PH firms sustain momentum employing senior women managers

Marivic Españo is the chairman and chief executive officer of P&A Grant Thornton. CONTRIBUTED PHOTO

AS the war for talent rages on, more than 70 percent of businesses are now working to create a more inclusive environment to attract and retain female talent, according to Grant Thornton International Ltd.'s Women in Business research, which surveys senior leaders from 5,000 businesses across 29 economies.

Now, with much of the world stabilizing and recognition coming from businesses that change is needed, the march toward more inclusive working practices to attract and retain a more diverse talent pool continues unabated. With nearly two-thirds or 57 percent of mid-market leaders expecting a skill shortage to be a major constraint to their businesses in the year ahead, Grant Thornton's research shows that in response, 95 percent of mid-market business leaders are now taking action to foster staff engagement and create an inclusive culture.

In the Philippines, although the number of female leaders in senior management roles has dipped from 48 percent in 2021 to 39 percent in 2022, the country still ranks third in the list of countries that have recorded the highest number of women leaders in midsize firms. This year's figure also remains in line with the average percentage of women in leadership roles across the Association of Southeast Asian Nations region.

Marivic Españo, chairman and chief executive officer of P&A Grant Thornton says: "The road to overall business recovery, against the background of disruptions in the new normal, is still a challenging one. Midsize firms are confronted with major issues [such as] winning the war for talent and accelerating their digital transformation initiatives. Despite these challenges, we see a lot of potential for companies committed to leveling the playing field and promoting gender parity in the workplace."

In the Philippines, 39 percent strongly agree that new work practices have benefitted women during the pandemic. In the long term, the majority or 56 percent of respondents from the country express optimism that these corporate practices will continue to boost and advance women's career trajectories.

Españo adds: "Progress, no matter how gradual, is still progress. The key insight that our Women in Business report aims to impart is that more businesses are at the fore of understanding the advantages to operations of employing more female talent and of allowing more women to step up and handle the corporate reins alongside male leaders. We are seeing new influences and structured approaches in terms of gender parity and inclusivity. To sustain this momentum, more firms should lead in promoting gender equality."

In 2021, Grant Thornton's research has revealed that the proportion of women in senior management roles finally passes the important 30-percent tipping threshold. The proportion of businesses with at least one woman in senior management remains static at 90 percent.

As published in The Manila Times, dated 07 March 2022