In July 2023, the Kingdom of Saudi Arabia’s Deputy Minister of Commerce emphasized Saudi Arabia’s Vision 2030 to prioritize women’s participation across all industries. Dr Iman bint Habas al-Mutairi also highlighted national efforts to empower women and enhance their participation in the Kingdom’s economic development.
Globally, the war for talent is fierce. To attract the best female talent, a company needs to invest, engage, and inspire, alongside pursuing efforts to reflect female diversity and inclusion. Not only does this mean public-facing action, helped along by federal regulations and encouragement, but significantly, the effect that this has on retaining current female employees and providing a solid pathway to leadership positions and development pipelines.
Why do we have a problem in attracting and retaining female talent? Younger females often leave the workplace before they reach leadership level, due to a lack of female role models and outdated talent management structures. Companies that invest in females and place gender equality as a core focus will garner better business results and be in line with the region’s overall vision. Analytically, it’s unequivocal that female leadership drives competitiveness, and the ROI for businesses that invest in female talent and existing employees is positive. This includes, higher profitability, increased competitive advantage and greater innovation.
Companies that invest in females and place gender equality as a core focus will garner better business results.
When more women are empowered to lead, everyone benefits. Decades of studies show women leaders help increase productivity, enhance collaboration, inspire organizational dedication, and improve fairness.
The Saudi state’s pledge to this investment is more than just a promise, it is a key driver for the Kingdom’s ongoing transformation. If the government has that vision, then private companies must also follow suit.
In 2022, women held 41% of top and mid-level positions within the business sector in Saudi Arabia. These positive statistics underscore the significant strides taken toward achieving gender balance in leadership roles. However, we need to see an ongoing commitment from the private sector in engaging and developing this talent within their organizations.
In 2024 we will see increasing shareholder demands to see diversity within teams, and a further trend of clients’ prerequisites of working with firms that are gender equal. Companies who do not take female talent seriously certainly risk getting left behind at best or seeing a negative result on the bottom line at worst. Some companies are also asking to see statistics of DEI (diversity, equality, inclusion), within an RFP (request for proposal). This means that to win new clients, unless you can show a fair and equal representation of women, or at least the right strategy and vision in place, you will not remain competitive in the market, and with a need for more talent within the workplace, and an increasingly younger talent pool, this vision is vital.
When more women are empowered to lead, everyone benefits.
Millennials and Gen Z constitute more than 56% of Saudi Arabia’s population. This generation’s increasing economic influence positions them as crucial catalysts for the transformative change process. They actively undertake steps toward realizing the objectives of Vision 2030. 85% of people now want to see and consider a company’s DEI policy when considering a new tole.
With global and regional mandates coming to the forefront for gender equality, the Middle East region is certainly ramping up efforts to set balance quotas. Vision 2030 is a catalyst for realizing women’s rights in the strategy and promotes women as an important part of the Kingdom’s strength.
As the founder of WILD: Women in Leadership Deliver, I am committed, via our ongoing work with emerging and existing female leaders in KSA, to helping companies commit to these quotas and achieve their goals. Not only that, but to nurture the values and achievements of the women who work with us in our coaching and training capacity to become not just role models for their colleagues and peers, but to advocate change within both themselves and their workplaces.
The work of WILD aims to develop female talent in KSA, providing them with the right opportunities to build their futures, and contributing to the development of society. WILD is the first women’s network to enter the Kingdom, and as such, we are doing great work on the ground to support the overall vision. Our recent MoU with the United Nations underlines this. KSA is a catalyst for change to drive gender equality and importantly the United Nations’ sustainable development goal #5. This is a call for all private companies and, whatever the industry, the business benefits are clear. Investing in your female talent, either existing or potential is a key driver in building the future of not just your own business but also the balance of societal change – and the results will speak for themselves. With higher profitability, increased market share, and notably, increased productivity and innovation, everyone wins. WILD is proud to work in KSA to help companies and individuals achieve their Vision and look forward to the future of female talent in KSA.
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