Fifty per cent of Hong Kong's workforce was female in 2008, up from 46 per cent in 1998. Women are also increasingly taking on senior roles, with 29 per cent in manager and administrator positions in 2008, up from 22 per cent a decade earlier. Women also outnumber their male peers in higher education, taking up 54 per cent of grants funded by the University Grants Committee in Hong Kong.
These trends are positive - more women in the workforce, management and higher education, translates into more female consumers and investors in Hong Kong than ever before.
In this context, focusing on the interests, needs and priorities of women is clearly critical. Consider, first, the workplace. Shortage of talent is a constant mantra in the corporate world. Yet many companies are failing to capitalise and nurture the talents and skills of their female workforce. If they want to attract the best, they would be wise to focus on the lack of workplace flexibility and opportunities for women.
Then, they should consider the fact that empowered women are also consumers; they make purchasing decisions every day. Companies that ignore the 'power of the purse' risk losing out on a huge percentage of the market. And, finally, the listed companies in Hong Kong should remember that women are investors, too; they are increasingly making their voices heard.
Because women make up a critical stakeholder group representing staff, consumers and investors, it is imperative to include their voice in corporate strategic decision-making. This means including women with the right skills on the boards of companies. This should be common sense.
Yet, according to a report by Community Business published last December, women hold only 9 per cent of all directorships in the 42 leading companies listed on the Hang Seng Index. And 33 per cent of these companies have no women on their boards at all.
