Clarence Nethengwe | Managing Director | Mass and Foundation Cluster | Old Mutual | mail me |
A world in which women thrive is a better world. Although gender inequality remains rife globally, significant strides are being made on one of society’s most influential platforms: the boardrooms of big businesses.
There is consensus that change in workplaces in Africa and around the world generally start at the top, at board level.
Women’s ability to be agents of enormous positive change and progress is widely recognised in business today. Many research studies show that the benefits of gender diversity, particularly at management level, are far-ranging, from better employee retention and greater creativity, innovation, and openness to enhanced overall company reputations.
The International Labour Organisation (ILO) reports that Africa’s gender-diverse companies are challenging ancient patriarchal prejudices and standing out as icons of productivity and performance.
I lead an executive leadership team that comprises 71% women. There’s no doubt that women in leadership boost workplace wellbeing and overall business growth.
A few years ago, we made building a more diverse top leadership team a key priority, and the huge gender transformation we have undergone as a team has helped drive up our customer satisfaction levels and other metrics. In this regard we have been guided by the environmental, social and governance (ESG) frameworks that forward-looking companies adopted.
Unleashing the power of women entrepreneurs
Like the efforts to make companies more diverse overall, efforts to remove the systemic financial barriers that face women entrepreneurs require real commitment from business leaders and governments.
Improving access to financing is vital to unlock the economic potential of women entrepreneurship across the continent, but it is only part of the mission to empower women. Business support and mentorship need to be provided alongside financial support to help overcome the long-standing exclusion and discrimination that women have suffered.
The more access women have to financial services (including credit, insurance, and investment), the better for our economy and our society. According to the United Nations, increased inclusion and gender equality will boost at least six of the Agenda 2030 Sustainable Development Goals (SDGs), including eradicating poverty and hunger, promoting good health and wellbeing, and generating economic growth and more jobs.
Women play a pivotal role in shaping the future, and our economy as well as our entire society benefit when women are financially fit.
We are proud to be a driver and influencer at boardroom level as well as at grassroots level. Through both our executive ranks and initiatives such as the Masisizane Fund and SMEgo, which provide funding and support to women-owned enterprises, among others, we are making essential transformation happen.
Striving for workplace equality
Alongside the leaps of progress outlined above, present employment policies and practices need to be critically examined by all employers.
Among the most vital HR considerations are:
- The achievement of equal pay for work of equal value.
- The prevention and elimination of harassment in the workplace.
- The creation of a work-life balance for both women and men.
The reality is that regardless of legislation that may be in place to drive workplace equality, no laws can succeed without proactive action and major shifts in the hearts and minds of men as well as women.
