Context:

Recent research from various agencies such as S&P global found that in India’s 50 largest firms, two-thirds have fewer than 20% women employees.

More on News:

• Lack of Diversity: Research on Diversity, Equity, and Inclusion in the Indian context reveals male employees represent 78%, female employees 18% and transgender employees only 4% of the working population in India.
• Gender Bias: According to the Confederation of Indian Industry (CII), women hold only 14% of the top executive positions in India’s Top 500 companies by market value capitalisation. 
• Male Skewed: The corporate landscape in India remains skewed towards male employees. According to the Deloitte report, females hold only 17.1% of the board seats in Indian companies and 5% of the CEO positions.
• Preference to Male Candidate in Promotion: Despite being more educated than men and constituting nearly half of the workforce, women are promoted at work far less often than men. 
• Six in every 10 jobs prefer male candidates to women.

Benefits of Gender Diversity

• Gender diversity benefits companies, drives innovation, and fosters inclusivity.
• Companies with diverse executive teams are 25% more likely to have above-average profitability.
• Diverse teams boost creativity and strategic thinking.
• Achieving Target of a $5 trillion goal, as per McKinsey, providing equal opportunities to women could add US$ 770 billion to GDP by 2025 through equal opportunities for women.
• Gender equality supports Sustainable Development Goals, such as SDG 5.

Challenges in Achieving Gender Equity:

• Cultural Attitudes and Biases: In many parts of India, cultural norms expect women to prioritise family over careers, often leading to part-time or low-paying jobs.
• Gender Roles: Women with spouses or partners are less likely to seek paid employment due to the economic stability of their partner’s income, reinforcing the “male breadwinner” bias.
• Work-Family Balance: Women still bear the majority of unpaid domestic responsibilities, including childcare, cleaning, and cooking, despite its vital role in society’s welfare.
• Unconscious Biases: Pervasive stereotypes undermine women’s competence, making it challenging for them to advance into senior positions.
  • Only 22% of women aged 15-59 years were engaged in paid work.
• Lack of Financial Support: Despite India’s prominence in startups and unicorns, only 10% of these enterprises have women founders.
• Pandemic Crisis: The gender gap in India has widened by 4.3% due to decreased economic opportunities for women, leading to reduced participation in the formal workforce. Gender parity is projected to take 132 years.
• Women in Top Business Schools: The underrepresentation of women in leading Indian business schools reflects systemic barriers hindering their entry into business education and subsequent ascent to leadership roles. 
  • In 2021, only 19% of MBA applicants and 20% of enrollees were women.

Way Forward:

• Employers can implement flexible working hours, mentorship programs, and LGBTQ+ awareness.
• Governments should promote gender diversity through policies and support. Adopting 3Rs approach: Recognising, Reducing and Redistributing the unpaid care work done by women in all areas of policymaking. 
• Investing in the care economy can create jobs and improve women’s welfare.
• Provide easier access to financial institutions and tax incentives for women entrepreneurs.

Conclusion:

• Gender equality empowers women and is essential for human rights and a more peaceful, progressive, and sustainable world.
• Progressing towards closing the gender divide is both inevitable and achievable through the provision of equal opportunities and representation for women.

News Source: The Hindubusinessline

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