Recalibrating the Status Quo

In an exclusive tete-a-tete with #peopleandmanagement magazine (Oct-Nov 2017 issue). Said the very same words that #IvankaTrump quoted yesterday “Gender diversity is critical for inclusive economic growth & the fastest way to generate accelerated GDP growth.” 

As we transition from the industrialization era into the services era, more and more organizations have started to focus on gender parity, inclusion and talent diversity in order to drive innovation, creativity and garner that much needed competitive edge. A recent Credit Suisse report stated that companies with greater gender diversity in the senior cadre reflect higher valuations, greater returns on equity, better stock performance, and higher payouts of dividends. Gender diversity is also critical for inclusive economic growth and the fastest way to generate accelerated GDP growth. While the intent of government policies, legislations passed and corporate announcements to this effect seem genuine enough, much work still needs to be done to make rapid strides in this area.

Women certainly want to rise to the top, but they don’t want to give up every other constituent of their lives to achieve it. In many societies, women are still expected to shoulder most of the burden of child-rearing and household management tasks, which can limit their ambitions and career options. Balance is critical for a woman. Given the fact that many women today are single parents, independently running their homes, or value adding to the household income, it is imperative for companies to wake up to the trials faced by women everywhere and empathize with their multi-role challenges to offer competitive wages and excellent benefits that will support them in their future life choices and help drive the big picture inclusion agenda.

Flexi timing is an important yardstick by which women choose to join or quit companies. This allows women to adjust their schedules, without a price being paid, for the many curve balls that life throws at them such as an ailing parent, children’s school hours, attending parent teacher days and more. Companies that allow flexibility showcase a progressive side and are viewed by potential employees as an advanced company that focuses on performance, and not on the hours punched in at the office, therein makes employees feel more appreciated, respected and content with their employer. However, it is important to note here that if a company offers flexible arrangements it’s critical that there is no stigma associated with taking advantage of these work arrangements, so as to avoid further gender bias and backlash from their male co-workers.

Unfortunately, pay parity does not exist globally even today. An important factor that contributes to this wage gap is the gender leadership gap. Women have been shut out for too long from positions of power, which automatically shut them out from higher incomes and financial stability. Even today, most women do not initiate wage negotiations, and when they do, they ask for less than their male counterparts. This could be happening because when women break stereotypes and do the unimaginable by initiating aggressive wage negotiations they “pay a higher price in the long run” than men for doing so. Given this global malady, along with transparent hiring and promotion practices, companies must focus on pay equity through transparent pay scales and by finding ways around the “men negotiate and women do not” dilemma.

Role models matter, so organizations that are earnest about recruiting talented women to grow their business must ensure that their management team includes strong women leaders. The modern woman expects far more from their career than any of her previous generations. Millennials openly state that career advancement is the most attractive trait in choosing a company, while the least attractive trait is the lack of growth opportunities. Companies that have formal career progression plans will have better luck at attracting employees and keeping them motivated and committed. Aspiring candidates and mid-level female employees need to gauge their career paths within the company, and if men seem to dominate the Boardroom, women are less likely to believe that their efforts will translate into a successful career growth within that company. Many women who are eager to take on larger, more powerful roles at office lack inner confidence. By training such women to develop an executive presence in terms of charisma and communication, organizations can create a larger base of women who can be propelled into a wide range of high-gambit and high-visibility corporate situations. Organizations that have robust policies in place which ensure training, global exposure, mentorship programs and tangible career growth within, see a greater percentage of female workers joining and being retained for a longer period. A company that showcases a critical mass of powerful women across the cadre creates a climate of comfort for new women joinees, which in turn creates an upward positive cycle of female growth and empowerment within the system.

Simply showcasing a few female leaders in the C-Suite to comply with Government legislations is self defeating to the cause. Women staff must feel empowered enough to become a vital part of shaping the corporate culture. Companies must ensure that women have an equal say in all matters pertaining to the policies and culture, and that their views are given a fair ear when taking key corporate decisions.

Drawing in a talented female workforce also requires creating and nurturing a corporate culture that openly denounces persecution of any sort. While many companies have policies against gender discrimination and sexual harassment, creating a culture that fully embraces equality goes much beyond having a policy manual or showcasing a few edifying films on discrimination. Management must actively expunge prejudice and associated harassment in all forms from the workplace. This involves educating employees about subconscious biases and the associated maladaptive consequences. Training must be consistent and customized in such a manner that men will finally be able to identify with and recognize the challenges faced by women, and the female staff must also be trained to ensure that they don’t censure or exclude men as a result of ‘ignorant bias’.

An interesting technique of retaining good female talent is the concept of the “Stay Interview.” Rather than collecting the exit interview from an employee on the way out, companies must have an in-depth dialogue with talented female employees who may be at perceived risk of leaving to pre-empt and better understand how to accommodate, retain and empower them.

Attracting and retaining top-notch female talent can bring countless benefits to companies, including an enhanced talent pool, a more engaged leadership team, greater job satisfaction and unmatched company loyalty. Purging barriers to female empowerment via training, mentorship, growth opportunities and flexi arrangements that respect a woman’s needs, along with a vast range of family-friendly benefits will help companies achieve incredible targets in the years ahead. After all, you can’t have a profitable commerce if you overlook 50% of the world population.

#sangeetachacko #bridgesandbarriers