South Asia is facing a warning as it follows the world in its efforts to address the gender gap, an expert told CNBC.
The World Economic Forum predicts that it may now take 195 years to achieve gender equality in the region – 59 years more than the global average.
Companies have the greatest responsibility to fill this gap, Sharmini Wainwright, senior managing director of recruitment agency Michael Page Australia, told CNBC.
“Maybe it’s a good time to wake up here,” said Wainwright on Thursday.
India, in particular, has a long way to go in this regard, she said, noting that the pandemic and other cultural and demographic issues have made it an “incredibly challenging year” for the country. Currently, only 13% of senior executives in India are women.
“There is a long way to go,” said Wainwright. “Big Indian companies (they need to) really push for change.”
The findings come as part of a broader WEF study on the impact of the pandemic on gender difference. It is now estimated that it will take 135.6 years to achieve gender equality – a generation more than previously thought.
Western Europe led gender equality, with the gap estimated at 53 years, followed by North America (62 years) and Latin America and the Caribbean (69 years), according to the study.
Thailand leads Asia-Pacific
Other parts of Asia-Pacific have shown signs of progress, however. Most notably, Thailand saw more than half (53%) of senior executive positions held by women in 2020.
Those ones senior executives it tended to be a combination of national and international talents, especially in multinational companies in the manufacturing and supply chain sectors.
“What you have is an economy and a market that is moving very quickly and looking for talent very aggressively,” said Wainwright.
She added that it was also the result of concerted efforts in recent decades by certain sectors, such as manufacturing, to attract and nurture a flow of women leaders.
“Now, 20 years later, you have seen the benefit of this, from individuals who have really taken the opportunity to enjoy exceptional careers in this sector and actually ascend to leadership positions within it,” she said.
More women are needed in the top chair
Even so, very few women today occupy the leadership position, that is, the function of chief executive.
According to the report, the top three positions held by senior executives were chief financial officer, marketing director and legal director.
Wainwright described this as the next “big breakthrough that needs to happen” and called on men to be better allies.
“How are we going to get to seat number one? This is yet to come,” she said.
“This conversation is about both men and women. They are the ones who normally occupy the most influential positions to make a change, to make a decision.”