Despite the sustained focus on gender diversity in the workplace, encompassing fair remuneration and representation, the progress remains frustratingly slow.
The World Economic Forum’s 2024 Global Gender Gap Report, released last month, starkly reveals that closing the gender wage gap will take another 134 years, underscoring a profound indictment on women’s rights.
Globally, women continue to lag behind men across various sectors and economies. Although they represent 42% of the global labour force, they hold a mere 32% of senior leadership positions. In today’s corporate landscape, achieving gender balance is a pressing challenge.
While awareness around diversity is growing, translating intent into action often eludes many organisations. A critical area where this change can be accelerated is by appointing women into vacant leadership roles, underpinned by robust succession planning that grooms and supports female candidates.
Effective succession planning is essential in promoting gender diversity. We cannot simply accept that it will take over a century for women to stand on equal footing with men. Organisations must prioritise succession planning that actively elevates women into leadership positions, ensuring that transformation is more than just a policy on paper.
The WEF report highlights the global gender disparity, but the situation in South Africa is equally concerning. According to a 2022 PwC report, only seven of the JSE Top 100 companies were led by female CEOs. Across all JSE-listed companies, female representation among CEOs and CFOs stood at 8% and 22%, respectively, with women making up only 15% of the executive population.
In the political arena things are faring no better, as women’s representation in the Pan-African Parliament is a mere 26% in 2024. This is particularly troubling given the importance of policy decisions impacting women and children.
Rwanda leads the continent with 61% female representation in parliament, while Nigeria lags with less than 4%. South Africa, though comparatively better, still falls short with 45% representation.
South Africa deserves credit for the attention it places on gender equality. However, as we move on from Women’s Month – particularly Women’s Day on August 9 – leaders and companies must reflect on the transition from merely discussing the importance of gender diversity to implementing pragmatic solutions that drive real change.
Many women face career stagnation due to inadequate succession planning, unconscious bias, and life events. Therefore, organisations must devise strategies beyond mere policy statements and actively foster transformation.
This transformation can be achieved by proactively identifying female leaders and high-potential female talent, creating clear pathways for their ascent to top roles, and equipping them with the necessary skills and knowledge. Organisations must initiate this process early.
Waiting until an executive announces their departure is a common yet flawed practice. Organisations should start identifying potential successors well in advance. Women are drawn to workplaces where they feel heard, championed, and offered equal opportunities. Organisations must be vocal about their commitment to attract and retain top female talent – both in policy and in practice.
By underscoring that effective succession planning for gender diversity is not just about filling vacancies; it’s about shaping the future leadership landscape. As we celebrate Women’s Month, we must reflect on our progress and the challenges that persist.
While strides have been made, we cannot afford complacency. Instead, we must move beyond ticking boxes and strategically catalyse deep and lasting change.
Dr Linda Meyer is leadership expert and managing director at IIE Rosebank College