Wednesday, March 8, 2023

How female CEOs are increasing bench strength

 Mumbai: Even though the "glass ceiling" has been broken in a number of fields, India Inc. still has fewer women who have reached the top.

While ascending a company's hierarchy, many people slip through the cracks. Women CEOs are now going above and beyond to help more women climb the corporate ladder, despite the fact that businesses are adopting practices that show their commitment to diversity, equity, and inclusion.

In Edelweiss Mutual Fund's mentoring circle, which is led by MD and CEO Radhika Gupta, mid-level women mentor groups of six to eight. In the end, they form a "sisterhood" to assist women in discussing problems and locating solutions within the organization. According to Gupta, increasing the number of women in senior positions is a recursive process. In addition to improving the culture, it provides female role models who can inspire other women.

Gupta adds that having women in leadership positions has assisted the company in reaching its goal of 30% female employees. The company employs approximately four women at the senior CXO level. Additionally, the company focuses on providing one-on-one individual counseling to pregnant and parenting women. According to Gupta, it's just as important to actively hire women in positions where they are underrepresented as it is to look out for high-potential women and provide them with opportunities.

One of the most important initiatives at IndiaFirst Life Insurance Company is informing managers about the advantages of "replacement hiring through consultants" and "reduction of sales targets for women" during maternity leave. According to MD and CEO Vishakha RM, this encourages leaders to hire women who fit the bill because there is no additional risk associated with lengthy maternity leave. Additionally, it assures the female employee that she will retain her position when she returns. We say in management that anything that needs to be done needs a goal, a desire, and commitment to complete it. Equally as important is integrating women into the leadership pipeline. According to Vishakha, a SMART (specific, measurable, achievable, relevant, and time-bound) goal needs to be defined, with clarity regarding the measurable in-line parameters.

Vishakha asserts that policies need to be defined in order to overcome challenges after identifying the current situation, opportunities, and challenges. Associating with educational organizations and offering specific courses to build the talent pipeline is a good place to start creating a pipeline for jobs where women aren't plentiful. In essence, have a strategy for achieving the objective and exceptional execution skills. There always is a way. According to Vishakha, "it starts with a will, a desire, and a commitment by the organization at every level."

IndiaFirst Life Insurance offers maternity handbooks for expectant mothers and their managers for the purpose of sensitization, pay parity across genders, and curated development interventions like mentorship and coaching for the development of women employees, in addition to hybrid work policies that encourage employees to choose a flexible working arrangement that is best suited to their needs.

However, workplace cultures can foster unconscious biases that prevent women from progressing. According to Gupta, the company deliberately eliminates any toxic culture in order to foster an inclusive work environment.

Association Bank of India has made an industry-first, devoted, ladies centered 'Engage Her' panel. The promotion of women's career paths at the grassroots level is the primary focus of this pan-Indian panel. In addition to providing a comfortable environment in which women can voice their concerns, it accomplishes this by offering counseling and direction for the development of female leaders of the future. We are providing flexibility by allowing them to adjust their postings to accommodate family obligations and a career path that is balanced because the majority of women employees are juggling both personal and professional responsibilities simultaneously. A Manimekhalai, Union Bank of India's MD and CEO, states, "We are also providing advanced learning and training opportunities through our training institutes and Union Learning Academies (ULAs) to create next-generation capabilities and develop a leadership pool."

“As Union Bank's MD and CEO and a woman, I am proud to say that our company has long recognized the significance of women's empowerment. Our workforce is inclusive and diverse, and women hold distinct positions within the organization. According to Manimekhalai, "We are constantly looking for new ways to empower our women colleagues so that they can be at the forefront of our organization's journey."

In point of fact, at Edelweiss MF, all four CXOs—the female CEO, chief risk officer, chief operating officer, and chief marketing officer—have had or are having children while they are employed there. Gupta asserts, "The organization has gone above and beyond to support us."

Companies that have more than 30% women on their executive teams are said to be more profitable, according to a McKinsey & Co. study.

Catch Daily Highlights In Your Email

* indicates required

Post Top Ad