Page 10 - IDC

6 The status of women in
CITY PRESS, 14 AUGUST, 2016
business corporate Africa

IN AFRICA...

5% of CEOs are women
22% of cabinet members are women
24% of parliamentarians are women n
29% of senior managers are women n
FERIAL HAFFAJEE POWER UP
news@citypress.co.za National 36% of promotions go to women
Assembly
ore women, more money. It has been Speaker 44% of senior women hold line management roles
proven around the world, and this Baleka Mbete
week it was our continent’s turn as (left) and WOMEN ON COMPANY BOARDS BY REGION
groundbreaking research revealed that Pulane
companies with more women on Kingston,
Mtheir boards and in the C-suites made executive 9% in north Africa
a better profit. director of 11% in west Africa
How much more? The McKinsey & Company report Sphere
says between 14% and 20% more than the industry 16% in east Africa
average on earnings before interest and tax. The figure 20% in southern Africa
is significant. How can we trust it? Information was
collected from 210 listed companies on 14 stock
exchanges across our continent. WOMEN SENIOR MANAGERS BY INDUSTRY
The stock exchanges represent more than 50% of the
continent’s population, more than 50% of the continent
and more than 60% of its gross domestic product, say 39%
the authors. It turns out that women in business
manage risk better, relate to their customers more Healthcare
authentically and understand the female consumer more and pharmaceuticals
instinctively. THE WOMAN
The report reminds readers that, “with respect to
consumer goods, for example, women directly influence 33%
70% to 80% of global spending”.
“Of course, a correlation between the proportion of Telecoms, media
women in senior positions and financial performance
does not necessarily imply a causation. However, female and technology
leaders with whom we have spoken emphasise how the
benefits of diversity extend to areas such as risk
management, decision-making and board dynamics – all IMPERATIVE 30%
of which can have an impact on financial performance.”
The leaders consulted in the course of the research
are a cumulative powerhouse of talent. Among the Financial and
South Africans are JSE CEO Nicky Newton-King, professional services
entrepreneurs Wendy Appelbaum and Jenna Clifford, Having women in top positions
and executives Penny Tlhabi and Pulane Kingston. A
Added to these are political leaders Geraldine Fraser- 29%
Moleketi (now with the African Development Bank) and increases company profitability
the speaker of the National Assembly, Baleka Mbete, project in Transporation,
who, when she is not squabbling with the Economic in Africa and globally, report shows
Freedom Fighters, is a renowned thinker on gender partnership logistics and tourism
power.
And the good news is that, stacked up against the rest with the
of the world, Africa is doing well when it comes to succeeded, it seems, largely through a Only one in three companies saw gender diversity in 38%
women in key and powerful roles on boards, and in combination of opportunity and drive, leadership as a business imperative, despite the clear
executive decision-making roles. For executives, the IDC rather than through a coordinated link to better earnings. Consumer goods
global average is 20%, whereas Africa’s is 23%. corporate effort to promote gender Sixteen years into the 21st century, women still work
The report finds: “Today’s female leaders have diversity.” double shifts: at work and at home as primary and retail
caregivers and homemakers.
And, in detailed interviews with women in business, 28%
How the IDC is minding the gender gap the following finding gives pause for thought: “...the
most important barrier is attitudes in the workplace that
result in women being treated differently from men”. Global energy and
Former Rand Merchant Bank CEO Sizwe Nxasana materials
ccess to finance in South Africa is not time, a significant number of women-owned attended the report’s launch this week and explained
equitable across race or gender, and African businesses across various sectors were assisted. this phenomenon using the example of “the office pizza
Awomen remain at the bottom of the pile. Close on 80% of the businesses were owned by at 11pm”.
The 2016 Global Entrepreneurship Monitor Report black women, and all were majority-owned by He explained that progression and being placed on
makes the discouraging finding that the gender gap women who were operationally involved in the the radar for promotion often required presence at odd 9%
is widening for female entrepreneurs. company. hours and participation in an intense work culture that
In 2014, eight women were engaged in early-stage Apart from direct funding, the IDC also committed meant if you were seen on deadline when the 11pm Heavy industry
entrepreneurship for every 10 male entrepreneurs – a noteworthy amount to the Women Private pizza was delivered, your stakes rose.
a figure that by 2015 had been reduced to six Equity Fund, which aims to address problems Working mothers often cannot do the late-pizza shift,
women for every 10 men. that female entrepreneurs face in accessing long drinking sessions or extended golf outings, and are WHY HAVE WOMEN ON YOUR BOARD?
Many studies have found that women face finance. thus penalised. This is how female representation on African companies'
greater difficulties in becoming entrepreneurs The IDC introduced targets for funding So men in the surveyed companies were far more boards makes a d ifference to the firms' E bit ( earnings
because they have more responsibility at women in 2015/16, which showed an likely to get promotions than women were – 64% of the before interest and tax) figures:
home, are less educated and have few IDC immediate effect with about R2.65 billion total, to be precise.
female business role models and fewer approved against a target of R600 million – This leads to significant “leakage” – the term used to Top q uarter:
business-orientated networks in their a significant improvement compared with describe how the pipeline of female managers got Female representation on boards: 31%
communities. research the R756 million of the previous financial smaller and smaller the further up the organisational How much better companies do compared
They are also short of capital and assets, year. hierarchy you go. with industry a verage: 20% b etter
have lower status in society and suffer from a Entrepreneurs who lack collateral – most Where lies hope?
culturally induced lack of assertiveness and black entrepreneurs and women – could boost A woman’s progress needs to be tied to an executive’s Second quarter:
confidence in their abilities. their chances of accessing and repaying loans if performance and therefore pay. The report’s authors Female representation on boards: 18%
This hurts everybody. they had the right business development support suggest that gender advancement forms part of the How much better companies do compared
The UN’s World Economic and Social Outlook such as training, focused advice and mentoring. executive key performance measures and that with industry a verage: 2% better
Report of 2015, undertaken by the International But few institutions recognise this and they offer ambassadors in a company own the accountability for
Labour Organisation, found that economies with little support. this. And because attitudes and bias still play such a Third quarter:
larger female labour forces are more resilient and Despite the BEE Act and related codes being clear large role, best practice at global companies is to go for Female representation on boards: 9%
have fewer economic growth slowdowns. about the need for women to benefit equally from blind recruiting, where you can’t see the race or gender How much worse companies do compared
Labour force participation by women is a powerful BEE, prevailing evidence shows that BEE has benefited of who is being interviewed. with industry a verage: 6% worse
anti-poverty device: a two-income household is far mainly men. The report concludes that: “Africa has made
less at risk than those reliant on one salary. For long-term change, women need role models, considerable strides in ensuring women are better Fourth quarter:
In 2008, the Industrial Development Corporation mentoring, access to a variety of business networks represented at senior levels in business and government. Female representation on boards: 0%
(IDC) set up a fund dedicated to addressing the gap and entrepreneurial aspiration. “Yet, if things are to change – really change – How much worse companies do compared
in financing for female entrepreneurs. They also need to challenge the notion that only organisations in both the private and government with industry a verage: 17% worse
It came to an end in March 2016. During this men can become entrepreneurs. spheres need to commit to transforming the way they
think and act.” Source: McKinsey ISABELLA M AAKE, Graphics24

