The Netherlands is losing out on 10 billion
ABN AMRO is committed to inclusion and diversity in the workplace, towards our clients, and society at large. Nicole Reimink-Böttger is responsible for the internal diversity policy at ABN AMRO and Chantal Korteweg, Director Inclusive Banking at ABN AMRO, is focussing on different customer groups who have different customer needs. We asked them about the findings of the report and discussed how ABN AMRO is achieving its ambition to be a bank that caters to everyone’s needs.
Interview with Chantal Korteweg, Director Inclusive Banking
267 years. 9 generations. That’s how long it will take to achieve economic gender equality worldwide at the current pace, according to the World Economic Forum (WEF). But if you turn that around: what would the Netherlands have looked like had we been gender equal as of 2010? ABN AMRO asked SEO Economic Research to conduct quantitative research to answer this question.
What are the key findings of the report?
The report presents the problem of gender inequality from an economic perspective in plain, unequivocal language. It is costing us money. A lot of money. It also shows that by redistributing paid and unpaid work between women and men, our society will become more productive. No one needs to work more, work just needs to be distributed differently. This report is ABN AMRO's approach of presenting this issue to a wide audience. Besides the social and societal reasons, there is also a strong business case to achieve gender equality. It is compelling economic evidence.
Which part of the report surprised you the most?
I was surprised to learn that the redistribution of work can increase GDP by as much as €10 billion a year. So, if men were to do less paid work and more unpaid work and women do the exact opposite, that would result in €10 billion a year for our society. Right now, we’re squandering this enormous potential. But why? The report also shows that gender equality would not have an adverse impact on our well-being. Plus the financial dependence of Dutch women remains a painful fact. Almost 50% is not financially independent and relies on others. You don’t expect these numbers in the Netherlands. In a gender-equal Netherlands, these percentages drop significantly for women and the majority is financially independent. Wouldn’t that be great!
Why do we find it so difficult to achieve gender equality?
We all have unconscious biases, and they manifest in a lot of different ways. It certainly doesn’t help that the Netherlands has never had a female prime minister. Seeing a woman being prime minister would serve as a role model and empower girls across the country to believe they can be and do anything (‘you can’t be what you can’t see’). But at the root of gender inequality is the fact that feminine traits such as listening, kindness, and nurturing are mainly attributed to women. When you think of men, though, you generally think of masculine traits like being tough or strong, of winning and assertiveness. These are things we’re taught from an early age. At school, on television, at sports clubs and maybe even at home. This historical and cultural context leads to unconscious biases in the family, in the workplace and in society. It’s in how we share caregiving responsibilities at home, all the way down to the fact that women in leadership positions face greater scrutiny for their mistakes and less praise for their successes, while the opposite is true for male leaders.
What is ABN AMRO doing to create a level playing field for all clients?
We are currently identifying the barriers experienced by different (client) groups, including female clients. Needless to say, you have to look closely at the data, but you also have to listen carefully to these groups. We want to address the barriers that we identify, such as lack of financial knowledge or access to networks and/or funding, with appropriate solutions for the different target groups. Clients won’t really see this reflected in a specific product for women. It’s not so much about the products but rather about the personal approach. We’re looking at inclusion and at solutions that can be implemented in the near future through all kinds of lenses. For example, also at the documents on the website and whether they’re available in different languages for a wider reach.
How can ABN AMRO contribute to a gender-equal Netherlands?
As a large organisation, with a diverse client base, we have a social responsibility to place this issue on the agenda, make the problem transparent, start the conversation and raise awareness. This report is an important step in that direction. ABN AMRO has control over a number of the above solutions. But for other solutions, we need to partner with other organisations or with the government to effectively address this issue and achieve a gender-equal Netherlands.