In 1994, complete political transformation happened in South Africa at the breathtaking rate of a revolution. In the 30 years since, it feels as though it’s been a long, persistent struggle to achieve even a small amount of the social and economic change the country needs.
This includes the imperative for gender equity and parity in the workplace. While the needle has undeniably moved towards gender equity, parity – where women and men make equal contributions across all dimensions of life – remains elusive.
This sluggish pace of closing the gender gap is, of course, not a uniquely South African problem. According to the World Economic Forum’s (WEF) Global Gender Gap 2024 report, if global companies continue at their current pace of transformation, we will see gender parity in 2158. That means our daughters and granddaughters will live and die, denied their fair shot at the C-suite roles.
It’s arguable that the most significant sector where we need to see an accelerated pace of gender equity and parity is financial services. Having worked as an executive search specialist exclusively in the industry over the past three decades, I have witnessed change that gives me hope, but we still have far to go.
Today, there is a more profound understanding in the industry of the benefits of gender diversity and inclusion. This awareness extends beyond compliance with Employment Equity laws; it is becoming foundational to acknowledge the real value women bring to leadership in driving business innovation, growth, profitability and sustainability. The shift from viewing gender equity as a social justice issue to seeing it also as an economic imperative, holds promise as a driver of accelerated transformation.
Women in financial services are also empowering themselves and other women by creating robust platforms and communities within their companies and across the industry. These efforts have become far more cohesive, widespread and far-reaching; therefore, more impactful. There are much more effective and expansive support systems for women in the industry, making quality support, experience-sharing, and advice more accessible to more women. This is crucial to the success of the younger generation women entering the industry, and for those who will be our next-generation women leaders.
Continuing the journey toward gender equity
Despite progress, significant challenges remain in transforming financial services from a male-dominated sector. While overt gender bias has diminished, second-generation gender bias persists, making women feel excluded and discouraged from pursuing careers in financial services.
Balancing work and family responsibilities is also crucial for gender equity. Workplaces should not expect women to juggle duties more than men. Programmes supporting women's return to work after career breaks are also essential. Currently, women returning to work face significant barriers, leading to their exclusion and negatively affecting gender parity. To attract and retain women, especially younger generations who prioritise social justice, companies must develop authentic Employee Value Propositions (EVPs) that explicitly support gender equity. This includes taking a firm stance against second-generation gender bias and ensuring women feel like they belong.
Striving for gender parity in leadership
Achieving gender parity in leadership roles remains a challenge in financial services. There is a high demand for female talent, particularly black female talent, yet finding enough candidates to meet clients’ needs is an ongoing challenge. Addressing this shortage requires a concentrated effort at the grassroots level to attract girls and young women to the financial services industry by showcasing the exciting and fulfilling career paths available.
While many organisations offer bursaries to women entering the industry, more needs to be done at school and university levels to introduce financial services to girls and ignite their interest in fields such as Fund Management. While the complexity of the financial services industry can be daunting, it offers a thrilling and ever-challenging career for the curious mind. By providing education that demystifies the industry and highlights its rewards, we can attract more girls and young women, showing them the exciting and fulfilling career paths available in financial services.
The evolving context for women leaders
From a personal perspective, as I navigated my journey as a young woman entrepreneur, my aspiration to be an inspiring leader and role model was dampened by disappointment and unexpected challenges. I developed coping strategies, particularly regarding trust, which eventually led me slightly off course. Recognising the need for change, through trial and error, I embraced shared decision-making, openly shared my personal journey, and connected on a personal level to truly understand more than just the person who came to work. I also created a space where my team felt safe to fail and be their authentic selves. This empowered them and helped me build genuine relationships within the team. These experiences have shaped my understanding of the critical role women leaders play today.
As role models, mentors, and guides for the younger generations entering and navigating our workplaces, we must embrace our vulnerability and authenticity to truly connect with the younger women we work with. This means being willing and able to have real, non-judgmental conversations about things that matter to them. Meaningful chats over coffee or lunch, understanding their career aspirations, and recognising the obstacles they face are essential for building true connections. They will still face many of the same challenges. Like us, they don’t have the benefits of belonging to old boy’s school networks. They will need the support of women in leadership to help them gain access to connections and assignments that can boost their career development. They are likely to be hindered by second-generation gender bias and will benefit from the wisdom and advice of those who navigated a more overt version of this.
Women in business coming together across generational and other lines to collaborate, to insist on gender transformation, and to advocate for greatly accelerated gender equity and gender parity can become a powerful, transformational force.
AUTHOR
Phryne Williams
Founder and CEO
Capital Assignments