South Asia is waking up as it follows the world in its efforts to address the gender gap, an expert told CNBC.
The World Economic Forum predicts it could now take 195 years to achieve gender equality in the region – 59 years more than the global average.
Companies have a big responsibility to bridge that gap, Sharmini Wainwright, senior managing director at recruiting firm Michael Page Australia, told CNBC.
“This may be a good time to wake up,” Wainwright said Thursday.
India in particular has a long way to go in this regard, she said, noting that the pandemic and other cultural and demographic issues made 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. “Big Indian companies (should) really push for change.”
The findings come as part of a broader WEF study of the impact of the pandemic on the gender gap. It is now estimated that it will take 135.6 years to achieve gender equality – a generation longer than previously thought.
Western Europe was at the forefront of gender equality, with the gap there estimated to close in 53 years, followed by North America (62 years) and Latin America and the Caribbean (69 years), the study said.
Thailand leads Asia Pacific
However, other parts of Asia Pacific showed signs of progress. Most notably, in Thailand in 2020 more than half (53%) of senior executive positions were filled by women.
That senior female executives was usually a combination of both international and domestic talent, particularly within multinationals in the manufacturing and supply chain sectors.
“What you have is an economy and a market that is moving very fast and pursuing talent very aggressively,” said Wainwright.
She added that it was also the result of concerted efforts over the 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 that, from individuals who have really taken the opportunity to enjoy and truly lead an exceptional career in this industry,” she said.
More women were needed in the top seat
Yet today too few women hold the highest leadership position, namely the role of chief executive.
According to the report, the top three job titles of senior female executives were chief finance officer, marketing director, and legal director.
Wainwright described that as the next “big break to happen” and called on men to be better allies.
How can we break through to that seat number one It has yet to come, ”she said.
“This conversation is as much about men as it is about women. They are usually the ones in the positions with the greatest influence to make a change, to make a decision.”