By Leanne Emery Hunter, COO at YES
They’re driving change. They’re improving diversity, creativity and innovation in our workplaces. They’re breaking gender equality barriers, and forging new paths that are benefiting business, society and our entire economy. The young women of South Africa are ready to transform our nation – and all they need is the chance to prove it.
There’s no doubt that having more women in the workplace is good for business. An IBM study suggests that companies that prioritise the advancement of women grow their revenues by up to 61% more than their competitors, and 60% say they are more innovative. Firms with more women in senior positions are more profitable, more socially responsible, and provide safer, higher-quality customer experiences.
Women account for half of the world's population and have serious purchasing power. In fact, research shows that women drive the majority of consumer spending through a combination of buying power and influence. This means that they have unmatched insights into product development, and the technologies and services that our markets need. Female input into the new technologies, products and services that are shaping our world is critical.
Problem is, we’re not getting enough women into the workforce right now. World Bank data suggests that globally, women are far less likely to work, or even seek work, than men. In sub-Saharan Africa, it’s estimated that 74.1% of men participate in the labour force, compared to 62.9% of women. In South Africa, 47% of women are economically inactive. This means that almost half of our working age women are out of the labour force, compared to 35.6% of men.
Our challenge is that we need diversity, equity and inclusion in every sector, in every business and at every level. But in Africa, only 35 out of 581 listed companies with revenues exceeding $100-million, or a market cap of over $150-million, have women CEOs.
Millions of young South African women dream of being a CEO. But right now, they’ll settle for a job. Any job. So, what can we as leaders do to empower our vast potential of women, who are waiting to make a difference?