Impact on the Economy of the United Kingdom

TASK

Question: 1 Possible impact on the economy of United Kingdom if the number of women is not increased in management

In this modern scenario, huge changes have been made for women in regard to employment. Women are now moving from outside the home into paid employment in ways that their mother and even grandmother could only dream of. It is a fact that progress in regard to gender equality is unequal. But as per the employment statistics, women are winning over the world. On average, today's women are better educated than men. Their participation in employment is increasing day by day. Higher positions are acquired by women in companies with having a minimum of 51% of shares. In the United Kingdom, a lot of opportunities are there for women, right at the start of her career. An increase in female workforce participation or reduction in the gap between men's and women's labor force results in faster growth of the economy (Ashdown and Bernard, 2012).

In United Kingdom, equalising levels of women's employment and productivity to that of men's has the potential to increase GDP by 35%. It has been believe that future prosperity and growth of country is dependent on increasing contribution of women to economy. Today, they highly contributes in economic growth and recovery on a scale that never seen before. Number of women are running their own enterprises successfully or represented at higher management level. Everywhere in all over the globe, women are making their mark and breaking new ground in business world. But, as the report depicts, females keep on being alarmingly under-used in economy, which if not taken into consideration will harm productivity. In UK, undoubtedly a significant progress is made by women over the past few years. Both, government as well as business must be congratulated for their efforts or hard work in promoting this upward trend. Across the world, influence of women on global economy – as entrepreneurs, consumers, producers and employees will be as significant as that of India's and China's respective more than 1 billion population (Cogo-Moreira, de Avila and Ploubidis, 2013).

United Kingdom requires to be at forefront of supporting that talent. Without visible and strong investment in women, economy and organisations will not survive in current competitive marketplace. So, it is very necessary for country to increase number of females in management. It is also required by nation to take comprehensive and compelling steps regarding women empowerment for economic advancement and business growth. By maximizing contribution of females to future growth of economy, it could lift Gross Domestic Product to 10% by 2030. Promoting female entrepreneurship could deliver around 60 billion pounds extra to economy of United Kingdom.

“Women bring a distinct perspective to leadership, management and business”. Females are the essential segment of business founders. They plays significant role in administration of large companies. Women have ability to face unique challenges which ensures that they are champions to address them appropriately. There are very less informal opportunities to develop support and camaraderie among future senior companion in traditional male dominated business. Women have various skills and qualities by which they bring growth and development in business organisations. Females have the ability to change the world by their hard work and sincere efforts (Fuhs, Nesbitt and Farran, 2014). Some unique qualities that female possess are as follows:

Women value teams:

Females are well known for valuing relationships and when this quality is bought into workplace, it results in effective team building that highly contributes in getting the job done. The most distinct quality that distinguish female executives or leaders from others are their listening and relationship building skills which they can use to lead teams. Along with this, they makes everyone feel that their contributions or efforts have been valued. Apart from that, females also can utilize this skill to keep flowing information freely throughout the entire department in order to ensure that everyone has the data they require. They have good understanding regarding things which can be beneficial at the time of making decisions.

Women are persuasive:

At workplace, women are persuasive leaders as they tend to be empathetic listeners. Since females are willing to develop relationships, they also learning about other individuals in manner that enables to appeal to their sensibilities and needs. In this way, women properly understands the concerns or objections that others may have at workplace. Females very well know how to effectively frame a response that will appreciate (Grosser and Nel, 2013).

Women are generous:

Women are givers, so it becomes easy for them to encourage others and allow them to thrive or grow as team member. At workplace, females are great in inspiring & lifting up those individuals who are around them. This is the reason that most women leaders are excellent strategic thinkers. It is one of the unique ability of females and they allow others to develop a open environment for other individuals to get in.

