The percentage of women in senior management positions in the Indian mid-market businesses have seen a steady decline since 2022, Grant Thornton's Women in Business Report 2024 has found. At present, 34 percent women in Indian mid-market businesses hold Senior Management (SM) positions, signifying a modest decline from 2023 (36 percent) and 2022 (38 percent). International Women's Day is celebrated every year on March 8.
The report has attributed the dip in women in senior management roles to the evolving landscape of work models across industries. Businesses offering a hybrid model have decreased to 56.5 percent in 2024 from 62.3 percent in 2023, and those asking employees to return to the office have increased to 34.7 percent in 2024 from 27.4 percent in 2023. Staff working out of their homes have also significantly dipped to 1.8 percent in 2024 from 5.3 percent in 2023.
However, if the figures are compared with the past decade, they reflect a significant surge from a mere 12 percent in 2004 and 14 percent in 2014, underscoring substantial progress over the past two decades, the report added.
Commenting on the report findings, Satya Jha, Chief Business Officer, Grant Thornton Bharat, said: “India Inc needs to work towards achieving parity by taking actionable steps and following a well-defined strategy. The need of the hour is to prioritise a people-first culture that empowers employees in their personal and professional lives, allows them to work flexibly, and inspires trust and accountability.”
The report also highlights the need for parity and how the responsibility for leading DE&I initiatives is distributed across various key positions in an organisation. In India, 53.3 percent of Chief Executive Officers (CEOs) and Managing Directors (MDs) take on crucial roles in spearheading efforts to foster diversity and inclusivity. Additionally, 19.6 percent of Chief Operating Officers (COOs), 18.2 percent of Chief Financial Officers (CFOs), and 17.2 percent of Chief Diversity Officers (CDOs) are instrumental in championing these initiatives in our country.
Further, the report shows how businesses in India measure DE&I through various metrics, including gender pay equality (48.4 percent) employee perception of inclusion (43.5 percent), percentage of female employees by management level (42.5 percent), and percentage of promotions gained by women (39.3 percent).
Pallavi Bakhru, Partner at Grant Thornton Bharat, stressed the importance of studying the landscape of women in business and said, “Measuring the number of women who have moved into senior management positions is very important to understand whether, internally, women are being championed to progress and move up the ladder. One of the countries that has seen the most significant progress is India, showcasing a 22 percent increase in women holding SM roles from 2004 to 2024.”
“You now have more women studying, who are more educated and willing to work. This has been a significant cultural change,” she added.
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