Finland Chambers of Commerce have created women business leaders programme where we conduct studies in stock exchange: Leena Linnainmaa
Embassy of Finland, in collaboration with Federation of Indian Chambers of Commerce and Industry (FICCI) and NITI Ayog, organised a seminar on “Women in Business Leadership India and Finland” here on Thursday. Speaking to The Sunday Guardian, Leena Linnainmaa, Deputy Chief Executive of Finland Chamber of Commerce, explains why women don’t need quotes in business sector, how we can empower women entrepreneurs and the gender pay gap in Finland. She also speaks about a special programme initiated by the Finland chamber that promotes businesswoman in India at top executive level. Excerpts:
Q. Can you elaborate on the programme started by Finland Chamber of Commerce?
A. We represent medium and small size companies in Finland. We have created over the years women business leaders programme. It is not because politicians require it or the law doesn’t require it, but we want to show that the business sector is active, and also to send a message to the politicians that we don’t need legislative quotas in Finland, as a few countries in Europe have legislated quotas. What we are saying is that it is up to the business sector to select the leadership. We still don’t have a good number of women in the top positions and that is what we are trying to change through this programme.
A part of the programme is that we conduct studies in stock exchange-listed countries because there is data available from those and we publish the studies. We wish to provide data and information about women business leaders in larger companies so that the media has material. The companies also understand the issue. We also provide mentoring, this is top level mentoring programme. Women are selected based on applications; we select women who are already in executive positions. We don’t have mentoring for just-out-of-university students. We have top level mentors, both men and women, who are CEOs, executives or board members in large companies.
What is special about this mentoring programme is the network that we are creating because we also have seminars, events; we go to meet head-hunters. We have now 40 women participating in this as mentees and they get to know many business leaders among different business sectors.
Q. How does the application process work?
A. The programme is running for the fourth time. We announce when the applications are available. We have a website, where the women have to submit their CVs, and cite why they are interested and what they are expecting from the programme. Our team goes through all the applications and select people that have the potential and who would benefit from having a top level mentor, and also from the network that is created. We have also studied the outcomes as the programme has been running for several years. We conduct surveys among the women who have participated. Most of them have said that they have had concrete results.
Q. Does it cater to just women who are natives of Finland or has a wider connotation? If an Indian businesswoman wants to be a part of it, can she apply?
A. This programme is mostly for Finland. (But) if there was a counterpart from some other country who would like to organise it in their country, we would consult how to organise, what kind of elements, selection process and quality surveys (to adopt). Of course there are cultural issues and you have to know the correct people… We have the experience and tools to do it but one has to be connected in the country. It has to be someone who knows the correct people but I hope we can share ideas and perhaps something could happen in India.
Q. What differences have you observed between Finland and India, in terms of business model?
A. I follow the news and have observed that the technology sector is very important here. It is important in Finland as well, so that might be an area where both countries can cooperate. Although there are some similarities and women are educated here in India.
Q. We hardly see any woman entrepreneur who has started her own business. Why is that and how is the scenario, in terms of doing business among women, in Finland? And what can we learn and implement some of it in India?
A. The fact is that quite many countries have the same dilemma. In start-up scene in Finland, the majority is men. But we should have more women there. A part of the problem that I can see is that women don’t study enough engineering, technical issues. Because if we look at the future, business will be very much based on digitization regardless of the sector. Even traditional businesses benefit from technology, and women are not studying enough. At least in Finland, there are few women in engineering and technology. For example, health technology can be an area and women are very much working in this sector but they should have the technical skills to provide innovations in start-ups. Unfortunately, we have not found the full solution to that issue. There are women in the start-up scene but not enough. Like, if we talk about stock exchange companies at top level, there are 34% women are board members in Finland and this is without quotas in the law. If we see the small companies, then the overall percentage is 29. So, it’s a high level. But if we go at the CEO level, the figures are different—just 8%.
Q. In corporate world, there is always a conversation about sexism and gender pay gap. How is the scenario in Finland?
A. If we look at the equal pay—overall pay gap —and not at the position, a women’s pay is 80% of the man’s pay, which is much larger, because women usually work more in public sectors where the pay is lower—healthcare sector for example, whereas men work often in good pay heavy industry and also there are more male leaders. Men get higher position more often, so they have a higher pay. Amount of pay gap depends if you look at the overall scenario, or precisely the same position, but it does exist.
Q. How are you seeing the future scenario of India in terms of women doing business? Any advice for women entrepreneurs in India…
A. What I understand is quite educated women stop working after they get married. I think one should understand that it is possible to have a successful family life besides having a successful business life. And also, I think one of the issues women might be thinking that they have to be available 24×7, and my advice is that you don’t have to be on email or the internet all the time. If there is a chaos at an odd hour, they will call you. Let’s not build barriers that don’t need to exist.