How "Gender Equality" is Playing an Important Role in Indian Business System
With the #MeToo campaign gaining momentum in developed countries, developing countries too are trying to be a part of this campaign in their own way.
The gender equality drive has taken a unique turn in Indian business picture and one can see the difference it made in different sectors of business.
A report says, India's ranking in gender diversity has improved with the representation of women in top leadership positions rising to 20 percent in 2018, even as the country ranks fifth lowest in having women in such roles.
Here we take notes on how brands are taking “Gender Equality” drive seriously:
- As per the UN Women report, the Government of India has initiated MUDRA scheme to support micro and small enterprises and direct benefit transfers under the Jan Dhan Yojana, which seeks to empower women. Women entrepreneurs account for about 78 percent of the total number of borrowers under MUDRA.
- Procter & Gamble Co. has announced that by 2023 it wants half of its products’ advertisement to be made women-centric and by the women, which in itself is a great move towards gender equality in a whole.
Marc Pritchard, Chief Brand Officer, P&G said, “Equality drives growth. If we just achieve equality in economic empowerment between women and men, it could add $28 trillion to the world economy. That’s a lot of purchasing power.”
The news states, “The world’s biggest advertiser wants women directors for at least half of its product commercials by 2023, up from about one in 10 today. It’s a direct challenge to the male-dominated agency world, from a client that spent more than $7 billion on advertising last year.”
- Every individual has his/her own level of ambition and potential to work hard in achieving goals. But with age and advance in life, women tend to live a life sandwiched between family responsibilities and work responsibilities.
Companies should encourage the women employees and take care of them in such situations by building crèches and offering maternity leaves; such gestures add up value to the company as well as earn trust points from employee side.
Vaishali Kasture, Managing Director, Experian Credit Bureau, and Country Head, Experian India has said in an interview, “India has initiated the inclusion process with new regulations, which mandate at least one independent female director on the board of a listed company. We have seen how effective the 30% club campaign has been in driving its signatories (companies on the Financial Times-Stock Exchange 100 Index) to commit to greater representation (a minimum of 30%) of women on their boards. A diverse team gives you better business outcomes.”
- We have often seen how women face resistance in the male-dominated business world when they try to step out and start a business of their own. Women face challenges when they become a part of the business system as well.
The data shows that gender equality policies are abundant and widespread, with 64 percent of Indian businesses adopting equal pay for men and women performing the same roles, and 55 percent implementing non-discrimination policies for recruitment.
Only time will tell how much progress these policies and schemes bring in the gender equality move especially in Indian business territory.