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The five principles followed by Stockholm’s most gender-equal companies

The Nordics are often lauded for their commitment to gender equality. The City of Stockholm in particular has taken a uniquely proactive approach to improving gender equality in the workplace.

The five principles followed by Stockholm’s most gender-equal companies
Photo: Bannerboy

The tech community has long struggled with gender parity. Under 30 percent of tech workers are women despite the proven economic advantages of gender equality. It’s why, on March 8th, 2018, Stockholm – which was once dubbed ‘the tech capital of Europe’ – launched an initiative to help businesses stamp out equality problems and create more female-friendly organisations.

Since its launch, over 100 companies have joined the ‘A Woman’s Place’ initiative. One such company is Bannerboy, a Swedish production agency founded in 2010. This relatively young company has undergone rapid expansion over the last few years, taking on big name clients such as Spotify and Duracell and establishing a global presence with offices in Stockholm, New York, Amsterdam and soon, Los Angeles.

By comparison, IT-consultancy company, Netlight, founded in 1999, is a veteran of the tech industry. Their strides towards gender equality have been ongoing for the past decade; their most recent measure has been to declare as ‘A Woman’s Place’, reaffirming their commitment to equality.

Discover ways to make your company more gender equal

Photo: Abel Buko

The Local met with Abel Buko, Bannerboy’s culture director, and Sara Frisk, a consultant at Netlight, to find out how their companies have been using the ‘Gender Equality Toolbox’, an online resource of five guiding principles, articles, podcasts and on-hand experts to help companies of all sizes increase gender equality.

‘A place where women are free to fulfil their professional potential’

Abel joined the Bannerboy team four years ago but says his role in the company evolved in response to the need for greater gender equality.

“When I first started in the company I was a producer and then when the company expanded there became a need to make sure that our culture grew with the company, so my title switched to being the culture director two years ago.”

Photo: Bannerboy 

After discovering the ‘A Woman’s Place’ initiative at the Austin, Texas-based festival, South by Southwest in 2018, Abel was certain it was exactly what Bannerboy needed.

“At the time, we had three women out of 30 employees. Recruitment was the first thing we really thought about because that was our biggest problem. We only had 10 percent women, which doesn’t make any sense because obviously women know how to program. They’re out there, they just weren’t here,” he recalls.

Abel, a former women’s studies student, understood the importance of gender equality but didn’t know how to implement policies promoting it at Bannerboy. Although he had a theoretical understanding, he had none of the practical knowhow. It’s where the toolbox really came into play. Using the resources, he was able to create a plan to make the job adverts more attractive to women.

“I’d had the academic background but none of the practicality of what it is about a company that makes it uninviting for women to apply, so I needed a toolkit and people to talk to.”

‘A place where women and men have equal access to resources, knowledge and networks’

Over the past decade, Netlight has been actively initiating events and networks promoting the sharing of knowledge and resources to level the playing field in the male-dominated tech industry.

Photo: Netlight’s Sara Frisk

One example is TechEq, a cooperation between over 100 companies in Sweden, which strives for equal gender representation in the tech industry. Netlight also initiated a female tech network called ‘Code Pub’ which has become increasingly popular, with over 4000 members and 25 events across Europe in the last 12 months.

Find out more about Stockholm’s ‘A Woman’s Place’ initiative

“We arrange events where women can meet and talk about tech and be in an environment without feeling like they’re in the minority and as though they have to explain how they ended up in IT,” says Sara.

She adds that the company also started an initiative called ‘Purple Pill’ to get men involved in equality topics, even though it might not affect them directly.

“I think it’s very cool to be at a company where men take ownership over these questions and really believe that this is not only an issue for women.”

Photo: ‘Purple Pill’ at Netlight

‘A place where women feel safe and free from sexual harassment’

Abel admits that Bannerboy’s track record of gender equality isn’t entirely clean.

“It was this assumed thing that of course we weren’t going to sexually harass each other and as a small company it just never dawned on us to have policies and procedures. Until we had an incident,” he says.

The company now has a strict procedure to respond to harassment and ensure new female recruits feel safe in all Bannerboy workplaces.

“We needed to start thinking about the fears that a woman might have when she enters the workplace because they’re really different from what a man thinks when he walks into a workplace,” he reflects.

‘A place where women’s and men’s ideas and ambitions carry equal weight’

Photo: Netlight

Sara recalls being passionate about tech from an early age but it took her a long time to realise that women in her industry were underrepresented. She says that, outside of Netlight, she still notices that she is in the minority which can be jarring.

“The biggest challenge in my work life is when I feel that I don’t belong or when people approach me not expecting me to know about tech, the area in which I’ve spent my whole career. That happens a bit too often.”

Bannerboy has worked hard, drawing on learnings from the diversity toolbox, to ensure its female employees never feel this way. Abel explains they actively engage female team members so that their voices are heard both internally and in external communication.

“We have a job ad right now where we explicitly state that we want more women. The women of the company were asked to write a statement to put below the job ad explaining why it was important to us,” he says.

‘A place where women and men have the same opportunities to combine work and private life’

“Last year we defined our six core values for the company and ‘Being Swedish’ was one of them. We look at how things are done here and roll them out in our other countries. Specifically, offering five weeks of vacation to an American is mindblowing,” Abel says proudly.

