The Philippines has retained its ranking as third in the list of countries which recorded the highest number of women leaders in mid-size firms, according to Grant Thornton International Ltd.’s Women in Business research.

The research, which surveys senior leaders from 5,000 businesses across 29 economies, showed that although the number of female leaders in senior management roles in the Philippines dipped from 48 percent in 2021 to 39 percent in 2022, the country still ranked third in the list of countries which recorded the highest number of women leaders in mid-size firms. This year’s figure also remains in line with the average percentage of women in leadership roles across the ASEAN region.

The research also showed that more than 70 percent of businesses in 29 economies are now working to create a more inclusive environment to attract and retain female talent.

In the early days of the pandemic, few could have predicted the lasting effect Covid-19 would have on established ways of

working.

Now, with much of the world stabilizing, and recognition from businesses that change was needed, the march toward more inclusive working practices to attract and retain a more diverse talent pool continues unabated. With nearly two thirds (57%) of mid-market leaders expecting a skill shortage to be a major constraint to their businesses in the year ahead, Grant

Thornton’s research showed that in response, 95 percent of mid-market business leaders are now taking action to foster staff engagement and create an inclusive culture.

Marivic Españo, chairman and CEO of P&A Grant Thornton said “The road to overall business recovery against the background of disruptions in the new normal is still a challenging one. Mid-size firms are confronted with major issues like winning the war for talent and accelerating their digital transformation initiatives. Despite these challenges, we see a lot of potential for companies committed to levelling the playing field and promoting gender parity in the workplace. Embracing a forward-looking mindset with a vision to mitigating gender bias will allow firms to deliver improved company performance, and ultimately, lead to greater productivity.”

In the Philippines, 39 percent strongly agreed that indeed, new work practices have benefitted women during the pandemic. In the long term, majority or 56 percent of respondents from the country expressed optimism that these corporate practices will continue to boost and advance women’s career trajectories.

Compared with data showing glacial progress in the increase of the number of women in senior management positions, respondents from the Philippines still cited that

their companies are employing new ways of working to create a more inclusive environment for female talent.

“Progress, no matter how gradual, is still progress. The key insight that our Women in Business report aims to impart is that more businesses are at the fore of understanding the advantages to operations of employing more female talent and of allowing more women to step up and handle the corporate reins alongside male leaders. We are seeing new influences and structured approach in terms of gender parity and inclusivity. To sustain this momentum, more firms should lead in promoting gender equality,” Espano said.

In 2021, Grant Thornton research revealed that the proportion of women in senior management roles had passed the

important 30 percent tipping threshold for the first time. All global regions have now passed the crucial 30 percent milestone, including APAC, which was the only region not to hit this figure in 2021.

The proportion of businesses with at least one woman in senior

management remains static at 90 percent.