“I hope to be a woman in my next life, have two children and run two businesses, not one big business.”
Alibaba Founder and CEO Jack Ma’s speech drew media and internet buzz as he spoke before the Global Conference on Women and Entrepreneurship in Hangzhou, China, in July 2017. Adding that he feels men are capable only of making their businesses bigger, while women make theirs better, Jack Ma attributes the success of his own business to women, and in a separate occasion, referred to women empowerment as his company’s “secret sauce.”
In a sector that is perceived to be male-dominated, support from top management is vital as women still struggle to start their own business and thrive in the workplace. The MasterCard Index of Women Entrepreneurs 2017 identified key barriers that prevent women from starting their own businesses, and among them are the lack of self-belief, socio-cultural restrictions, and the lack of training and education.
Jack Ma’s pronouncement is one of many instances where private sector leaders recognize that empowering women—increasing their employment and giving them more opportunities —supports companies to develop their businesses.
The 2015 International Labor Organization’s Women in Business and Management Report asserts that investing in women is one of the most effective means of increasing equality and promoting inclusive and sustainable growth. It is the key to the recruitment and retention of a diverse pool of talent, and is also an effective way to engage with companies’ employees and show concern and commitment to women empowerment.
Empowering women in business is not only “smart economics,” it is also equally beneficial to management and the bottom line as attested by a 2010 McKinsey & Company survey of companies that invest in programs targeting women in emerging and developing markets. The study showed that “at least one third had measured improved profits and a further 38 percent were expecting returns.”
According to a 2016 report also by McKinsey, should the Philippines increase the workforce participation of women by just 1 percentage point each year, by 2025, this would add $40 billion to the Philippines’ gross domestic product equivalent to a 9-percent increase.
Business coalition
With the belief that combined efforts create a larger, more tangible impact, the Philippine Business Coalition for Women’s Empowerment (PBCWE) was formed and formally launched in March 2017 as the inaugural project of the Philippine Women’s Economic Network (PHILWEN), in partnership with Investing in Women, an initiative of the Australian Department of Foreign Affairs and Trade (DFAT).
PHILWEN is a coalition of six women organizations advocating women’s economic empowerment. The founding members of PHILWEN are Business & Professional Women (BPW) Makati City, Filipina CEOs Circle (FCC), Network for Enterprising Women (NEW), Samahan ng mga Pilipina para sa Reporma at Kaunlaran (Spark) Philippines, Women Corporate Directors (WCD) Philippines, and Women’s Business Council Philippines Inc. (WomenBizPh, as the Lead Convenor).
The founding members of PBCWE—Accenture, Ayala, Convergys, Magsaysay Group, Natasha, Sycip, Gorres, Velayo and Co. (SGV and Co.), and Stores Specialists Inc. (SSI)—are large, influential businesses who have committed to address pay gap issues, progress women into leadership and management positions, improve female workplace participation and working conditions, and develop leaders and managers who will drive the gender equality agenda in their operations.
The strength of the coalition lies in the formation of a critical platform for collaboration of business leaders with a common objective and working toward shared goals of becoming better employers of women and inspiring and influencing other players—both in their supply chains and within their networks.
Evidence-based advocacy
As corporates, the coalition recognizes that evidence is imperative in determining where to start. With this in mind, the coalition members have committed to the process of identifying and setting benchmarks linked to the policies and practices that are known to promote gender equity in the workplace.
This process will be facilitated in partnership with the Economic Dividends for Gender Equality (EDGE), a world leading diagnostic and certification system for workplace gender equality, designed to help companies create an optimal workplace for women and men and to benefit from it as well. EDGE will work with the companies through an evidence-based process where member companies can correctly identify problems and set benchmarks and develop efficient solutions. Moreover, this process provides a competitive advantage in positioning the company as a gender enlightened workplace for work, investment, and for business.
Building on the momentum
In celebration of the 50th Anniversary of the Association of Southeast Asian Nations (Asean), the Asean Women Entrepreneurs Network (AWEN) will hold the Asean Women’s Business Conference on Aug. 29-31, 2017 to provide a platform for dialogues among Asean, the private sector, and other stakeholders about women in business and gender equality.
The various meetings will also provide an opportunity to discuss ways of supporting women through research and baseline data which will provide the basis for crafting policies and programs for women’s economic empowerment initiatives.
Through their collaboration and active participation in the discussions and exchange of ideas, the stakeholders aim to bring to the attention of the Asean Economic Ministers and Leaders the importance of women’s economic empowerment and its role in creating an inclusive society not only in the Philippines but also in the Asean economic community.
Eyes on the prize
Opportunities to push for women’s economic empowerment are increasing and more groups are committing to this change. No more excuses. Now is the time to act.
The formation of the Philippine Business Coalition for Women’s Empowerment and the Asean events are intended to raise awareness and gather more support on the many ways in which business can promote gender equality in the workplace and the society at large. We must take advantage of the progress achieved and build on the momentum to achieve lasting change for women’s economic empowerment.
This is the challenge to all companies because ultimately, empowering women will lead to the empowerment of the business.