Pursuing gender balance is one of those small hiring changes that translates into enormous benefits. Beyond the virtue of gender equality, companies that diversify show greater efficiency, innovation and cold hard profit. It’s not a lofty goal – it’s smart strategizing.

Deeper Talent Pool

No manager would consciously slash their talent pool in half. The instant you start leveling the playing field, you broaden options and have a better chance of securing top talent.

Improved Performance

Men and women bring different viewpoints and psychological strengths to the table, and those viewpoints working together will create different personal synergies. A study by the Kellogg School of Management found that heterogeneous workgroups consistently out-perform homogenous ones [1].

Diversifying Leadership Styles

Just as you improve your problem-solving styles, you will also improve your leadership choices. Women often form leadership techniques very different from that of men. Having more management options allows you to harness the perfect fit for different teams.

Widening Your Customer Base

In order to appeal to more potential customers, your product development needs to incorporate different perspectives. Having your development teams mirror your customer base only makes sense.

A Better Bottom Line

The proof is in the numbers. One Gallop study found that across two industries, gender-balanced businesses improve their revenue by 16.5 percent above average compared to just 4.91 percent for unbalanced businesses [2]. Another study by Pepperdine University found that Fortune 500 companies that promote more women to executive management are 18 percent to 69 percent more profitable than their counterparts [3].

Smart Execution

Remember that regardless of gender, performance and skill should remain your top priorities. After all, women that feel they were hired because they are women will not be happy. Cultivate a business culture that is gender-neutral, motivating men and women to form working relationships and pursue goals equally. Your hiring strategy should encourage gender balance without disregarding merit.

Gender balance does not mean putting any one gender at the forefront. You are looking to balance the scales, hiring, and encourage and promote both genders equally. It is a smart choice for both your business and society as a whole.

[1] http://insight.kellogg.northwestern.edu/article/better_decisions_through_diversity

[2] http://businessjournal.gallup.com/content/166220/business-benefits-gender-diversity.aspx

[3] http://www.psmag.com/navigation/business-economics/profit-thy-name-is-woman-3920/