Pro Mujer Inc.

07/02/2024 | Press release | Distributed by Public on 07/02/2024 11:57

Women in Leadership Positions: A Pending Debt

Women in Leadership Positions: A Pending Debt

The Barbie movie, a box office hit in 2023, highlighted gender inequalities, parodying male leadership at Mattel with a board of directors exclusively made up of men. However, it is not just a cinematic portrayal, it reflects reality in many organizations in our region.

There is concrete evidence, currently, women participate 22% less than men in the labor market,and only 15% of the companies in the region are led by a woman. Therefore, it is essential to ask, What opportunities exist for more women to reach leadership positions? What innovative practices can drive gender parity within organizations?

To address these questions, we brought together a panel of leaders that included Silvia Tenazinha, general manager at Salesforce; Isela Costantini, CEO & board member at Grupo Financiero GST; Wanda Weigert, executive director at Globant; and Liza Guzmán, board member of BancoSol, who joined Carmen Correa, CEO of Pro Mujer, and raised their voices in support of women and their rights.

"In Latin America, only 15% of companies have a woman in a leadership position, and only 4% of CEO positions are held by women. We're quite behind and still have a long way to go." These were Carmen Correa'sopening remarks.

This gap and blockage of professional aspirations could be associated with norms that are differentiated by gender, prejudices, biases, or discrimination. Isela Costantinihighlighted the well-known metaphor of the "glass ceiling,"referring to those invisible barriers that prevent women from advancing in their professional careers and reaching executive or higher responsibility positions.

In line with this, Silvia Tenazinha referred to the "sticky floor,"which refers to the difficulties women have compared to men in leaving more precarious, temporary, and poorly paid jobs to move up in the labor market. "The sticky floor is the one that doesn't allow us to say, 'I can.' We shouldn't censor ourselves; we should go for it."

We could think it's the gender roles, sheltered by patriarchal social structures, the factors that construct the glass ceiling and the sticky floor. This can be easily seen inthe care of the home and family, functions, and responsibilities that, even today, are attributed to women,which leads to them being the ones who end up abandoning their professional dreams to take care of their children or dependent relatives.

"I believe that pregnancy is a pivotal moment in a woman's life. The moment when the duality between a career and being a mother crops up. That vocation cannot be put aside because of a mandate or a temporary situation […] to have the power to be able to choose and to be the owner of one's agenda,"said Isela.

Women allocate more than half of their working time to unpaid work, while in some countries men do not allocate even a third(ECLAC), which not only determines the lower activity of women in the paid labor market but also the search for employment options with more flexible conditions.

Years ago, Globant recognized this need and laid the ground: "We had to help the women who are mothers: To stay at home if they needed to, to provide flexibility, to support them to be able to return to work. That's how we started to generate a little more awareness and inclusion,"explained Wanda Weigert.

Committed to building an inclusive and equitable work environment, Globanthas promoted female empowerment through initiatives such as the "Women That Build"award, which seeks to recognize and position women leaders in the industry, inspiring others to follow in their footsteps. They also have the "She Leads"program, which provides high-potential women with the opportunity to be mentored by the company's directors. This program accompanies them in their professional development, offering opportunities and advice for their growth.

Finally, Carmen Correa asked the panelists why we should invest in and bet on women. "Without a doubt, it is not only morally correct but there is also a business, a profitability associated with this diversity that allows the inclusion of women in all aspects of life,"stated the CEO of Pro Mujer.

The data backs this up: According to McKinsey reports, companies with diverse executive teams are 21% more likely to outperform the rest of the market.Women are not only a valuable talent that companies cannot ignore, but they are also the main consumers and decision-makers in the current market. In the words of Silvia Tenazinha, "in Argentina, 80% of purchasing decisions are made by a woman (…), and in 63% of households, it's the woman who has the higher income. She is the head of the family."

"If we leave by the side half of the population, we are basically losing an enormous amount of value,"highlighted Wanda, advocating that diversity, as a whole, is key to the development of innovative products and services that meet the needs of an increasingly diverse and complex society.

With firm steps, women continue to forge their path in leadership roles. Inspirational women leaders like Carmen, Silvia, Isela, Wanda, and Liza continue to demonstrate that a greater presence of women in leadership positions is associated with higher return on equity, greater profitability, lower incidence of fraud, and better risk management, inviting organizations to adopt inclusive and diverse policies that bring us closer to the fair and prosperous future we desire.

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