In a world where gender equality remains an ongoing battle, the Udaiti Foundation’s recent study sheds light on the representation of women workforce in various sectors.
The study emphasizes the need for targeted talent development, flexible work policies, and safety measures to enhance women’s career progression and retention.
Key Findings
Sector Scorecards: The Udaiti Foundation analyzed data from NSE-listed companies’ annual reports for FY 2022-23. Sectors like IT, banking, and financial services exhibit a larger representation of women workers compared to others.
However, the study revealed intriguing nuances at different levels of roles, retention rates, and policy implementation.
Gender Gap in Leadership Positions: Despite global and Indian companies initiating programs for women employees, the IT sector faces a significant gender gap in leadership positions.
Women in leadership and board-level roles constitute only 22%, lower than the overall employee level (34%).
Retention and Return-to-Work Challenges: Retention rates and return-to-work after parental leave align with the average of NSE companies.
To address these challenges, companies should focus on targeted talent development and progression planning.
Tailored Strategies for Different Sectors
Financial Services and Insurance Sector: Women at leadership levels stand at 21%, while at the employee level, it’s just 18%.
Flexible work policies, family-friendly initiatives, returnship programs, and employee resource groups are essential to combat attrition.
Banking Sector: Women’s overall representation at the employee level is 25%, but at the management level, it drops to 10%.
Leadership training programs, skill enhancement initiatives, and certifications can bridge this gap.
Strategies for Progress of Women Workforce
Leadership Training Programs: Companies should introduce targeted leadership development programs for women, equipping them with the skills needed for key management roles.
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Skill Enhancement Initiatives: Encourage continuous learning and skill-building opportunities to empower women to take on leadership responsibilities.
Certifications and Credentials: Recognize and reward women who invest in professional development.
Flexible Work Policies: Implement policies that accommodate work-life balance, remote work, and flexible hours.
Mentorship and Sponsorship Programs: Customized mentorship and sponsorship initiatives can provide crucial support for women’s career growth.
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