CONTACT: Christina Ioannidis on firstname.lastname@example.org, + 44 (0)7809 839 000
London, (February 23, 2011): New book Your Loss: How to Win Back your Female Talent shows how to combat this gender brain-drain.
48% of women leave companies to carve their own paths outside of corporate culture and – judging by the release of the Davies Review tomorrow into the percentage of women in the boardroom of the United Kingdom – it is clear that governments are considering legislating on corporate gender diversity.
Since women control the majority of global spending power, and female talent is shown to increase corporate profitability, why are companies still choosing to incur these tremendous losses? It is time for organisations to show due vigilance to the female brain drain and find a sustainable solution to safeguard their own future.
Drawing on their own survey and existing research in the field, Your Loss has been written by two prime examples of these ‘Lost Women’, who have left large business and are forging their futures as entrepreneurs. Christina Ioannidis, co-author of Your Loss: How to Win Back your Female Talent, and CEO of Aquitude, commented on the survey findings:
“We calculated that, to an organisation with 10,000 employees, the cost of replacing lost women could be as much as £200 million over 15 years. The international consultancy Bain and Co has concluded that if corporations lose 5% a year of their talent base for 10 years, then investment in recruitment would need to be increased by 20% (from 30-50%) in order to keep up with the losses.
The stereotyped perception is that women are leaving their corporate employers due to childcare responsibilities. However, our research has shattered that stereotype: women are delving into entrepreneurship in order to carve out their ideal jobs and follow their passions. They are taking control of their own careers whilst managing their family responsibilities. However, companies can cut their losses and redress this brain-drain, by creating Gender Savvy cultures.”
Home Depot Canada has taken one of the most significant steps towards reaching the female market. Under the tenure of the company’s president, Annette Verschuren, the retail chain grew from 19 stores with $700m annual sales to 167 stores with revenues in excess of $6bn. Women constitute over 50% of purchasers in the stores today. To achieve this mammoth growth, Verschuren had to effect a major culture change. ‘I knew women were hugely involved in home renovations and yet the female side of our business was seriously under-represented.’
Verschuren did the following:
- Increased the number of women working in the business, so that Home Depot boasts the highest percentage of women merchants and buyers in the industry.
- Introduced gender-intelligent training and recruited diversity-focused individuals as spokespeople.
- Revised everything from store layout to customer service using female-centric solutions.
The book is available exclusively from www.yourlossbook.com
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