Photo: Netlight

A key example of this so-called ‘Swedishness’ is the parental leave policies both Netlight and Bannerboy have in place for their employees.

“We’ve looked into how fast women and men progressed in their careers both salary and challenge-wise and we have made improvements to our parental leave policies based on those findings,” says Sara.

Bannerboy is just weeks away from launching parental leave in their New York office and Abel says these Swedish values have strong pulling power for potential employees.

“It’s purely out of our pocket that we’re offering this. It’s a very strong selling point,” he concludes.

Invest Stockholm’s ‘Gender Equality Toolbox’ provides resources to help companies of all sizes practically increase gender equality. There you’ll find podcasts, articles, guiding principles and contact details for gender equality experts to help you create a working environment where both men and women are free to reach their professional potential.

Click here to discover ways to make your workplace A Woman’s Place

This article was produced by The Local Creative Studio and sponsored by Invest Stockholm.

 
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PROPERTY

Should you buy a home in Sweden this summer?

Considering the fickle trends in the Swedish housing market, prospective homebuyers might find themselves at a crossroads this summer.

Should you buy a home in Sweden this summer?

After a period of falling prices driven by increased interest rates, the Swedish housing market is seeing a rebound, particularly in the biggest cities.

However, it’s also taking longer to finalise home sales.

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Recent data from Swedish property listings site Hemnet indicates that while home sales – and housing prices – are on the rise, the time to complete transactions has notably increased.

For instance, the average sale time for an apartment in Sweden increased to 27 days in the first half of the year, up from 22 days during the same period last year. Similarly, houses now take an average of 31 days to sell, compared to 30 days previously.

The slowest market is in the Gävleborg region, where it takes an average of 44 days to sell a home. The fastest transactions occur in Stockholm, with apartments selling in just 16 days and detached homes in 23 days.

This variation in market activity across the country calls for a deeper look into where the best opportunities might lie for homebuyers this summer.

Renewed market confidence in Sweden’s biggest cities

The confidence in the Swedish property market is on its way up in Stockholm, Gothenburg, and Malmö, Erik Holmberg, a market analyst at Hemnet, told The Local.

“I would say that we have seen a weaker market in the last couple of years, almost everywhere in the country, since the Swedish central bank started to increase the interest policy rate, which affected the market a lot,” he said.

“But in the last half of the year or rather in the last year, the confidence has come back in bigger cities – in Stockholm, Gothenburg, Malmö… When we look at price developments last year, in three of Sweden’s biggest cities, we see prices increasing again.”

However, the analyst warned that the opposite is currently true in other areas of the country, which have seen a continued decrease in market activity and flatter developments in the same time interval.

A new trend emerging in Stockholm?

As Hemnet’s analyst explained, in Sweden, housing market trends usually start in Stockholm, when the market begins to change, causing a ripple effect.

“And that’s what we have seen. Now, market activity and prices are increasing again in the bigger cities. Usually, when the market changes, other areas in the country follow, and that could be the case now,” said Holmberg.

“When the rates and inflation situation become clearer, other parts of the country might follow the market in the big cities. Our main scenario is that we will see this spread,” he said, adding that prices in Stockholm have picked up quite fast in the last year but that the demand is still affected by the high interest rates.

“I wouldn’t be surprised if we saw swift price developments in some areas with the highest demand, such as city centres.”

The effect on the rental market

Another aspect to consider is the rental market, which could see significant changes in the short to mid-term.

Holmberg pointed out that properties which fail to sell might enter the rental market.

“What we’ve seen is that it’s harder to sell properties today, so, probably, more people who own homes and can’t sell them will put these unsold homes on the market for a while. This could affect the supply of apartments for rent and, in turn, prices,” the analyst said.

INTERVIEW:

What different types of homebuyers should know

For buyers, the current market presents a mixed bag.

“In Sweden, we often talk of having a seller’s or buyer’s market. Today, it’s good for buyers that they have a lot to choose from; there’s a record-high supply almost everywhere in the country. That means it’s easy to find something,” said Holmberg.

However, he also cautioned that the slow market makes agreeing on terms with sellers challenging, with sales times at record highs.

“Sales take some time in today’s market, and that’s important to understand for both sellers and buyers, especially for homeowners who are changing homes, meaning they’re both buying and selling something; it’s a tough market for them.

“Today, this group often chooses to sell their home before they buy something new. That makes up a big part of record high sales times; we have people waiting for the right bid before moving from the selling to the buying side…” Holmberg said, noting that the market is different compared to two to three years ago when it was “very hot”.

“So, remember that even if prices grow, it’s still a tough or slow market.”

READ MORE:

On the other hand, first-time buyers might find a silver lining in the form of lower prices compared to a couple of years ago, making it a potentially favourable time to enter the Swedish housing market.

“First-time buyers are in another situation, which may be better because the prices are lower than two years ago, of course, and if you’re just buying something, you don’t need to worry about the selling part,” Holmberg told The Local.

“That’s why this could be a good situation to enter the housing market this summer, but even so, despite supply being really high, it could still be tough because many sellers have put down a listed price but don’t necessarily plan to sell at this price.”

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