Women holds 36% of senior management positions in mid-market companies in India, compared to 32% globally, a survey from Grant Thorton reveals. However, there are no women in senior leadership positions in 5% of these Indian companies.
The statistics provided in International Business Report on ‘Women in Business 2023 – The push for parity’ shows progress in the representation of women in senior leadership positions particularly in mid-market businesses, one who earn between $10 million and $1 billion in annual revenue.
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Work from home a boost!
This year’s research shows that businesses which offer hybrid, flexible or home working outperform when it comes to women in senior management. Globally, 36% of mid-market businesses are now working purely office-based, and 53% have a hybrid approach. In India, 62% of such businesses are adopting a hybrid model, 27% are still primarily office based, 5% of staff is permanently home-based and 5% have a fully flexible schedule and choice to choose where to work from.
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Women in top posts
Despite only a slight increase in the percentage of women in senior leadership positions, this year there are big increases in the percentage of women occupying the chief executive officer (CEO)/ managing director (MD) and chief information officer (CIO) positions. In 2019, just 15% of businesses had a female CEO / MD. Now, that number is 28%, on a global level.
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A global trend
Another fascinating insight comes from analysing regional data. All regions (Africa, APAC, ASEAN, Latin America, North America, EU) surpassed the 30% figure for women in senior management for the first time. The ASEAN region experienced the most significant percentage points rise among the regions, increasing from 37% to reach 40% mark. APAC’s increase to 32%, from 30% in 2022, places it ahead of North America for the first time since 2018 and North America was the only region to experience a dip, from 33% to 31%. With 36% of women in leadership roles, India is ahead of the current global (32%), BRIC (34%) and G7 (30%) averages.
The findings in the report are drawn from around 5,000 interviews and surveys conducted between October and December 2022 with chief executive officers, managing directors, chairs, and other senior decision-makers from all industry sectors in mid-market businesses in 28 countries. In India, approximately 281 mid-market businesses are surveyed, the report said.