Challenges Faced by Women Leaders in the Financial Sector: Focus on the Private Insurance Companies
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Date
2015-10
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Addis Ababa University
Abstract
This study deals with women’s participation and challenges faced in leadership positions of
private insurance companies. The objective of this study is to identify the factors that affect
women’s participation in leadership positions in private insurance companies and addressing
policy interventions and strategies to improve women leaders’ leadership and competences. The
subjects of the study were 15 women/men in top leadership, 125 senior employees who are not in
managerial position, 55 women in middle managerial level(Branch managers) and 100 selected
customers of the insurance companies for the study(Africa, United, Nyala, Nile, Nib, Lion,
ELGI, Tsehay). The randomly selected sample sizes are mutually exclusive. Besides, documents
were reviewed to supplement the data that collected from primary source. The instruments for
data collection were interview, questionnaires and document analysis. The collected data were
analyzed both qualitatively by using words and quantitatively by using frequency and
percentage. As per the findings in the study, qualified women representation in selected private
insurance companies are 51% where as the representation in middle leadership positions and top
leadership positions are 16% and 11% respectively. The United Insurance Company has
contributed for women participation in leadership as the only company in the industry which lead
by Women executive and has 36% of the top level leadership position are occupied by women.
Therefore, the study identifies different barriers for women’s participation in leadership. The
most frequently mentioned barriers by the 265(15 interviewees, 39 middle women leaders, 116
employees not in managerial positions and 95 customers) respondents are women’s low access
and success to advanced education, socio cultural barrier and lack of support and mentoring in
the industry. The main contributing factors for few women’s holding of leadership positions are
their performance and capability level, their educational qualifications, family support. Finally,
the main measures to be taken to enhance women’s participation in leadership is mainly depends
on better addressing gender gaps in the country and the level of attention given for gender issues
in the insurance industry. To address the gender gap women themselves should create net
working, support/encourage and mentoring each other and ready to enhance advanced education.
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Keywords
Women Leaders in the Financial Sector