Zahabiya is a seasoned leader with over three decades of expertise in strategic formulation, corporate vision implementation, and growth-oriented solutions. She excels in driving company-wide transformations, fostering industry partnerships, and offering insightful leadership through uncertain environments, influencing decisions globally, and serving as a trusted advisor to senior leadership and industry peers.
In a recent conversation with the Women Entrepreneurs Review magazine, Zahabiya discusses women leaders' role in promoting sustainable business practices and shares her strategies for cultivating an empowering work environment. She addresses measuring initiative effectiveness and ensuring equitable professional growth amidst remote work challenges. Taking a leaf from her personal life, Zahabiya shares advice on balancing all aspects of life.
In the increasing emphasis on Environmental, Social, and Governance (ESG) factors in investment decisions, how do you see women leaders uniquely positioned to drive sustainable business practices and impact?
In the context of India, there are a few key aspects to consider when discussing the role of women leaders in driving sustainable business practices. Firstly, the inclusion of women in the workforce itself has a significant social impact. The diverse perspectives and experiences that women bring can lead to more balanced and inclusive decision-making, which is crucial for sustainable business practices.
Secondly, we're witnessing a rise in women entrepreneurs who are starting their own businesses. This not only contributes to economic growth but also influences investment decisions, as these women entrepreneurs are often more attuned to the importance of ESG factors.
In these ways, women are uniquely positioned to drive sustainable business practices and impact investment decisions, particularly in the context of ESG factors.
What specific steps have you taken to foster a supportive and empowering work culture for women within your respective organization? How do you measure the effectiveness of these initiatives?
At M&G Global Services, our commitment to Diversity, Equity, and Inclusion (DEI) extends beyond just fostering a supportive culture for women; it permeates all aspects of our operations.
Starting from recruitment, we ensure that job descriptions are inclusive, and each interviewing panel includes at least one woman. We also strive for a balanced representation of women among potential candidates.
From a retention perspective, we offer flexible policies that consider key milestones in our colleagues’ lives, such as parental leave and marriage.
We are also proactive in sourcing talent from diverse backgrounds, including the LGBTQ+ community, by participating in specific forums and trade fairs. This helps us access a wider pool of talent and enhances our organizational diversity.
In terms of succession planning and senior-level hiring, we maintain a focus on diversity. We also pay close attention to our attrition data, analyzing it by gender to understand the reasons behind attrition and implement programs to manage it.
By upskilling our workforce and providing supportive policies, we aim to create an environment where everyone feels valued and empowered. The effectiveness of these initiatives is measured by monitoring our recruitment, retention, and attrition rates, as well as the diversity of our workforce and leadership.
What initiatives or programs should companies implement in order to promote gender parity in traditionally male-dominated industries such as Finance & Technology?
Promoting gender parity in traditionally male-dominated industries such as Finance and Technology is a multifaceted task, and the strategies employed should be similar for both sectors. M&G has established a goal of 40% women in senior leadership by 2025 and we define senior leadership as Executive Committee and their direct reports. This goal touches all part of our business globally. Achieving this ambition is an expectation of M&G senior leadership and as such is a performance measure that makes up part of senior leadership annual performance reviews and renumeration.
To achieve this goal, we are focusing on all aspects of talent management. Firstly, it is crucial to adopt an inclusive approach from the recruitment stage itself. This involves reaching out to organizations or leveraging technology that can help tap into talent pools where female representation is strong. We aim to extend our recruitment efforts to educational institutions that have a significant female student population, thereby fostering a connection from the early stages of career development.
Secondly, we believe in the importance of upskilling our existing workforce. We continually identify potential talent within our organization and provide them with the necessary support to enhance their skills and qualifications. This not only aids in their professional growth but also contributes to a more diverse leadership within our organization.
Moreover, we engage in various external interventions, particularly in the finance sector. This includes training programs and sessions with external consultants who provide insights on financial management, among other topics.
Lastly, we have established partnerships with organizations such as Women in Data and NASSCOM. These collaborations allow us to participate in programs aimed at promoting gender equality in the technology sector. They also help us encourage more women and girls to pursue careers in data, thereby fostering a balanced and inclusive team within our organization.
With the rise of remote work and virtual collaboration, how can leaders ensure that women, particularly those balancing caregiving responsibilities, have equal access to opportunities for professional development and advancement?
The concept of work-life balance is often discussed, but in reality, it's more about prioritization. There will be times when personal responsibilities take precedence, and other times when professional duties require more attention. The key is resilience, as it's not uncommon for women, especially those with caregiving responsibilities, to step back from their careers due to the pressures of balancing both.
One aspect that often goes underutilized is the support system available in today's world. There are numerous resources and networks designed to assist in managing professional and personal responsibilities. The challenge is often about acknowledging the need for help and reaching out to access these support systems.
The rise of remote work, accelerated by the COVID-19 pandemic, has introduced another dimension to this balance. The ability to work from home offers a unique opportunity to manage personal situations while continuing to progress professionally.
In conclusion, prioritization, resilience, effective use of support systems, and leveraging the benefits of remote work are key to ensuring that women have equal access to opportunities for professional development and advancement.
Given the evolving landscape of technology and digital transformation in finance, how do you see women uniquely positioned to capitalize on emerging opportunities in fintech and other disruptive sectors?
The advent of technology and digital transformation has significantly eased the multifaceted responsibilities that women often shoulder. Despite societal advancements, women still tend to manage a variety of roles, from home responsibilities, childcare, to caring for aging parents. Now, with the convenience of technology, many tasks can be accomplished with a simple click. Be it shopping on Amazon, consulting a doctor for ailing family members, or managing daily chores, technology has provided a means to streamline these tasks and create space for personal and professional growth.
Moreover, the digital transformation has facilitated better financial management and self-education. The availability of virtual technology and online education means that one doesn't need to be physically present to learn or upskill. Prestigious programs from institutions like Harvard or Oxford can be pursued from the comfort of one's home, eliminating the need for travel.
In summary, digital transformation has not only simplified daily tasks but also opened up avenues for health management and professional upskilling. This evolution has uniquely positioned women to capitalize on emerging opportunities in fintech and other disruptive sectors, without the constraints of travel or physical presence.
As a successful woman leader with a demanding job, how do you balance the demands of your professional responsibilities with personal well-being? What practices or routines have you found particularly effective in maintaining this balance?
Balancing professional responsibilities with personal well-being is indeed a matter of setting priorities and maintaining routines. It's essential to allocate time for both personal and professional tasks, understanding that some days may lean more towards one than the other.
Family and friends are of paramount importance to me, and I ensure that I dedicate time to them, irrespective of my professional commitments. It's equally important to manage personal well-being, which includes pursuing hobbies such as trekking, hiking, running, or any activity that helps to destress.
Furthermore, it's crucial to be open to both offering and receiving help within your professional and personal circles. The traditional norm of personal FaceTime is no longer a necessity in today's digital age. As long as one is delivering on their responsibilities, it's possible to strike a balance between spending time at home and managing professional careers.
The advent of technology has made it possible to work efficiently from home, making it easier to navigate personal challenges while fulfilling professional duties. This shift in work culture has been instrumental in maintaining a healthy work-life balance.
