The Philippines still has a long way to go when it comes to diversity in senior and executive management positions. For instance, the World Bank estimates that only 28.2 percent of enterprises in the country have a female chief executive officer while 37 percent have a woman heading its board. Alarmingly, just 25.2 percent have a gender-balanced board.
Despite the economic progress, businesses in general are still missing the compelling value of having a more diverse workforce. According to a global report by Credit Suisse, companies where women account for the majority in top management show superior sales growth, high cash flow returns, and lower leverage. A similar report from McKinsey & Company showed that companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians.
Refinitiv understands that diversity and inclusion is a business imperative. The global provider of financial markets data and infrastructure believes that fostering a safe and inclusive culture is key to sustainable leadership. More than having a bold vision for the financial industry and caring for its operational footprint, the company is dedicated to empower its employees to be their authentic selves, to develop their potential, and to allow them to thrive in the workplace.
Bolstered by this commitment, Refinitiv launched a number of employee networks that support and advance the cause of diversity and inclusion, including the Refinitiv PRISM Network and the Refinitiv Women Network.
The Refinitiv Employee Networks bring together people with shared interests to build connections and influence change. Historically, employee networks have advanced the cause of colleagues who have been underrepresented in the corporate environment and in senior leadership.
Refinitiv also participated in the recent Philippine Financial and Inter-Industry Pride (PFIP) Summit, the biggest gathering of its kind that aims to enhance workplace policies and practices to promote a more inclusive environment. Thomson Reuters, Refinitiv’s parent company, is one of the founding members of PFIP.
“At Refinitiv, we believe that strength is derived from the talents, ideas, and experiences of our people,” Refinitiv director for Eikon Frontline Support and Manila Co-Site lead Donna Formilleza said during the event. “We know that an equitable space, where all employees are valued and have the opportunity to reach their full potential, gives us a competitive advantage.”
This was reinforced by Genevieve Esguerra, content operations manager at Refinitiv.
“If we want more women in top positions, we should create venues for them to grow, learn and share best practices. Strategic networks are important in creating a culture that encourages partners to contribute to the best of their abilities,” she said. “It also ensures the corporation’s success.”
In 2015, Esguerra helped set up the Women Inter-Industry Network, a collaborative, voluntary and non-profit community of dedicated career women.
Earlier this September, Refinitiv recognized the Top 100 organizations globally that ranked the highest in its 2019 Diversity and Inclusion Index, which utilizes innovative analytics to rate and score companies across four main pillars: Diversity, Inclusion, People Development and Controversies. The D&I Index also reflects Refinitiv’s own commitment to diversity and inclusion, underpinned by a talent strategy to reach a minimum of 40 percent female representation in senior leadership roles globally by 2020.
Through Refinitiv’s employee-led programs and participation in game-changing events, the company continues to embrace and promote an increasingly diverse and inclusive working environment.