WE continue with issue of why women of influence fail to leverage their networks for the benefit of the financial success of themselves and other women.
In this instalment we continue with exploring the dynamics of social capital and competition and what needs to happen for women to get over this hump.
Lack of mentorship and role models
Women may face challenges in finding mentorship and role models in male-dominated industries, which can impact their ability to navigate professional networks effectively or be the strategically placed network that parcels out opportunities to other women.
Without access to guidance from experienced professionals, women may struggle to monetise their networks or most importantly, enable women seeking business opportunities inside organisations that they work in for financial gain.
In Zimbabwe for example, there are no women business consortiums owning companies that are listed on the Zimbabwe stock exchange.
In South Africa, WIPHOLD come to mind formed by Wendy Luhabe, Gloria Serobe and others, who formed the consortium WIPHOLD with several business interests listed on the Johannesburg Stock Exchange.
Implicit bias and discrimination
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Gender bias and discrimination can also play a role in hindering women's networking and business opportunities. Women may encounter challenges in being taken seriously or gaining access to key decision-makers in male-dominated industries.
But where women are occupying C Suite positions in those industries, there are observations indicating that it is women themselves that discriminate against each other. These barriers can limit the potential for women to monetize their networks effectively.
Personal preferences and values
It is important to recognise that individual preferences and values also play a significant role in shaping how people approach networking and business opportunities.
While some women may prioritise building personal relationships and community connections over financial gain, others may actively seek out opportunities to monetise their networks.
Those who seek out to do this, tend to be admired in certain quarters and shunned in others. This is because of cultural stereotypes where men are “perceived” to be the hunters and women the “receivers of the hunted loot”.
What then happens to women who live in households where there are no men? What happens to women headed households with self-employed women, business owners’ etcetera. Who is hunting for the unemployed widows? These are questions that need to be answered as we interrogate the meaning of gender equality and where bottlenecks are in the advancement of women economic empowerment.
Competition for scarce resources
Historically, women have been socialised to compete with each other for limited resources and opportunities. This competitive mindset can manifest in various ways in the workplace, including women shutting the door on their peers to maintain their own position of power or influence.
This behaviour may stem from a fear of loss or a belief that there is only room for one woman at the top. In such a competitive environment, women may view other women as threats rather than allies, leading to a lack of collaboration and support.
Self-preservation
Moreover, the issue of successful women failing to become monetisable social capital for other women highlights the complexities of power dynamics in business.
While successful women may have the potential to uplift and empower their peers, they may face obstacles in doing so. These obstacles can include implicit biases, entrenched gender norms, and systemic barriers that prevent women from leveraging their success to benefit other women.
It would appear that in a male-dominated business world, women in positions of power feel pressure to conform to traditional leadership styles or may be reluctant to challenge the status quo for fear of backlash. So their natural instinct is to self-preserve at the expense of providing opportunity to other women. Is the commodification of relationships in business the preserve of men only?
Additionally, the concept of monetisable social capital raises questions about the commodification of relationships in business. Women in leadership positions may be expected to provide mentorship, guidance, and opportunities to their peers, but the expectation that this support should be monetised can create tensions and conflicts.
Women may be hesitant to leverage their social capital for fear of being taken advantage of or facing accusations of favouritism. This reluctance to engage in mutually beneficial relationships can further perpetuate the cycle of competition and isolation among women in business.
Yet men do it every day, in drinking clubs they attend after work, in church settings, at golf courses, at polo clubs and so on. The question that then begs an answer is, is the commodification of relationships in business the preserve of men only?
What needs to happen?
Collaboration, support, and empowerment To address these challenges, it is essential for women in business to cultivate a culture of collaboration, support, and empowerment. But how do they meaningfully do this when women are succeeding in workspaces or entrepreneurship without knowing all the rules of the game.
Who is going to tell women that it is okay to open doors, in whatever shape of form for other women, who are capable and can deliver value to your organisation?
Who will tell women that you can enable capable friends and relatives as long as it is done above board and you declare your interest and recuse yourself during adjudication processes? This logical starting point could be recognising the value of diverse perspectives and experiences in the workplace and actively seeking out opportunities to uplift other women. Unless it is a top-of-mind issue, it will not happen.
Successful women can play a crucial role in creating a more inclusive and equitable business environment by using their influence to advocate for gender equality, challenge harmful stereotypes, and promote a culture of mutual respect and support.
This will entail unlearning these harmful stereotypes and learn to include other women whilst understanding that collaboration benefits all. But those women to be included need to also go through the same training, that will tool them to not want to undermine those women of influence who would have gone out of their way to include them.
Diversity, inclusion
Furthermore, organisations must prioritise diversity and inclusion initiatives that address the unique barriers faced by women in the workplace. By implementing policies that promote gender equity, provide mentorship and networking opportunities, and support women in leadership roles, businesses can create a more supportive and empowering environment for women to thrive.
Conclusion
The phenomenon of women shutting the door on their peers and the failure of successful women to become monetisable social capital for other women in business spaces are complex issues that reflect broader dynamics of power, competition, and inequality. In addition, the challenges that women face in monetising their networks compared to men are multifaceted and influenced by a combination of historical, societal, cultural, and individual factors.
The roots of these challenges are located in the historical arena, clearly articulated above. Addressing these challenges requires a shift in mindset towards gender equality, breaking down stereotypes and biases, promoting inclusivity in professional networks, and providing women with equal opportunities to access and leverage their networks for financial success.
By creating a more equitable and supportive environment for women in business, we can help bridge the gap and empower women to form successful consortiums and networks that are capable to be listed on stock exchanges.
By unpacking these dynamics and addressing the underlying causes, we can work towards creating a more inclusive and equitable business world where women can support and empower each other to achieve their full potential. It is through collaboration, solidarity, and a collective commitment to change that we can build a more equitable future for all women in the workspaces and in business.
- Mkombachoto is a former academic and banker. She has consulted widely in strategy, entrepre- neurship and private sector development for organisations that includes but not restricted to Seed Co Africa, Hwange Colliery, RBZ/CGC, Standard Bank of South Africa, Home Loans, IFC/World Bank, UNDP, USAid, Danida, Cida and Kellogg Foundation. — @HeartfeltwithGloria, WhatsApp +263 772 236 341.
