Corporate exodus: 50% of Indian women may quit in 2-yrs
A study by consulting firm Aon has revealed, that nearly half of the women employed in India's corporate sector are either uncertain about their tenure with their current employers, or plan to quit within two years. The study, titled "Aon's 2024 Voice of Women," surveyed 24,000 women from over 560 small, medium, and large companies between March and June this year. The women cited reasons like bias, pay disparity, and limited career progression for their decision.
Job insecurity among women in corporate sector
The Aon study found that 47% of respondents were unsure about their future with their current employers. Shilpa Khanna, associate partner and DEI (diversity, equity, and inclusion) practice leader of talent solutions in India for Aon, stated that "Of the 47% who are unsure, 27% said they will not stay beyond two years and 20% said they are unsure about how long they will stay."
Bias and pay disparity major concerns
The primary reasons cited for this uncertainty include bias, pay disparity, lack of an inclusive work culture, and limited career progression. Women who experienced bias were found to be 3.5 times more likely to perceive aspects of their organizational experience as unfair. Additionally, 21% of women who faced bias indicated they would leave within a year compared to only 6% of women who did not face bias.
Workplace harassment: A significant issue
Workplace harassment was another significant issue highlighted by the study. Of the women surveyed, 6%, or more than 1,400 respondents reported experiencing sexual harassment at least once. However, less than half of these incidents were officially reported to employers. The study's findings come at a time when the participation of women in both formal and informal sectors has decreased due to pandemic-related challenges, such as work from home arrangements and lack of support systems.
Government's response to declining women workforce participation
In response to this trend, the Union budget has allocated ₹3 trillion toward schemes aimed at benefiting women and girls. "We will facilitate higher participation of women in the workforce through setting up of working women's hostels in collaboration with industry, and establishing creches," said Finance Minister Nirmala Sitharaman. The study also highlighted potential solutions to boost female participation in the workforce, including promoting women to leadership roles, offering flexible work options, and ensuring work-life balance.
Bias related to physical appearances, age, marital status
The Aon study found that 42% of women faced bias related to their age, physical appearances, marital status or motherhood. The data revealed no significant difference between responses from women in metropolitan and non-metropolitan areas. While 86% of respondents from metropolitan areas reported mental exhaustion, about 76% from non-metropolitan areas reported the same. The challenges faced by female employees were found to be largely sector-agnostic.
