Women in senior management see decline since 2021: Grant Thornton

In Grant Thornton's recently unveiled "Women in Business Report 2024," a significant downtrend emerges, shedding light on the diminishing presence of Indian women in senior management roles within mid-market companies boasting revenues between $10 million and $1 billion. The insights show a notable decline in the percentage of women holding influential positions within these Indian enterprises since the year 2021.

As per the latest findings, a mere 34% of women currently hold senior management positions in these mid-market Indian companies. This represents a noteworthy decrease from 36% in 2023 and 38% in 2022. Despite this dip, it is worth noting that the current figure surpasses the comparatively modest 12% recorded in 2004 and 14% in 2014.

The report attributes this decline to the dynamic changes in work models permeating various industries. Delving deeper into the dynamics of work models, the report underscores a shift in the landscape. The percentage of businesses offering a hybrid model has dwindled to 56.5% in 2024 from 62.3% in 2023. Concurrently, companies mandating a return to the office have risen to 34.7% in 2024 from 27.4% in the previous year. Additionally, the number of staff working remotely from their homes has seen a substantial decline, plummeting to 1.8% in 2024 from 5.3% in 2023.

In response to the identified challenges, the report advocates for the adoption of hybrid work models that seamlessly blend on-site and remote work. Satya Jha, the chief business officer at Grant Thornton Bharat, emphasised the necessity to prioritise a people-first culture.

In the Indian context, a substantial 53.3% of chief executive officers (CEOs) and managing directors (MDs) assume crucial roles in spearheading endeavours to nurture diversity and inclusivity.

Furthermore, 19.6% chief operating officers (COOs), alongside 18.2% chief financial officers (CFOs), and 17.2% chief diversity officers (CDOs), are playing pivotal roles in championing these initiatives in our country. The report also sheds light on the diverse metrics employed by Indian businesses to gauge DE&I progress, encompassing aspects such as gender pay equality (48.4%), employee perception of inclusion (43.5%), the percentage of female employees across management levels (42.5%), and the proportion of promotions earned by women (39.3%).

Despite these challenges, the report illuminates a silver lining, asserting that the proportion of women in senior roles in India remains notably higher than the global average of 22%.

Pallavi Bakhru, partner at Grant Thornton Bharat, emphasised the significance of examining the business landscape for women. "Measuring the number of women who have moved into senior management positions is very important to understand whether, internally, women are being championed to progress and move up the ladder. One of the countries that has seen the most significant progress is India, showcasing a 22% increase in women holding SM roles from 2004 to 2024. You now have more women studying, who are more educated and willing to work. This has been a significant cultural change," she says.