International Womens Day 2024

“Diversity drives innovation – when we limit who can contribute, we in turn limit what problems we can solve.”?

It’s a popular quote by US entrepreneur, computer scientist and former CEO Telle Whitney and it rings true for our retail sector here in Australia.??

In the bustling corridors of retail, where human interaction meets the ever-evolving demands of consumers, the representation of women in executive roles remains not just an area for improvement but a glaring need for transformative action.?

Beyond the positive impact that more inclusive workplaces have on the people who work in them, the business case for diversity is clear – it encourages diversity of thought that drives innovation, reduces risk, opens new segments in the national candidate pool and helps to build a loyal, productive workforce.?

As we acknowledge International Women's Day (IWD 2024), the conversation around gender equality in the corporate world has never been more pertinent or charged with potential.?

According to the Workplace Gender Equality Agency (WGEA), women make up 56% of the retail work force – and over index in frontline roles, particularly casual roles.?

Around 75% of discretionary spending is made by women.??

Despite this, women only occupy 29% of board positions with Australian retailers and just 14% of our sector is led by female CEOs.????

Our sector has a 13.7% pay gap between men and women in similar roles, and whilst not as bad as some other industries, it is one of the contributing factors to women retiring with superannuation savings 23% lower than men.?

This disconnect not only undermines our values of equality and diversity but also represents a missed opportunity to harness the full potential of our talent pool.?

There are of course great examples of progress being made to meet these challenges. Including the incoming Woolworths CEO, women will be at the helm of our two largest retail employer groups, Coles and Woolworths.??

We have a female industry president at the Australian Retailers Association (ARA) and notably there are women at the helm of many other significant Australian employer groups such as Officeworks, IKEA, Amazon, Craveable brands, KFC and many retail leaders.??

Despite these examples, retail’s progress has been slow.??

The upper echelons of our industry remain predominantly male. This is not just a matter of fairness or equality – we must address this imbalance to harness the full potential of our sector and the people who work in it.?

Our members are taking steps to address this imbalance, with 40% of retail workers now employed by organisations that have signed up to our position statement for gender equality that puts leadership front and centre.??

That’s because the retail landscape, with its unique challenges and opportunities, demands leadership that mirrors the diversity of its customer base.??

Solving gender inequality in leadership builds a vital foundation for broader diversity but the barriers to female leadership in retail are complex and multifaceted, including unconscious bias, lack of flexible work arrangements, and a shortage of mentorship and development opportunities specifically tailored to women.??

To tackle these issues, we need a multifaceted approach that goes beyond token gestures and addresses root causes of inequity. Industry needs to work with government, unions and other key stakeholders if we are to truly make a difference.???

It calls for mentorship programs that empower women to ascend through the ranks, for transparent hiring practices that prioritise diversity, and for a revaluation of workplace cultures to ensure they support, rather than hinder, the progress of women.?

The ARA is in its third year of a partnership with Chief Executive Women (CEW) to offer a scholarship for an emerging female leader in retail to study at the Harvard Business School in Boston, and we hope to see similar initiatives rolled out by others.??

We also need to challenge unconscious biases and strengthen our policies in relation to workplace sexual discrimination and harassment.???

We’d also like to see retailers adopt a 40:40:20 gender mix in boards and executive teams, with an aspirational target that 50% of director and leadership positions should be filled by women by 2030.?

And, at a time where we are focused on the gender pay gap, we have to acknowledge the important work that is still ahead of us in terms of addressing pay inequity and financial security for women working in our sector.?

In essence, solving the gender diversity puzzle requires us to not only talk the talk, but walk the walk.??

As we mark IWD 2024, let us use this moment not just to celebrate the achievements of women in retail but to recommit ourselves to the hard work of building pathways for their advancement.??

The retail industry has experienced seismic shifts over the past few decades, with the explosive rise of e-commerce, changing consumer behaviours, and the growing importance of sustainability and ethical practices.??

Now, we are being challenged to keep pace with community’s changing expectations in the area of inclusion.?

This is not just a matter of social justice but a strategic imperative for the future of retail. The inclusion of more women in executive roles is a step towards a more vibrant, innovative, and inclusive retail industry and society.?

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