Survey reveals women in CEO/MD roles in mid-market companies jump to 55% in 2022 from 7% in 2017, global average stands at 24%
With more women in senior management positions, along with a higher diversity on board, businesses are exploring new opportunities for growth. According to Grant Thornton Bharat’s latest survey, mid-market companies are opting for diversity and inclusion as a top-to-bottom business strategy, with women in the CEO/MD roles growing to 55% in 2022 from 7% in 2017.
“The fact that India is way ahead of the global average and from a low base five years ago, shows how much progress is possible in a short period of time. With a substantially higher number of women taking up leadership roles in the Indian mid-market companies, I am confident this trend will lead to further gender parity,” said Vishesh C. Chandiok, CEO, Grant Thornton Bharat.
According to the survey, in comparison to the global average of 32% inclusion of women in senior management roles, Indian companies account for 38% women in senior roles and stand at no. 7 position globally. While the report suggests that the percentage of women is still not at par with men for senior management roles, the inclusion practices have changed drastically in the last five years with more than 90% respondents agreeing on new working practices benefitting women's career trajectories long-term.
The survey also shows that the number of businesses with ‘no woman in senior management’ has significantly declined to 3% in 2022 from 38% in 2017. “The increase in businesses which have women in senior management is a proof that this is no longer an option but an eventuality. To manage a diverse customer, employee experience and become successful in a digitally enabled world, inclusion is as critical as diversity. As the world moves towards sustainability and social responsibility, having a diverse senior management is essential to build enterprise that lasts,” said Kalpana B, CEO and Chief Thinker, Grant Thornton dGTL.
About the survey
Grant Thornton’s International Business Report (IBR) provides insight into the views and expectations of around 10,000 businesses across 29 economies. The data was collected by asking mid-market business leaders about the actions they are taking on engagement and inclusion as well as the number of women in senior management and their positions.