In the glittering corridors of corporate India, where decisions shape the future of billion-dollar industries, a silent battle rages. Despite the façade of progress, women still struggle to sit at the table where power is brokered. The numbers tell a tale of ambition thwarted and potential unrealised, as gender parity in India’s boardrooms and executive suites remains an elusive dream.

As per filings in the MCA-21 registry, women directors are associated with 5,551 active listed companies, 32,304 active unlisted public companies and 8,28,724 active private companies as on March 31, 2024.

The Ministry of Corporate Affairs (MCA), told the Rajya Sabha this month that women hold just 18.67 per cent of all board positions in listed companies. While showing incremental progress, it’s a figure that falls woefully short of the global benchmark where 30 per cent female representation on boards is often the gold standard. This stark underrepresentation raises serious concerns about the diversity and inclusivity of decision-making at the highest levels.

Myth of equality

However, the disparity deepens as we delve into the ranks of Key Managerial Personnel (KMPs)—the heartbeat of any company. Here, women constitute a mere 14.08 per cent, a figure that lays bare the myth of equality in the workplace. While companies may hastily appoint women to board positions to comply with regulatory mandates, the scarcity of women in senior executive roles such as CFOs and COOs exposes a glass ceiling as impenetrable as ever.

The broader workforce offers no respite from this tale of inequity. Women make up 20.81 per cent of permanent employees — a figure that, while higher than their representation in senior roles, still underscores a profound gender gap. The data suggests a bleak scenario where women are trapped in lower or mid-level positions, their upward mobility stymied by invisible barriers. The challenges of recruitment, retention, and an often hostile workplace culture seem to weigh more heavily on women, making their climb up the corporate ladder a treacherous one.

Fact of turnover rates 

Even the turnover rates, seemingly innocuous at first glance, tell a story of restricted opportunities and limited choices. The turnover rate for permanent female employees is 0.35 per cent, marginally lower than the 0.42 per cent for men. At face value, this could be seen as a positive sign of job stability for women. Yet, a closer look reveals a darker possibility: that women face higher barriers to job mobility, particularly in roles where the path to promotion or lateral moves is littered with obstacles.

As India’s corporate giants stride towards the future, the data is a stark reminder of the unfinished business of gender equality. It’s a call for more than just regulatory compliance—it demands a seismic shift in corporate culture, one that truly values and advances women at every level. For until that change comes, the glass ceiling will remain, and the promise of gender parity will be nothing more than a mirage.

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