The International Women’s day 2021 theme #ichoosetochallenge could not have come at a better time. It was interesting and sad at the same time, to read over and over all the stereotyping and stigmatization that women have continued to face over the years.
We cannot continue to tag sectors as male dominated when for a long time, only men were allowed entrance into these sectors without barriers, some even cajoled and pulled in. In that, it could imply that women were also in these sectors but were unable to make their marks. In recent times we have begun to see women who continue to climb over these hurdles and barriers that society has set and are thriving in these sectors regardless, but it is not enough to simply celebrate them, it is time to challenge the barriers that exist.
Gender equity and equality begins with power, when women are not a part of decision making especially on issues that concern and affect them, it is impossible to achieve a balance. In the famous words of the late Ruth Bader Ginsburg, women belong in all places where decisions are made, it should not be that women are the exception. Usually, leadership roles are filled by referrals, and because more men exist in top roles, the cycle continues. It is time to challenge these barriers and act decisively to not just support women in leadership positions but appoint more women to high – level decision making positions.
Studies conducted by the Harvard Business School paint a tough picture for women in finance: among senior roles in venture capital and private equity, women held just 9% and 6% of the positions, respectively. Hedge Funds bring that number to lower depths: women occupied only 11% of senior management roles. In most other industries and fields of profession, the finance sector still lags in balancing equality.
A 2018 report from McKinsey found that while male and females in finance begin their careers on equal footing, women only account for 19% of the positions of power (aka the C-suite) as their careers progress. It is no secret that Women face a less attractive career trade-off than men because of several factors including insufficient flexible work options and the accompanying stigma that women who use these options face, inadequate support for “home responsibilities”, low inclusion culture that affects women such as cultural expectations and unconscious biases amongst others. Studies show that at the current rate of growth, the financial services globally may not reach even 30 percent female Executive Committee representation until 2048. Therefore, if the financial services sector will progress towards gender equality, it will require a blend of structural solutions and challenging underlying cultural changes which should involve putting practice before biases.
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Women entrepreneurs are not left out of these barriers. Global Entrepreneurship Monitor (GEM) estimates that worldwide, more than 187million women are engaged in activities classed as entrepreneurship (Bosma, Wennekers, & Amorós, 2012). The gender inequalities in entrepreneurship exist as social and operational barriers that continue to limit women from starting and growing their businesses. The most obvious are access to finance and limited knowledge and education, but other factors such as restriction of access of land and property, information, credit, network, technology, and markets contribute to the low levels of self-perception of women and increases their fear of failure. When a woman begins her business, oftentimes her business is referred to as a hobby.
Most women owned businesses start small and remain small and quasi small businesses for a long time which can easily be attributed to access to less start up capital and investments, in addition to little or no collateral and hence are limited from growth loans and credit. In driving balance for women entrepreneurs, a consolidation of efforts in bringing access to finance, enterprise development skills and knowledge, access to markets, information on opportunities and building strong networks must be realized. Building strong women entrepreneurial networks not only serves as a medium of knowledge exchange but will bridge the gap that exists between women and opportunities that exist for women entrepreneurs. The recent rise in the number of female funders and female focused funds is highly commendable as women are now ready to put their skin in the game and intentionally create more opportunities for other women.
Society has continued to place more value on one woman than the other based on social constructs. The narratives that women, single and married, are to be treated differently and accorded different levels of respect based on titles of Ms. and Mrs. must be overturned. The media continues to advance these narratives of single stories which creates barriers that result in the stereotyping and stigmatization of women. For women who are raising children on their own, these barriers do not only affect them but also create limitations for their children.
Women must continue to challenge all the barriers that have held them down for the longest time. More than ever before, women are beginning to be bolder and braver in taking decisions that advance the future of other women and we are here for it! This International Women’s Day and henceforth, women must choose to dream as much as they want, give no chance for self-doubt, normalize rest and prioritize mental health, push beyond limits and step into their full potential. Women should choose to challenge themselves to celebrate other women’s achievement more, women and men must intentionally Call Out gender biases whether it affects them or the next person and promote inclusion in all areas for women.
Weyinmie is a development expert with focus on gender, financial inclusion and enterprise development. She is Grants Manager at SME.NG, a gender lens impact investment platform, and the founder of Wevvo Nigeria, a community based platform that supports single female breadwinners.
