PEOPLE | DIVERSITY
Diversity in family business crucial for survival
There is no longer any question about diversity being good for business . Study after study has shown that diversity leads to more creative teams and increases a firm ’ s bottom line . And numerous studies show that firms with more women in senior positions are more profitable , more socially responsible and provide higherquality customer experiences .
According to PwC ’ s latest Global Family Survey , which polled 46 family businesses in the Middle East , enterprises with more diverse boards ( those with two or more women , one member under the age of 40 , one non-family member , and one from a different sector ) tend to be more progressive and advanced in areas such as contributing solutions to society , the environment , and DEI – all areas linked to stronger financial performance .
“ Ample evidence points to the fact that diverse and inclusive companies with gender equality throughout the organisation and women represented in the C-Suite and boardrooms are likely to be more aligned with ESG priorities ,” Kholoud Mousa , Partner and Head of Inclusion , Diversity and Equity at KPMG Saudi Arabia , tells Business Chief .
According to Kholoud , women make better and more sustainable decisions to innovate , and so gain a competitive edge increasing their profitability and
READ THE FULL STORY
More women entering leadership positions at family businesses normalises the idea of having women in C-suite roles , which in turn creates an environment that will spread into non-family businesses and open the door for other women to assume leadership positions , she explains .
Khlood Aldukheil , who has more than 20 years of financial advisory and investment banking experience and is CEO of familyrun Erteqa Financial Company , has seen this normalisation work first-hand – in the Kingdom ’ s banking sector .
Banks started hiring a significant number of women before any other industry in the private sector , she says . After the initial wave of hiring , women being present in the
50 June 2023