Forty percent of Chief Financial Officer (CFO) positions and 50 percent of HR Director positions in India are now held by women, according to a report by executive search firm LONGHOUSE Consulting.
With an impressive 39 percent of companies employing women in CXO positions, India Inc outpaced the global average of 32 percent, showed the survey report titled “The State of Women Leadership Hiring in India”. It is based on information gathered from various sources, including internal talent data, career portals of employers, and year-on-year hiring trends.
The report further states that an impressive 98 percent of businesses in India have at least one woman in senior management roles, surpassing the global average of 90 percent.
The historic trend suggests that year-on-year women's representation in executive boards increased by a significant 2 percent in 2023. Currently, women hold 12 percent of the board seats in India.
The report underscores the importance of gender diversity in C-suite roles, revealing that 30 percent of these positions actively require the presence of women professionals to establish parity in workplace opportunities.
Further, 49 percent of companies are proactively building an inclusive culture through mentoring and coaching initiatives aimed at upskilling women. Despite these encouraging trends, the share of women in senior-level positions remained at 20 percent in 2023 and trails behind lower experience levels.
Challenges remain
The overall data on women's workforce in the report showed a positive trajectory in women's employment, reaching 37 percent in the fiscal year 2023 — representing an absolute increase of 13.7 percent and a rise of 58.8 percent from 23.3 percent in 2018. This upward trend, attributed largely to various initiatives by the Government of India, reflects a nationwide push to improve employment opportunities and empower women through progressive policies and schemes.
Women at the mid-managerial level aspiring for leadership roles encounter various challenges, often resulting in career stagnation or departure from their current employment.
Delving into challenges, the report stated that approximately 80 percent of working women in India are taking career breaks, with 45 percent citing childcare and personal commitments in homemaking as the primary reasons. Resume gaps, skills obsolescence, lack of confidence, bias, stereotypes, and lack of support are some of the prominent challenges that women with a career hiatus face while returning to work.
But the brighter side is that companies are taking initiatives to bring about changes by implementing accommodations like extended childcare leave policies, remote and flexible working culture, gender-neutral caregiver leaves for new parents, upskilling opportunities, and more, the report said.
“For India Inc., inclusive leadership is more than a goal; it's a commitment to unlocking the full potential of every individual, irrespective of gender. Promoting women in leadership requires a ground-up approach, with male leaders playing a pivotal role. Encouraging aspiring women leaders through dedicated mentorship and skill development initiatives is essential. This report is a testament to the fact that we have taken our step towards this SDG goal,” said Anshuman Das, CEO and Founder of LONGHOUSE Consulting.
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