When women win, everyone wins

As International Women’s Day approaches, Joy Jinghui Xu, Chief Human Resources Officer, Manulife Asia, shares her perspectives on win-win outcomes for women and businesses, starting with a mindset change

Xu, who grew up in Nanjing, China, explained that she was not expecting a career at some of the world’s biggest companies. But since then, she has had a global career spanning 25 years across four continents, because, in her words, she holds the belief that talent is tied to personal action. Xu recounted, “That belief required a mindset shift on my part, powered by believing that you can improve, and that talent can be developed. Instead of seeing talent as a fixed trait, I’ve grown to understand it as something that can be honed through learning, dedication, hard work and yes, my fair share of mistakes.” She added, “A growth mindset can also help challenge patriarchal norms. It helps us grow out of traditional gender stereotypes and realise that talent can be developed regardless of gender.”

Gender inequalities still exist

Xu realises that it is not enough to say that individual action is sufficient to achieve equality. Despite many efforts, there is still a great deal to do to achieve gender-equal boardrooms and workplaces and to help women reach their full potential.

Recent research shows that less than 5% of Fortune 500 CEOs and only 2% of S&P 500 CEOs are women. Women remain disadvantaged and, in many businesses, are not given the same opportunities as their male counterparts to reach senior positions. Manulife is one organisation committed to changing the status quo by advancing gender equality in our workplace, especially through sponsorship and mentorship programmes, and by training and optimising their hiring processes. Xu noted, “We are reinforcing pay equity in our compensation and benefits system and integrating gender equality into leadership succession planning. We are pleased that Manulife has made it once again into Bloomberg’s 2020 Gender-Equality Index.”

The Group provides all business leaders, women and men alike, with training to recognise unconscious biases and help them understand how they can better lead, develop and motivate female talent. They have also put in place a clearly defined hiring plan that ensures interview panels themselves are diverse, not simply the range of candidates they interview. Xu notes, “These are important, concrete steps that can help women grow personally and professionally in our organisation.”

When women win, everyone wins

Manulife has also recently committed to further steps towards gender equality. They have raised the target level for the number of female vice presidents from 14% women to 30% by 2022. To date, reaching 41% female representation at the director level and above and more than half of all their employees in Asia are women. Xu added, “We continue to hold ourselves accountable for achieving gender equality by regularly reviewing our gender-related KPIs and ensuring greater senior-level female representation. A key part of our approach is a recognition that this is not just about women and that it’s not limited to business. It’s part of a broader perspective on diversity and inclusion in which we encourage everyone to rise to the fullest extent of their abilities. It’s a positive vision for us all."

Manulife firmly believes that as equality in one dimension—such as gender–flourishes, this also helps facilitate the Group to make progress in other dimensions— such as race, ethnicity and sexual orientation. Xu summarised, “What’s good for equality is good for business—and when women win, everyone wins.”