Giving Women Their Due
It’s the time to give Indian women their due. They may be ‘ghar ki lakshmi’, but the reality outside is quite an eye-opener. A recently released Credit Suisse report reviewed 2,360 global companies and found that companies with women directors outperformed their counterparts, but India still struggles with the issue of gender inequality and little has been done to change the inverted position.
Jyothi Reddy, who transitioned from a farm worker in Warangal to CEO of Key Software Solutions in the US, believes that firms with a larger share of women in senior positions have higher return on assets. She explains, “Women can do better business than men when they are given a free hand. Women like Chanda Kocchar, Kiran Mazumdar Shaw and Indra Nooyi have all taken their companies to new heights. Had there been a glass ceiling, these women would not have been able to break through to senior positions.”
But such success stories are few and far between. Jyothi attributes it to on-the-job discrimination — paying women less than men for the same work — even when they are more experienced. She says, “The government must give loans to women to encourage them. Only financial equality will make a difference in the society.”
“Things have changed drastically for women as they started taking up corner offices globally. But, there are very few women from ground zero who have made it to the top,” says Vishala Reddy, founder director, IdentCITY, and also BD consultant India at South Africa National Convention Bureau.
Vishala feels we still have a long way to go and attributes this issue to cultural barriers. “Many women restrict themselves and don’t explore their talent and skills. There has to be a drastic change within women, about what they want to be. If you feel equal, you will be equal. There are many cases in which extremely talented women who can be productive to the country are restricting themselves to the home, in the name of family responsibilities etc. They have to start coming out,” she says.
Broadening the composition of the board and bringing diversity is critical for sustainable performance of any organisation, feels Uma Chigurupati, director, Granules India, Krsma Estates Pvt Ltd. “Women on board helps expand perspectives at the top, by focusing more on long-term priorities and effective risk management. Women possess an innate skill that caters towards effectively communicating the set goals, driving the results and building the spirit of teamwork. Their presence also helps in instilling loyalty, work ethic and professional balance amongst the people,” she says.
Women form nearly 50 percent of the population, but India still struggles due to its social set-up. Anu Acharya, CEO Mapmygenome, sums it up, “Companies need to do more than lip service when it comes to diversity. It is not a mere check mark, but good for companies to foster innovation and growth.”
