Women in the Workforce: A Key to Increased Efficiency and Success

The inclusion of women in the workforce is a critical component of any business's success. Women have been making their presence felt, from shop floor to board rooms, across the globe. In India, around one-third of the overall workforce now consists of women. The influx of female employees into the Indian workforce has had a positive impact on businesses.

According to a report from the Indian Ministry of Labour and Employment, the number of women in the workforce in India has nearly doubled in the last decade, from 37.9 million in 2009-10 to 73.5 million in 2020. This is a major achievement for India, as it not only shows the progress made in gender equality but also the immense potential of women in the workforce.

The presence of women in the workforce brings a range of benefits to businesses. Firstly, research has found that having more women in leadership positions can lead to increased profitability and improved decision-making. Secondly, women bring a diversity of skills, perspectives, and ideas to the workplace, which can lead to improved creativity and innovation.

A survey by KPMG found that 43 percent of women entrepreneurs are willing to take more risks, which explains why they’ve been unfazed by the prejudice in the market against their gender. However, one also needs to make a note of how they survived the pandemic, which nearly finished off 20 percent of businesses run by women. In another?survey conducted by Bain & Co, Google, and AWE Foundation, it was found that women entrepreneurs demonstrated an impressive ability to adjust to the crisis - with 54 percent already having shifted their business model and 24 percent planning the same.

According to the World Bank, increasing female labour force participation in India could result in an additional economic output of 27 percent. Higher GDP creates more opportunities for everyone. An empowered woman drives the level of skilling and education in society thereby creating a virtuous economic cycle.

Studies have highlighted that companies with a higher representation of women in their managerial roles have seen a greater financial return compared to those without. This can be attributed to the fact that women are more likely to be better communicators, and better problem solvers, and are more likely to bring in more innovative solutions to problems.

Overall, it is clear that the impact of women in the workforce can be immense. Inclusive organisations are more likely to attract and retain talent and companies can reap the financial and social rewards that come with it. It is therefore important that companies recognize the value of women in the workforce and take steps to ensure that they are given the same opportunities and recognition that their male counterparts receive.

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Anjali Raina Vivek Usha Koka Nivedita Basu