Gender Equality is no doubt a touchy topic to raise. But what is your company doing to establish and continue achieving gender diversity?
In Singapore, women have always been an important part of the workforce – however, more can be done to justify this. According to a recent Index of Women’s Advancement by MasterCard, women are still being overshadowed by their male counterparts when it comes to receiving higher management job opportunities despite holding the same, if not higher, qualifications than men.
Many studies have shown that both private and public organisations have benefitted from having more female leaders. This is evidenced by the fact that companies boasting a larger female presence on the leadership board outperform their male-dominated counterparts. As such, more companies are shifting towards the perspective that it is imperative to integrate talented women into leadership structures in order to boost growth and innovation.
According to the Mastercard survey, which gathered responses from 16 Asia Pacific markets, women holding tertiary education qualifications outnumber men in 10 markets. Despite these findings, it has found that women in many APAC markets are trailing behind in terms of securing leadership roles. Out of these 16, New Zealand has the best standard of gender equality, while Singapore is ranked fourth.
Although there are plenty of opportunities for women to pursue higher education, opportunities are not so prevalent when they seek employment. Few women are making inroads into the corporate world, a situation that was highlighted in the Global Entrepreneurship Monitor (GEM) 2012 Women’s Report. Factors which deter the progression of women include poor self-assessment of capabilities and fear of failure.
So, how does an organisation go about ensuring that they establish and continue to achieve gender diversity? Here are some points to ponder on:
Start From the Top
C-level executives of top companies should not only preach about gender diversity – they should walk the talk. Naturally, employees look up to their bosses as role models, and this is why people in authority should truly practice what they claim to believe. Meritocracy should always underpin new hire and promotion practices, not gender status.
Adopt an Open Mindset
For many performing companies, a work environment comprising capable women has already been cultivated for decades. Some companies started young – for instance, Aetna, a multi-billion insurance company from the US, hired their first female officer in 1926. It was no doubt a big, daring move as women in the workforce were hardly commonplace back then. Its openness paved the way for many more women to join the company thereafter, and today Aetna is a Fortune 100 company.
Take Effort to Create a Gender-Balanced Workforce
Some countries, such as Norway, have taken to legislating quotas to create a gender-balanced workforce. In France, a law was passed in 2011 to reserve 40 per cent of board seats for women by 2017. In Singapore, although no similar law has been passed, the Monetary Authority of Singapore has revised the Code of Corporate Governance and included a gender diversity aspect for the first time. Under the SGX Listing Rules, listed companies will need to comply with the guideline or give an explanation in their company's Annual Report should they deviate from the guideline.
When it comes to creating a balanced workplace, be it through promoting gender diversity or nurturing a multi-generational office environment, awareness programmes and laws alone aren’t enough. While they may provide an initial jolt, enthusiasm will wane and old habits will resurface. Thus, values can only last if they are lived by every day by the leadership body and inculcated in their own employees.
