For women in leadership positions, it’s only half the battle won
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The past few years have brought about a radical global shift in how business is done. As more emphasis is placed on environmental, social and governance frameworks in the industry, we have seen a positive change in how women participate in the workforce.
According to the World Federation of Exchanges’ Annual Sustainability Survey 2022, gender equality was the sustainable development goal with the highest engagement among global stock exchanges. However, the survey conceded that, on average, only 20.9 percent of the exchanges’ boards were women in 2021. As encouraging as the progress has been, there is still much work to be done to realize the untapped potential women can bring to businesses.
In today’s fast-paced global economic landscape, there is immense pressure on women in business to be well-versed in fundamental topics in private wealth, corporate structuring, capital markets and international regulatory requirements.
Women have largely risen to the occasion and met these standards. Still, without the proper reward and recognition for these efforts, there is a serious risk of losing these potential leaders.
According to a report by McKinsey & Company titled Women in the Workplace 2021, one in three women say they have considered downshifting their careers or leaving the workforce this year, compared to one in four who said this a few months into the pandemic. The report also highlighted how burnout disproportionately affected women, with 42 percent saying they were often or almost always burned out in 2021, compared to 35 percent of men.
There must also be a transparent and fair path for promotion to retain talent and further drive more women into leadership positions. Unfortunately, a recent McKinsey report suggests that women lose the most ground at the first step, with only 86 women getting promoted for every 100 men.
An integral part of the solution is providing women with a voice to share their experiences and perspectives in wealth management and, more broadly, across sectors and regions.
The GCC has made great strides recently in empowering women to excel in the workplace, with the workforce participation rate of women increasing from 30 percent in 1990 to 40 percent in 2019, according to PwC’s MENA Women in Work Survey 2022.
However, like the rest of the world, women are still facing challenges when it comes to progressing in their careers. The more concerning data from PwC’s survey reveals that 86 percent of women believe they have the skills and experience to progress to the next level of their career, but only 67 percent think they can rise as far as they want with their current employer.
Furthermore, the role of women in family-owned businesses, which continue to be the mainstay of GCC economies, remains of profound significance.
Concerns relating to succession planning, impact investment, voting rights, divorce and governance, all with an eye on ensuring the sustainable development of family businesses and private wealth, have all been high on the agenda. And while these issues are not exclusive to women, their approach to solving them may provide a fresh perspective, emphasizing long-term planning, communication, dispute prevention, and sustainable and equitable growth.
While there are undoubtedly promising signs that businesses are trying to provide a more inclusive work environment, it is important not to rest on our laurels.
By fostering an environment where women can ask essential questions, explore opportunities and support other women to lead the process of wealth management structuring and strategic positioning, we can ensure that the steady march of progress will continue.
• An Kelles is director for GCC at Jersey Finance.
