Advancing Inclusive Leadership in STEM and Finance
By Dilinie Gunathilaka, Associate Director, Lending Services, Acuity Knowledge Partners
When discussing diversity and inclusivity, a topic that is frequently talked about is the involvement of women in traditionally male dominated fields such as science, technology, engineering and mathematics (STEM) and finance. Despite the considerable progress that has been made, achieving gender equality in STEM and finance fields is still an ongoing process, especially in developing countries like Sri Lanka.
Even though women represent nearly half of all university graduates in STEM disciplines around the world, including in Sri Lanka, they only occupy one-third of the workforce in these fields. A World Bank study found that more STEM-studying females in local universities graduate in medicine, veterinary science, agriculture and related fields, but they lag in disciplines such as engineering and IT, which are at the forefront of the artificial intelligence (AI) revolution. This trend is evident in the workforce, as female participation in the ICT sector stands at approximately 33%, according to the Institute of Policy Studies. In finance, females comprised around a third of Associated and Fellow Members of Chartered Accountants of Sri Lanka. In addition, women make up around 38% of the workforce in commercial banks in Sri Lanka, according to the International Finance Corporation (IFC).
This gap is evidence of a clear disconnect between education and employment opportunities. Women are seemingly entering the talent pipeline in numbers; however, many seem to exit before entering or advancing in their careers. The causes are systemic, such as unconscious bias, insufficient membership, rigid workplace structures and cultural expectations. With adoption of AI accelerating, risks are also rising of existing gender biases further perpetuating discrimination against women via AI use. So, it is of paramount importance that these disparities are addressed urgently, and it must go beyond simple awareness campaigns. It is imperative that intentional structural changes are made, and that they are driven by public policy and private sector leadership.
For any kind of genuine transformation to happen, organisations and governments must come together to create inclusive ecosystems. This includes establishing inclusive recruitment practices, implementing return-to-work initiatives for women rejoining the workforce, providing sponsored childcare services to reduce the caregiver burden on mothers and investing in mentorship networks that are tailored especially for male and female professionals in STEM. While representation is crucial, retention and career progression are also equally important. According to the IFC, in Sri Lankan commercial banks, while 46% of entry-level hires are women, this falls to 20% in senior management roles, indicating an interruption in career progression. People must have a clear idea of their pathway for advancement in professional and personal lives while balancing both.
There are several positive examples emerging in local and global contexts. Certain firms in Sri Lanka are actively rewriting their narratives by creating environments where women in finance, technology and data science can excel. These organisations are a shining example of how diversity is not just a corporate social responsibility initiative but in fact a strategic necessity that can help elevate innovation and decision-making.
Beyond organisational change, there is a growing need to normalise the inclusion of women in STEM from early age. This entails breaking gender stereotypes at the school level and reinventing STEM education to be more inclusive by exposing young girls to role models and mentors who have succeeded in these fields. In the long-term, a shift in cultural expectations is just as important as fixing and implementing workplace policies.
Today, Sri Lanka and the wider region are at a critical point. As the knowledge economy continues to grow, and the population of well-educated women rises, the conditions are ideal for change. However, seeing its potential alone is not enough, immediate action is needed. Female participation in STEM is much more than a women’s issue; it is a national opportunity. Investing in it is not only fair but also fundamental to innovation and economic progress.
ENDS