Forging New Pathways: Takeaways from the Global Woman Summit in Thailand

Recently I attended the Global Woman Summit in Thailand. Businesswomen from close to 60 countries attended. It was an amazing experience; one I’ll treasure for months to come.

The daily programs consisted of seminars, panel discussions, and workshops. In the evening we were treated to wonderful Thai dinners and cultural performances.

Of course, many of the seminars and discussions centered around issues of importance to women.

An early discussion on the effects of COVID on women entrepreneurs highlighted how the pandemic exacerbated existing issues for women – domestic violence, low access to funding for micro-businesses, and the heightened requirements to be Super SuperMoms – juggling homeschooling of children, working remotely, and supervising preschoolers, all at the same time!

Further economic impacts include volatility in policies, funding, and supply chains, a spike in inflation, worker shortages, increased domestic protectionism, rising raw material costs, and an economic impact on a global scale. Every businesswoman I spoke to related challenges to their businesses and lives in some or all these areas.

There are three ongoing behavioral and emotional shifts involving women as we continue to move forward. They are:1. The shift of spending back to the home
Home spending is of heightened concern to both men and women, due to increased financial pressures and costs. Both expect to spend less on OOH dining and entertainment, clothing, and extensive travel, but women are more focused on education and childcare and worry more about financial and job security. 2. Changing priorities
32% of women have totally different priorities now which will impact future buying behavior. They are placing a higher priority on mental and physical wellness, stress management and sleep, saving for the future, and financial/job security. 3. The need for equitable workplace models
With so many changes in demands and work locations, new workplace models demand a careful review of policies, management styles, and more, to make sure that women and men are impacted fairly. A recent NielsenIQ study shows less than half of women expect to be working FT onsite at their job. The rest are juggling hybrid or FT home schedules. This complicated workplace landscape requires employers to:

• Rethink accountability and performance metrics
• Focus on implementation of “last mile” policies – ensure corporate standards (like mental health priorities) get implemented down the line
• Evolve management styles: Consult/discuss rather than inform/tell

Moving forward to Real Recovery
In many ways, gender diversity is at the heart of recovery. As Antonio Guterres, United Nations Secretary-General said recently, “A sustainable and equal recovery for all is only possible if it is a feminist recovery – one that puts progress for girls and women at its center.”

• What does that mean for all of us, in every business in every industry?
• How can we provide affordable offerings in a world of rising prices?
• How can we ensure our products and services align with women’s values and priorities?
• How can we empower men to lean in and evolve to fill the gap and lighten the load?
• Are our values and policies transparent, aligned, and enabling women’s real progress?
• How do we create a society that gives women a true voice and seat at the table in all aspects of decision-making?

Progress in women having a voice and seat at the table is occurring around the world, with disparities by region. Surprisingly, the US lags behind other countries in Europe and Asia in some areas including our percentage of female CEOs and female Board Directors. We can do better!

Interestingly, it is when women directors comprise at least 33% of a board that they begin to have a real impact. Corporate boards which do so see attendance rise, decision-making improve enhanced communication and cohesiveness, and enhanced firm performance, including increased profits, better returns on assets and sales, stronger earnings quality, enhanced firm value, and increased ethical and social compliance. The positive impact of diverse board members on the bottom line is real!

The ripples and repercussions of the last few years are also fueling opportunity and new horizons. Women are forging new pathways in the growing space industry and associated scientific and data communities. There is so much more I brought back from this conference, but I will save those reflections for later blogs!

By Debbe, President & CEO | July 22, 2022