highly of their companies outside of work.

But again, many women were unaware of their employers’ corporate socially responsible initiatives.

Some of the survey’s conclusions:

• 75 percent preferred “making a positive impact on society” and “expressing and acting in line with my values.”
• Only 45 percent were of their employers’ social responsibility activities.
• Only 35 percent participate in such initiatives.

The study also provided some recommendations:

• Increase communications about social responsibility efforts.
• Discuss the level of commitment in terms of resources
• Mention the success of the programs
• Provide occasions for women to participate without the activities interfering with their jobs.

View the study here.

Incidentally, in my experience, the insight about corporate social responsibility and preventing turnover with quality managers holds true for both genders.

From the Coach’s Corner, while you’re at it, you might review this column:

Cause-Related Marketing Can Increase Sales by Double Digits.