In recent years, there has been an increase in the representation of women in senior leadership positions in Singapore. However, while women now occupy one-third of these positions, gender parity remains an issue, reflecting the persistent barriers that women still face in the workplace.

Women have steadily become more prevalent in senior leadership roles across a range of businesses over the past few decades. This is an important and encouraging development that reflects the shifting dynamics of contemporary society and a change in business culture towards greater tolerance and diversity.

This tendency has a number of causes. First, there has been an increased global drive for women's rights and gender equality. Women now have more possibilities to pursue careers in education, employment, and leadership. A diverse leadership team can provide new perspectives and ideas to the table, and many businesses have realised the value of having one.

In addition, women have been demonstrating in a variety of sectors that they are just as qualified and competent as their male counterparts. More women are assuming leadership positions and making their marks in their respective industries as a result of improved access to education and training, as well as more possibilities to network and acquire awareness.

According to Grant Thornton International's research, Women in Business, Singapore has the greatest percentage of women in senior management ever at 33%. This percentage is higher than the global (29% average) and ASEAN (28%) norms.

According to Grant Thornton International, "this is consistent with the upward global trend, where the proportion of women in senior management has increased 10% over the last 15 years internationally, with half of the gain accomplished over the last year alone."

In addition, 87% of Singaporean enterprises polled have at least one female member of the senior management team, a 9% increase from the previous year.This is lower than ASEAN's 94% but comparable to the global average of 87% (which has increased by 12% since 2018).

Benefits of having more women in senior leadership positions

Having more women in top leadership positions has a lot of advantages. One benefit is that it contributes to dispelling preconceptions and stereotypes regarding women's potential and ability. By providing them with role models of successful women in leadership positions, it also encourages more young women to pursue jobs in sectors that have historically been dominated by men. Additionally, a diverse leadership team can foster higher innovation because those with various backgrounds and experiences can contribute fresh viewpoints and insights.

The fact that there are more women in senior leadership roles is encouraging, even though there is still work to be done to achieve real gender parity in these positions. It demonstrates that steps are being taken to create a society that is more equitable and inclusive and that women are being acknowledged for their contributions and professional accomplishments.

Gender Parity at the head of the Table

The analysis found that, despite an increase in the number of women in senior leadership positions, gender parity at the top of the hierarchy is still a long way off. The gender wage gap is still present, which makes it harder to achieve gender parity in leadership roles.

Only 15% of organisations with CEO or managing director positions have a woman in that position internationally. Only 9% of enterprises surveyed in Singapore had a female CEO, lagging well behind ASEAN's 21%.

The majority of women in senior management positions in Singapore are in human resources, where 41% of the enterprises surveyed have a female HR director.

Address the slow progress towards Gender Parity

Eliminating the gender wage gap necessitates a multifaceted approach that includes policy changes, company actions, and cultural shifts. Governments have a significant impact on the implementation of pay equity-promoting laws, minimum wage rises, and affirmative action initiatives. Employers can also take steps to close the gender pay gap by introducing pay transparency, performing pay equity audits, and offering maternity leave and flexible work schedules.

Companies and organisations must put in place policies and procedures that encourage the hiring and advancement of women in order to overcome the slow progress towards gender parity in senior leadership roles. The gender pay gap must be eliminated, unconscious bias in the hiring process must be addressed, diversity and inclusion must be promoted, mentorship and sponsorship opportunities must be made available, and so on.

In addition to being a question of fairness and social justice, closing the gender pay gap also makes sound financial sense. According to research, pay equity and gender diversity in leadership roles improve corporate outcomes, such as higher profitability, productivity, and creativity.

In conclusion, while there has been progress in recent years towards increasing the number of women in senior leadership positions, gender parity at the top of the table remains a major issue. In order to remove systemic prejudices and establish more equal and inclusive workplaces, companies, governments, and individuals will need to make a persistent and coordinated effort. We can only achieve true gender equality at the highest levels of leadership by cooperating and valuing variety.