The nation is already at the peak of its development but the issue of gender diversity still has to go miles to get resolved. What does gender diversity actually means? It is not exactly about the same ratio of men and women at any organization but it is about their promotions, opportunities, salaries, hiring and a lot more at the same ad fair rate. A report by Pink Ladder stated that over 90% of women in India aspire to become CXOs but only 1.5% has actually attained that position. To add more, the companies leaded by women have recorded a return on equity of 10.1% per year vs 7.4% for those who do not have women leaders. Not only in India, researches on gender diversity have also been conducted by the World Economic Forum and according to it, 20% of Fortune 500 board members are women which also prove that gender diverse companies make more money.
Forty percent of the global workforce is female yet only 5% is at the CEO position. Representation of women at senior levels has always been a question and needs to be resolved as soon as possible. The more diverse a team is, the more it is likely to roll out best business decisions. A research by Forbes states that more diverse and innovative teams make better decisions 87% of the time, which are quick and deliver 60% better results. And of course, if the decisions are better, returns are always bigger.
Now, if only a slight difference in workforce by adding more women can bring out such results, encouraging other genders will definitely open a door to more business. Looking at the benefits of bridging the gap between men and women in the corporate world, it appears that the organizations must understand the strong need of it and work relentlessly on this matter. Many organizations have taken relevant steps to bridge this gap but despite so many efforts being made to improve the female count there was a shocking estimation by the World Economic Forum in 2017, stating that the economic gender gap would not be closed for 217 years. Have you ever thought what can be the reasons of such a disappointing fact? In a research conducted by PWC it was mentioned that around 43% of women indicated unfair and biased decisions made by the employer in the favour of men when it comes to promotions. There are no senior level female members to whom other female employees can look up to if they want to grow within the company. Organizations take this matter as the primary concern of the HR department and think they are responsible for all this but do you know what is still holding the women back? Their workplaces where the work environment is much responsible and not suitable for women.
Issues will never end but the companies must take gender diversity as a critical concern and consider it as a business priority. It should not be restricted only within the HR or just as another function; it has to be dealt at the CEO level. Once the organizations understand the priority of this issue, bridging this wide gap would be a lot easier. It’s nothing like I am a feminist or I think women are much capable than any other gender, but this is the need of every minute passing by. Infact, it’s nothing related to gender it’s more about bringing different people with varying thoughts together to nurture the future. It’s about collecting the power of plethora of imaginations.
We only need to understand that Gender diversity will always be rewarding…