At the recent KSI World Women Economic and Business Summit event, it became evident that Malaysia faces significant challenges in achieving workforce participation and leadership representation for women, despite their constituting nearly half of the population. With a gender gap persisting in the workforce, underrepresentation in leadership positions, and a scarcity of women-owned businesses, it is imperative to address these disparities head-on.
Within this dynamic and ever-evolving landscape of Malaysia’s workforce, tech companies have emerged as visionary leaders, spearheading a powerful movement towards empowerment and inclusivity. These companies have embraced the profound importance of cultivating thriving workplace cultures that transcend traditional gender disparities. Driven by unwavering determination, they are revolutionising the professional landscape for women and reshaping the narrative of gender equality in Malaysia.
The current situation
According to the Malaysian Department of Statistics, women constitute 48 per cent of the population. However, the gender disparity in the workforce persists, with males accounting for 78 per cent of the workforce and women accounting for 51 per cent.
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Furthermore, while women make up 52 per cent of university graduates, they are underrepresented in leadership and senior management positions. Women hold only 15 per cent of board seats globally; however, Malaysia outperforms the average with 22 per cent. Nonetheless, this falls short of Europe’s aim of 30 per cent or more.
A study by SME Corp Malaysia revealed that women-owned businesses account for just 20 per cent of micro- and nano-SMEs, despite comprising 97.4 per cent of all businesses in the country. It is clear that women’s potential is not fully realised in the entrepreneurial realm as well.
The need for change
Promoting gender equality in the workplace is not only an issue of fairness but also an economic necessity. Closing the gender gap in labour force participation could contribute significantly to an increase in global GDP. According to the World Bank, eliminating these gaps could boost long-run GDP by up to 20 per cent, resulting in a US$5-6 trillion rise in yearly GDP.
Even in countries like the United States, where women make up over half of the workforce, severe gender disparity continues, resulting in huge economic costs. Increasing women’s workplace equality might add US$2 trillion to the US economy over the next decade.
Contrary to the myth that more women working would crowd out men, evidence suggests that increased female labour force participation brings about greater innovation and economic growth. Studies have shown that companies with more gender-balanced leadership teams outperform their counterparts, demonstrating the importance of diversity and inclusion.
Tech companies: Paving the change
Tech companies in Malaysia have been at the forefront of advancing women’s leadership and championing diversity, inclusion, and equality. Digital companies have shown significant progress, as evidenced by data from Juwai IQI, which indicates that 55 per cent of corporate roles and almost 40 per cent of the agent force are occupied by women.
Moreover, these companies have demonstrated a commitment to equal pay. One contributing factor to their success in fostering diversity and inclusion is the presence of a younger workforce that is more attuned to the importance of gender equality and is driving positive change within their organisations.
The impact of the pandemic
The COVID-19 pandemic has disproportionately affected women in the workforce. Many women have experienced burnout, isolation, and setbacks in their career development. Addressing these challenges requires concerted efforts to create an inclusive and supportive work environment that caters to the specific needs of women, including flexible work arrangements, adequate support systems, and opportunities for professional growth.
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Steps to create a thriving workplace culture
To foster a workplace culture that empowers women, multiple strategies must be implemented.
- Bringing back women who left the workforce: It is essential to provide re-entry programmes, flexible work arrangements, and childcare support to enable women to return to their careers after taking family-related breaks. These initiatives can help women regain their professional footing while balancing their family responsibilities.
- Building a strong pipeline of young women: Encouraging young women to pursue careers in traditionally male-dominated fields through mentorship programmes, scholarships, and awareness campaigns can help dismantle gender stereotypes and expand opportunities for women.
- Retaining women for the long term: Creating a supportive work environment that values diversity and inclusion is vital for retaining women. This involves promoting work-life balance, offering development and growth opportunities, and implementing policies that address gender bias and discrimination.
- Promoting women to leadership positions: Companies should implement gender diversity initiatives, including targeted leadership development programmes, mentoring, and sponsorship opportunities for women. It is crucial to identify and address the barriers that hinder women’s advancement into leadership roles, such as unconscious bias, a lack of representation, and limited access to networks. By actively promoting and empowering women, organisations can create a leadership landscape that reflects the diversity of their workforce and unlocks the full potential of their talent pool.
In conclusion, developing a healthy workplace culture that supports women is not only the right thing to do, but it is also a strategic imperative for Malaysia. The country can generate economic growth, innovation, and social progress by harnessing the skills, expertise, and capabilities of women.
Malaysia can position itself as a beacon of gender equality and inclusivity by narrowing gender inequalities in labour force participation, enhancing representation in leadership roles, and promoting women-owned companies. It is time to embrace change, create an environment that recognises women’s achievements, and envision a future in which all individuals, regardless of gender, can thrive and succeed.
Together, let us build a more inclusive and equitable Malaysia. By empowering women, breaking down barriers, and fostering a supportive and diverse workplace culture, we can unlock the untapped potential of women and create a brighter future for all.
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