Belonging can boost more than well being for women-led businesses in Asia

Belonging is a powerful feeling that can boost our well-being, performance, and engagement at work. It is also a key factor that can influence the success of women-led businesses in Asia, as they face various challenges and opportunities in the post-pandemic era.

The EY Asia Pacific Belonging Barometer 2022 is a survey that measures how employees feel about their sense of belonging at work. The survey found that 67% of respondents in Asia Pacific feel a strong sense of belonging at work, compared to 63% globally. However, it also revealed that 40% of respondents in Asia Pacific do not feel comfortable sharing all aspects of their identities at work, such as their sexual orientation, religion, or disability status. The survey suggests that fostering belonging requires an organizational-wide focus, with leaders demonstrating the behavior they expect to see in the workplace. The survey also shows that belonging is linked to higher employee engagement, productivity, and loyalty, which can save a conservative US$100B.

Women-led businesses can benefit from creating a culture of belonging in their organizations, to attract and retain diverse talent, foster innovation and collaboration, and enhance their reputation and social impact. According to a policy action brief by ASEAN and UN Women, women-owned businesses are a vital source of innovation, employment, and economic growth in Asia. However, they face many barriers that limit their potential and participation in the market, including access to finance, markets, networks, skills, and technology. The brief urges ASEAN and its member states to take three priority steps to empower women entrepreneurs: affirming high-level commitments, advancing gender equality in workplace and marketplace, and enhancing accountability and transparency.

These steps are aligned with the Women’s Empowerment Principles (WEPs), a set of seven principles that offer guidance to businesses on how to promote gender equality and women’s empowerment in the workplace, marketplace, and community. The WEPs are a joint initiative of UN Women and the UN Global Compact, and have been endorsed by over 4,000 companies worldwide, including more than 500 from Asia.

By adopting and implementing policies and practices that support gender equality and women’s empowerment, women-led businesses can create a more conducive and inclusive environment for themselves and their employees. By fostering a sense of belonging among their diverse workforce, they can also enhance their performance, resilience, and social responsibility. Belonging is not only a human need, but also a business imperative for women-led businesses in Asia.

Published 22 September 2023 by

Martha Raupp, WomenCFONetwork Founder