SLID Forum on 18 February to discuss ‘Women on Boards’

The Sri Lanka Institute of Directors the prime forum serving the corporate needs of current and future directors presents a panel discussion on Women on Boards on 18 February, where current issues that women face coming up the corporate ladder will be discussed.

The panellists sitting in to discuss this important issue are: Sheamalee Wickremasingha Managing Director Ceylon Biscuits Ltd., Shivani Hegde Managing Director Nestle Lanka PLC, Anushya Coomaraswamy Independent Non-Executive Director Janashakthi Insurance Co Ltd., Moksevi Prelis Chairman Capital Trust Securities Group with the Moderator being Faisal Salieh Non-Executive Independent Director of Cargills Bank.

 Women play an important role in an organisation, while making up for half of the entire workforce and 80% in the consumer market. It is given that they impact an organisation’s bottom line.  If so, why are there so few women on Boards or even in senior positions? Is business a man’s world? Are men uncomfortable having them in the upper echelons or are women restricting themselves? Do cultural and social expectations hinder a woman’s progress?

Most studies have proven that at a senior level, women help organisations perform better. A study done by McKinsey and Company has identified that 30% of women in higher-level leadership have significantly improved financial performance for organisations. 

Having a balance on a board or an organisation is important in order to gather new ideas. Women have different ideas to men as they are able to analyse situations differently. An organisation is able to gather a larger pool of emerging leaders if they are able to meet the needs of the gender gap issues. Women are able to stay focussed, even though the hardest part of their job is to balance the home front and office work, but as they come up the ladder with the support system getting stronger financially, physically and mentally it is safe to say that the ‘gender gap’ is no longer just a women’s issue, it is an overall business issue. 

Most people confuse gender qualities to skills. When a man receives a higher ranking position in an organisation, was it the fact that he is a man that got him there, or is it that he has valuable leadership qualities? In the past, most women were not given the opportunity to work, therefore men held all leadership positions – was it their masculine qualities that got them to where they are? Is this why a ‘male-dominated’ leadership rank is now a standard?

Most women have leadership qualities unique to them and giving them the opportunity to achieve their goals is important. An organisation needs to ensure that they incorporate development opportunities, talent management systems (e.g., selection, performance management, succession) and innovative management practices (open decision making and a flexible organisational structure).

A woman’s leadership skills take on a new significance and new force in the current world. These strengths women possess and behaviours that are unique to them will lead any business to its highest position. Collaboration, conviction, inclusiveness, creativity, and mentorship are some of the traits a woman in leadership holds. 

In a day and age where the corporate world is ever more competitive, having a high quality leadership is pivotal. As mentioned before it is a fact that women with high positions outshines competition financially, in terms of creating brand awareness, being sustainable and also being successful in retaining employees. All talents are alike; most leaders need to accept that as it is important to identify talent for what it is rather than through gender; the talent pool needs to be more diverse. It needs to leverage opportunities, it needs to be appreciated and the existing paradigms need to be challenged. How will it have its extra touch of spice if not for women? 

The way to optimise this is to hire more women and support them. Help them identify their skills and develop them, encourage their talent and help them realise their full potential, and mould them in to leaders who will guide an organisation towards success. 

Your organisation could adapt a culture that is merit-based and see women rise to the top whilst helping your business blossom, while retaining the top talented individuals of the next generation, resulting in a diverse group of high calibre leaders. 

Whose side are you on? Be a part of the discussion on Thursday 18 February from 5:30 p.m. to 7:30 p.m. (registrations from 5 p.m.) at the Ivy Room of the Cinnamon Grand, Colombo. Call the SLID Secretariat on 2301646/8 or email [email protected].

The Platinum sponsor for this event is Sunshine Holdings PLC and the Annual Corporate Sponsors are 1st Capital Holdings PLC, DIMO Technology, Linea Aqua Ltd. and Dialog Enterprise.