HOW THEY MADE THEIR VOICES HEARD How women made
HOW THEY MADE THEIR VOICES HEARD
it in business

At least 35 leading women across Africa were interviewed
for the report. Here is what they said worked for them:
. A robust work ethic. Go above and beyond what is
expected.
. Persistence in achieving goals and willingness to
take risks. Set specific goals, work towards them and
then set new ones.
. Resilience. Cultivate a veneer of toughness, refuse
to take setbacks personally, have the courage to dissent.
. Commitment to professional development.
. Mentors, sponsors and peer networks. Build a
group of mentors and sponsors (men and women)
inside and outside the organisation as a forum for
honesty, feedback and self-reflection.
Does your company provide this?
DUDU MSOMI TEBOGO SKWAMBANE ZEONA JACOBS . Leadership-skills building
CEO at Busara Leadership Partners Partner at McKinsey & Company Director of corporate affairs and marketing at the JSE . Targets to boost women’s representation
. Flexible working hours
y grandma, Evelyn Linda Moloi, liked having me around am driven by the desire to have a positive impact on my was raised in a family of six daughters and one son, so . Formal mentoring
her, though she was not much of a talker. So I played I clients and the society I live in. leaning in was taught and expected. Leaning in refers to . Networking programmes
Malone and amused myself. When I was a child, I And as I’ve aged it’s become even more important to Itaking your space at the table and making your voice heard. . Improved maternity leave
spent most of my time reading, thinking and observing. Today I me to do everything with authenticity and always remain An example of this is my first job. I was six years old and . Working from home
spend a lot of time thinking about humanity and our world. true to my values. shared shifts behind the counter with older siblings in my . Infrastructure – for example, a crèche
My belief is that if you are an authentic person, you can have These all give me the strength to use my voice in the parents’ café in Eersterust, Pretoria. That environment was safe. . Initiatives to address attitudes towards women in
any conversation. By this, I mean you should know yourself. professional environment and elsewhere. However, the world of work I joined in the late 1980s was the workplace
Know your strengths. Know your shortcomings. Tough conversations become slightly easier for me if I racially segregated and generally hostile to black people. Source: Women Matter Africa, August 2016,
I am not always perfect. I do not know everything. So I am ensure that my intent is right; if I am clear on my After 1994, the values of equity and parity I learnt from my Mckinsey & Company
at peace with being challenged. objectives; if I assume positive intent on the other side; and parents helped me to navigate the challenges of corporate life
When I do or say something, I must have investigated as if I maintain respect for others in that conversation. more productively, from a gender, transformation and delivery
many perspectives as possible and deliver my message not with It doesn’t always go well. Sometimes the outcome isn’t results perspective. What drives my resolve is my strong need TALK TO US
malice, but from a place of compassion. as I would have wanted, but I would rather not regret to make a difference and my conscience does not allow me not
I walk into situations as prepared as I can be. I focus on having avoided it altogether. to lean in and have the difficult conversations. Do you agree with this list? What would you add?
what the role demands and do not overemphasise the fact that What has also helped me to have courageous conversations
I am a minority in a sea of males. I find that men are more is understanding the reason for the conversation and to project SMS us on 35697 using the keyword WOMEN and
receptive to a woman when she is open about her knowledge the outcome – this makes it easier to ensure that I am having let us know. Please include your name and province.
gaps as much as her gifts and talents. They also love to be the conversation for the right reason. I believe one can always SMSes cost R1.50
used as valuable assets and resources. find an outcome that is mutually beneficial.