Women are still facing persistent, systemic barriers that impact their careers and long-term financial security, a report released today reveals.
The Business Chamber Queensland’s Future of Women in Business Report said that advancing women in business was an economic imperative for Queensland’s future performance, resilience and prosperity.
Despite this, action was still needed to unlock that potential.
The report found economic barriers for women included workplace and management attitudes, access to mentoring and professional networks, the cost of retraining and upskilling, and access to finance and affordable childcare.
Nearly 40 percent of respondents to the survey that underpinned the report identified childcare affordability as a major issue for women’s career and business aspirations.
Around 33 percent identified a lack of mentoring and 31 percent nominated the cost of retraining and upskilling.
The survey of nearly 500 people also showed businesses expected gradual progress towards gender equality rather than fundamental change.
Business Chamber CEO Heidi Cooper said this finding was concerning.
“The depth of capability, ambition, strength and experience of women across the state’s business community is formidable,” Ms Cooper said.
“At a time when businesses need skilled people, experienced leaders, and entrepreneurial talent, Queensland cannot afford to underutilise the capability already in our workforce.
“Queensland’s future growth will depend on making the most of all our talent. Women must be central to that economic conversation.”
While over half of the women who responded to the survey were already running businesses, others identified access to finance, attitudes to risk and confidence as ongoing challenges.
Ms Cooper said that mentorship and sponsorship of female employees through dedicated business capability programs could play a significant role in supporting the progression of women into leadership positions.
“Women do not lack ambition, capability or commitment,” she said.
“Too often, it is the systems and structures around them that limit their ability to participate, progress, lead or establish and grow a business.
“The more successful we are at removing barriers to participation, progression and enterprise, the stronger and more productive our economy will be.”
The report highlighted a gap in long-term financial security between women and men.
Almost 40 percent of women who responded to the survey said they did not believe they had enough superannuation to retire comfortably, compared with 28 percent of men.
Respondents identified higher incomes, easier access to financial advice and voluntary super contributions as measures that could help build stronger retirement savings.
Australian Retirement Trust Acting Chief People and Impact Officer Anne Fuchs said workplaces had an important role to play in improving women’s long-term retirement outcomes.
“A woman’s retirement outcome is shaped decades earlier, in her working life,” she said.
“Time out to care and flexibility that comes at the expense of career progression can both chip away at her super. That makes the gender super gap a workforce issue, not just a retirement one.”
