The State of Jamaican Women: Insights from the Scotiabank Women Initiative Forum
Recently, a significant public forum titled ‘The State of Jamaican Women’ was held at the AC Hotel in New Kingston, hosted by the Scotiabank Women Initiative. The event brought together a diverse group of influential leaders, including Patricia Francis, Chairperson of the Trade Facilitation Task Force; Dr. Jacquiline Bisasor-McKenzie, Chief Medical Officer of the Ministry of Health; Jacqueline Stewart, Managing Director of Stewart’s Automotive Group; Audrey Tugwell-Henry, CEO and President of Scotia Group Jamaica; Djavila Ho, President of the Jamaica Psychological Society; Leesha Delatie-Budair, Acting Director General of STATIN; and Claire Bernard, Deputy Director General of Sustainable Development and Social Planning at the PIOJ. Each shared valuable insights from their unique perspectives, shedding light on the multifaceted challenges faced by Jamaican women.
Systemic Barriers to Equality
Despite notable advancements in education and entrepreneurship, Jamaican women continue to grapple with systemic barriers that hinder their progress in leadership roles and financial equity. The persistent gender wage gap, difficulties in accessing capital, and ingrained societal biases are significant hurdles that prevent women from attaining top-tier positions in business and governance.
Claire Bernard highlighted the stark reality of the gender wage gap, stating, “For every dollar that the average Jamaican man earns, the average Jamaican woman earns only 62 cents.” This alarming statistic underscores the urgent need for systemic change to address these disparities. A survey conducted by the PIOJ revealed that while women are more educated than their male counterparts, they still face lower employment levels and earn significantly less.
The Human Development Index and Gender Disparity
An analysis of Jamaica’s Human Development Index reveals that while the country excels in areas such as average years of schooling and life expectancy, the gender disparity in earnings is glaring. On average, Jamaican men earn 54 percent more than women in gross national income. Audrey Tugwell-Henry pointed out that although Jamaica has an Employment Act that advocates for equal pay for equal work and prohibits discrimination based on sex, enforcement remains weak, allowing disparities to persist.
Societal Biases and Professional Advancement
Tugwell-Henry emphasized that the barriers preventing women from reaching executive leadership roles are not due to a lack of competency or skills but rather deep-seated societal biases and discrimination. While women make up 70 percent of entry-level and mid-management positions, their representation in executive leadership plummets to below 20 percent. This stark contrast highlights the need for a cultural shift within organizations to promote gender equity at all levels.
The Impact of Childcare Responsibilities
Another critical factor limiting women’s professional advancement is the burden of childcare responsibilities. Many women find it challenging to balance career growth with family obligations, which directly affects their ability to pursue leadership opportunities. Tugwell-Henry asserted, “I believe the State has a big role to play in providing safe, affordable, and reliable childcare—not just to help women enter the workforce but to ensure they stay and advance.” The COVID-19 pandemic exacerbated this issue, forcing many women out of the workforce due to increased caregiving responsibilities.
Access to Capital for Women Entrepreneurs
Access to capital remains a significant challenge for women entrepreneurs in Jamaica. A survey conducted by the PIOJ revealed that 80 percent of women entrepreneurs reported difficulties in accessing credit, with 43 percent lacking collateral to secure funding. This limitation restricts their ability to expand businesses and achieve long-term economic stability. However, Tugwell-Henry reassured attendees that there are no banking regulations preventing women from accessing capital. Financial institutions like Scotiabank have initiated targeted programs to support female entrepreneurs.
Empowerment Through Financial Initiatives
Tugwell-Henry highlighted various resources available to women entrepreneurs, including the Scotiabank Vision Achievers Program, a 17-week business coaching initiative, and the Scotiabank Women Initiative. Other organizations, such as the Inter-American Development Bank (IDB) and the Jamaica Business Development Corporation (JBDC), also provide resources aimed at building capacity and ensuring the success of female entrepreneurs.
A Shifting Financial Landscape
Encouragingly, the financial landscape is evolving in favor of women. Ida Liu, Global Head of Citi Private Bank, noted in a Bloomberg interview that women are projected to control over 50 percent of the global wealth market within the next five years. This unprecedented wealth transfer, estimated at US$100 trillion, will see US$30 trillion allocated to women. Tugwell-Henry believes this shift will drive economic growth and social progress, as women’s financial influence will shape future investments and leadership.
Women’s Investment Focus
Tugwell-Henry pointed out that data indicates women tend to invest deliberately in impact initiatives, with a strong focus on climate change, environmental, social, and governance (ESG) factors, as well as diversity, equity, and inclusion (DEI). This trend suggests that as women gain more financial power, they will prioritize investments that uplift communities and foster sustainable development.
The insights shared at the Scotiabank Women Initiative forum underscore the pressing need for systemic change to address the barriers faced by Jamaican women. As discussions continue and initiatives unfold, there is hope for a more equitable future where women can thrive in all spheres of life.
