IWD 2021: Female leaders – Embracing change

COVID-19 could be a catalyst for gender equality, if not in the short term, then at least in the mid to long term. This is the view of the editors behind Global Female Leaders Outlook 2020, COVID-19 Special Edition , which polled respondents based on economic and business expectations, risks and opportunities, as well as on career and gender diversity factors.

“Contrary to the opinion of many analysts, our respondents are less pessimistic about COVID-19’s impact on women. According to them, the crisis may create new opportunities for women as a result of improved digital communication, advances in technology, and changes in stakeholder expectations,” wrote editors Angelika Huber-Strasser, head of Corporates, KPMG in Germany, and Sigrid Bauschert, founder and managing partner, Management Circle.

In the section, Embracing change, yet being realistic about the new reality, KPMG and Management Circle noted that the economic impact of COVID-19 has already led to a sharp downturn in growth in many countries, and as a result, analysts all over the world expect long-lasting negative impacts on the global economy with some industries being more affected than others.

“[But] When considering growth over the next three years, global female leaders appear to be optimistic. In fact, more than half (58 per cent) of respondents remain confident or very confident about their companies’ growth prospects,” they concluded.

KEY FINDINGS

Female leaders are embracing changes related to COVID-19 and are realistic about what the new reality holds for their organisations

•80 per cent have seen the digital transformation of their businesses accelerating during the pandemic. Eighty one per cent expect the crisis to affect their business for two years or more.

• 48 per cent say their potential talent pool has increased.

• 53 per cent select securing long-term customer relationships as the most important measure to deal with the effect of the crisis.

Female leaders say making a positive impact on the world is a top motivator

Climate change and gender inequality were the top two issues female leaders named as areas where they feel pressure from their stakeholders to act.

•42 per cent say sustainability issues/activities to reduce climate change will be even more important for strategic decisions post-COVID-19.

•58 per cent say they want to lock in sustainability and climate change gains made as a result of the crisis, while 48 per cent say their response to the pandemic has caused their focus to shift toward the ‘S’ in Environmental, social and corporate governance (ESG).

• 42 per cent agree that measures their company has taken recently to fight discrimination and racism are powerful.

Female leaders assess COVID-19 as a potential equaliser for gender equality

New digital communication and collaboration tools enable working from anywhere, which may help with work and life balance of female leaders.

• 59 per cent of female managers believe their personal communication with employees has improved during the crisis.

• 41 per cent do not think the crisis will influence their next career step.

• 41 per cent think that progress on diversity and inclusion won’t slow down after the pandemic.

• 51 per cent of respondents say they live in truly equal family structures.

The study concluded, among other things, that COVID-19 is an accelerator for digitalisation and ignites change in many areas. Therefore, it could well be a catalyst for gender diversity, especially in the mid to long term.

“With comprehensive digitalisation during the crisis, access to relevant information or learning platforms has become much easier. This might enable more women around the world to get access to education and further professional development and thus increase their economic power,” the study concluded.