• Salma Al-Hajjaj: Over the past 10 years, we've successfully raised the percentage of women in leadership roles at Gulf Bank to 30%.
• The global economy loses $20 trillion each year due to missed opportunities from the delay in empowering women.
• Kuwait has made great strides in empowering women, but there is still much more to be done.
• Gender diversity drives higher profitability, productivity, and fosters greater creativity and innovation.

Gulf Bank's General Manager of Human Resources, Ms. Salma Al-Hajjaj, addressed the bank’s pioneering efforts in empowering women in the private sector, particularly in the banking industry, at the MoneyTech conference organized by Al-Jarida Newspaper. She emphasized the significant economic losses faced by both global and Kuwaiti economies due to the delay in women's empowerment, emphasizing the urgent need to close the gender gap.

During her speech Al-Hajjaj referenced a study conducted by Gulf Bank ten years ago, which revealed that 71% of graduates in Kuwait are women, while only 29% are men. However, as careers progress and promotions occur, the percentage of women in leadership positions in the private sector drops to just 10%, compared to 90% for men.

In response to these findings, the bank has taken several measures that have contributed significantly to increasing the representation of women in leadership roles, rising from 10% ten years ago to 30% by the end of 2023, a remarkable 300% increase.

Gulf Bank's Commitment to Women's Empowerment

Al-Hajjaj also highlighted Gulf Bank's 2021 decision to eliminate gender discrimination among employees, ensuring full equality in employee benefits. Gulf Bank was one of the first Kuwaiti private sector companies to sign the Women’s Empowerment Principles (WEPs) in 2019 and launched the "WOW" initiative in 2017. This initiative brings together female staff each month to discuss challenges and offers various training programs designed to help women progress to senior leadership positions.

Addressing the gender gap, Al-Hajjaj noted that Kuwait ranks 63% on the Gender Gap Index, which considers factors such as economics, education, health, and politics. She pointed out that while Europe and America will need around 50 years to close the gender gap, the Middle East requires approximately 115 years. Al-Hajjaj emphasized that although Kuwait has made significant progress in empowering women, more work is needed, as global statistics reveal that the world loses $20 trillion annually due to missed opportunities from not fully empowering women.

Economic and Societal Impact of Empowering Women

Al-Hajjaj also highlighted the many benefits of gender diversity in the workplace, including increased profitability, productivity, creativity, innovation, and talent retention. She emphasized that empowering women adds valuable human resources, bringing fresh ideas that drive institutional and national economic growth. As more women join the workforce, consumer spending rises, enhancing overall happiness within families and communities.

She also emphasized that promoting women into leadership roles requires flexibility to address their social and family needs, support from colleagues, and a shift away from gender-based discrimination. Additionally, women must also cultivate ambition and confidence in their abilities.

Empowering Women Through the Leadership Triangle

Al-Hajjaj outlined a "leadership triangle" for empowering women, comprising leadership, male support, and the women themselves. Leaders must be adaptable, taking into account women's social and family needs, while men should provide guidance, remove barriers, and support women in overcoming challenges. Women, for their part, must demonstrate ambition and confidence in their own abilities.

She recommended creating a strategic plan to support women in alignment with Kuwait's Vision 2035, which prioritizes gender empowerment. The plan should include annual assessments, foster a culture of gender equality, and ensure diverse recruitment based on merit and capability.

Singapore: A Model for Women's Empowerment

Al-Hajjaj pointed to Singapore as a successful example of women's empowerment. Since gaining independence in 1965, Singapore prioritized empowering women, and as a result, the female workforce grew from just 29% in the early 20th century to 58% today, reflecting the crucial role women play in its economic progress.

She emphasized that not fully integrating women into the workforce after their education is a missed opportunity, particularly as the demand for skilled labor continues to grow. The country loses billions annually by not leveraging the potential of women, who now surpass men in higher education.

Al-Hajjaj concluded by emphasizing that empowering women and advancing them to leadership positions is ultimately beneficial for society as a whole.