INSUBCONTINENT EXCLUSIVE:
By Koel GhoshAs a mother to a precocious teenage daughter, one of the issues that I care deeply about is promoting diversity and inclusion
in the workplace and supporting initiatives that help increase female representation in the executive ranks and boards of companies and
institutions.
The financial services industry today is testament to the change, which is now reflecting the growth of representation of
women in executive committees and boards.
S-P Global published a research recently that illustrated how US GDP growth could accelerate with
increased female labour force participation and add a whopping $5.87 trillion to global market capitalisation in 10 years
A one per cent growth in GDP makes S-P 500 return 3.4% on an average annually
capitalisation by $2.87 trillion in a decade.
Similarly, US growth influences larger gains in other countries such as Germany, China and
men in positions above them
Add to this wage gap that, while narrowing, stubbornly persists
Therefore, women must work that extra 44 days each year to earn as much as their male counterpart does
More than 25% of mothers quit entirely for children or family care
Significant time taken off for child or family care is 39 per cent by mothers and 24 per cent by fathers.
While this may reflect their
ability to be flexible and spend more time with families, it comes at the cost of unbridgeable wage disparity and limited opportunities for
This raises the question of whether policies designed to help women work can have unintended consequences.
Nonetheless, there must be
change, and all indications certainly suggest that society recognises this time in history as ripe for a serious overhaul in relation to
gender accessibility to the workforce
Throughout my career in the financial services industry, I have been fortunate to have mentors, managers and colleagues who have helped me
find opportunities to advance my career, and take on leadership responsibilities
At a personal level and beyond the important economic benefits of diversity and inclusion, I am inspired by female colleagues and financial
industry peers who have shared their remarkable stories of overcoming career obstacles, and balancing demanding careers with personal
lives.
In the corporate and financial world in India and globally, an increasing number of women are assuming senior decision-making roles
at companies and other institutions paving the way for future female leaders.
We still have a long way to go, but India is seeing a rise in
female workforce participation and inclusion, and catching up with more developed countries
In India, the success of highly respected leaders such as Crisil CEO Ashu Suyash, Finance Minister Nirmala Sitharaman, JP Morgan India CEO
Kalpana Morparia, to name only a few, show us the rich possibilities for women in financial services, government and other
institutions.
Change is inevitable and women are demonstrating to be the agents of positive change
Encouragement, inspiration and mentoring will go a long way to grow and build a new generation of leaders and contributors who will open up
made, and the doors that we still need to open
(Koel Ghosh is Head of South Asia at S-P Dow Jones Indices