India has long grappled with a significant gender disparity in its workforce, with the women’s workforce accounting for only around 20% of the total labor force—well below the global average of around 47%. Recognizing the immense untapped potential and economic benefits of empowering women, India is now working towards closing this gap. The Economic Times reports on the government’s initiatives to improve women’s access to finance and employment opportunities, aiming to match the global average of female workforce participation by 2047.
The Imperative for Change
There are several compelling reasons why India is now prioritizing the goal of matching the world average for women’s workforce participation:
- Economic Growth: Studies have shown that increasing women’s participation in the labor force can contribute significantly to a country’s GDP growth. The McKinsey Global Institute estimates that India could increase its GDP by $700 billion by 2025 if it bridged the gender gap in the workforce.
- Demographic Dividend: India has a young and rapidly growing population, with women comprising nearly half of this demographic. Harnessing the skills and talents of this vast pool of human capital can provide a major boost to the country’s economic competitiveness.
- Diversity and Innovation: Diverse teams have been proven to be more innovative and productive. Greater gender parity in the workforce can foster a more inclusive, collaborative, and creative work environment, driving innovation and problem-solving.
- Social Empowerment: Increasing women’s economic participation is closely linked to their overall social empowerment and decision-making power within households and communities. This, in turn, can have a positive ripple effect on education, health, and other development outcomes.
Strategies for increasing Women’s Workforce in Indian Organisations
To achieve the goal of matching the global average for women’s workforce participation, Indian organizations must adopt a multi-pronged approach:
- Inclusive Hiring Practices seek out and recruit qualified women candidates, including those returning to the workforce after a break. This ensures job descriptions, interview processes, and selection criteria are free from gender bias.
- Flexible Work Arrangements help accommodate women’s family responsibilities and enable them to balance work and life.
- Leadership Development programs and mentorship initiatives groom and promote women into senior-level positions.
- Supportive Policies like parental leave, on-site childcare, and reintegration programs for women returning to work.
- Fostering an Inclusive Culture means valuing diversity, promoting gender equality.
- Collaboration and Partnerships collectively drive progress towards gender parity in the workforce.
By adopting these strategies, Indian organizations can not only contribute to the national goal of matching the global average for women’s workforce participation but also reap the significant benefits of a more diverse, inclusive, and empowered workforce.
Join the Conversation: Register with India Diversity Forum
The India Diversity Forum can help Indian companies achieve the government’s goal of increasing women’s workforce participation by:
- Advocating for policies and regulations
- Providing guidance and best practices
- Facilitating knowledge sharing and collaboration
- Partnering with the government, industry associations, and NGOs
- Recognizing and celebrating companies
- Conducting research and publishing reports
- Providing training and capacity building
By leveraging the collective voice, expertise, and resources of the India Diversity Forum, companies can accelerate their efforts. Matching the global average for women’s workforce participation and reaping the economic and social benefits it can bring.