Companies that value and invest in the development of female talent are 45% more likely to report improved market share, according to worldwide research conducted by PwC.
There is therefore a strong business case to be made for more diverse representation in the boardroom and the move towards gender equality in the workplace.
In South Africa, several businesses are actively working towards ensuring that more women are represented in corporate leadership, but there is still much work to be done.
This is the message that Tonia Pavlou, deputy chief financial officer at RCS, has for the South African corporate community. She says: “Gender imbalances in the workplace are characteristic of civil society in South Africa and indeed, the world. The closer we get to the boardroom, the greater the inequality gap becomes. This is particularly true of the financial sector, which is largely male dominated. Turning the tide against this reality is going to take a concerted and collective effort by public and private sector players.”
The South African state of affairs in terms of gender representation at executive level is most accurately captured by the top 40 JSE-listed companies, of which only four have female CEOs.
“According to Stats SA, women make up 50% of South Africa’s working age population, but only fill 38% of ‘manager’ and ‘professional’ posts. Beyond that, a 2018 study highlighted that a South African woman’s median monthly earnings were 76% of that of her male counterpart – and this was before the pandemic, which worsened the gender pay gap globally,” Pavlou elaborates.
Not only do women possess qualities that allow them to be effective in their roles within the workplace, but there is a very compelling case to be made for the fact that, “investing in women empowerment is also good for business”.
The World Economic Forum estimates that economic gender parity could increase GDP by US$5.3 trillion by 2025. Consider what this could mean for South Africa’s economic growth, where women entrepreneurs play such a critical role in the development of the SME sector. Not only that, a more inclusive workforce makes us a stronger country in terms of tackling both domestic and global challenges.
On sharing her advice for aspiring women business leaders, Pavlou believes Eleanor Roosevelt said it best when she said: “You must do the things you think you cannot do.”
“Throughout my career I have been aware of the statistics for women in business,” says Pavlou. “I am also acutely aware that any one person has the power to be stronger than a statistic. If you have clarity on what it is that you want for yourself and you put in the work to get there, you will be able to access the opportunities that come up along your journey. Opportunities will be there. Do not hold yourself back from seizing them.”
The notion of gender equality in the workplace, and in particular, in corporate leadership is not an obscure and idealistic concept – there are a number of practical steps that businesses can take towards more equitable representation.
Drawing from her experience at RCS, Pavlou provides the following tips for corporates who endeavour to work towards equality in the workplace: “Prioritise management development for staff using an inclusive policy, close the gender pay gap across all departments including the C-Suite, establish a mentorship programme at work where both women and men actively mentor each other and openly share their perspectives, and incorporate skills-based assessments in the recruitment process that go beyond technical and strategic skills. These are measures that can be implemented cost-effectively and at a grassroots level.”