PEOPLE | DIVERSITY family enterprises can use their family status to help vouch for themselves .
“ Family businesses give women a unique opportunity and entry point because a woman enters business to explore her strength , leverage , sense of purpose and passion ,” says Lynne Fleifel , VP for Sustainability and Diversity at Olayan Saudi Holding Company . “ It ’ s unique for family businesses and what they can offer women . Both men and women enter the business with an equal claim to succession .”
Of course , it hasn ’ t always been this way , with Saudi family businesses traditionally taking the ’ premiogeniture ’ approach of transferring the company from the father to the first-born child and , often , the first-born son .
But increasingly , forward-thinking enterprises are transitioning to a meritbased or objective approach to succession , according to KPMG Saudi Arabia ’ s The Power of Women in Family Business report , which features insights from 14 female family business leaders in the country .
Olayan Group , the Saudi conglomerate to which Lynne belongs , is a pioneer on this front .
“ When my grandfather started the business , he laid out a clear path for men and women family members ’ succession based on 100 % meritocracy and equal opportunity , pay and promotion .”
Because of this , Lynne says she grew up in a company where you don ’ t think about men and women ’ s issues because it is distracting , and where many women hold senior leadership roles , including herself and Lubna Olayan , who was CEO of OFC for 35 years .
Kholoud Mousa , Partner and Head of Inclusion , Diversity and Equity at KPMG Saudi Arabia , tells Business Chief that “ family businesses have an important role to play in being torchbearers for change ”.
Gender quotas : yes or no ?
Gender quotas are used by many countries and companies to help rectify women ’ s under-representation , especially on boards or in senior roles . While neighbouring country the UAE introduced a quota in 2021 , requiring every listed board to have at least one female representation , Saudi Arabia is yet to take this route . But should they ?
Putting in place female representation quotas can create greater awareness of bias and stereotypes and can be a starting point in countries where gender equality is not yet a cultural norm , yet many of the female leaders interviewed in KPMG ’ s women in family business report said they weren ’ t in favour of forcing rules and programmess on to companies .
But looking at women ’ s lack of representation in the C-Suite and on boards in Saudi , Kholoud Mousa , Head of DEI at KPMG Saudi Arabia , argues that some measures such as the implementation of quotas are required to enforce change .
Khlood Aldakheil , CEO of family-run Erteqa Financial Company , concurs . “ A quota secures diversity not only genderwise , but also in other aspects . It is a corrective tool . It ’ s a medicine that might hurt but will ensure your survival .” Quotas put in place in the Kingdom for Saudization , a nation-wide objective to increase the number of employed Saudi citizens , is proof that quotas can
READ THE FULL STORY
businesschief . com 49