Navigating Gender Equality: Intentional Strategies for Corporates
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Chapter 1: The Gender Equality Dilemma
The investment banking sector has long been associated with gender bias, often characterized as a "boys' club." In a world that increasingly recognizes the importance of bridging gender gaps, this industry is making strides to alter that perception.
With talent being scarce, especially among millennials and newer generations, companies are compelled to ensure they are appealing to all demographics. Women constitute nearly half of the global population, and exclusion is not an option. Today, they are more outspoken than ever, refusing to accept the inequalities that have persisted for too long.
However, my twelve years in the corporate world reveal a persistent issue: well-meaning intentions often lead to ineffective execution.
Where are companies missing the mark? Gender equality must be pursued deliberately rather than enforced.
We have reached a point where mere good intentions can no longer suffice. The long history of inequity towards women necessitates meaningful reparations. Yet, these reparations should not be mere handouts; they require thoughtful policies and diligent implementation.
Unfortunately, many organizations confuse "deliberate" actions with "forced" initiatives, resulting in the latter.
Section 1.1: Hiring vs. Fostering Talent
The most straightforward avenue for achieving gender equality is during the hiring process for entry-level positions. Most firms recognize this and typically hire equally across genders when recruiting fresh graduates. This approach solves the immediate issue of representation from the outset.
However, the real challenge arises at mid and senior levels, where many companies experience significant turnover. Life events such as motherhood often shift priorities, leading some women to leave or be overlooked in favor of equally or less qualified men who have a partner managing domestic responsibilities.
According to McKinsey's 2023 Women in the Workplace report, while women make up 48% of entry-level employees, this figure plummets to 28% at the C-suite level. The situation is even bleaker for CEOs, with only about 10% of Fortune 500 companies led by women.
The issue lies not in hiring women but in retaining them.
My wife and I recently relocated to India from Hong Kong, where we both held mid to senior roles in investment banking. I chose to step back to be a stay-at-home dad, while my wife expressed her desire to balance her career with family life. Surprisingly, her boss was supportive, offering her a flexible remote work arrangement that allowed her to maintain her role while prioritizing family, despite company policies to the contrary.
This scenario exemplifies intentional gender equality—taking proactive steps to retain valuable talent, particularly women who often juggle professional and personal responsibilities.
Section 1.2: Realizing Effective Policies
The HR policies of many companies often appear to be uniform and lack genuine engagement. The crux of success lies in the implementation and sincere efforts to make policies work.
Organizations can take tangible steps to foster a more inclusive environment.
- Educate and Empower Managers: Employees typically interact most with their managers, making it essential that these leaders are aware of the diverse needs within their teams. A supportive manager can significantly influence employee retention.
- Policy Awareness: Simply including menstruation leave in policy documents is insufficient; managers must understand their team's varying requirements.
- Integrate Returning Mothers: Hiring initiatives that focus on women returning from maternity leave are only effective if the workplace culture and management practices support seamless integration.
- Promote Based on Merit: Elevating women into leadership roles must be perceived as a deserved recognition of their capabilities rather than a quota-based promotion.
True transformation occurs when an organization’s culture is fundamentally aligned with gender equality. Such change requires time and begins with a clear intention followed by meticulous and collaborative execution.
Chapter 2: The Role of Corporate Culture
The first video titled "Diversity, Equity, and Inclusion Isn't What You Think" by Christie Lindor offers fresh insights into the complexities of fostering a truly inclusive workplace.
The second video titled "Planned Obsolescence Will Kill Us All" examines the long-term consequences of neglecting sustainable practices, which can also be related to corporate responsibility in fostering equality.