The talented, dedicated, and ambitious entrepreneurial spirits of women are increasingly driving the nation forward.
Women have steadily increased their presence in the world of small business ownership over the past 10 years. In fact, the number of women-owned businesses has grown by 68% since 2007, compared to 47% for all businesses, and women-owned businesses support over 7.9 million jobs, according to a survey commissioned by American Express.
Women have many reasons to enjoy working in a small business, according to Aflac’s 2018 Small Business Happiness Survey, which interviewed 1,000 U.S. employees in organizations with three to 49 employees. Eighty-seven percent of all employees said it is more fun to work in a small business, and this number was even higher among women.
Here are three key findings from Aflac’s survey indicating that women are finding happy and fulfilling careers in small businesses.
A supportive and united work environment
One of the clear advantages that small businesses have over their counterparts is the ability to more easily create company cultures that make all employees feel part of the team. In fact, in this year’s survey, women ranked feeling like a family as the best part of working in a small business.
The benefits of greater flexibility
While working in a small business often comes with many perks, women listed flexible hours as the greatest perceived benefit. This was closely followed by feeling more valued and feeling that their contribution matters. These benefits help explain how an impressive 91% of all employees feel satisfied working in a small business.
However, 31% of female employees said that the main challenge of working in a small business instead of a large company is salary and benefits. Adding voluntary benefits such as dental, vision, accident, and critical illness plans is a proven way to not only help employees manage out-of-pocket medical costs but also improve satisfaction with benefits and employee retention.
Progress and commitment to pay equality
Seventy-eight percent of female small business employees believe they are paid equally compared to their male counterparts, and 73% think that the small business sector is successful regarding pay equality. Still, 48% of respondents, both men and women, acknowledge that there is still room for improvement. Overall, these advances indicate that the small business community is on the right track.
Source: StatePoint