Will create 4 million women in the workforce over the next three years: FICCI President
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ICCI President Anish Shah announced a target to create opportunities for 4 million women in the workforce over the next three years as part of its four key focus areas for Viksit Bharat. Addressing the
During FICCI Women in Workforce Summit and Awards, Shah urged corporate India to introspect, examine their policies, and ensure appropriate support systems are in place for all employees at different life stages to drive transformative changes in workplace gender equity.
Anish Shah emphasised that equality should be a cornerstone of every organisation. He noted that a culture of inclusion, where everyone feels welcome, makes a huge difference to organisations in terms of performance.
During the FICCI event, McKinsey & Company shared a preview of their forthcoming "Women in the Workplace" report, done with support from FICCI in onboarding participants in India. The report highlighted the reality of women's under-representation in India's formal workforce.
The comprehensive study, which analysed 325 companies and surveyed over 1.3 million employees across India, Kenya, and Nigeria between March and June revealed that C-suite representation for women in India remains below 20 per cent.
Presenting the report findings, Vivek Pandit, senior partner at McKinsey & Company, noted, "While women's under-representation in the formal workforce is a near-universal problem, the findings reveal that solutions must account for vastly different starting points."
He added, "By recognising unique challenges Indian women face and the true starting position of your own organisation, you can bridge the representation gap and unlock the full potential of your talent."
The McKinsey study highlighted concerning trends in career progression. Women account for only 33 per cent of entry-level positions, declining to 24 per cent at managerial levels and further dropping to 17 per cent in C-suite positions.
The research indicated that men are more than twice as likely to advance from entry-level to managerial roles, while women are 1.3 times more likely to leave their roles.
However, the research highlighted a significant bright spot at senior levels, where women's attrition rates substantially decrease beyond managerial positions, with representation declining by less than two percentage points on average with each step up the corporate ladder.
Among other dignitaries at the Summit, Past President, FICCI and Mentor, FICCI Women Empowerment Committee, and Joint MD, Apollo Hospitals, Dr Sangita Reddy, emphasised that equity and parity for women in the workforce could add USD 28 billion to the global economy.
"It's not just about economic value, but about the quality of life and freedom to make choices," said Reddy, highlighting FICCI's initiatives, including the TechEquity platform, a pioneering digital platform launched during India's G20 presidency.
The summit showcased Mahindra Group's flagship women empowerment initiative, the Kaabil program, which bridges the gap between education and employability.
"While only 6 out of 10 women formally work in India, increasing women's workforce participation could boost GDP growth above 9 per cent," said Asha Kharga, Chair, FICCI Women Empowerment Committee & Executive Vice President - Chief Customer & Brand Officer, Mahindra Group, alluding to a World Bank report.
The program, which has already skilled 800,000 women across 19 states through partnerships with 2,000 institutions, aims to empower one million women annually from 2027.
FICCI's Past President, Dr Jyotsna Suri, said, "If India has to become a 5 trillion economy, it cannot do so without the contribution of 50 per cent of its population."
✔️ Will create 4 million women in the workforce over the next three years: FICCI President
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