India Inc. Still has a long way to go for true gender equality at the workplace as 80 per cent of the nearly different gender ratios, reported jobs with the data indicating that the companies are focused on improving their efforts on diversity.
These are the female-focused results of Mercer’s 2021 India Total Remuneration Survey (TRS), highlighting female participation in the India workforce and representation in leadership positions and inclusion, to mark International Women’s Day 2022 with this year’s theme focused on breaking biases.
Mercer survey gathers data from 900+companies, across 5700 job functions and over 14 lakh cumulative employees and insufficient representation of women at leadership roles continues to impact pay equity analysis.
The data showed the continued trend of females’ improved representation at the professional level ranging from 20-30 per cent across industries. In the technology sector, the female representation was seen at 43 per cent per cent at the entry levels, but the representation drastically reduced to 12 – 17 per cent in managerial level and was an abysmal 4 to 8 per cent at executive levels.
The industries with a better female representation were IT, Customer Service, Engineering and Science, Human Resources, Data Analytics and Business Intelligence, among others. Jobs such as Legal, Compliance and Audit, and Sales, Marketing and Product Management had a poor representation of females.
One interesting insight was that, keeping all variables the same, female compensation to male pay ratio was 95-99 per cent at entry level. However, the unfortunate part was that this ratio drastically dropped, with women executives at mid to senior levels earning only about 87-95 per cent of their male peers. Some reasons for this drop in pay were slower pace of promotions, development opportunities, and women representation in roles which drive organization value creation or P&L ownership.
Speaking about the main findings of the survey, Mansee Singhal, Sr Principal of Rewards Consulting Leader India, remarked: “The concept of gender equality is embedded in the Indian Constitution. Organisations are broadly committed to Diversity and Inclusion, but there seems to be a lack of accountability to drive the progress internally. While the new labor codes focusing on improving women employment, pay and security at workplace are welcome, companies have to take quick strides in truly integrating and empowering women. Our research shows that if women representation improves in roles that are closer to value creation, then equity would seem to be a more achievable goal.”
Over the years, India Inc. has adopted progressive practices in bridging the gender pay equity and inclusion gap – Sensitization workshops for recruiters and hiring managers, focus on campus diversity hiring, career reboot and women alumni rehiring, career and professional development for women, hyper-local, proactive safety solutions for women, targeted high potential women leadership succession candidates, focused increased representation of women in leadership roles, fueling the commitment to a culture of inclusive leadership by top management, male employees as advocates for gender diversity and inclusion.
The Mercer Total Remuneration survey was conducted in the latter half of 2021 and can be used as a single source of market data and insights across sectors and jobs. It includes insights on the salary trends across industries and sectors, premium on new hire salaries tenures and the sectors which faced the most difficulty in recruiting and retaining talent. The survey included responses from sectors like Technology, Services, Life Sciences, Automotive, Manufacturing, Logistics, Energy and Consumer amongst others.