While most financial services firms struggle to reach gender equity in the US and Europe, in Asia, wealth and asset management firms have been trailblazers in promoting women to senior management roles.
One explanation for this success is that, compared to the Western world, it is easier for families to find domestic helpers at low cost. An army of workers, mainly from the Philippines and lately from Indonesia, support women with their household chores and children, allowing them to focus on careers, explains Amy Cho, CEO, Hong Kong and head of intermediary, Asia-Pacific at Schroders.
Yet, there is space for improvement, especially when it comes to helping women in middle ranks to further develop and grow. Leaders, be they female or male, must be attentive and encourage rising talent. Many well-qualified employees may not be as aggressive as their colleagues in pursuing career opportunities, she adds.
“We women, generally, are more prudent and humble. We raise our hand only when we are 100 per cent sure we can do it,” says Ms Cho, believing she was “lucky” to find senior management who supported her during her career. Men, on the other hand, are generally more assertive, and if there is something they like, “they jump on it”, even if only partially confident.
Where Asia lags is in embracing LGBT (lesbian, gay, bisexual, and transgender) diversity, although the region’s culture is gradually changing. It is important to build that awareness, says Ms Cho, as even inadvertently inappropriate use of language may make LGBT individuals feel uncomfortable, less confident to express themselves and unsafe at work.
Tribal culture
In Africa, the conversation centres more around cultural diversity and ethnicity, says Chioma Nwankwo, head of private banking at Fidelity Bank in Nigeria. With more than 70 different tribes with different languages and cultures in Nigeria alone, today’s priority for firms is not to be perceived as tilting towards a particular ethnicity, which may affect their ability to serve all customer segments, she explains.
These differences can exacerbate the gender bias, in the context of a wider cultural belief women should stay at home to look after children.
Yet, women are highly sought after in African private banking, based on the conviction that men, who make up the majority of wealthy clients, tend to listen to women more, as they inspire greater trust and confidence. Around 80 per cent of Ms Nwankwo’s private bankers are women.
“I have found women more resourceful, because they are able to multi-task,” says Ms Nwankwo, stressing she is looking for male private bankers too. The pandemic has lifted the work-from-home “stigma”, showing it is possible to be productive working remotely. And now that private bankers are all equipped with technology tools and clients are used to liaising with their private bankers digitally, flexible working conditions will prove a bonus in a post-Covid world, especially for women.
The secret, Ms Nwankwo tells her female private bankers, is not only to be competent but to have a “good support system”, especially if married with children and looking to progress in their career. In Nigeria, she says, it is affordable to employ a nanny, driver, gardener, a professional cleaner, and on top of that, women can often count on their mothers, she explains.
Yet, in a culture where the man is the default bread winner or “head of home”, whenever a top position is available, an “entitlement mentality” leads to promoting the man, regardless of productivity. It is therefore crucial for women to “strengthen networks” and find sponsorship within the firm.
It is in all leaders’ interests to understand the benefits of employing a diverse workforce, believes Ms Nwankwo. “Diversity provides a competitive advantage and it helps you gain market share, because you are catering to people who are diverse and have different needs.”
