Chennai, 20th November 2024 — The Udaiti Foundation, a prominent organization committed to increasing women’s economic power in India, today revealed its latest findings from the Close the Gender Gap (CGG) Initiative, offering new data and insights for FY 2023-24. The dashboard released, offers top-level highlights and granular information across various gender metrics such as:
- Women in Leadership (Board of Directors and Key Management Positions)
- Gender Pay Gap (Worker, Employee, KMP, BoD)
- Retention Indicators – Retention Rate, Return to Work and Turnover Rate.
- Data on access to company well-being policies like Maternity Benefit, Paternity Benefit, Day Care Facility for both employees and workers
- Sexual Harassment and POSH data.
The data collated is based on Annual and BRSR reports of 2000+ NSE listed companies for FY 2023-24.
The Close the Gender Gap Initiative continues to serve as a vital resource for organizations seeking actionable data and tools to close the gender gap in formal employment empowering them to track their progress toward achieving diversity, equity, and inclusion (DEI) goals.
Pooja Goyal, CEO of the Udaiti Foundation said “The most recent insights from our Close the Gender Gap initiative serve as a call to action for organizations to address gender disparities head-on. Our findings reaffirm the urgent need for companies to not only close the representation gap but also prioritize equal opportunities for women in leadership roles, pay equity, and workplace benefits. Gender equality should not just be a goal; it must be integrated into every aspect of organizational growth. We urge organization leaders to commit to bridging this large gender chasm and take advantage of this immense talent pool. “
With the adoption of the Business Responsibility and Sustainability (BRSR) framework, leading to an increase in the reporting of gender data by NSE listed companies (from 52% in FY 2022-23 to 57% in FY 2023-24), Udaiti’s CGG Initiative is designed to provide a focused impetus to the private sector for gender data disclosure. Data disclosure is key to fostering an inclusive work environment.
The findings from this year reveal that only 18% of formal employment in India is held by women. However, certain sectors such as Healthcare (41%) and Consumer Services (30%) show stronger female representation, while industries like Construction and Power remain starkly male-dominated, with women comprising only 3-4% of the workforce.
Despite 98% of companies reporting at least one female Board of Director, the number dwindles to 46% in case of companies having more than 1 female director. In addition, only 10% companies indicate having more than one female in Key Management Personnel (KMP), signaling a critical gap in leadership roles for women. Women in Construction and similar sectors are also facing significant pay disparities, with female KMPs earning up to INR 2 crore less than their male counterparts.
Interestingly, sectors with higher women representation such as Consumer Services and Hospitals and Labs sectors also have the highest turnover rates at 34% and 33% respectively, indicating a strong need for tailored retention strategies to maintain workforce stability. The findings also reveal a rise in reporting of sexual harassment complaints, with a 38% increase in cases reported compared to previous years. A surge in cases being recorded indicates an improved availability of safety mechanisms and forums to raise concerns for women in the workplace. But an accompanied rise of 36% in the number of unresolved complaints, is a call to expedite resolution and strengthen protocols.
The Media and Entertainment sector has emerged as the most affected, reporting the highest number of complaints per 1,000 women employees. This rise calls for stronger measures to ensure safe and equitable working environments for women.
The Close the Gender Gap platform also includes a self-assessment tool to help companies track their progress in gender equality. By participating in the initiative, organizations can access valuable resources to improve their diversity and inclusion efforts, ensuring they adopt policies that foster a more equitable workforce.
The Udaiti Foundation is committed to enhancing women’s workforce participation by providing data-driven solutions that help close the gender gap and promote a fairer, more inclusive society.
