Every year, International Women’s Day sparks a flurry of women-led activities. These include special news coverage, initiatives, awards, and recognition ceremonies. I want to draw everyone’s attention to the recurring euphoria of increased attention to women’s issues and gender diversity, and then a decline in focus throughout the rest of the year.
One of the latest initiatives involves the role of women in leadership and the corresponding antithesis. The increase in women in leadership roles is accompanied by a surge in gender-related jokes and memes, highlighting the superficial nature of progress.
While celebrating the increasing number of women in senior leadership positions is crucial, a more sustainable approach is needed. Implementing environmental, social, and governance (ESG) practices has led to a positive shift in the male-female ratio at leadership levels.
According to a McKinsey report:
a) 26% of women hold C-suite positions, 32% are VPs, and 28% are senior leaders (McKinsey, 2023).
b) Only 1 in 4 C-suite executives is a woman, and only 1 in 20 is a woman of color.
India’s image is more encouraging. According to Grant Thornton’s International Business Report for 2023, the percentage of women in senior management roles in mid-market Indian businesses is 36%, which is higher than the global average of 32%.
Furthermore, India’s share of female leadership positions in 2022 was 39%, higher than the global average of 31%. What’s interesting is that women are driving sustainability initiatives in the corporate sector.
The emphasis needs to be on appointing more women as Chief Sustainability Officers (CSOs) while recognizing the important role they play in corporate social responsibility (CSR) initiatives. This change is important for a number of reasons:
a) Empathy and environmental protection: Since women are generally seen as having greater compassion, businesses may place a greater emphasis on environmental protection.
b) Prior CSR experience: A large number of women occupy leadership roles in CSR, which equips them with the necessary skills to incorporate sustainable practices.
c) Emphasizing the social component of ESG: Women in CSO positions would guarantee that the social component of ESG gets the attention it deserves.
Today’s blog is about promoting a just and progressive change. We are by no means demanding out-of-turn promotions or unregulated reservations. Companies can gain access to a diverse range of perspectives and experiences by actively promoting women across management roles. These are essential components for creating truly inclusive leadership and a strong corporate culture.