In the dynamic landscape of the corporate sector, women CEOs in India are pioneering new strategies to foster female leadership, smashing the proverbial ‘glass ceiling’, and strengthening the future of gender diversity in their organizations.
The Glass Ceiling in India Inc
At a time when the proverbial ‘glass ceiling’ has been shattered in several fields, India Inc still has fewer women who’ve made it to the top. There are many who fall through the cracks while moving up a company’s hierarchy. Now — even as organisations adopt practices to demonstrate their commitment to diversity, equity and inclusion — women CEOs are going the extra mile to pull more females up the corporate ladder.
Edelweiss Mutual Fund’s Approach
Mentoring Circle for Women
Edelweiss Mutual Fund, led by MD & CEO Radhika Gupta, has a mentoring circle where mid-level women mentor groups of six-eight. They end up creating a ‘sisterhood’ to help women share issues and find solutions within the organisation.
The Recursive Process of Women Leadership
Gupta says having more women at the senior level is a recursive process. It brings role models to inspire other women and also improves the culture. Gupta adds having women in leadership has helped the firm hit the mark of 30% female employees. There are about four senior CXO-level women in the business.
Focus on Individual Counselling
The firm also focuses on one-to-one individual counselling for women who go through the critical years of having and raising a child. Proactively hiring women in functions where they are not represented as well as looking out for high-potential women and giving them opportunities are also equally important, says Gupta.
IndiaFirst Life Insurance Company’s Approach
Reinventing Maternity Leave Policies
At IndiaFirst Life Insurance Company, one of the major initiatives is conveying to the managers the benefits of “replacement hiring through consultants” and “reduction of sales targets for women” when they go on maternity leave. MD and CEO Vishakha RM says this encourages leaders to hire women who fit the bill, knowing there is no additional liability in case of long leaves during maternity. It also reassures the woman employee of having her job when she is back.
Implementing SMART Goals for Women Leadership
“In management, we say that when anything needs to be done, it needs a goal and a desire with commitment to get the job done. Bringing women into the leadership pipeline is no different. It needs the definition of a SMART (specific, measurable, achievable, relevant & time-bound ) goal, with clarity on the measurable in-line parameters,” says Vishakha.
Building a Women-Friendly Culture
IndiaFirst Life’s Hybrid Work Policies
Apart from hybrid work policies that encourage employees to choose a flexible working arrangement best suited to their needs, IndiaFirst Life Insurance also has maternity handbooks for expectant mothers and their managers for sensitisation, pay parity across genders, curated development interventions like mentorship and coaching for the development of women employees.
Battling Unconscious Biases
However, work cultures across can breed unconscious biases that act as a barrier for women to progress. Gupta says the firm consciously kills any kind of toxic culture to ensure an inclusive work culture flourishes.
Union Bank of India’s Approach
Creating a Dedicated Women-Focused Committee
Union Bank of India has created an industry-first, dedicated, women-focused ‘Empower Her’ committee. This pan-India panel focuses on promoting women’s career path from the grassroots level. It does this by providing counselling and guidance for building future women leaders, besides ensuring a comfortable space for raising their issues and concerns.
Balancing Personal and Professional Roles
“With most women employees balancing personal and professional roles simultaneously, we are providing flexibility by giving relaxation in their posting to accommodate family responsibilities, while balancing career path. We are also providing advanced learning and training opportunities through our training institutes and Union Learning Academies (ULAs) to create next-gen capabilities to develop a leadership pool,” says MD & CEO A Manimekhalai, MD & CEO, Union Bank of India.
Empowering Women in Leadership Roles
Edelweiss Mutual Fund: Women Leaders Balancing Work and Motherhood
At Edelweiss MF in fact, all four CXOs — the female CEO, chief risk officer, chief operating officer, and chief marketing officer — have become mothers or are becoming mothers while working at the firm. “The organisation has gone above and beyond to support us,” says Gupta.
The Business Case for Women Leadership
A McKinsey & Co Study on Profitability
According to a McKinsey & Co study, companies that have more than 30% women on their executive teams are said to be more profitable.
Union Bank of India’s Commitment to Women’s Empowerment
“Being the MD & CEO of Union Bank, and a woman myself, I am proud to say that our organisation has long recognised the importance of women empowerment. We have a diverse and inclusive workforce, with women occupying distinct roles in the organisation. We are constantly looking for new ways of empowering our women colleagues so as to bring them to the forefront of our organisational journey,” says A Manimekhalai, MD & CEO, Union Bank of India.
This movement towards gender equality and female leadership has proven not only beneficial for the individuals involved but also for the organisations, with higher profitability and enhanced corporate cultures being key advantages. It serves as a testament to the need for ongoing efforts to promote diversity, equity, and inclusion across industries.
