Women hired to take companies forward
Businesses with female leaders made 15% more profit than non-diverse teams
IN SOUTH Africa, only 2.2% of JSE-listed companies are led by a female chief executive. This is despite the fact that a 2016 study of 22 000 companies worldwide showed that businesses with women leaders (30%) made 15% more profit than those with non-diverse leadership teams. The finance sector is no exception.
However, at Santam, its chief executive, Lize Lambretch, hired women in positions of authority to take the company forward.
Here, they share their views on what needs to be done to transform the finance industry.
Vanessa Otto-Mentz, head of the group strategy unit
Create an enabling environment for everyone: I believe we still have too few women in high-paying and senior roles in the financial services industry and in South Africa in general. To change this, we need to start with the education of girls and the mentoring of women at home and in the workplace. All genders need to be deemed as equal at work. Notice the focus on the plural here – genders – it’s not just about men and women, but about making space for everyone, no matter their birth sex, chosen gender or sexual orientation. To do this, we need a strong legal framework. But the work that is needed for real progress is personal and subtle:
Senior leaders need to guide and support tomorrow’s leaders. We need to raise awareness of the importance of diversity in catalysing creativity in aVuca (volatility, uncertainty, complexity and ambiguity) world.
Every individual must pursue self-development and seek the help they need, rather than sitting back and waiting to be spotted
Self-reflect on stereotypes: Often women leaders are subjected to a double standard: if you’re too friendly and collaborative, you’re weak; if you’re decisive and driven, you’re bossy. That’s a no-win position. We have to let go of old leadership stereotypes to widen the scope to get the leaders we need for the 21st century challenges we face.
Ray-Ann Sedres, head of transformation
Transform the whole value chain: to bring about real change, we know this needs to be transformed, across all key stakeholders in the business – from our staff, suppliers and business partners to the greater community – which requires lots of teamwork and consolidation.
Ultimately, you have to commit to a transformation agenda across every sector of the business and the greater network of systems you operate in. That way, the transformation is amplified, bringing about benefits for the country at large.
Promote, then provide support: South African legislation supports us in our mission to invest in equity from a race and gender perspective, which allows us to be a bit more binary in providing opportunities. This means that if a woman has the capabilities but not necessarily the experience, she’s often given the chance to prove herself. Importantly, she’s also never left to do this alone.
All too often, women are promoted and then receive little in the way of support. It’s vital women leaders are given continuous constructive feedback, along with ongoing mentorship.
Let talent fly: importantly, talent development needs to be a live, dynamic process that creates sponsored learning and growth opportunities across the organisation and with senior stakeholders in the industry at large.
I don’t think talent development should happen in isolation.
I believe we should not think of talent management as a dam, but as a river.
People should be encouraged to gain a wealth of experience both within the organisation and in other organisations. This way, we build a better-skilled South Africa and support economic growth and talent mobility.
The aim is to build an enabling environment that high-performing talent will want to come back to.
Takalani Tshibalo, broker services support manager
Diversify a board for big benefits: collectively, I think South African businesses are beginning to appreciate that women are competent and talented.
The more we enforce this in our organisations, the more we’ll see the gap closing in our country.
From our experiences, we know that having more women on a team improves organisational effectiveness.
And a diverse team comprising multiple perspectives is the best way to secure longterm growth and sustainability. – Staff Reporter