South Asia is facing a wake-up call as it follows the world in its efforts to bridge the gender gap, one expert told CNBC.
The World Economic Forum predicts that it could now take 195 years to achieve gender equality in the region – 59 years more than the global average.
Businesses have a big responsibility to bridge the gap, Sharmini Wainwright, senior managing director of recruitment agency Michael Page Australia, told CNBC.
“It may be a good waking moment here,” Wainwright said Thursday.
India in particular still has a long way to go in this regard, she said, noting that the pandemic and other cultural and demographic issues make it an ‘incredibly challenging year’ for the country. Currently only 13% of senior executives in India are women.
“There’s still a long way to go,” Wainwright said. “Large Indian companies (should) really strive for change.”
The findings come as part of a broader WEF study into the impact of the gender gap pandemic. It is now estimated that it will take 135.6 years to reach gender equality – a generation longer than previously thought.
Western Europe has taken the lead in gender equality, with the gap there estimated at 53 years, followed by North America (62 years) and Latin America and the Caribbean (69 years).
Thailand leads Asia-Pacific
Other parts of the Asia-Pacific, however, showed signs of progress. Most importantly, by 2020, Thailand has fulfilled more than half (53%) of senior executive roles.
Those senior female managers tended to be a combination of international as well as homemade talent, especially in multinational companies in the manufacturing and supply chain.
“What you have is an economy and a market that is moving very fast and pursuing talent very aggressively,” Wainwright said.
She added that it was also the result of the joint efforts of recent decades by certain industries, such as manufacturing, to attract and nurture a pipeline of women leaders.
“Now, 20 years later, you have seen the benefit of it, from individuals who have really taken the opportunity to enjoy extraordinary careers in this sector and have really increased into leadership roles in it,” she said.
More women are needed in the upper seat
Yet too few women today hold the highest leadership position, namely the role of the CEO.
According to the report, the most important financial officials, marketing director and legal director were the top three titles held by senior female executives.
Wainwright described it as the next ‘big breakthrough to happen’, and asked men to be better allies.
‘How do we break through to the number one seat? It has yet to come, ‘she said.
“This conversation is as much about men as it is about women. They are usually the positions with the greatest influence to make a change, to make a decision.”