Addressing The Gap: Five Ways Companies Can Retain Women In The Workplace

In today's evolving workplace landscape, women are redefining their expectations and priorities when selecting an organization to build their careers. While India Inc. has made some progress over the years, women's representation in the workforce continues to be below 30% and even lower at leadership levels. A recent study by Great Place To Work® India pegs the overall representation of women in senior leadership roles at a mere 16%. The study highlights an even more concerning trend of declining workplace sentiment levels among women.

As gender equality and workplace inclusion take centre stage, companies must reflect on their current approach to attract and retain top female talent. This article explores five critical factors that women consider when choosing to join and stay with an organization, offering valuable insights for businesses aiming to create more inclusive and appealing work environments.

Unlocking the untapped potential of women in workplaces

Organizations that are committed to greater diversity and building consistent & inclusive experiences for women can create environments where women don't just survive but thrive. Women in such workplaces report a significantly higher sense of belonging. Belonging enables a higher sense of commitment, action, and growth.

Research by Great Place To Work® reveals that women who experience a sense of belonging are 6.2 times more likely to consider their workplace great, 3.6 times more likely to stay long-term, and 3.1 times more likely to see clear career growth opportunities. This data emphasises the importance of creating inclusive environments that foster women's success.

1. Fairness and Equitable Experiences: Beyond Equal Pay

While equal pay remains a fundamental expectation, women also seek fairness in recognition, opportunities, and overall treatment. Organizations with consistent experiences across genders report significantly higher satisfaction rates among women employees.

In workplaces with consistent gender experiences, 80% of women report impartial treatment from management, compared to 62% in organizations with inconsistent experiences. Moreover, 83% of women in these equitable environments believe they receive fair pay versus 61% in less consistent organizations. These statistics underscore the importance of creating a culture of fairness that permeates all aspects of work experience.

The best workplaces regularly conduct pay parity audits to gauge whether employees with similar roles, experiences, and performance are earning equal pay and rewards. They have structured interventions in place to continuously bridge these gaps and build a more equitable workplace.

2. Demonstrating care and psychological well-being at Work

In addition to fair pay and promotions, an emotionally healthy culture and a genuine sense of care and concern are some of the biggest areas of concern for women in workplaces. Organizations that genuinely care about their employees' well-being are more likely to retain female talent. Great workplaces can create these experiences through better support, flexibility, work-life balance initiatives, and a broader culture of empathy.

Data shows that 84% of women in Best Workplaces feel that their leadership genuinely cares for them, compared to 75% in other workplaces. This emotional connection fosters loyalty and engagement, creating a positive cycle of support and productivity.

3. Empowering Benefits for Life’s Key Transitions

While women shouldn’t be defined by their roles as caregivers, across the globe, they are still more likely than men to play this role. Yet, India Inc continues to lose women during critical life events due to inadequate/ lack of support at home and work. Organizations that offer comprehensive support during these transitions can retain women longer.

The best companies support employees through various life stages with differentiated programs. These include returnship initiatives for those re-entering the workforce after caregiving breaks, support during major life transitions like marriage or relocation, and comprehensive parental leave policies covering maternity, paternity, and adoption. They offer flexibility for eldercare responsibilities, providing benefits such as in-home care support, subsidized care options, and paid time off.

Additionally, these organizations implement buddy programs, build support groups, and extend their policies to encompass diverse family structures, ensuring inclusive support for all employees navigating significant life changes.

4. Career Growth Opportunities: Paving the Path to Success

Women are increasingly looking beyond immediate job prospects to consider their long-term career trajectories. Organizations that offer clear leadership paths, mentorship programs, and genuine advancement opportunities signal that they value women's professional growth.

Notably, there's often a 7% to 10% gap in the perception of impact, meaningful work, and growth opportunities between executives and individual contributors. To bridge this gap, companies must ensure that career development initiatives reach all levels of the organization.

The best workplaces create mentorship and sponsorship programs to help women leaders grow. Such programs help to create opportunities for one-on-one development support, interaction with senior leaders, networking, and overall greater visibility & recognition.

5. Leadership Diversity: Inspiring Role Models

When women see increasing representation in leadership roles, it creates a powerful ripple effect throughout the organization. The presence of female leaders not only inspires other women but also demonstrates the company's commitment to diversity and inclusion.

However, the journey to the top remains challenging, with a notable gap in representation at mid and senior levels.

Great Place To Work research has found that there isn’t a specific percentage that companies must reach to have the adequate representation of underrepresented voices in leadership roles. Instead, companies should ask themselves: “Does your workforce reflect the communities and clients you work in and serve?”

The Path Forward: A Call to Action

For organizations looking to attract and retain top female talent, the path forward is clear. Diversity and inclusion must be woven into the very fabric of the company's culture. Here are key actions organizations can take defined by the acronym GRIT:

G: Goals – Set clear, measurable goals for women's representation and regularly communicate progress.
R: Role Models & Resources – Ensure leadership actively commit to diversity by taking on diversity goals, committing resources, and role-modelling inclusive behaviours.
I: Implement & Monitor – Implement robust tracking and feedback systems to monitor women's experiences.
T: Training – Provide comprehensive training for managers on unconscious bias and supporting women through various life stages.

By focusing on these five factors, organizations can create environments where women truly thrive.

The best workplaces create platforms for women to share their stories and celebrate their journeys.

Over the past few years, companies have invested significant energy and resources in greater representation and inclusion of women in the workforce. Progress so far has been fairly limited and slow, with a few unique exceptions. The next phase will require organizations to commit to this journey with far greater focus, creativity, and involvement from all stakeholders.

For leaders at these workplaces, it will be crucial to continue to champion this cause and challenge themselves and their organizations to do far better.

Authored by Delnaz Elavia, Practice Head - Consulting, Great Place To Work® India. Views expressed by the author are their own.