Singapore’s financial sector urged to advance gender parity

Financial services expert Ashley Wallace dishes out key recommendations for companies to retain women leaders and attract top talent.

Creating an inclusive culture in companies in Singapore’s financial sector and prioritising diversity in talent acquisition must be pushed to pave development pathways for women and retain them as leaders of organisations.

These recommendations were voiced out by Ashley Wallace, who heads financial services for Asia Pacific at Russell Reynolds Associates, when interviewed recently by the Singapore Business Review on the departure of women leaders in the financial sector.

In order not to exacerbate women’s underrepresentation in leadership roles in the sector, Wallace emphasised the importance of creating an inclusive culture that fosters opportunities and career progression for women.

To achieve this, companies need to align their policies and processes with gender equity and actively work to avoid gender bias. “Creating an inclusive culture, providing development opportunities, and ensuring policies are aligned with gender equity are critical for companies,” Wallace said.

When it comes to attracting top talent and women leaders, organisations must prioritise diversity and inclusion.

During the talent acquisition process, it is crucial to ensure that the interview slate is diverse, signaling to women candidates that diversity is a strategic priority for the company, she said.

She stressed the significance of modeling diversity and inclusion, stating: “Companies need to differentiate themselves by walking the walk and talking the talk, demonstrating a commitment to diversity across leadership ranks and boards.”

Examining the current landscape of women talent in the Singapore labour market, Wallace noted positive progress but also acknowledged the need for improvement.

Singapore leads in terms of female CEO representation, with approximately 14% in comparison to the global average.

However, Wallace noted that achieving true gender equity of 50/50 representation remains a goal.

In terms of board diversity, women hold 21.5% of board seats among the 100 largest listed companies in Singapore, lagging behind some global developed markets such as the US, where women hold about 29% of corporate board seats.

Identifying the challenges faced in achieving gender parity in businesses, Wallace highlighted the complex nature of the issue, rooted in traditional values, mindset, and societal issues.

“I think there’s still major hurdles to overcome. Since many of these are, I think, entrenched in, you know, traditional values and mindset and our societal issues,” she pointed out. “These are issues that will take time to overcome.”

But corporations can contribute to furthering gender equity by ensuring inclusive corporate policies, fostering inclusive corporate cultures, and appointing inclusive leaders, she said.

Wallace emphasised the significance of shifting corporate cultures to be more inclusive, acknowledging that this process is challenging, time-consuming, and necessitates a long-term commitment.

However, companies that successfully achieve this transformation will stand out in the future.

Encouragingly, governing bodies, regulatory bodies, and business councils in Singapore are setting ambitious yet achievable targets to enhance diversity in boards and leadership ranks.

In ending the interview, Wallace said it is imperative for companies in Singapore’s financial sector to prioritise the retention of women leaders. “I think the final one is really encouraging an appointee, encouraging the development of [women] and appointing inclusive leaders [in the organisation],” she said.