The Indian Finance sector needs more women workforce

Women have made significant progress in white-collar jobs in the last few years in India. From making inroads into the employment sector in India to taking up roles in mid-management, senior positions and leadership roles, women have come a long way. A recent report by Grant Thornton stated that around 36% of the senior management positions in mid-market businesses in India are held by women today.

Not only that, but women are also making their mark as entrepreneurs today; they are carving their own paths and succeeding with their ideas and innovations. They have made a mark in sectors like e-commerce, education, healthcare, personal care, media and even finance, where they are leveraging their ideas and skills; and creating successful businesses.?

One significant sector where women have made commendable progress is finance; however, there is much more scope for women to flourish in this sector. Women are inherently considered to be good at managing funds. From the traditional ages, women have been known for keeping emergency funds, managing household expenditures, saving money for the family and future expenses. Coupled with these, they tend to be naturally expert at problem solving and networking, they can multi-task and handle crisis seamlessly.?Women are also considered to be emotionally more intelligent and empathetic, which naturally make them good managers and leaders.

However, even today, people perceive finance as a male dominated sector, hence, there are more men than women in the senior and top management positions, when it comes to finance. Women’s participation rate in finance related fields and companies continues to lag; the average count being only one woman for every eight people (as per recent study). This number needs to get increased.?

Women need to know and understand that they are and can be diligent workers/ leaders/ entrepreneurs in the finance sector. Let’s take examples of powerful women like Arundhati Bhattacharya, who was the first woman to be the Chairperson of State Bank of India or veteran banker Kalpana Morparia, or the new age women entrepreneurs like Upasana Taku- (MobiKwik), Sucharita Mukherjee- Kaleidofin, Hardika Shah- Kinara Capital to name a few, have made their mark in the industry.

These women have been at the forefront of innovation and progress, driving transformational change and shaping finance/ Fintech in India. Financial services in India are transforming completely, which is now served through digital means. It is turning more inclusive, with innovation and cutting-edge technologies, helping India move towards a cashless, paperless society. This quick evolving finance sector needs more and more women to join the workforce and bring in change.

The young women workforce, who are beginning to explore their career options should definitely look at finance as an important career. It is a fast growing, ever evolving, on-the-go and now highly driven by technology, sector. From being entrepreneurs, to tech professionals, product experts, finance experts, legal advisors, marketers, the scope of career growth is tremendous in the category. Women should give away their fear of exploring options in finance and stop underestimating their value.

And companies should look at hiring and promoting people without any kind of gender bias. Women should be given equal opportunity to grow; there should be more women work force from entry level to leadership roles. Companies should also include gender diversity and encourage women with more training programs, participation in conferences, to give females mentorship and opportunities for networking.