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Experts estimate that the scenario will change in favor of women by 2027 where 30% board seats will belong to businesswomen.<br><br>This journey can be faster and be achieved by 2020 if following 2 mechanisms pop into action.<br><br> <br><br>Accelerated Conversion – Doubles the proportion of new board seats taken by women<br><br>Accelerated Turnover – Turnover of existing board seats could increase making way for women<br><br> <br><br>Worldwide there have been small but significant steps to boost women representation at executive level.<br><br>The new Canadian Prime Minister Justin Trudeau created country’s first cabinet with equal numbers of men and women.<br><br>Malaysia and Germany have been marching ahead to achieve 30% women on boards by end of 2016.<br><br>Norway, France and Spain having adopted the quota mandate, are already pioneering the women leadership trend with impressive numbers ranging between 35%-40%.<br><br>US is steadily working on a national campaign called 2020, to attain modest goal of 20% women directors by 2020 (Source: Catalyst).<br><br>Companies need to make conscious effort to boost performance through board diversity and ensuring female participation for executive roles.<br><br>The investors, instead of waiting for quotas and mandates can put positive pressure on companies to have gender balanced boards.<br><br>Lastly, governments should plan certain incentives for mixed executive boards, as they are known to generate higher productivity and return on assets that ultimately strengthen the global economy.
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Top 6 Perks of Having Women Leaders for Top Executive Seats –A move that is paying off huge
In financially stressful situations, the consensus – building abilities of women leaders comes to rescue, helping the companies cope and perform better
Several rating agencies and investment funds use the extent of ‘Gender Diversity Reputation’ as one of the investment criteria
Women drive approximately 70% purchase decisions by the consumers in European Union and 80% of them in United States
In fact, the opportunity cost for all male-boards in US, UK and India combined stood at a staggering US $655 billion. They were clearly outperformed by gender diverse boards.
Though the perks are a clear testimony to the fact that women leaders at board level ensue business profits, the adoption of idea is still lagging due to mindset challenges.
Challenge #1 – Women at top are generally entrusted with non-executive roles. Very few are in-charge of key positions that actually matter
Challenge #2 – Quota system of ensuring minimum percentage of female board members has met with criticism from multiple quarters
Things that hinder success of quota system include – Lower Percentage earmarked for women leaders, no stringent guidelines and in some cases appointment of under qualified female candidates due to quota pressure
Challenge #3 – Existence of the “Golden Skirts” phenomenon where a single woman occupies multiple board seats due to dearth of required competent talent or due to government mandate. This has been looked down upon by industry experts
Challenge #4 – Annual Pay of women has just begun to equal the amount men were earning 10 years ago. Disparity in income for male and female candidates is present across jobs and sectors. This sometimes acts as a discouragement for business women to take up higher responsibilities
Challenge #5 – Corporate notion held by many male counterparts that female entrepreneurs cannot do justice to their roles owing to familial responsibilities
These challenges deter the momentum of women leadership gaining ground at the board level. However, industry experts be- lieve the scenario is sure to change as more women led success stories come to the forefront.
This journey can be completed faster with the 30% goal being achieved by 2020 if following 2 mechanisms are considered:Ac- celerated Conversion – Doubles the proportion of new board seats taken by womenAccelerated Turnover -Turnover of existing board seats could increase making way for women
