At the C-Suite level, women are twice as likely to stay back in their organizations as compared
Mumbai, 17thSeptember 2018: Besides career advancement programs like career sponsorship, leadership training, mentoring and professional development courses,increasing focus onholistic well-being (including emotional enablement) has led to increased retention of women, resulting in their progress tosenior leadership levelsreveals the third edition of Best Companies for Women in India(2018 BCWI) study. Conducted by AVTAR Group - India’s first diversity advocate and workplace inclusion expert and Working Mother Media, a celebrated gender-parity champion in the United States, the study shows lower attrition rates of women than men, at all levels in the corporate hierarchy. The study further revealed that the current attrition rate of women in C-Suite Level stands at 4%, half of men’s attrition rate at the same level which stands at 8%. With extremely volatile talent markets, this goes on to show that companies that invest in developing and growing women into leadership are more likely to retain their talent.
Substantiating the higher employability of women and their retention potential, the study further revealed that the average attrition rate of women across levels remained significantly lesser than men – Entry Level (women – 28% and men – 34%), Managerial Level (women – 12% and men – 16%), Senior Managerial Level (women – 8% to men – 12%) and C-Suite Level (women- 4% and men – 8%).
However, women hiring saw a 2.5% dip between 2017 and 2018. While in 2017, 36% of all hires were women, in 2018, this stat stands at 33.5%. While the promotion rates of men and women were at par at C-Suite level (at 5.3% and 5.6% respectively), at the mid management and senior management echelons, men were 3% more likely to be promoted than women.
A joint effort by Working Mother and AVTAR Group, The Best Companies for Women in India (BCWI) Study aims to identify best practices and policies followed by companies for increasing women’s workforce participation. The third edition of the study in 2018 was conducted among 345 employers in the country and listed the 100 Best Companies for Women in India.
The report notes that there has been increasing focus amongst participant companies in the holistic well-being of their employees, specifically women. Apart from instantiating organizational enablers to support various facets of their professional and personal pursuits like mentoring, skill building programs and child care services, companies are increasingly driving initiatives that address the challenges faced by women professionals, specifically around maternity. To help returning mothers reintegrate themselves to their workplaces, 71% of 100 Best companies have Formal Phase-Back Programmes (structured reintegration programmes for returning mothers). 49% of companies provide formal support to counter post-partum stress and depression (up 11% from 2017) through innovative practices like Buddy Mother Networks and pre-scheduled Stay-in-touch days. Such programs help in containing maternity attrition – the drop-out of women at the altar of motherhood. The 100 Best companies this year reported only a 12% maternity attrition, to mean that the vast majority of women who took their maternity breaks, joined back full-time work. The overall representation of women at the 100 Best companies stands at 31% in 2018 - a 6% surge from 25% in the launch year of BCWI – 2016.
There are also other interventions that cater to holistic well-being of professionals driven by the 100 Best. These programmes tremendously increase their engagement with their employers, translating to better retention. These are gender inclusive programmmes, which can be availed by all employees irrespective of their gender identity. 77% of companies intentionally invest in stress reduction programmes(up from 48% in 2017), 70% provide professional support towards mental health consultation (up from 53% in 2017),63% provide marital/relationship counselling (up from 47% in 2017), 60% provide formal support on grief counselling (up from 44% in 2017) and 48% provide emotional support counselling (up from 37% 2017).
Commenting on this year’s study, Dr. Saundarya Rajesh, Founder – President, AVTAR Group, said, “Over the past 3 editions of the Best Companies for Women in India initiative (BCWI) – 2016, 17 and 18, BCWI has given the much needed momentum to corporate India’s conviction in gender inclusion. This comprehensive gender analytics exercise is powering the collective intent on inclusion, helping fragmented bits of ideas cohere into an intentional, vision-driven whole. To see organizations, evolve their enablement framework to one that acknowledges and supports the holistic well-being of employees, specifically women, is extremely heartening.Offering such support, especially at critical life events like maternity, help women professionals navigate emotion hurdles and move on to build successful, sustainable careers. With personalized handholding, their engagement with their employers are heightened and growth to leadership is a natural, logical extension. The 2018 BCWI data tells us just that – invest in women, they will leave you less! But, as we collectively move towards the elusive goal of gender balance, there is room to do more, add more! Women hiring has seen a dip between 2017 and 2018; at mid-management levels, men continue to be more likely to be promoted. Consistent focus to ensure osmotic reach of the inclusion intent is the way to go.”
Adding to this, Ms.SubhaBarry, President, Working Mother Media, said, “Working Mother Media is proud to again partner with AVTAR to name the Best Companies for Women in India. The exemplary companies that made the 2018 - 100 Best Companies for Women in India list represent the most progressive companies for women. We applaud their vision and efforts to create and sustain a work environment where women can advance and thrive.”
2018 Working Mother & AVTAR Best Companies for Women in India: The List
The 2018 Working Mother & AVTAR Best Companies for Women in India study report also revealed the 100 Best Companies for Women in India list. This is, strictly, an alphabetical list and is NOT RANKED. The 2018 Top 10 Best Companies for Women in India are listed below (in alphabetical order):
· Accenture Solutions Private Limited
· ADP Private Limited
· Barclays Global Service Centre Pvt. Ltd.
· Deloitte in India
· IBM India Pvt Ltd
· Shell India Markets Pvt Ltd
· Tata Consultancy Services
· Tech Mahindra
· Verizon Data Services India Pvt. Ltd
The selection was based on data of highest order granularity spanning seven key policy clusters, namely, Workforce profile, Flexible work, Women’s recruitment and retention, Benefits & Work-Life Programs, Parental Leave, Company culture and Safety and security, as provided by the applicant companies.
For the complete list, please visit: