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Women still not participating ‘extensively’ in mining sector – IFC

DIVERSIFICATION GOALS
Goal establishment in terms of gender diversification is key, with systems that should be in place to ensure goals are met

DIVERSIFICATION GOALS Goal establishment in terms of gender diversification is key, with systems that should be in place to ensure goals are met

18th August 2017

By: Mia Breytenbach

Creamer Media Deputy Editor: Features

     

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Although mining companies are moving in the right direction with regard to women’s participation, women are still not participating extensively, which means that effectively 50% of the population remains excluded, says International Finance Corporation (IFC) mining principal investment officer Robin Weisman.

While an increasing number of studies show that more women in leadership roles in business have a positive effect on companies’ operations, companies worldwide are still struggling to promote more women in senior management positions, she highlights.

Weisman notes that the World Economic Forum’s ‘Global Gender Gap Report’ of 2016 said that it would take 170 years to reach economic gender parity.

“Companies must understand that diversity and inclusion enhance business,” Weisman says, noting that the IFC, the largest global development institution focused on the private sector in emerging markets, has a focus on diversity, with gender as a dominant subset, as it has been shown that operations are financially more successful when women are included in all activities.

Consequently, the IFC, as part of its commitment on gender and diversification, is preparing a gender toolkit for natural resources companies to enable them to “thoughtfully consider at all levels – management, employees, suppliers, stakeholders and board directors – whether [they have] an inclusive strategy to enhance [their] operational performance and how they can focus on developing ways to incorporate greater female participation,” Weisman tells Mining Weekly.

The toolkit is expected to be made available in December and will contain detailed, step-by-step guidance for companies that want to improve their engagement with women in various operational areas.

Diversity Matters
Weisman emphasises the need for diversity within all industries, citing several research publications that have highlighted its advantages.

These include consultancy McKinsey’s 2015 research report, ‘Why diversity matters’, which shows that gender-diverse companies are 15% more likely to outperform their peers, while ethnically diverse companies are 35% more likely to do the same, she notes.

Further, in a report titled ‘Companies With More Women Board Directors Experience Higher Financial Performance’, nonprofit corporate membership research and advisory organisation Catalyst shows that companies with more women on theirs board statistically outperform their peers over a long period. Advisory services firm Deloitte Australia’s research also shows that inclusive teams outperform their peers by 80% in team-based assessments.

Weisman explains that, if everyone is likeminded, all may follow the same path, with problems and decisions treated in the same way, resulting in blind spots.

“If the only tool you have is a hammer, it is really tempting to treat everything [like] a nail,” Weisman notes, citing US psychologist Abraham Maslow.

Diversity narrows the blind spots, thereby facilitating improved strategy, with the potential for improved and/or enhanced decision-making, Weisman suggests.

While she acknowledges that more women should advocate for women in the industry, she also suggests that men at senior management should broaden their network so that they are aware of professional and experienced women available in the industry.

This could be supported by the facilitation of a platform, or through workshops where men and women can collaborate to get to know one another in a problem-solving situation, Weisman posits.

However, diversity and inclusion in the workplace have to start with corporate policy leading to a process that ensures that women are being considered for all opportunities, she says.

“Companies also need to proactively start ‘building a bench’ and investing in succession planning for women to participate in the industry,” she says.

Further, diversification that empowers women is becoming key, as institutional investors are considering gender diversification as a performance indicator, with investors placing pressure on companies if there are no women at board level or being considered for nomination to the board, she notes.

To increase female participation, mining companies could also consider supplier development programmes with women-owned businesses, Weisman satys. She highlights the IFC’s work with gold miner Newmont Ghana Gold, a subsidiary of Newmont Mining Corporation, at its Ahafo mine, where the company has opportunities for procurement from women-owned businesses.

Platinum producer Lonmin also focuses on incorporating supplier development and tracks the hiring of women in the workplace, Weisman adds.

In July 2007, the IFC entered into a three-year partnership with Lonmin to promote the sustainable development of Lonmin’s workforce and the communities in the vicinity of its mining operations. A key focus of the partnership was to develop a Women in Mining programme, which sought to promote the employment and retention of women in Lonmin’s workforce.


Women could contribute significantly to the economy, Weisman avers, citing the McKinsey Global Institute report, ‘The power of parity: How advancing women’s equality can add $12-trillion to global growth’, which finds that $12-trillion could be added to global gross domestic product by 2025 by advancing the equality of women.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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