Pictured — The Women of the South Australian Business Chamber — International Women’s Day Luncheon
While March brings a massive tourism focus to our state, in the business community it’s the chance for women leaders to bathe in the spotlight, anchored by the events of International Women’s Day (IWD) on March 8. This date has spawned a week of activity that grows exponentially every year. Our IWD the South Australian Business Chamber luncheon was attended by more than 700 people and sold-out weeks beforehand.
It is important at this time to recognise our many women business leaders; however, it should also be the catalyst to act on issues affecting women in the workplace such as gender equality, gender pay gaps and gender bias.
It seems strange that in 2023 these are still issues, but the data tells us while progress has been made, there is much more to be done.
According to the Workplace Gender Equality Agency’s 2020 – 21 survey, women hold 17.6% of chair positions, 31.2% of directorships and represent 19.4% of CEOs and 34.5% of key management personnel. 22.3% of boards and governing bodies have no female directors. Only 0.6% have no men.
There is more to equalizing these numbers than just meeting quotas. Studies by groups such as Deloitte Access Economics have shown that increasing the number of women in corporate leadership positions is likely to significantly increase financial returns to a business.
I’ve seen this firsthand. I sit on Boards that are helmed by strong female leaders and at the South Australian Business Chamber, report to a female chair, while our leadership team comprises four women and three men.
For employers, it’s equally important to understand what visible gender equality does for your brand. Businesses are struggling to attract and retain people in a competitive marketplace operating at full employment. Here is an opportunity to make your workplace more desirable, while improving performance. Given women make up 50.7% of the population and around 47% of the workforce, it’s a competitive advantage for simply doing the right thing.
A workplace culture that embraces gender equality will typically offer flexible work arrangements — for men and women — and reflect modern society’s view that men should share parenting responsibilities. Australian Bureau of Statistics data shows 95% of primary parental leave (outside of the public-sector) is taken by women. They spend almost three times as much time taking care of children, compared to men. Add the fact that women account for 68% of primary carers for the elderly and disabled, and it’s obvious who is doing the heavy lifting. For this to transition, employers need to create an environment to facilitate the change.
Equality in remuneration remains a sticking point. The national gender pay gap is 15.3% and has hovered between 15 – 19% for decades. In South Australia, this number is closer to 7%, but this is as much to do with the make up of our key industries than a progressive attitude.
The way ahead is not all in the hands of business. Government policy around childcare and early learning is crucial, as is the continued appointment of female ministers to key cabinet positions. As the largest employer in our state, the public service must also lead by example.
As International Women’s Day 2023 passes, let’s shift the attention from the worthy success stories to addressing the imbalance — for the other 364 days of the year.
Originally published in The Advertiser — South Australian Business Journal on Tuesday 21 March 2023.
