Ongoing global events have shown that women are increasingly making the leap forward, breaking barriers and instinctively realising their need to unite, rise up together and redefine parity in leadership and representation in the coming decade. Optimistic, enabling and progressive, this decade seems far more hopeful from the ones that have for years pushed women to the peripherals of our economy.
This narrative is not just about embedding equal gender rights, but creating a better world by leveraging cognitive diversity, experience and knowledge. Organisations today are not just looking for inclusion in its literal sense, but because it makes strong business sense to do so. Women’s importance in the growth of our economy has a pivotal role to play in the way consumers are attracted and retained, even giving us a lesson or two into their decision-making process.
A 2019 survey by catalyst.org showed that 29% of women now hold senior management roles on a global level, making it the highest number ever on record. It also showed how (as of 2019) 87% of global businesses have at least one woman in a senior management role. Not surprisingly, data also pointed to the fact that 43% of human resources directors were women compared to 17% of sales directors and 16% of CIOs.
A recent report by Bursa Malaysia and 30% Club Malaysia showed that as of Q42019, women formed 26.4% of board positions (254 out of 849 board positions) in the Top 100 companies listed on the KLSE and around 16.3% (1,965 out of 6,551 board positions) across all public listed companies. Overall, 156 out of 959 companies in Malaysia were reported to have more than 30% of women on their boards.
This increased participation is not because disparity has become non-existent or miracles have smashed those glass ceilings. There are a good many drivers and determiners that add to this labour force participation. Corporations, regulators and government bodies are focusing on having the right people for the right role and picking talents from a wider talent pool. They are also serious about their tone of voice and hiring practices when it comes to equal representation of the communities they serve. In Malaysia, women’s role in the C-suite has come a long way since 2015 thanks to continuous efforts by 30% Club Malaysia, which primarily advocates for diversity across boards.
A gradual shift in perceptions of society and the representation of consumer segments are challenging businesses to think beyond revenue and more in terms of product development and sustainability. A 2018 HBR report on gender states how having more women in the workforce helped “make cities more productive and increased wages”. It’s also transforming the skills portfolio where an increasing number of women are taking up roles that were earlier considered a man’s domain: surgeons, scientists, heavy-vehicle drivers, coders and even, presidents!
Last year’s World Economic Forum article written by its Managing Director Saadia Zahidi reports that over the past 50 years, 68 of the 153 countries that were surveyed in its latest report were said to have had a female head of state. The presence of women in powerful positions inarguably defines the way society looks at women in the country as well, replicating similar roles of power to women in businesses, healthcare, education and even families, where the patriarchy still holds root.