Focus on gender equality in senior management

The head of legal is a figure that transcends the legal department of a company. Their actions have a significant impact on how the company performs in the marketplace, how it deals with problems, and how it anticipates obstacles that may arise in the company´s line of business. This leader is a key player in decision-making, as they are in the position to direct the company towards sustainable success.

Given the above, having a female perspective, background and experience in the position can be key to an organism’s success, as different voices equal new ideas.

The entry of women into the workforce has had an undeniable impact on many areas, among. It has brought about changes in demographics, public policies and leadership styles. In Chile, however, the percentage of working women is below the Latin American average, Chile with 42% and Latin America with 50.2%. Regarding top management positions, women represent only 18%. and when it comes to the board of directors or executive committee, female participation drops to 15%, meaning that, even though women are indeed part of the labour market, the decision-making positions are still held mostly by men.

The presence of women in senior positions can give the company a real competitive advantage when facing challenges. The benefits of incorporating women to boards and having them in decision-making positions are not only economic and organisational but they also reach society. International studies show that economic benefits include higher returns on capital, higher margins, better financial performance, less corruption and less fraud. Also, by including women on corporate boards, companies get benefits such more diverse thinking, greater innovation and creativity in responding to complex issues and greater moral reasoning.

We are making progress in the area, with conviction, tenacity and investment. Measures must be implemented to foster female promotion and encourage career planning for women. Concrete goals and actions that favour gender equality and that have the support of those who manage the company are needed. We need to make our biases visible, and we also need to make female talent perceptible, by means of creating sponsoring and mentoring programmes. Additionally, we need to manage working hours and schedules to better reconcile work and personal life. The above are just some examples of what could and should be done to foster gender equality and female inclusion.

Having a parity committee is good for business and for society. Making it a priority to open your horizons and break down the barriers that prevent companies from aiming at gender equality, at management levels, can improve an organization’s performance and create a solid pathway for future executive leaders.