Are we leveraging Australia’s Multicultural Society in Business?
Culturally diverse people are highly represented in our society however under-represented or underutilised in our workplaces.
46.8% of Australia’s population are either born overseas or have one parent born overseas (2011 census).
According to The Diversity Council of Australia, the percentage of culturally diverse female ASX leaders has plateaued between 2013 and 2015 – for almost all ASX groupings (i.e. ASX overall, ASX 500, ASX 200, ASX100) and all roles, whether a broad or narrow definition of ‘culturally diverse women’ (CDW) is used.
- Only 15 of all 1,482 CEOs;
- 44 of all 2,327 senior executives;
- 188 of all 7,491 directors; and
- 55 of all 1,350 CFOs are culturally diverse women.
Source: Diversity Council of Australia, 2017.
The risk of doing nothing is that in two generations there will continue to be little to no culturally diverse women at senior levels.
From 2004-2016, there was a mere 4% increase in the number of culturally diverse women in ASX executive levels. If there are no deliberate interventions, this lack of representation will become the accepted norm.
Corporate firms will suffer a loss of talent and opportunities both financial and customer related.
Recent studies in the UK have shown that £24 billion is potentially locked away by the UK not fully leveraging its diverse workforce at senior management and boards.
Australia faces a similar situation.
MindTribes have developed a tailored Culturally Diverse Women Program, based on their proven 4 Step Framework
CDW (Culturally Diverse Women) is a social enterprise of MindTribes formed to address the significant under-representation of culturally diverse women in senior leadership roles in Australia. It is a program comprising of events (of up to 100 culturally diverse women) and includes mentorship and coaching of a smaller group of company sponsored culturally diverse women across 12 months.
The program will focus on elevating participants within organisations by aligning them to Australian business culture where required, creating internal advocacy for their capability and improving their ability to network outside of their comfort zones.
CDW links strongly to existing Financial, Performance, People, Customer and Social Innovation strategies and delivers a proven solution to address the imbalance.
Both the CDW network and the focused program for individuals are designed to positively impact the bottom-line of participating corporates – by ensuring that the qualities common to culturally diverse women, like resilience, innovation and agility are fully leveraged.
Many companies use expert solutions provided by consulting and advisory firms to advance gender equality. However, the offering of gender equality services tends to be fragmented.
We are working to identify and promote a portfolio of gender equality services from consulting organisations who meet Femeconomy’s criteria. The criteria to be a Femeconomy approved company is at least 30% of women on the Board of Directors or 50% female ownership. This provides businesses with the opportunity to support gender equality through their procurement decisions. Contact us for more information.