By: Sharon Paterson, CEO at Infiniti Insurance
The financial services industry in South Africa, just like other sectors, has been grappling with gender diversity challenges for decades, and by now the low-hanging fruit has been picked. Even though our status in gender inequality in the country has improved over the years, women’s representation in senior leadership positions and executive levels remains below parity.
Women play a critical role in the well-being of their families and societies, but usually their potential is not recognised, because of unconscious bias or discrimination. This sentiment is also supported by the new Statistics South Africa’s Gender Series Volume IX: Women Empowerment, 2017–2022 report that shows that women in South Africa are more likely to be unemployed than men and are less likely to participate in the labour market than their male counterparts. In addressing equal gender representation within the industry, as companies, we must empower young women and enhance their sustainability expertise at the executive level in the C-suite.
Overcoming societal challenges facing women in business
It’s indisputable that women bring a different dimension to business. We see things differently and have a different thought process. However, as women in the financial industry, we must work harder and smarter than our male counterparts to achieve our career goals.
One of the most difficult challenges I faced in building my career, was balancing family and work. Like many women of my generation, I was brought up to believe that my role was to support, not lead. And I had to unlearn that before I could start to lead.
I was fortunate that when my children were young, I was heading up the commercial area of a small independent brokerage and had flexible working hours. I placed many accounts while next to the rugby field or netball court.
Being one of the three people that took Infiniti Insurance from a mono-line licence to a company writing all classes of insurance business was one of the scariest and most exciting things I have ever done. First, there was the six-month wait for the licence to be upgraded and then, when the licence came through and the reinsurance had been placed, I was struck by the awful thought that we might not get the support from the market. But lots of knocking on doors and being prepared to wait has paid off, and 15 years later, we are still a fast-growing company. I consider myself privileged as a woman to have been given that opportunity. Maybe that is the problem, maybe as women we should not feel privileged but entitled.
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Empowering and advancing future women leaders
Poverty and lack of education are the barriers to the empowerment of the women of our nation. What can we do to break down that barrier? We need to take one small step to provide quality education at a high level for all young girls from previously disadvantaged backgrounds. If we can educate the girl child, then we are giving them a tool to build up their self-love and self-worth and break out of the cycle of poverty to become empowered women.
Globally, gender diversity is now a strategic issue that impacts business operations and outcomes. As South Africa has shown remarkable progress in appointing women across role categories in businesses, the industry needs to continue to pull all levers available to improve gender balance for all women from all diverse backgrounds. We must provide all women with responsibilities for planning, making decisions, recommending policies, and coordinating empowerment efforts.
While our mandate at Infiniti Insurance is to grow the business, first and foremost, we will continue to provide bursaries and educational support for disadvantaged girls and boys who cannot afford a good education. By educating the underprivileged, we are giving them a tool to use to break out of the cycle of poverty, a tool to use to build up their self-love and self-worth and to become empowered. If we can support each other, we can achieve the gender equality we all strive for as we build a better world for future generations.