WOMEN TO THE FORE: BE AN AGENT OF CHANGE
COMPANIES that employ gender-diversity in the workforce especially in leadership roles stand a chance to outperform their competitors when it comes to profitability and better return on investment.
According to a Mckinsey research Delivering through Diversity report, it showed that companies with the most gender-diverse executive teams were 21% more likely to be more profitable and 27% more likely to outperform competitors on the returns they make on their investments.
Meanwhile, a BCG Diversity and Innovation survey revealed that companies with more diverse leadership teams report 45% of their revenue comes from innovation, compared with 26% for less diverse leadership teams.
While there may be a slew of reasons as to why inclusivity breeds profitability, one high possibility is that women leaders bring to the table different sets of skills, perspectives, and effect structural and cultural differences that drive effective solutions.
According to Aneesha Veriah who is Rabin & Associates partner and Invest Selangor Woman Entrepreneur of The Year 2018: “Women are making strides in business, according to The Economist’s glass-ceiling index.
“The share of women on corporate boards is rising in most places. So too is the number of female bosses driving Fortune 500 companies.”
In 2021, 8.1% of Fortune 500 CEOS were women, but this ratio has grown to 14.8% in March of 2022. Even with this progression, there are still calls for greater gender equality while enhancing the need to close the gender wage gap as there is still a fundamental lack of women at the helm of businesses.
On local shores women are traditionally under-represented on company boards, with only 27.4% female board members last year.
Institute of Chartered Accountants in England and Wales (ICAEW)’S prominent members are making headway in the business sphere and are pushing for inclusivity.
KPMG Malaysia senior audit manager Lim Yin Wen worked with leaders who advocate and have moved mountains to close the gender gap at KPMG Malaysia opined that when faced with unequal treatment, one should call out such mistreatment, albeit politely.
Lim feels that it is important to be aware and acknowledge that our workplace and society are still filled with unconscious gender biases, which exclude women from equal opportunities.
“Because not everyone has the ability or voice to stand up for themselves, it is important for us who witness or are in a position of power to step up and call out the inequality. While we stand on the shoulders of gender equality activist giants before us, there is still much work to be done.”
ICAEW member and director at KPMG Malaysia Ong Shu Wen concurs with Lim, adding that a shift is happening and reports herself fortunate to not have personally experienced the glass ceiling in her career, perhaps a positive sign of the changing times.
“To embrace diversity and inclusion, we must first be sensitive and aware of the biases that exist.
“Awareness is key for us to be more conscious in our own thought process and ultimately in the actions we make in breaking the bias,” she said.
The modern women are challenged to realise their potential, and for those who are successful, they have a direct route to success.
What’s more, once they have reached the top, their capabilities and abilities are undeniable.
PWC Malaysia partner and head of finance and operations Molly Wong opined that leadership is essential to the successful implementation of inclusivity.
“I have been fortunate to work with inspiring leaders who recognise my achievements and advocate for me. Be bold, speak up and find your advocates. There is no glass ceiling on the journey of excellence.”
Bridging the gap is made even more attainable thanks to efforts such as the ICAEW 10-year strategy to up inclusion as a central principle.
Since the world’s first woman chartered accountant Mary Harris Smith joined ICAEW over a century ago, the professional organisation has been providing resources, guidance and programmes to its members and students on women in finance, in business, and on bridging the gender gap.
For instance, the ICAEW Women in Leadership programme promotes a strong personal development focus and seeks to refine and craft an individual’s leadership style to better deal with challenges and biases.
There are many routes to acquire an ICAEW qualification locally. Whether it is starting the professional qualification after secondary school, or benefitting from exemptions toward the qualification during or after acquiring an accounting or relevant degree in Malaysia or overseas, students have the choice to choose their preferred pathway and train to be chartered accountants.
For more information, call 03-2171 6022 or email malaysia@icaew. com. Or, join the ICAEW diversity and inclusion community at www. icaew.com/groups-and-networks/ communities/join-diversitycommunity, where membership for selected ICAEW communities is free and open to everyone, including NON-ICAEW members.