Revolutionizing the World: Tapping into the Boundless Potential of Women Leaders

A few days ago, I had the honor of supporting Women on Boards Adria , an initiative led by Biljana Braithwaite and her outstanding team. They strive to promote gender equality at the decision-making level in the #Adria region, in line with the EU Women on Boards directive.

I hereby pledge to actively work towards achieving gender balance in all panels and discussions. I will champion the representation of women and seek inclusive discussions in every professional or academic event we organize or participate in. To honor this pledge, I will:

(1) Advocate for gender-diverse compositions on panels before accepting an invitation to speak and actively suggest the inclusion of women experts when recommending speakers.

(2) Emphasize the significance of gender inclusion when deciding whether to accept invitations to speak on panels.

(3) Magnify the voices of women by promoting their research and accomplishments.

(4) Hold organizers accountable by providing feedback or suggestions for improvement when necessary.

(5) Utilize influence and networks to encourage and support women's participation in essential discussions and decision-making processes.

The European Parliament has passed a law requiring publicly traded companies in the EU to have at least 40% of non-executive director posts or one-third of all director posts filled by women by July 2026. The Women on Boards Directive, first proposed in 2012, aims to increase gender diversity in leadership roles. European Women on Boards (EWOB) supports this initiative by providing a talent pool of qualified women and offering development programs for women seeking executive roles. The directive states that gender-based preference will only be given in the case of equally qualified candidates. Data shows that binding quotas have significantly increased women's representation on boards, but inclusion and leadership are also necessary for improved performance.

EWOB is a non-profit Brussels-based organization dedicated to increasing gender diversity in C-Suite and Board roles throughout #Europe. They support the European Commission 's directive for a minimum of 40% representation of each gender on boards by 2026. EWOB collaborates with national associations, EU institutions, and corporate partners. They prepare senior-level women for Board and C-Suite positions and conduct research on gender diversity at the decision-making level in Europe.

EWOB Board members include Hedwige Nuyens (Chair), Jitka Schmiedová and Maria Sipil? (Vice-Chairs), Kristen Anderson (CEO), Robert Baker (Board Strategist in D&I), Nelson Dordelly Rosales , Iwona Kozera , Nadine Nembach , Cristina Maria Piai , Yelly Weidenaar (Board Directors), and Toyin Bakare (Board Apprentice).

Most Adria countries are still outside the EU, so the Women on Boards Directive does not apply directly. This fact makes the Women on Boards Adria's initiative, including the "Gender Diverse Panels for Inclusive Discussions" pledge, vitally important.

According to the United Nations , as of January 2023, women are still underrepresented in political and public life, crucial for achieving Sustainable Development Goals by 2030. A World Economic Forum 2022 Global Gender Gap Report states that between 2017 and 2022, women's share of senior and leadership roles globally increased steadily, reaching 42.7% gender parity in 2022. To close gender gaps in leadership, it is essential to address the disparity between overall female representation and leadership representation in various industries.

Recent studies conducted during the Covid-19 crisis indicate that women might be better leaders during a crisis. Women were rated more positively on 13 of the 19 competencies in an assessment that measured overall leadership effectiveness. The direct reports of female leaders displayed significantly higher employee engagement scores compared to those working for male leaders.

Female leaders were found to express greater awareness of the fears and concerns their followers might be feeling, along with the well-being of their team and confidence in their plans. These traits were more often displayed by female leaders.

In conclusion, the evidence suggests that women might be better leaders during a crisis due to their higher ratings on critical competencies, increased employee engagement, and stronger interpersonal skills.

If there was ever a time when the Adria region and the world needed more women in leadership positions, it is now. The Adria and Balkans region has faced numerous challenges, and it is time to unlock the potential of women to drive change and progress.

In the Adria and Balkans region:

1. Increasing women's labor force participation and entrepreneurship could boost Western Balkan GDP by up to 20%, while 5% of GDP loss is attributed to the gap in women's participation as entrepreneurs.
2. Greater women's leadership in politics and the economy could stimulate innovation and growth.
3. Higher women's representation could lead to improved quality of governance.
4. More women in top management positions could result in sustained profitable growth.

However, several barriers persist:

1. Only 27.5% of business owners in the region are women, primarily operating in smaller, non-capital-intensive, and low-income sectors.
2. The share of women in STEM occupations is only 14% due to gender stereotypes, pay gaps, and gender bias.
3. Women in the Western Balkans perform three times more unpaid work than men and account for almost 80% of workers in low-paid care sectors.
4. While 40% of the total employed in the Western Balkans are women, more than 23% of them hold insecure jobs.
5. Only 14.2% of companies top managers are female, and although nearly half of all public administration employees are women, they are mostly concentrated in lower-paid branches.

Recommended actions to address these issues include increasing women's access to finance and business training, promoting STEM education for girls and women, recognizing and redistributing unpaid work, investing in the care economy, ensuring equal opportunities and treatment in employment, and transforming public and private sectors to deliver gender equality.

In the digital market, in Western Balkan countries, women comprise more than 40% of university graduates in STEM fields, but this does not translate into significant labor participation in technology sectors. In Albania, for example, women represent 60.4% of higher education graduates, but only 3.3% of female graduates completed their studies in ICT, compared to 10.2% of men.

The Western Balkans has low female labor force participation, with women's employment rate at 45%, compared to 65% for men. This is partly due to women being concentrated in low-paying sectors while men dominate better-paying STEM fields. Factors contributing to this situation include the region's late initiation of mass education for women, domestic and non-domestic abuse, and the lack of incentives to shift care work responsibilities away from women.

The region's GDP could be 20% higher if women participated in the labor market at the same level as men, while 5% of GDP loss is attributed to the gap in women's participation as entrepreneurs. To address this, governments in the Western Balkans should improve women's access to finance, support ownership rights, provide free legal aid, and equip women with digital and technical skills. The underrepresentation of women in politics hinders the implementation of laws that promote women's economic opportunities, reflecting both longstanding patriarchal norms and modern barriers in education, employment, and society.

Addressing these issues is essential for empowering women in the Western Balkans and enabling them to be independent changemakers. By promoting gender equality and tapping into the boundless potential of women leaders, we can revolutionize not only the Adria region but the world as well.

If not now, when?

If not women, who?