Equality is good for business

Written By Unknown on Sabtu, 30 Maret 2013 | 22.10

Women are getting left behind in India's growth story. As many as 21.3 million women have dropped out from the workforce between 2004-2005 and 2009-10 . The rate of women's participation now stands at a paltry 22%. In relative terms, this is lower than even Bangladesh and Sri Lanka where women's workforce participation stands at 34% and 34.4%.

Why's this happening? One reason is though girls are getting educated, they don't have the skills to hold formal sector jobs. So they end up working in unskilled jobs in the infor mal sector such as domestic work or in agriculture . Those who make it to the formal sector face numerous challenges in the absence of a supportive environment at work and at home. These challenges often compel them to 'stay at work or quit' . In India, 29% women enter the corporate world but only 5% make up the Indian boardroom. It gets tougher as women climb the corporate ladder. Only 9%women make up mid-to-senior management positions.

The reason is clear: even in the 21st century, Indian women face the 'double-burden' of balancing home and career. A recent survey revealed the dropout rate for women below age 30 in India is 48% — marriage and childbirth cited as the main reasons for quitting. A whopping 98% said 'flexibility' is important in order to balance professional and personal commitments.

Currently 'corporate will' to offer flexibility is weak. For example, 70% of executives surveyed in Asia by McKinsey & Co. say that gender diversity was not in the top 10 priorities of their organization.

There is a clear business case for increasing women in the workforce . Not only are they one half of India's productive population, they can also help increase productivity. A 2010 UN Report tells us that if India's workforce participation increased to match that of the US at 70%, GDP would see an increase of 4.3% per annum.

Reservations in the boardroom , flexible working conditions , maternity leave and other benefits are the need of the hour. What women need today is mentoring and training. Educated women need vocational skills, which companies must provide. Unfortunately, not enough companies provide such skills in firm, nor are enough service sector related skill providers available outside of companies. Only 16% of Indian firms provide in-firm training as compared to 85% in China. The private sector has to address this challenge.

India has the opportunity to do things differently and show greater resilience and innovation. This transformation must come with inclusion —women's inclusion in all rungs of the private sector — in the boardroom, in offices and on the factory floor. Equality means business.


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