We’re all in this together, trying to make the world a fairer place. At the forefront of this mission lies the United Nations Sustainable Development Goals (SDGs), which have notably advanced gender parity efforts over two decades. While milestones have been achieved, the corporate landscape globally is still wrestling with persistent challenges of ensuring equal opportunities for all, irrespective of gender.
Let’s talk about India. With a female population exceeding 586.46 million, India has demonstrated commendable progress in addressing gender disparities. The World Economic Forum’s 2023 Gender Gap Report said India has closed over 64 per cent of the gap between men and women, propelling the country to the 127th position out of 146 nations in the gender parity index. This noteworthy advancement signifies a partial recovery from the previous year, indicative of India’s firm journey toward achieving gender equality.
A wind of change is sweeping through the workforce as an increasing number of women are taking up employment. The Periodic Labour Force Survey Report 2022-23 showed that there are 4.2 per cent more women working now, which means 37 per cent of women are part of the workforce. This noteworthy enhancement reflects India’s proactive measures and evolving cultural narratives that encourage women to actively engage in the workforce.
Now, let’s take a close look at how things are going for women in different industries. In 2023, women constituted 18.2 per cent of board seats in NIFTY 500 companies. The technology industry has also witnessed a commendable surge, currently boasting a substantial 34-36 per cent representation of women in its workforce. But here’s the catch: when women progress up the corporate hierarchy, the numbers aren’t so great. Women only hold about 7 per cent of executive-level positions. That’s not a lot and it shows we’ve still got these roadblocks keeping women from climbing all the way to the top in their careers.
To bridge this gap, companies are taking decisive steps towards embracing diversity, inclusion, and equity, instilling these core values as part of their organisational DNA. Let’s explore ways in which businesses are transforming these aspirations into tangible, lasting outcomes.
Crafting Dynamic D&I Strategies
Organisations are championing change by establishing robust diversity and inclusion (D&I) strategies that identify and embrace the unique talents and perspectives of all employees, especially women. By harnessing the power of data, companies can pinpoint opportunities for growth and meticulously tailor programs that nurture women’s careers. The pursuit of D&I is not just an ethical imperative but a strategic one, enhancing business performance and societal reputation—a sentiment echoed by 76 per cent of companies surveyed by the India Diversity Forum.
Empowering through Employee Resource Groups
Employee Resource Groups (ERGs) are vital for the curation of an empowering community for women, offering a forum for connection, mutual support, and the advocacy of inclusive workplace practices. ERGs are instrumental in providing mentorship, driving change, and building a collective voice to create workplaces where women thrive.
Advocating Gender-Inclusive Workplace Cultures
By instituting gender-neutral recruitment, compensation, evaluation, and advancement practices, organisations are setting new standards of fairness and equality. These forward-thinking workplaces promote equitable advancement and compensation for all employees, backing it up with flexible work options that cater to diverse life situations, making inclusivity a core part of their corporate ethos.
Utilising Impactful Monitoring Metrics and KPIs
To maintain momentum and ensure accountability in gender diversity and inclusivity efforts, organisations are implementing precise monitoring metrics and key performance indicators (KPIs). As per Mckinsey, a European consumer brand created a dashboard for its CEO and senior managers to track representation, hiring, promotion, attrition, and inclusion, which helped leaders stay more engaged in the work.
Elevating Women through Leadership and Mentorship
Fostering a thriving environment for female talent, organisations are launching innovative mentorship programs, leadership development initiatives, and sponsorship opportunities, all dedicated to empowering women. These platforms are designed to cultivate leadership skills, bolster confidence, and accelerate career advancement, celebrating the valuable contribution of women to the business sector.
Championing Work-Life Harmony
Committed to supporting employees’ well-being, companies are revolutionising the workplace through flexible work arrangements, parental leave policies, and childcare assistance. These initiatives fortify the ability of women to pursue successful careers without compromising their personal commitments, thereby enhancing job satisfaction and loyalty.
Cultivating a Culture of Inclusion and Belonging
Organisations are actively creating welcoming spaces where every individual is honoured for their unique contributions. By tackling bias head-on, celebrating diversity in leadership roles, and making sure that every voice is heard, companies are investing in training and cultural initiatives that pave the way for a thriving, inclusive workplace where everyone can excel.
Championing inclusivity and unlocking the full potential of women in the workforce isn’t just a moral imperative – it’s a strategic advantage. Organisations that fully commit to diversity, equity, and inclusion pave the way for better business outcomes, pioneering innovation, and a resilient and vibrant workforce. Organisations that put inclusive practices for women at the forefront are poised to thrive in the richly diverse and competitive global landscape, steering us toward a more equitable and prosperous future for all.
The author is Vice President of Human Resources at Concentrix. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect News18’s views.
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