Women in the Workplace and the US Economy Essay

Women in the Workplace and the US Economy - Essay Example The number of female CEOs, leaders and entrepreneurs has increased several times1. It does not mean that women have become more man-like or that their abilities have improved. The cause of this change is that women have been finally noticed by man-ruled world. According to statistics, women's share in administrative and managerial positions (year 2000) was approximately 30 percent. Moreover, United States has the highest share of women in decision making related to national economy. The gap between men and women work participation fell from 50 percent in 1950 to only 15 percent in 1998. As it was noted at the International Women's Policy Research Conference, "without dramatic infusion of women into the workforce, the economic expansion of the last 50 years would not have been possible; the economy would have been plagued by a shortage of workers.2" In addition, the labor costs would have add to the inflation - the fewer workers would lead to the decreased family incomes and federal revenues. Further, the production level would drop and lead to the economic deficit. Women participation in workforce has the same positive impact on the American economy today as it had in 1950s. In few years the baby boomers will start to retire, working wome n will become the foundation of economic expansion. Even if the workforce will grow at 1 percent per year, the ... Nevertheless, these dramatic projections can be avoided, as economists note, if women participation in workforce is encouraged and supported. Looking back on the historical role of women, they have increased the workforce by 30 percent after the WW II and have laid the foundation for the sustained employment gains during that time3. In addition to the general contribution of working women to American economy, there are also numerous advantages women bring to the success of national companies. Today more and more companies are recruiting and promoting women into senior positions. Women succeed not only in positions and industries historically considered appropriate for them, but in the areas which were always male dominated - manufacturing, engineers and especially financial services. Half of the Fortune 500 companies have women on their corporate board of directors4. There are several reasons why women are being sought for leading positions. First, they represent the previously unnoticed pool of talents. Second, they bring the new dimension to the management of group. Third, women bring alternative perspectives to the table. As the result, the increased number of women in the workplace creates the competitive advantage because 80 percent of all consumers spending in American is done by women. Thus female leader s understand better the needs of customers. Increased spending is good not only for the company's revenues, but for the whole economy as well. In addition to being successful leaders of corporations, women have proved to be highly skilled in operating small firms. The majority women-owned firms are growing at the rate twice the American average. These firms contribute $1.1 trillion in revenues to