#LWS2020KZN: Wendy Mahoney on the business case for gender parity in the workplace

In a recent interview on CNBC Africa, Wendy Mahoney, the President of the 30th Club of Mastercard, delved into the pressing issue of female inclusion in the workplace, particularly in the boardroom. Mahoney highlighted the findings of a research report conducted by the 30% Club campaign in Africa, revealing that only 6% of JSE-listed companies have achieved gender parity on their boards. Shockingly, 74% of these companies have not set any targets for achieving gender equity, posing a significant challenge in the journey towards gender parity. Mahoney emphasized that the 30% Club of Mastercard focuses on promoting inclusive growth and diversity rather than solely gender equality. She underlined the business case for gender parity, citing research that correlates increased gender diversity with higher EBITDA and improved financial performance. Despite the proven benefits of having more women in leadership positions, Mahoney pointed out that there remains a prevalent unconscious bias and a lack of understanding regarding the value that women bring to boards. The interview further explored the rationale behind the slow progress in increasing gender diversity in boardrooms despite the financial advantages associated with a more inclusive leadership team. Mahoney stressed the importance of raising awareness and challenging unconscious bias through various initiatives such as leadership forums, board walks, and awards ceremonies. She also highlighted the essential role women play in driving innovation, citing empathy as a key trait that drives inspiration and fosters a culture of creativity. When questioned about the role of government intervention in promoting inclusivity, Mahoney cautioned against implementing measures that could lead to segregation and perpetuate cycles of exclusion. She argued that true progress towards gender parity would come from organic shifts in mindset and a genuine understanding of the business value of inclusivity. By continuing to present compelling data and making a strong business case for diversity, Mahoney believes that companies will be more likely to embrace inclusive practices authentically and sustainably. Overall, the conversation with Wendy Mahoney shed light on the complexities surrounding gender parity in the workplace and underscored the need for ongoing dialogue, awareness-building, and advocacy to drive meaningful change.