Impact of lack of women representation in management:

In automotive manufacturing industry, about 83% of women represent directors, vice presidents and C-level executives. Across nearly every sector in UK, women are under represented. In manufacturing companies, the proportion of females in leadership and management roles lags behind other industries. They highly contributes in growth and success of automotive sector (Herbers and et. al., 2012). Females contributes in bringing innovation and competitiveness within industry. They play essential role in increasing profitability and performance of company. Women is enable to manage all resources in proper way and have ability to make good relation with others. But, the thought of working in automotive sector suffers from perception problem. Females avoid their career in automotive due to work life balance and work environment. It put high impact on management in terms of their performance. Lack of their representation in front of board members and team will affect the functioning of business. As in automotive sector, effective communication of views and ideas are very necessary in its growth and success. If representation of women are less in industry then it lacks creativity as females are more creative in comparison to men. So, automotive sector requires to represent more women employees in order to ensure effective management at workplace (Putwain, Sander and Larkin, 2013).

In case of financial services sector, lack of women representation might leads the business downwards. Females have some unique qualities such as good communication skills, strong interpersonal skills etc. These skills proves to be very beneficial in industry related with financial services as by applying such skills, women enable to convince investors to invest more within firm. They have to ability to interact others in more better way rather than men. So, it is required by this sector to recruit more women and empower them as they help in its growth and sustainability in market (Lievens and Sackett, 2012).

Possible wider impact on economy:

Women are the one who work hard and passionate for their work. Today, large number of females are engaged in employment. They are moving outside the home and so jobs at respectable positions. Various women entrepreneurs set up their own venture and run it successfully. By this, they highly contributes in growth of economy as well as development of country. If women are engaged more in employment, the nation will prosper more quickly. In last few years, employment rate of females are high. In UK, 69% of females are employed and works at powerful position. Their contribution is high in growth and development of economy. The possible impact on less number of women on economy might be decline in GDP growth. Today, it is necessary for firm to have one women in its BOD. They help company in taking effective decisions which will lead it towards success and a successful organisation contributes in economic growth of country. So, if women representation is not increase, it may hamper fast growth of economy.

Question: 2 Arguments of individuals to support involvement of women into boardroom

As per the view point of Jennifer Tejada, involvement of women in boardroom is beneficial for business. They have the ability to take effective decisions regarding various aspects. Females contributes in success and growth of firm and helps in improving its performance in market. Increase in female participation might results in faster economy growth (Nesbitt, Farran and Fuhs, 2015).

According to the views of Simpson, W. G., 2015, inclusion of women in boardrooms is advantageous for organisation. They are more effective in building relationships and teams with management as well as colleagues. They are also tend to be more effective managing their emotions and speaking up at meetings. Females have various qualities that helps them in winning all the situations. They are good in motivating and inspiring others by their way of interaction or communication. Making good relationships with others and listening them carefully will help in encouraging teams and improving performance of company.

According to Seierstad, C., 2016, Economic equality of women is good for business. Firms greatly benefit from maximizing leadership opportunities for females which depicts increment in effectiveness of organisation. Those companies which have more than three females in senior administration functions score high in all aspects of effectiveness of organisation (Paul, Baker and Cochran, 2012).

Question: 3 Own reflection on initial view regarding inclusion of women into boardrooms

Inclusion of women in boardrooms is beneficial for company as they have unique qualities like high patience level, strong communication skills, positivity, confidence, good interpersonal skills etc. All these skills helps them in dealing with team members and others in proper manner. They also have ability to deal with issues in effective way. My initial view regarding women inclusion in boardrooms are neutral. But now, I think its good for organisation as well as females. By active participation of women in business, growth and success can easily be attained. They apply their critical thinking skills and creativity in order to bring innovation within firm. Today, most of the successful businesses are run by women. Their contribution is very high in success and growth of company (Pienaar, Barhorst and Twisk, 2014). You can check this assignment help services.

CONCLUSION

As per the above mentioned report, it has been concluded that academic skills enables individuals to perform their duties in more better manner. In today's competitive market place, women play crucial role in growth and development of economy. They contribute in increasing gross domestic product of country. Today, various enterprises are run by females successfully. They also acquire higher position in most of the organisations such as vice presidents, executives and board member. Women have several qualities that distinguish them from others. They are quite good in some roles in comparison to men.

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