Mind the Gender Pay Gap: Why Women Should Consider Franchising

31/03/2018 17:50 | Start a business

Gender pay gap - why women should consider franchising

The pressure is on businesses to disclose how much they pay their employees by gender. Under new legislation, businesses with over 250 employees are legally required to publish their gender pay gap. The deadline is 4th April 2018, while the public sector must announce their figures by 30th March 2018.

The reason for this legislation is to understand what the gender pay gap is. This is the disparity between the average wages that men and women receive. Although having a gender pay gap isn't against the law, failing to share the figure publically by the deadline is. Businesses are also urged to prepare an action plan if they have a significant gap, to demonstrate how they plan to tackle the issue.

The Equality and Human Rights Commission who is collating the data has stated that it will be hitting businesses that dont comply with the pay gap legislation with unlimited fines.

Initial figures show that, unsurprisingly, most firms pay men more than women. In fact, over three-quarters of companies that have published their figures have a gender pay gap. In comparison, approximately 14% pay women more on average than men, while 8% said they have no pay gap at all.

What are women doing to overcome the gender pay gap?

More is being done than ever before to address the issue of lack of equality in the workplace, but unfortunately, there is no quick fix. Some women have decided to take things into their own hands and are choosing to invest in franchise companies to progress their career.

This is likely to be the main reason why the number of female franchisees has been steadily increasing over the last couple of years. Women get to be their own boss and progress their career without encountering any of the obstacles that can come as part of being an employee.

Also, the best franchise opportunities give women the much-needed flexibility they crave once theyve had children. Many employees understand that both women (and men) may need to work non-standard hours to achieve a work/life balance, but many are still slow to make changes. Whereas, some of the most popular franchises offer the opportunity for women to work from home or run their business on a part-time basis.

With franchising, women get to benefit from being part of established franchise companies that have been tried and tested along with the freedom and flexibility of being a business owner. This means that female entrepreneurs no longer have to choose between their career or their family; they can now have both.

Three reasons why the most popular franchises are looking to recruit female franchisees

Franchising doesnt just work for women, but hiring female franchisees also works for franchisors too. Although not exclusive to women, many of the skills and attributes that make a great franchisee are often demonstrated by women. Here are just three reasons why the best franchise opportunities are ideally suited for female entrepreneurs.

1. Organisation skills

Owning and operating a busy franchise can be tough at times and requires exceptional time management and organisation skills. Franchisees need to wear several hats at once and take responsibility for several diverse tasks throughout the day. The day isn't just busy; it can be long too. Trying to find the right balance between work and home life means that time has to be managed efficiently to make sure everything gets done.

And its not just hearsay that women are better at multi-tasking. Scientists have proven that women are less affected by interference when performing tasks. This makes the ability to juggle the different roles and responsibilities of being a franchisee second nature to women.

2. Persistence

The great thing about franchise companies is that if franchisees are faced with any challenges or problems, they can consult their franchisor for help. Payment of the ongoing royalty fees means that franchisees effectively pay for guidance, training and support as and when it's needed.

As well as the advice that the franchisor can offer, the best franchise opportunities encourage their franchisees to act as a support network for each other. There is bound to be a more experienced franchisee that has been there, done it and can offer help during tough times.

But even with all of the support that franchising offers, there will still be tough times when running a franchise. Just as with any other business, there will be days that make franchisees want to give up and pursue a less stressful career.

And it's predominantly women that can keep going when the going gets tough. Whether it's having experience of overcoming barriers in other areas of life or from being able to negotiate with a stubborn toddler; women are well versed at being persistent.

3. Conforming to rules

To become a franchisee is to follow a system. This isnt for everyone but adhering to a business format with proven success is what franchisees pay for. Those who have a strong entrepreneurial spirit with a desire to innovate tend to be more suited to starting an independent business rather than investing in a franchise opportunity.

But why reinvent the wheel when theres no need to? Resourceful women embrace the fact that there are many benefits of franchising which can outweigh the advantages of starting a business from scratch.

Perhaps the most significant attraction of franchising for women is the training that's provided once the franchise agreement is signed. For many females, business and leadership skills may be new to them due to lack of career opportunities outside of franchising to learn these skills. The fact that the franchisor teaches women all they need to know to run a profitable business is a massive advantage conforming to the rules is a small price to pay in return.

So, if youre a woman who is disillusioned with businesses paying their female talent less than the males; franchising could be your chance to take control of your career and your future.

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