According to a new survey, women make up 21.7% of the workforce and 15.9% of senior managerial positions in financial services organizations. Women’s career development Iis also significantly slower in the financial services and information technology sectors.
According to a sample research of 134 organizations by CFA Institute and CFA Society India, women’s involvement rate in finance and related professions continues to lag in India, with the average count being just 1 woman for every 8 individuals on payroll.
According to the survey, women make up 21.7% of the workforce and 15.9% of senior managerial positions in financial services organizations.
A sample of 134 organizations have been selected for the “Mind the Gender Gap” study, which is based on BRSR (Business Responsibility and Sustainability study) disclosures.
The BRSR framework is a collection of sustainability disclosures that Sebi announced in 2021, and Indian firms were required to submit information on things like workforce gender mix, compensation, attrition, and other issues. For FY22, the disclosures are optional; however, starting in FY23, the top 1,000 enterprises must make them.
According to the survey, women’s career advancement is significantly slower in the financial services and information technology industries than it is in other industries, despite these industries having big workforces and high participation rates.
Additionally, the median wage difference between men and women for the sample firms was 0.97 on average, demonstrating that there is roughly equal compensation for men and women. For key management workers and directors, the median pay gap between men and women falls to 0.52 and 0.64, respectively.
Women in India encounter a number of extra challenges in the workplace. The yearly reports will give rich time-series data, and monitoring various gender-related characteristics in the workplace is a fantastic place to start to understand the problems,according to Rajendra Kalur, CFA, Chairperson, CFA Society India.
“It is crucial to expand the number of women working in and participating in the investment sector in order to broaden the reach of financial independence and knowledge. Arati Porwal, Country Head, India, CFA Institute, stated that CFA Institute and CFA Society India are dedicated to this cause.
The report advises organizations to improve transparency, particularly in relation to median salary, in order to eliminate gender barriers.
