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Miles to go before she sleeps....

27 Jan 2019

The conversation about paving the way for more women in business and leadership roles is getting louder but what of the ground reality? Is it fair that women should be promoted to leadership positions because of their gender? Is our private sector doing enough to create a critical mass of women leaders? Choosing a woman as a representative of her gender alone may obliterate the true value she brings to the table. Instead, a woman elevated to a board must have the capability and knowledge to contribute meaningfully; to push the right agenda and to make her voice heard. That’s why meritocracy is as important as gender equality: It is an insult to the women themselves if they are only appointed for the sake of their gender. In an ideal world, they should be personalities worthy of being directors, who just happen to be women. In the current scenario, women directors sometimes serve as figureheads that enable a company to overcome the nuisance of propriety. This is particularly so in a South Asian context – in India, a mandatory quota of at least one woman on each board reportedly resulted in a series of token appointments of family members merely to fulfill the criteria. One of the reasons therein was India’s high number of listed companies that remained in family control – this is true of Sri Lanka too. It cannot be denied that that many board seats are occupied by women of privilege – those well within their comfort zones dealing with board-level personnel because they’ve grown up among the business elite. That is indeed their right and their privilege. However, what makes them worthy examples of female leadership will be the ways in which they choose to use their position to inspire other women, to promote the value of women’s voices and representation, and to champion the woman worker’s rights. Why bring in female workers’ rights into a discussion about board-level female representation? Because a precursor to grooming women into leadership positions is ensuring that they survive the world of work. UN Women has named the key barriers to women’s effective participation in Sri Lanka’s private sector as the perceived lack of skills, family constraints, security issues, work location, and maternity benefits – irrespective of the occupation they choose. These then are the immediate issues the private sector must address to keep women in employment. While our education system supports parity and equal opportunity for the girl and boy child, in the world of work, women tend to have low workforce participation, leading to higher female unemployment; even from among those that do start work, the dropout rates are high. Our politics are an even worse reflection. We are proud to claim that we produced the first female prime minister the world has seen, but the current Parliament has just over 5% female participation; and so many of those in politics today have followed their dynastic families’ footsteps instead of launching on it as a brand new career choice. While a 25% quota was introduced for female candidates at the last local government election, that quota has done little to create a political culture where women’s voices are heard and has given rise to a new wave of female politicians at the grassroots. Aspiring female politicians still have to negotiate rough and epidemic patriarchy and a culture of violence that makes their participation unsustainable. In this #MeToo era, it really is time the entire private sector took note of the rampant sexual harassment that exists at all levels of work. Elimination can only begin with the acceptance that it exists and that it creates an offensive environment for women to work in. From the snide comments and lewd jokes about a woman’s dress or looks or weight to the more sinister touches, gestures, suggestive messages, sexual favours, and blackmail, we’ve all noted but chosen to ignore plenty of instances of harassment within our organisations. It is in our power to prevent such toxic practices and create a workplace where women can thrive and give of their best. The only way to achieve critical mass is to groom the right kind of female leaders who are capable of ascending to C-level positions and board seats because of their outstanding expertise and management qualities. To do that, we must first create the right conditions to retain talented women in employment by offering flexible work arrangements, effective role modelling and mentorship, and supportive organisation policies. Then, it is important to identify women of potential and groom them not just in their specific skills and chosen career paths but also to understand a balance sheet, to know how value is created and depleted, and to appreciate the greater responsibilities of business. An IFC study of companies listed on the Colombo Stock Exchange found that as of late 2017, female representation on our boards stood at just over 8%. To compare, women make up 20% of European boards while in the United States, the top 3,000 publicly traded companies reported an 18% female board representation last year. Take a good look at Sri Lanka’s top corporate boards though and it’s abundantly clear that the real power continues to reside with the males. The greater challenge then is that we understand and appreciate the intrinsic value a woman brings to a board. Women are naturally multitaskers, and are considered more compassionate while their problem solving skills originate from a different lens to that of men. Multiple studies have shown that women on boards lead to better considered strategies, greater balance in board decisions, better governance, and better diligence. It is unimaginable how many exclusively male boards run companies whose end users or the purchase decision makers are female. The same is true of some companies where the majority of employees are females. Imagine the value of the unique insight a woman director can bring to such companies? Diversity only leads to better insights and more innovative thinking and ultimately growing stakeholder value. While gender alone should not qualify someone as suitable and capable, it is time to purposefully clear the paths for women in business to aspire to their true potential. And it’s time to stop mocking the ambitious and capable woman that dares to climb the ladder and shatter that glass ceiling. She holds the torch for an entire generation and the change she fights for may be gradual, but it’s a change that must come.


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