Around the world, women face inferior income opportunities compared with men. They are less likely to work for income, actively seek work, or work in formal employment. In Sub-Saharan Africa, the World Bank estimates that 74.1% of men participate in the labour force, compared to 62.9% of women. And when they do work, women have fewer opportunities for business expansion or career progression, and they tend to earn less.
According to a recent McKinsey study, women are less likely to be hired into entry-level roles to start with. After that, fewer women rise through the ranks because of the ‘broken rung’ at the first step up to management. For every 100 men promoted from entry-level positions, only 87 women are promoted. That’s not good for business. An IBM study suggests that companies that prioritise the advancement of women grow their revenues by up to 60% more than their competitors, and 60% say they are more innovative.
For information and insights company TransUnion, gender equity and diversity practices are core to the company’s strategy to stay competitive in a rapidly evolving global marketplace. In 2019, it committed itself to reaching global gender parity by 2030 in its senior leadership, and achieving a year-over-year increase at all levels of management for underrepresented groups.
Driving change from the top
For TransUnion Africa’s CEO, Lee Naik, and the head of TransUnion’s Global Capability Centre (GCC) Africa, Shobana Maikoo, its gender equity goals are baked into every stage of the company’s recruiting, hiring, development and retention efforts. This includes formalised inclusion practices and outreach to create diverse candidate pools for all director-level and above positions.
To ensure gender equality and diversity goes beyond lip service, accountability starts at the top. The company has tied executive compensation to two key representation goals. Every business unit leader has created a strategic, tailored plan for hiring, developing and promoting diverse talent and driving gender equality within their specific group.
Building a pipeline
After recruitment, TransUnion also invests in employee development to retain and nurture diverse talent. The company offers comprehensive training programmes aimed at empowering emerging leaders. There are also several development opportunities that foster a culture of learning and growth. It is especially the career advancement of women and underrepresented groups that is prioritised.
The company’s efforts are paying off. Across TransUnion Africa and TransUnion’s GCC Africa, 65% of hires over the past year were female. The executive committee of TransUnion Africa is 50% female, and the leadership team in the GCC Africa is 100% female. Across various management levels, the presence of female leaders is robust, fostering a culture of balance and equal representation.
In fact, Africa’s GCC is a leading player with respect to gender diversity, with 68% of the workforce being female – and 100% of them work from home, which supports the hybrid working approach that is valued so highly by female employees. TransUnion’s GCC Africa also views gender diversity within the context of other diversity objectives: 62% of its differently abled learners are female. Last year, TransUnion in Africa was recognised by the Gender Mainstreaming Awards for their DEIB efforts, including being named as the top Women Empowerment Company in Southern Africa. TransUnion South Africa also achieved B-BBE
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