We often find norms and traditions acting as subtle (or apparent) enforcers of detrimental standards. As a woman, you might catch these traditions acting as more of a hindrance than a help. It would be tolerable if it was just lack of support, but it feels like it regularly acts against women’s progress. There’s a disheartening cycle where there would be an initial lack of expectations for women and then followed by unrealistic demands, expecting everything from them next. It just creates a no-win situation.
The challenges extend deeply into professional environments, with the finance sector being no exception. It is no news that female leaders often face additional scrutiny and skepticism. Many echo this sentiment whenever asked about it. For instance, when a woman in a leadership position makes a decision or provides guidance, there are frequent cases where her authority is questioned. Doubts about her choices are expressed, leading to others seeking validation/confirmation from a man—who may even hold a lower rank. This undermines her authority and disregards her expertise. This happens at all levels of organization from junior to senior. Ms Melika Bedri, CEO of Zamzam Bank, shared her experience with workplace challenges in an interview with NEWFin (you can watch the full interview here).
She achieved it only because…
Discrediting can manifest in several ways. It may be another person receiving the credit, a favorable condition or circumstance getting highlighted, or even a specific deed or external factor getting praised as the true reason for their success. It neglects the contribution of their hard work and effort. You might have seen it come as a backhanded comment shrouded as praise but carrying a whole punch of negative prejudices behind it. This can take another turn when their achievements get misunderstood or misrepresented. Their success gets looked at in skepticism and condescension. Some even see their success as threats. Minimization of the achievement, uncalled-for comparisons and outright belittling ensues.
Social support network
The support systems available to men and women in their professional and social lives often differ significantly, with men generally enjoying a much stronger network. Within organizations, male leaders frequently receive greater backing from their teams, which helps them navigate through challenges and recover from setbacks more confidently and effectively. In contrast, women often find this kind of support to be scarce, making it more difficult for them to overcome obstacles. Since mistakes are an inevitable part of any career or social endeavor, having a supportive network that acknowledges these errors as learning opportunities, believes in you and offers supportive guidance is crucial. Unfortunately, this type of support is more commonly enjoyed by men, Women’s career development and social experiences are met often by scrutiny and obstacles, hindering their ability to advance and thrive in their fields.
Adamancy to change
Any change is always accompanied by discomforts and resistance. It evokes different feelings in different people. Leadership positions come with significant responsibilities where you often have to make tough decisions with far reaching consequences. These consequences need to be accepted and shouldered by the decision maker. For women leaders, the challenges may be more pronounced as they often face scrutiny and resistance even in ordinary circumstances. Being bold becomes not an option but a necessity.
The Work-Life Dilemma
Our society, as we know it, places a tremendous burden on women when it comes to managing the household. Women who have embraced roles as wives and mothers struggle to maintain their professional momentum, with their higher-ups considering them as burdens. Let’s take the finance sector as an example. The representation of women declines significantly as one goes up the organizational ladder. Many talented young women who start their career journey strongly see it stagnate or halt over time, primarily due to the pressures of balancing work and home commitments. It is essential to recognize and address these challenges, as women deserve not only understanding but also support and flexibility to thrive in both their professional and personal lives.
Confronting and overcoming the obstacles
Conquering these obstacles starts with acknowledging that barriers exist against women in our culture. Tradition is drawn towards masking these destructive trends as conventional and shielding them from change, like something to be preserved. They are deeply ingrained in our culture, passing off for norms. We need to wisely pick what we want to perpetuate and what needs to be rooted out as we move forward. Creating a work environment where women’s perspectives are valued and their authority is respected is crucial for the equitable progress of society. It is about ensuring that women are heard equally, can stand on the same podium, with the same respect and consideration afforded to their male peers.
The importance of recognizing the challenges women face in ascending to leadership roles in the finance sector cannot be overstated. These challenges are apparent and unavoidable. And while the process is far from rosy, aspiring leaders need not shy away from the roles. Instead, they should know and prepare for these inevitable realities. The challenges, though appearing daunting, are not impossible and should not be feared or avoided. Instead, they should be considered as opportunities for growth and learning, developing character in the process. It doesn’t promise to be a smooth sail, but it is a journey worth embracing for its fulfilling end. Many champions have walked over these prejudices and negative notions, carving out paths of their own and proving that progress is possible despite it all. Their achievements albeit the hurdles truly show in their work and character, like how fire refines gold. They serve as hopes over the horizon, proving others can make it too. The presence of these trailblazing women in finance as mentors provides upcoming talents with very useful insight on what they may expect as they start or continue to navigate their career and perceive how these inspiring women dealt with their struggles. NEWFin strives to cast light on their experiences hoping to inspire the next batch of potential female presidents and CEOs to lead the finance sector.
Empower Her!
By Ruth Mulugeta