Fascinating new data pinpoints ways to create diverse leadership in Korean companies
SEOUL, South Korea, May 24, 2013 /PRNewswire/ -- Heidrick & Struggles International, Inc. (NASDAQ: HSII), the premier provider of senior-level Executive Search, Culture Shaping and Leadership Consulting services, today released, 'A More Diverse Workplace: Increasing Women's Power in Korea,' a study examining the current landscape of female executives in Korea and the opportunities that lie ahead.
The report examines the current status of women executives in Korea and features recommendations from female senior executives of renowned enterprises in Korea. It also discusses the preferred diversity programs for Korean corporates to build highly competent leadership that enhances organizational performance.
Heidrick & Struggles, with more than 14 years' experience in the Korean market, has long been aware of the lack of women in leadership in the country. In March 2013, the firm conducted a survey of 93 women, including numerous candid first-hand interviews with top female executives in Korea, to understand their perceived obstacles to career advancement.
"As a member of WomenCorporateDirectors (WCD), Heidrick & Struggles has been at the forefront of advocating gender diversity in the workplace. We have partnered with WCD and Harvard Business School to conduct the annual global Board of Directors Survey for three consecutive years," says Steve Mullinjer, Regional Leader of Heidrick & Struggles, Asia Pacific. "Today, I am proud to launch this Korea-specific white paper. We hope that the findings will draw public awareness to the importance of gender diversity in the workplace, as well as provide Korean companies with some guidance on what types of diversity programs Korean women executives prefer."
The South Korean economy is now the third largest in Asia and the 13th biggest in the world. The recent appointment of Madam Park Geun-hye as Korea's first female president has led many to believe that 2013 marks a new era for women in the country. Organizations in Korea seem to be realizing the importance of gender diversity -- albeit slowly. Nine of the 13 female CEOs from the 1,787 listed companies on the Korean Composite Stock Price Index (KOSPI) have in fact earned rather than inherited their titles, while many Korean companies in Asia Pacific, such as Samsung, have long adopted gender diversity programs. However, South Korea still has the lowest percentage of female representation on boards in the Asia Pacific region, and is among the key countries with the highest demand for gender diversity programs.
According to the survey, over 50 percent of the female interviewees in senior ranks and middle management have noticed increasingly positive attitudes amongst women towards career advancement at work, and over 50 percent believe that women are just as ambitious about their careers as men. In addition, more than a third said that women are equally assertive when contending for top management positions, and a third are open to travelling and relocating themselves domestically or internationally for work. Yet, a staggering 83 percent said there are invisible barriers to their upward progression, while nearly 60 percent said that there is a general lack of faith in the professional competence of women in Korea.
The reasons for these obstacles include some deeply entrenched values in the country. In a hierarchical and patriarchal society like Korea, strong cultural barriers, gender discrimination and societal pressure often prevent women from moving up in their careers. Compared to other countries in Asia Pacific, women in Korea face greater pressure to leave their jobs and raise their children once they have a family -- 70 percent of the women surveyed said that females in senior management positions find it hard to maintain a balance between their family life and professional requirements, as long hours is the norm in Korea's work environment.
In addition, the male-dominated work culture also discourages women from advancing in their careers. For example, one interviewee said that some male colleagues offered to complete this survey for the female co-workers rather than ask them to voice their own opinions. In addition, over 50 percent of the women executives in the survey say that they and their peers lack the necessary networking skills to integrate into male executives' networks. This is partly because Korean men often form lifelong friendships and build networks during conscription, which can benefit their future career development.
This study also shows that Korean women would appreciate the benefits of diversity programs, particularly the formation of their own networking groups and initiatives that could allow for better work-life balance. According to the study, an organizational culture that embraces diversity, encourages female leaders to pursue their career, provides networking and mentoring programs, and continues to localize what they learn from international firms in a Korean way, is more likely to succeed.
As Jaeho Kim, Partner-in-charge at Heidrick & Struggles, explains, "Korean enterprises should build diverse workforces and inclusive workplaces through appropriate diversity programs, as they can positively enhance business performance, brand perception and employee engagement, and further strengthen their competitiveness in the global arena." He continues, "Our years of experience have proved how companies with good gender diversity tend to be more successful, and hence, we wholeheartedly encourage Korean clients to build strong female leaders."
About Heidrick & Struggles International, Inc.
Heidrick & Struggles International, Inc., (Nasdaq:HSII) (www.heidrick.com) is the premier provider of senior-level Executive Search, Culture Shaping and Leadership Consulting services. For 60 years, we have focused on quality service and built strong leadership teams through our relationships with clients and individuals worldwide. Today, Heidrick & Struggles leadership experts operate from principal business centers in North America, Latin America, Europe and Asia Pacific. To obtain the report, please contact: Lily Siu +852-2103-9339 (lsiu@heidrick.com) or Karen Lau +852-2103-9329 (klau@heidrick.com)
