Gender Equality; A stall in progress

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Gender Equality; A stall in progress

 

The fight for gender equality in the workplace has been a long and ongoing battle, yet the latest data from the CEW Executive Census 2024 paints a sobering picture: progress has stalled. In Australia’s top companies, men still dominate the top roles. Nine out of ten CEOs in the ASX300 are men, and even the leadership pipeline remains largely male, with 80% of roles that typically lead to CEO positions held by men. The statistics show that despite years of effort, women remain vastly underrepresented at the highest levels.

 

Alarmingly, the trend seems to be reversing. In 2023, one in four new CEOs were women. In 2024, it’s only one in eight. The census projects that at this rate, gender parity in CEO roles is still 54 years away. For women aspiring to leadership, the glass ceiling feels as thick as ever.

 

But the numbers tell only part of the story. As we dig deeper, we find that these barriers are even more impenetrable for women from culturally and linguistically diverse (CALD) backgrounds. While the gender gap persists, it’s compounded by a lack of focus on intersectionality – the overlapping struggles of gender and cultural diversity in corporate Australia.

 

A Dual Reality: Gains and Gaps

It’s not all doom and gloom. There have been some advances, particularly for organisations that actively set gender targets. Companies with the 40:40:20 rule – aiming for 40% women, 40% men, and 20% any gender in leadership roles – are 3.6 times more likely to achieve gender balance. However, only 40% of ASX300 companies have adopted this policy, showing that these successes, while meaningful, are far from widespread.

 

On a positive note, national gender pay gap data shows a record low of 21.7%, and the government’s new policies, like paying superannuation on paid parental leave, are signs of progress. Yet, these wins are overshadowed by the harsh realities many women face in the workplace. The impact of global crises, like COVID-19 and rising living costs, has disproportionately affected women, leading to increased gender-based violence and further setbacks in gender equality.

Change is happening – but it’s slow and fragile. The gains made today don’t guarantee lasting change tomorrow.

 

Diverse Leadership Matters More Than Ever

Diverse leadership isn’t just about fairness – it’s about Australia’s future. Research from Deloitte shows that dismantling gender norms and prioritising gender equity could boost Australia’s GDP by a whopping $128 billion. Closing the gender gap would make the economy 26% richer.

 

Yet, in global rankings, Australia is slipping. From 2006 to 2022, the country fell from 15th to 43rd place on the World Economic Forum’s Global Gender Gap Index. Despite being a progressive society in many ways, Australia lags behind its peers when it comes to gender balance in corporate leadership. Less than 1 in 10 CEOs of the ASX300 companies are women. Even within Executive Leadership Teams (ELTs), gender imbalance is stark, especially in sectors like materials, IT, and energy, where women hold less than 30% of leadership positions.

 

As Tony Brendish from CEW rightly points out, “Gender equality in business makes economic sense, so why is corporate Australia still dropping the ball?”

 

The “Double-Glazed” Ceiling for CALD Women

For women from culturally and racially diverse backgrounds, the barriers to leadership are even higher – a phenomenon often described as the “double-glazed ceiling.” These women face hurdles not only because of their gender but also because of their ethnicity. Yet, Australia’s corporate data barely scratches the surface when it comes to understanding their experiences. Among the top 25 female CEOs in the ASX300, only a handful come from culturally diverse backgrounds. How is this possible in a country where about 50% of the population has a diverse cultural background?

 

Susan Lloyd-Hurwitz, President of CEW, highlights the urgency: “It’s time for leaders to talk about race in Australian workplaces and take action.” The numbers show that organisations with greater cultural diversity thrive in today’s globalised world, but without action, we risk missing out on this immense potential. 

 

At Professional Migrant Women, we see firsthand how the lack of representation for migrant women creates barriers to success. The exclusion of migrant women from leadership discussions is not just an oversight – it’s a missed opportunity for growth, innovation, and inclusivity in Australian businesses.

 

The Way Forward: Building an Inclusive Future for All

The CEW Executive Census calls for urgent action, outlining three key priorities:

     

      1. Invest in gender-balanced CEO and ELT talent pipelines – Companies must implement equitable recruitment and promotion practices, along with early succession planning, to prepare future leaders. Mentorship and sponsorship are essential to breaking down the barriers that hold women back.

       

        1. Create inclusive, flexible, and respectful workplaces – Flexibility is crucial for attracting and retaining female talent. Organisations that adapt to the needs of women, including working mothers, will position themselves better for long-term success.

         

          1. Set and enforce gender targets – The 40:40:20 target should be the norm, with clear accountability and transparency. Companies must set measurable goals and hold themselves responsible for achieving gender balance in leadership.

         

        While PMW fully supports these recommendations, we believe the conversation must go further. To address inequality in Australian workplaces effectively, intersectionality – the interconnected challenges of gender, cultural background, and other forms of diversity – must be incorporated into leadership strategies. 

         

        For women from CALD backgrounds, the barriers to leadership are not only higher but are compounded by additional layers of bias and exclusion. PMW calls on Australian businesses to broaden their focus to include both gender and cultural diversity, ensuring that leadership pipelines reflect the full spectrum of talent within the workforce. We must work towards building workplaces that are not only gender-balanced but also culturally inclusive, recognising the immense value that diverse perspectives bring to innovation and organisational growth.

         

        The path to equality is long, but by embracing both gender and cultural diversity, corporate Australia can set the global standard for inclusivity and prosperity. It’s time to turn data into action and create a future where women from all backgrounds have equal opportunities to lead, succeed and thrive.

         

        Written by Rafiqa Manik and Diana Santibanez