Yahoo Finance Facebook VP EMEA: 'Our culture is hard-wired against women in leadership roles'
Women owned businesses contribute a staggering £105bn ($135bn) to UK economy, according to new research from the Federation of Small Businesses (FSB) sent to Yahoo Finance UK.
While the study, which was launched at Facebook Community Boost, also revealed that this was an estimated 40% increase in UK economic contribution and a 26% increase in employment generated by women owned businesses, diversity in manufacturing and higher growth sectors is still a challenge, as most female bosses work in lower-paying industries, such as care.
“The results from this FSB report shine an encouraging light on the increased contribution of women owned or led businesses to the UK economy and to employment. However it’s unacceptable that our culture is still hard-wired against women in leadership roles,” said Nicola Mendelsohn, Facebook’s (FB) VP EMEA in a statement sent to Yahoo Finance UK.
“Until that changes we must all find ways to get behind the women who want to step forward and lead, to give them the skills and courage to succeed. We need more women starting and growing businesses and more women sitting at the table, whether it’s pitching new business ideas or developing new products.”
The FSB report, entitled ‘Supporting Women’s Enterprise in the UK: The Economic Case’, showed that despite the rise in female founders overall, the proportionate contribution from women owned businesses in manufacturing has declined.
It points out that “this is concerning because manufacturing is a relatively high profit sector. A larger proportion of women owned businesses are in the care sector which has low profit.”
The FSB report lands on the same day as another major one of its kind — the government-backed Hampton-Alexander review. That report revealed that the number of women leading the UK’s 350 biggest companies has fallen from 15 to 12 over the last year and 75 of these businesses have only one woman on their board.
“A sharper focus is needed to understand what is happening in the appointment process for these really top jobs,” said Sir Philip Hampton, who chairs the review.
“Over 100 FTSE 350 companies have already achieved – or exceeded – the 33% target for women on boards, with a further 50 companies well on their way.
“I would like to thank the business leaders and stakeholders that have driven progress in recent years for their significant and collective contribution. At the same time, too many companies still have a long way to go.”
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