The hand that rocks the cradle is the hand that rules the world… said poet William Ross Wallace, in 1865, in a tribute to motherhood, and by extension, to the power of women to shape the world through their influence. Today, more than 150 years later, one is still not sure if the power and potential of women has been fully leveraged.
As much as we see shining examples of the leadership capability of women – both in our homes and in our workspaces, the overall statistics about women’s participation in the workforce, pay and progression into leadership position continue to remain stark!
What the statistics say
The Global Gender Gap Report 2021 of the World Economic Forum ranks India 140th out of 156 countries in the overall gender gap index! Also, only 22.3% of women in India participate in the labour force, compared to 76.1% of men.
The International Labour Organisation reveals that only 7.5% of senior management positions are held by women.
McKinsey and Company’s report “Women in the Workplace India, 2021” states that women hold only 15% of Board seats in listed Indian companies, and only 5% of CEOs in India’s top 500 companies are women.
Clearly there is a need for a significant shift – and here’s why!
Strong business case for Diversity and Women Leadership
It is well documented that companies with diverse workforces are more innovative, better understand diversity of client needs, make better decisions and drive better financial performance.
- Companies in the top quartile of workforce- diversity are 35% more likely to have better financial returns than their respective industry medians (Source: McKinsey and Company)
- Inclusive teams outperform their peers by 80% in team-based assessments (Source: Deloitte)
- Cloverpop quotes that diverse teams make better decisions 87% of the time.
The business case for Women in Leadership is equally compelling. A study by the Peterson Institute for International Economics found that companies with at least 30% women in leadership positions had net profit margins up to 6 percentage points higher than companies with no women in leadership!
Needless to reinforce, women in leadership is a business prerogative.
And what’s more, women make fantastic leaders!
Why do women make great leaders
Women demonstrate an ability to take command of a situation as well as take bold decisions, when required (we see it in our homes all the time)
Women wear multiple hats with ease– they bring in this experience to find solutions to workplace issues.
HBR Research on women leadership, states that women are thought to be more effective in 84% of competencies that are most frequently measured – and are rated as excelling in:
- Taking Initiative
- Acting with Resilience
- Practicing self-development
- Driving for Results
- Displaying high integrity and honesty
Clearly there is a business need and equally, individual capability is established– still the ratios at the top are skewed! Why?
Reasons why we see lesser women in top positions:
A recent Forbes article lists five major reasons why women face challenges in getting into leadership roles:
- Gender Bias: This may not necessarily be universal, or even conscious – men tend to be more vocal, participate and voice their opinions more, resulting in being perceived as more leader-like
- Lack Of Role Models: It can be challenging for women to envision themselves as leaders if they don’t have strong role models. Only 8% of S&P 500 CEOs are women!
- Work-Life Balance: Care-giving responsibilities for children or elderly relatives may constrain women’s time and bandwidth
- Stereotypes: Expectations about what a leader should look and behave like (which may not necessarily align with the traditional roles and cultural expectations placed on women) may impact the confidence of women in pursuing leadership roles.
- Limited Access to Networks and Opportunities: According to the World Economic Forum, women have a harder time building strategic networks that would support them to grow.
Strategies to address the gender gap at the top of the hierarchy
Organisations have a huge role to play, in providing structures that enable women’s growth – and these include (and are not limited to)
- Establishing mindful policies and metrics for tracking success
- Providing conscious learning opportunities
- Facilitating mentorships
- Creating platforms to identify and showcase role models
- Providing flexible working options
- Establishing support structures – for example at Kantar, the Sisterhoods of Support provide a self-empowering and safe space for women employees in logical cohorts (e.g., New Moms/Seenagers), to lean-in, draw from and build collective strength.
Group Head HR
Kantar
Equally, it is up to women themselves to own the responsibility for their growth by focusing on
- Learning and skill-building as a means of gaining confidence
- Reaching out for support
- Voicing out and demanding their rightful place
- Leveraging the power of on-line networking
It is a journey of a thousand miles – but one which has well begun – the goal is clear, and the path is laid. We must take confidence from this – and march ahead, mindfully, one step at a time!
