StanChart leads way in promoting gender equality

In a conservative society, the thought of men taking time off work to spend it with their newborn children is unconventional because in most communities, child-rearing is predominantly a woman’s role.

But times have changed and the corporate world is increasingly becoming accommodative to new fathers and mothers, in line with employment laws that guide maternity and paternity leave.

Section 29(1) and (8) of Employment Act, 2007 provide for a three-month maternity leave and a two-week paternity leave.

EXTENSION

Locally, the  Standard Chartered Bank has beat the legal mark and extending the leave by two months for its female employees.

The bank has also enabled men to play the integral role of supporting women in raising their children.

One such beneficiary is Mr Evans Munyori, who has been working at the bank for the last 15 years.

“I have benefitted twice from the paternity leave and it has helped me bond with my children,” he says wearing an infectious smile.

“It is interesting that more men nowadays want to be part of raising their children and having interacted with some of them, they suggest that the paternity leave of two weeks be extended to at least two months.”

MENTORSHIP

Ms Helen Nangonzi, the bank’s head of corporate affairs for East Africa, has worked at the institution for the last 13 years.

As a fellow of the in-house women in leadership programme, Ms Nangonzi has not only become a mentor for her female colleagues but also a better manager.

The programme equips junior female employees to climb the professional ladder.

Ms Nangonzi is a testimony, having risen to the head of corporate affairs in-charge in 2017 from her initial position as the production development manager.

On the family front, she is happy that the bank supported her journey to motherhood.

“I was on a five-month maternity leave last year and on my return, I was supported to work on flexible hours until my baby was a year old,” she states. “That helped me manage my responsibilities better, both at work and home.”

HUGE BENEFITS

Mr Munyori and Mr Nangonzi reflect a workplace embracing gender diversity to boost productivity, a strategy that the World Economic Forum notes helps companies reap multiple economic benefits.

Standard Chartered is listed in the Nairobi Securities Exchange (NSE) and was recognised this year as the leading financial institution in gender balance.

In settling for the firm, the NSE, Equileap and New Faces New Voices analysed composition of the workforce in 60 listed firms as well as policies supporting the performance of both male and female employees.

The bank led with 63 per cent against the three per cent score of firms with high levels of gender inequality in their human resource.

COMMITMENT

Mr Kariuki Ngari, the bank’s chief executive officer (CEO), speaks of commitment to gender balance in every segment of its workforce.

The bank has employed at least 1,400 employees, 51.2 per cent of whom are female and 48.8 per cent male, based on its factsheet.

Forty five per cent of its board members are female. They make up 41.2 per cent in the senior management and 39 per cent in the executive committee.

“It is at the core of the bank’s vision to deliberatively adopt an inclusive and diversity approach to grow its business,” says the bank’s chief.

Four policies, all responsive to the needs of the female employees inform Standard Chartered's workplace incentives.

INITIATIVES

The Women in leadership mentorship programme, female future leaders’ programme, employee resource groups, and a parental leave policy of five months are part of the package tailored towards building the female employees’ capacity to become better performers and take up top leadership positions.

For instance, under the employee resource groups, the bank runs an initiative called SKIRTS, which stands for Sisterhood, Knowledge, Integrity, Respect, Tenacity and Substance.

“This group has been instrumental in coaching, role modelling and fostering (female employees’) career growth,” observes Mr Ngari.

Sixty seven female employees have also progressed and excelled in their professional and personal lives, courtesy of the mentorship programme, he says.

PAY GAP

At the moment, the bank has a 10 per cent gender pay gap that the CEO says will be bridged through the aforementioned programmes, the hope being better-paying positions for top female professionals in the institution.

On whether a gender inclusive workforce has had any noticeable impact on the institution’s financial performance, Mr Ngari notes that its performance and profitability have so far been “positive and stable”, with encouraging prospects for even better results going forward.

“Our financial results for the third quarter of 2019 show a pre-tax profit of Sh9 billion for the nine months that ended on September 30, 2019,” he observes.

He refers to the 2017 McKinsey report, that highlights gender equality in the corporate America, in noting that “companies in the top quartile for gender diversity on their executive teams are 21 per cent more likely to experience above-average profitability than companies in the fourth quartile.”