 "Shachi Irde")
Increasing the number of women in the workforce will not only have a positive impact on women and companies, but it also results in economic growth.
According to a research by Catalyst, having more women employees compared with men could raise India's gross domestic product (GDP) by 27 per cent. In addition, it also shows that companies that have both women and men on their boards perform better financially.
Organisations today are facing a talent crunch. While India will be adding 200 million additional people to its working-age population by 2030, all of them may not be employment-ready. If the talent requirement is not met, it would impact the country's desirable productivity and growth. Businesses should, therefore, expand their reach and tap the underutilised talent pool - women. Along with solving the talent crunch, women employees bring in a different set of experiences and fresh perspectives. Further, having gender diverse groups brings about a feeling of inclusion, which in turn results in innovation.
While recruiting women is essential, retaining them is equally important. According to Catalyst's research in India, women at executive levels leave the workforce at a higher rate compared with women at other levels. This is mainly because there is no pay parity among women and men, despite being at the same level and having an equal amount of work experience. Our research also revealed that women receive fewer crucial opportunities, and on-the-job training - thereby affecting their career advancement. Organisations have to ensure that employee development programmes benefit both women and men equally, and that decisions are not being impacted by unconscious biases.
Having in place programmes and policies that bring women back to the workforce and retain them is a must for companies in order to maintain a diverse workforce. For example, safety is one of the hygiene factors that women employees are mindful of before joining a workplace. Creating a safe environment, both within and outside the company, definitely contributes significantly to building an inclusive workplace.
Shachi Irde
Executive director, Catalyst India WRC
Executive director, Catalyst India WRC
