In its report Inspiring Female Entrepreneurs, the CIPD said "urgent action" is needed to stem the leaking talent pipeline that could hinder growth.
The report found that UK GDP could be boosted by 10% by 2030 if there were as many female entrepreneurs as male entrepreneurs.
However, the number of female entrepreneurs is on the rise, according to the report. In May 2013 there were 1.25 million women in self-employment, 19% higher than in 2008.
The report also showed there are more than 2.4 million unemployed women who want to work.
CIPD public policy adviser Dianah Worman said employers need to broaden their talent pools and ensure they do not lose out on the skills, energy and passion women can bring to the workplace."
Key drivers
The research found the key drivers that motivate women to set up their own are the desire for more autonomy and the need for greater work-life balance.
It also found more women would be motivated to start a business if they had access to advice with quality guidance on financial business planning, franchising, up-skilling and training.
Naomi Timperley, co-director of Enterprise Lab and director of Social Media Boom, said: "Women are increasingly savvy at recognising and tapping into emerging trends but there needs to be greater guidance out there for enterprising and creative women."
