For Pan Asia Bank, inclusivity goes beyond gender and a well-crafted policy. It means creating a culture that embraces ethnicity and gender.
Diversity is about creating an inclusive and respectful culture, where both men and women are respected and recognized for their views they bring to the table. Shaping a gender-diverse workplace does not only benefit women but has a positive impact on societies, economies, and organizations. Many firms have fewer women in leadership positions despite a large pool of talented females at the bottom rung of the corporate ladder.
For Pan Asia Bank, creating an inclusive workplace means much more than a well-crafted HR policy or the hot topic of gender equity and equality. It means creating a culture that embraces both ethnicity and gender across the bank. In an interview with Echelon Magazine, Pan Asia Bank’s – Nayantha Fernando, DGM – Company Secretary, and Varuni Egodage- AGM Legal Department share their views on gender diversity and the need for women to be assertive and career-focused.
The proportion of women in financial services leadership needs improvement. What do you think financial institutions should do to encourage and increase women’s participation at senior levels?
Nayantha: To see increased participation of women at leadership levels we have to focus on creating a healthy pipeline of female talent at junior levels, and ensure they do not leave their jobs at mid-level. Often women tend to drop out of their jobs at mid-level, which is evident when we compare women’s participation in the workplace at junior versus leadership levels. This is a challenge we as a nation face, since women often tend to leave their jobs due to family issues, like having to take care of kids, elderly parents or relocate after marriage.
From an organization’s perspective, I believe that financial institutions need to change their culture and structure to one that encourages women to take positions of leadership, fostering leadership skills.
At Pan Asia Bank, inclusivity means much more than gender and it certainly goes beyond a well-crafted HR policy. We offer equal opportunities irrespective of ethnicity or gender. From a gender perspective, we’ve really walked the talk as we have an overall gender split of 44% females and 56% males employed at the bank. We have over 50% women employees in our branch network, and in 2020, 90% of our management trainee batch were females. To encourage women to grow in their careers at the bank we do invest in training and development, consider relocation of female staff following marriage based on their request, and have special maternity privileges that help them return to work without having to quit their jobs.
Varuni Egodage,
AGM Legal Department
Varuni: At the bank, we have introduced a series of initiatives that support diversity and are women-friendly. We have zero-tolerance for sexual and gender-based harassment, have a strong grievance handling process and whistle-blowing policies, which are taken very seriously and strictly enforced. Our promotion policies are not gender-biased and in fact, we always encourage females to apply for promotions. Some of the important business units are headed by female leaders and in our succession plan, the same policy is reflected. We have realized that females are going out of the workforce after marriage and childbirth, so we try to retain them in employment by allowing transfers that they desire. We allow them to combine their maternity leave and annual leave and even extend unpaid leave options to encourage them back to work.
My personal view is that we no longer have to worry about the glass ceiling or wait till policymakers introduce gender parity policies. Post-Covid 19, work models have changed. We have embraced a new working culture, whether it’s work from home, Flexi hours, work on a shift basis, or special assignments.
Every organization has tested these concepts for a year now and has realized the cost savings on the overheads and the benefits to the employees. Pan Asia Bank is also looking at these concepts as a permanent solution for the future of work. It creates a huge space and opportunities for women to choose a job that will allow them to balance work and home. I believe women should seek these opportunities, embrace them and realize their aspirations while fulfilling their personal obligations. I am positive that when we look back at the statistics 5 years from now, we will see more women participation at all levels of employment.
You have been with the bank for many years. What has made it possible for you to grow in your career in the bank?
Nayantha: I am a lawyer by profession, but I opted for a desk job so that I could balance my work and my family. For me, growing in a career has two sides to it. One is the passion you have to achieve something in life, which pushes you to perform and grow. The second is the opportunities that the organization provides.
I joined the bank at the mid-career level and since then have progressed in my career within the bank, through sheer determination irrespective of the challenges whether personal or professional. I have been with the bank for 23 of its 25 years and worked under several CEOs and over 40 board members, and to date, I have not faced any problems in working with diverse leadership styles. In fact, I was the first lady DGM to be appointed by the bank, 7 years ago. This is an achievement for me and an inspiration for other women at the bank. Determination, confidence, and the ability to stand up for myself and show leadership when necessary were keys in my career growth.
Varuni: A lot of hard work, an absolute commitment, and striving for perfection were my drivers of growth, and I believe that’s what helped me achieve my potential at the bank. Within 7 years of employment, I was appointed as the head of legal because I feel the management believed in me and my ability to lead. I also wanted to leave the job after marriage as I had to go overseas for 3-4 months, and the bank had no provision for such a long leave. But the CEO at the time, realizing the need allowed me to take that break. I am also fortunate that to date, I have a good support network of my extended family. I think the support given by the bank and my extended family allowed me to grow to this leadership position.
How important is diversity for the success of an organization?
Nayantha: Diversity helps widen the ability to hire the best people for the job, and bring new ideas and perspectives to the table, which can foster innovation in an organization. Since, women are better at multitasking, having a fair representation of women leaders can be an advantage to an organization.
Varuni: Having diversity in the organization will lead to better decision-making processes and better monitoring and strategy involvement because women bring in different perspectives, experiences, and knowledge. We can eliminate cognitive biases through diversity. It is a totally different talent pool to draw from and will bring in reduced risk of fraud, and a positive workplace environment, which in turn leads to better business performance, competitiveness, and long-term sustainability. When men and women are empowered equally to make decisions and encouraged to pursue employment, the nation reaches its full economic potential.
When men and women are empowered equally to make decisions and encouraged to pursue employment, the nation reaches its full economic potential
As a woman in a leadership position in a recognized bank, what is your advice to women out there, in terms of achieving their career goals?
Nayantha: Women should always maintain their professionalism and self-confidence and be able to stand up for themselves at any forum, and be assertive when required. You must take initiative to show your leadership skills whatever position you hold in the organization. Be independent. Focus on a career and growth and ensure you always have an income of your own. Work towards achieving your full potential and no matter what obstacles you face, never give up on your career.
Varuni: For me, the most important thing is your attitude. You need to have a “can-do” attitude, otherwise, you cannot achieve your career goals, and you cannot bring positive energies to your team. Don’t allow your mindset to restrict you from taking that next step ahead. Secondly, you need to develop yourself. Continuing professional development is a must.
You need to keep abreast of new developments and changes that are critical in the fast-changing world of finance. Thirdly, never compromise on your dignity. Guard your dignity as your life. Walk, if necessary walk away but always with your head held high. In summary, it is my strong contention that with the right attitude, commitment and aspirations, there is no reason why women cannot keep up with their male counterparts in the professional world.