Women’s formal participation in diverse and professional roles in the workforce has grown significantly over the past 150 years, yet research shows they are still expected to shoulder a disproportionate share of caregiving and domestic responsibilities.
According to Deloitte’s Women @ Work 2024: A Global Outlook annual report, women are experiencing the mounting pressures of “misbalanced caregiving and domestic responsibilities”, with 50% of women globally who live with a partner and have children saying they take more responsibility for childcare. This is up from 46% in 2023, with only 12% saying this falls to their partner.
In addition, 57% of women are also taking more responsibility for caring for another adult, while only 6% report this being done by a partner. Interestingly, the imbalance exists even for women who are the primary earners in the household.
These pressures, in addition to career responsibilities and aspirations, make achieving the mirage of “work-life” balance a seemingly unachievable task.
Anet Ahern, the chief executive of PSG Asset Management, believes that for women to achieve even a semblance of the elusive work-life balance, society must shift away from expecting them to do the heavy lifting.
“It is not a female problem. I think the idyllic balanced life is a fantasy for the most part, but there are things you can do to manage your energy, which is more important than managing your time,” she says.
For Ahern, managing one’s energy removes the excessive pressure to achieve the rigid, unrealistic goal of balance in all spheres of one’s life. Instead, it provides the fluidity to adapt to life’s changing seasons where the goalposts are always moving and the priorities shifting. Instead, Ahern suggests focusing on three pillars – simplicity, efficiency, and presence. These can then be applied to make room for whichever season is taking priority at the time.
“Simplifying your life is the first step, otherwise complexity and decision fatigue will overwhelm you. Especially important is simplifying your finances and admin – use a financial adviser to take some of these worries off your mind,” says Ahern.
Next, she believes that efficiency and organisation are key.
“Building a support system will help you to be more efficient in your day. Pay for services when you need to, and can afford it, and negotiate a fair split with your partner on the rest,” she says.
Ahern adds that being organised is a large part of setting yourself up for success.
Last, she emphasises the importance of being present wherever you are. According to the same Deloitte study, less than two in five women say they feel able to switch off from their work, and nearly one in five regularly work more than their contracted hours every week.
“If you are at work, focus and be effective – be ‘at’ work. At home, try your best to leave after-hours work for later when you have spent quality time with your loved ones, not when you are having dinner with your family.’’
Teamwork
Wendy Myers, the head of Securities at PSG Wealth, finds that the best way to achieve balance in her life is by leveraging collective efforts when taking on any initiative.
“I purposefully leverage talent in the organisation to get the job done. So much can be achieved with an inspired, directed team as opposed to one person ‘fighting the good fight’ on their own,” says Myers.
She adds that a critical part of this, however, is effective management because a high-functioning team creates efficiencies and opens space for personal time.
“Ineffective managers have ineffective teams,” says Myers. “Make sure you harness your teams to work together and put the right managers and staff in the right roles. This professional support structure is the key to securing time for yourself and your family.”
Myers also highlights the need for support structures to extend upwards to leadership and employment policies.
“Women are most vulnerable in scenarios where there is no support structure. This is why leaders need to be understanding and empathetic – offering flexible working hours and working from home within reason,” she says.
This means that women want flexibility in how their hours are structured.
The latest Working Women report from top recruiter RecruitMyMom found that 55% of South African women respondents, regardless of age, choose to work full-time hours, showing the appetite for career trajectory and financial independence. Of those who wanted to work full-time, 32% wanted a full week, while 23% wanted full time with a shorter week, and the rest chose fewer workdays and hours.
“Women who operate in a supportive working environment tend to be more loyal to the organisation and are prepared to go the extra mile,” says Myers.
She explains that given these flexible parameters, she has embraced the rigorous demands and high pressure of the industry as she believes this is what drives the industry forward.
Support group
Karen Rimmer, head of the Distribution at PSG Insure, agrees that the notion of work-life balance is not black and white.
“Everything in life has a price tag – success too. You determine what you are willing to pay for and where your limits are,” she says.
For Rimmer, mentorship is an extremely useful tool to help with methods and strategies for balance – particularly because the guidance is extremely personal.
“For your survival, you need a safe space – away from work and home; a place where you can vent, but also receive objective feedback. I got that through formal coaching and a few trusted colleagues who made the time to listen, empathise and help me to re-balance and face another day. Industry networks are important to do more than you would have been able to do on your own,” she explains.
However, it seems mentors are few and far between, particularly in a male-dominated sector such as financial services.
According to global leadership consultancy DDI, only 27% of women in senior leadership roles have had a formal mentor, compared to 38% of men.
Rimmer proactively started a female empowerment group with six junior women at PSG 10 years ago.
“We meet monthly and have healthy debates on topical issues, but only after having an informal catch-up on our personal and professional lives,” she explains.
Rimmer says that her engagement with other female colleagues demonstrates that ideas of success and balance differ and there is not a one size fits all.
“If you have a family that includes a partner and children, your priorities must be a family decision. Your employer will expect you to do the maximum, and you need to determine the boundaries. There will be exceptions and then you need to manage expectations – both that of your family and employer. This is not always an easy choice, but it is possible,” she says.
