What women bring on table for the organization to become successful?
Blog: NASSCOM Official Blog
- By Ms. Shilpa Bhatia, Director Marketing and Sales, SRV Media Pvt. Ltd.
Women across the globe are breaking new ground and setting a benchmark in all walks of life. Their participation in workforce has been adding immense value to the economic world.
As per Catalyst study in 2017, companies with a greater number of women in the top management perform better both in terms of Return on Equity (ROE) being 35% higher and Total Return to Shareholders (TRS) being 34% higher.
In another study, Catalyst figured out that across five industries, companies with the greatest number of women board directors outperform the ones with the least numbers, based on a 26% increase in ROIC.
Though women participation on work front is increasing, it’s still a long way to gender parity.
Based on analysis by Quartz, out of 1500 large public companies listed across 27 nations, 95% are governed by male dominated management. This is more evident in Asian companies with India witnessing women for approximately only 17% of senior management. As per the Prime Database 2019, women constitute only 3.69%, precisely 67 out of 1814 chief executives and managing directors of NSE listed companies in India.
As per research by McKinsey Global Institute, women contribute only 18% of the GDP in India as compared to China where it is 41%. As per McKinsey estimates, just by attaining gender parity, India can add a whopping $770 billion to its GDP annually.
As women continue to grow and join the corporate world, they are yet to be completely accepted and appreciated for their unique attributes and abilities that they bring on table for the business world. Women are expected to follow the path carved by the Male leaders. Irony is that even in leadership positions they are viewed with lot of biases.
As per McKinsey study with global leaders, primary attributes required for a successful leadership constitute of Intellectual simulation, Inspiration, Participatory decision-making and Setting expectations/rewards. Each of these are more commonly found among women leaders.
Some of the unique attributes that women bring on table for organizations are: –
Multi-tasking: – Women have the ability of manage multiple aspects at the same time without loosing focus. They are good at both multi-focus and multi-tasking. With this unique ability, they can perform across levels dealing with varied layers of complexity
Meticulous Planning – As we understand that women are great multitaskers because of inherent nature, family responsibilities and overall eco-system which makes them much more organized and great planners too. Sound planning lays the foundation of any organization’s success. This trait allows women not only to be productive but also to contribute for the strategic success of an organization.
Persistent and Persuasive – Persuasion, Empathy and Negotiation are natural traits in women. These are powerful tools for any leadership position. These traits help women to understand people better, manage teams efficiently, easily cater to objection handling & concerns, effectively communicate, navigate through delicate circumstances, negotiate and in totality be effective leaders.
Value and Nurture Relationships – Women have an inherent tendency of nurturing relationships which makes them good team players and team leaders. This quality is extremely useful in driving long lasting productive relationships within teams, across the organization and even with clients / customers. This is one of the most sought-after attributes especially for leadership positions and for driving sales.
Open culture and Innovation – For the growth of any organization, flow of ideas and different perspectives play a critical role. Diversity adds to the same. Women can add a new perspective to the existing dimensions and thought process.
Risk Averse – Women are meticulous planners, conservative and process risk with a different approach. They help in mitigating risk with their planning and unique perspective. They tend to be risk averse in spends and investments which plays a critical role in appropriate financial planning.
“Women First, Prosperity for All”, the theme that was the hallmark for the Global Entrepreneurship Summit 2017 should be the motto for corporate world too. Even World Bank report 2017, highlighted that India can propel overall growth rate by 1.5 % by increasing working women from 27% to 50%. This approach will help us in driving growth along with gender parity.