Partner Content
By Reyana Sallie, Chair of the Nedbank Gender Equity Forum
One of the key drivers of economic growth and financial stability is placing gender equity at the heart of transformation in South Africa, a nation still grappling with significant inequalities across numerous development indices. At the corporate level, this means persistently pursuing and implementing policies that acknowledge the economic contribution of women, the importance of closing the gender pay gap, and the necessity of providing equal opportunities to all, regardless of gender.
While progress has been made in reducing gender inequality, it is clear that more needs to be done. PWC’s recent insights into gender equity, released in March this year, highlight significant gender empowerment gaps globally, and in previous years have honed in on South Africa, where men remain more empowered in the workplace than women.
As we mark August, Women’s Month in South Africa, we have the opportunity to take stock of the progress made in narrowing the gender gap in terms of wages and responsibilities in both the private and public sectors. It is also timeous that we identify what more can be done to accelerate the removal of barriers that perpetuate this inequality.
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Despite significant gains, we still have a way to go to reduce gender wage disparities, with a significant percentage of women earning less than their male counterparts for equivalent work. This inequality in the workplace, and within broader society, is not only discriminatory but also undervalues women’s contributions to economic growth, takes a toll on their emotional and psychological well-being, and impacts household financial stability. This is particularly concerning given that, according to Stats SA’s 2024 General Household Survey, 42.4% of South African households are headed by women.
Wage inequality perpetuates the cycle of low earning capacity for women, despite their professional and educational achievements. This, in turn, weakens their bargaining power in the workplace for better conditions and higher pay. Moreover, the gender pay gap limits opportunities for career advancement, entrenching low participation in senior and executive roles within the corporate sector.
As the World Economic Forum stated in its 2024 Global Gender Gap Report, increasing women’s economic participation and achieving gender parity in wages and leadership in both business and government are essential to addressing broader gender gaps in households, societies, and economies. The report ranked South Africa 18 out of 146 countries for gender parity.
If pay inequality is not effectively addressed in South Africa, it will continue to have generational consequences, such as prolonging poverty and limiting access to education for girls, as these issues are closely interconnected.
While many companies are implementing gender parity policies, measuring their effectiveness is challenging. We need to apply a gender lens with intention to mitigate workplace gender bias and closely monitor progress in narrowing the gap. Where shortcomings are identified, action must be taken.
At Nedbank, we have been deliberate in addressing gender bias in our policies, particularly in respect of recruitment, remuneration, and talent management. . We acknowledge the need to achieve gender parity at all levels within the organisation and are seeing pleasing developments in this regard. We are also committed to attracting more women into STEM (Science, Technology, Engineering, and Mathematics) roles, which are vital to the future of the financial services sector and are expected to grow in significance.
Organisationally, narrowing the gender gap should be embedded in a company’s DNA. Only when policies and practices are consciously and intentionally implemented can they be effective. Inclusive recruitment policies that favour women and focus on skills development are critical to empowering women.
We must therefore ensure that the right organisational structures, particularly at the leadership level, are in place to ensure that gender policies are not merely symbolic or tokenistic, but integral to the business strategy of any company. Strong leadership is at the core of this effort. It is the least we can do to ensure that the next generation of women will not have to convene to discuss why there has been so little progress in reducing gender inequality in the workplace and wider society.
