Chinese companies ahead of the curve in gender diversity, Grant Thornton survey finds
- 95 per cent of businesses surveyed have at least one female senior management member
- Number of women in top chief executive roles remains low
China is ahead of the curve when it comes to gender diversity in the workplace, with 95 per cent of businesses in the country employing at least one woman in senior management roles, according to a survey released by accounting firm Grant Thornton on Thursday.
Although that number dropped slightly from 97 per cent in 2019, it is higher than 83 per cent for Asia-Pacific, and 87 per cent globally, the firm said. Its “Women in business” report, which the firm said it has been conducting for more than 15 years, was released in time to commemorate International Women’s Day, which falls on March 8. The survey, conducted between October and November 2019, covers 4,900 midmarket businesses across 32 economies. For China, Grant Thornton defines a midmarket business as one with US$5 million to US$500 million in revenue.
“Having more women in senior management matters because of the sheer value you get from diversity of thinking,” Francesca Lagerberg, global leader of network capabilities at Grant Thornton International, said in the report. By having gender diversity in senior management, their views on the market are likely to be more reflective of a broader clientele, she added.
The number of senior roles held by women in China rose by 3 percentage points to 31 per cent this year. This contrasts with the little progress shown globally, at 29 per cent, a number that was unchanged from 2019. The number for Asia-Pacific was 27 per cent, down from 28 per cent in 2019.
The top three Asian countries with the highest proportion of women in high-level corporate positions were the Philippines, with 43 per cent, Indonesia with 37 per cent and Thailand, with 34 per cent.
“The percentage of businesses in China driving initiatives such as … ensuring equal access to developmental work opportunities is paying off,” said Mabel Chan, the firm’s deputy managing partner in Hong Kong.
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Grant Thornton did, however, note that the number of women in top chief executive roles in China remained low, with only 9 per cent of businesses appointing female CEOs. Across Asia-Pacific, only 13 per cent of businesses had women leaders. Globally, the number stood at 20 per cent.
“Emerging economies tend to demonstrate greater levels of gender diversity than developed economies. This may be because businesses in developed economies are operating with established structures and ingrained behaviours, while those in emerging economies can be more adaptable as the environment around them changes frequently,” Chan said.
