It says failure to adopt flexible or innovative working practices will mean companies lose impressive women who opt to set up their own businesses to achieve a better work-life balance. The CIPD has released Inspiring Female Entrepreneurs, the second of a three part series on entrepreneurial practices.
During interviews with successful female entrepreneurs, the CIPD said it became clear that companies had a lot to gain from setting up conditions under which these “talented and committed” women could thrive in the corporate world. The research found that the key drivers that motivate women to set up on their own are the desire for more autonomy and the need for greater work-life balance and flexible working.
However, the corporate world’s loss could be the economy’s gain. There are more than 2.4 million unemployed women in the UK who want to work, the Institute claimed, and said that if there were as many female entrepreneurs as men the economy would be boosted by 10% by 2030.
Dianah Worman OBE, public policy adviser at CIPD, said: “It’s clear from our research that women have a lot to offer to the economy – be it by starting up their own businesses or by letting their entrepreneurial flair and business savvy shine in the corporate world. Employers need to act out of self-interest to broaden the pools of talent available to them and ensure they do not lose out on the skills, energy and passion women can bring to their workplaces if they were allowed to work more autonomously and flexibly.”
She added: “Government is right to actively stimulate the wider take up of flexible working by employers and to seek to support women in setting up and growing their own enterprises. It makes perfect sense to find ways of helping them to do this in order to build economic growth.”
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