Gender Diversity
C ompany boards in India rarely featured women until 2014 when the Securities and Exchange Board of India ( SEBI) directed all listed companies to have at least one woman member on their boards. Boards have been forced to look for female representation and have grown much more inclu
sive than before, with women currently comprising 13 per cent of the total number of directors in the Nifty 500 companies - 622 out of a total of 4,690. In comparison, according to the report, Corporate India: Women on Boards by Institutional Investor Advisory Services (IiAS), Women on Corporate Boards Mentorship Program (WCB) and Prime Database, there was just 5 per cent representation in 2012. No doubt some of the female board members hurriedly appointed are promoters’ bahu betis, though that too is changing. Around 50 per cent of women board members are executives with professional experience.
It is still early days. There’s still a long way to go to achieve equal participation of women in the workplace. “The difference is that companies are now recognising the need to demonstrate diversity,” says Kidwai. There is a lot of buzz around women-friendly policies. Companies are offering increased maternity leave and flexi-timing; some are offering paternity leave as well. There are also initiatives sponsoring leadership development and comeback programmes for new mothers to create a pipeline of women leaders.
Rashmi Mandloi, Managing Partner of diversity consultancy Biz Divas Foundation, says that the attempt to have more women on company boards has to start right from the time a woman joins the workforce. “Companies have to think seriously about improving representation of woman, and it can’t be done by just putting an inclusive policy on paper,” she says. “Companies often look at women friendly policies through a single lens when it is not such a simple strategy. Policies promoting employees’ professional advancement have to vary for men and women depending on where they are in their personal and professional lives. Companies have to be sensitive to that.”
Sarika Bhattacharyya, CEO, Biz Divas, says 10 years ago, there was no concept of maternity leave at ICICI Bank where she worked. But when she asked for it, she was given six months leave. “Companies don’t need mandatory policies,” she says. “They need to be sensitive to employee needs.”
The Catalyst study found that 64 per cent of the companies it surveyed had a dedicated staff working towards the development and advancement of women employees. And yet, gender diversity at workplaces remains a problem. Holding leaders accountable for translating intention into impact can be a game-changer, the report also adds.
Many women leaders also swear by the support system at home that enabled them to continue working and advance professionally. Zarin Daruwala, CEO, Standard Chartered Bank in India says, “Organisations can only do so much. What is crucial is to have a personal support system, which can be one’s parents or one’s husband, who helps out.” Falguni Nayar, CEO at e- tailer Nykaa, suggests if there are after- school clubs for children during holidays or day- care centres that enable women to juggle work and family, it would be better.