Why women still struggle for a seat at India’s corporate power table

Despite the increasing focus on gender diversity and inclusion, the corporate landscape in India remains largely male-dominated, with women continuing to struggle for representation at the top levels of leadership. Over the past decade, there has been a concerted effort by companies and policymakers to promote gender diversity, with initiatives like mandatory quotas for women on boards and various corporate policies aimed at creating more inclusive workplaces. However, these steps, while encouraging on the surface, have yet to translate into meaningful progress regarding women securing powerful positions in the boardroom and executive suites.

The contrast between the perceived progress and the reality of women’s underrepresentation is stark. While we frequently hear about the strides made toward gender parity, the numbers tell a different story. Women may advance in middle-management roles, but their presence in the upper echelons of corporate India remains disproportionately low. Leadership roles—CEO positions, board directorships, and other key decision-making positions—are still predominantly occupied by men. This underrepresentation reveals deeper structural and societal barriers hindering women’s ascent to the top.

In a country that prides itself on its booming economy and global business footprint, the struggle for women to secure a seat at the corporate power table points to a much broader issue. The path to leadership for women in India is not just about breaking the glass ceiling but about dismantling the systemic biases and obstacles that keep women from rising in the first place. These challenges raise critical questions about the effectiveness of current diversity initiatives and highlight the need for more comprehensive strategies to ensure true gender equity in the corporate world.

In the gleaming corridors of corporate India, where billion-dollar decisions are made, a quiet struggle continues. Beneath the surface of perceived progress, women still face significant barriers when it comes to securing their place at the table where power is broken. The statistics reveal a story of ambition stifled and potential left untapped, with gender parity in boardrooms and executive suites still an elusive goal. According to the MCA-21 registry, as of March 31, 2024, women directors are present in 5,551 active listed companies, 32,304 active unlisted public companies, and 828,724 active private companies.

Despite these figures, the Ministry of Corporate Affairs (MCA) recently reported to the Rajya Sabha that women hold just 18.67% of all board positions in listed companies. While this shows some incremental progress, it remains far below the global benchmark of 30% female representation on boards—a standard often cited as necessary for meaningful diversity. This glaring underrepresentation calls into question the inclusivity of decision-making at the highest levels of Indian corporate leadership.

The Myth of Equality

The disparity becomes even more pronounced when examining Key Managerial Personnel (KMPs)—the core leadership of any company. Women make up just 14.08% of KMPs, a figure that debunks the notion of equality in the workplace. Many companies may appoint women to board positions to meet regulatory requirements, but the scarcity of women in senior executive roles like CFOs and COOs reveals the persistence of an impenetrable glass ceiling.

The wider workforce offers little consolation. Women represent 20.81% of permanent employees—a figure that, while better than their representation in senior roles, still points to a significant gender gap. The data suggests that women are often confined to lower or mid-level positions, with their upward mobility hindered by invisible barriers. Recruitment, retention, and the challenges of navigating a workplace culture that can be hostile toward women compound the difficulty of climbing the corporate ladder.

The Hidden Truth Behind Turnover Rates

Even turnover rates, which might seem inconsequential at first glance, tell a story of limited options for women. The turnover rate for permanent female employees is 0.35%, slightly lower than the 0.42% for men. At first, this might appear as a positive indicator of job stability. However, a closer examination reveals a more troubling reality: women often face greater obstacles to career mobility, particularly when it comes to lateral moves or promotions, where the path is riddled with challenges.

As India’s leading corporations march into the future, this data serves as a reminder of the unfinished work in achieving true gender equality. The solution requires more than just meeting regulatory quotas; it demands a fundamental shift in corporate culture—one that genuinely values and promotes women at every level. Until this transformation occurs, the glass ceiling will remain intact, and the promise of gender parity will remain a distant illusion.

Key Insight: The Significant Underrepresentation of Women in Indian Boardrooms

Despite ongoing efforts to promote gender diversity in corporate India, the underrepresentation of women in boardrooms remains a pressing issue. As of March 31, 2024, women hold only 18.67% of board positions in listed companies, according to the Ministry of Corporate Affairs (MCA). While this represents some progress, it pales in comparison to global standards where 30% female representation is considered the benchmark for effective gender diversity on boards.

This gap is particularly concerning given the overwhelming evidence that gender-diverse boards are better for business performance. A 2020 report by McKinsey & Company found that companies with more women on their executive teams were 25% more likely to have above-average profitability compared to companies with fewer or no women in leadership roles. Gender diversity fosters a variety of perspectives in decision-making, which can lead to improved problem-solving, more balanced governance, and ultimately better business outcomes.

India's performance in terms of gender diversity lags not only behind global benchmarks but also falls short of other developing nations. For instance, as of 2022, France had 45.3% of women on company boards, while Norway reached 41.1%, according to the Deloitte Global Boardroom Program. Even neighbouring Asian countries like Malaysia have implemented gender quotas on boards, resulting in 27% female representation in 2022.

Despite regulatory measures in India, such as the Companies Act, of 2013, which mandates that every listed company have at least one woman director, many companies have treated these appointments as token gestures rather than genuine attempts to foster leadership diversity. Women are often appointed to non-executive, independent roles, with limited influence on strategic decision-making. A 2022 Catalyst report highlighted that while 74% of Indian companies now have at least one female board member, many are excluded from key decision-making positions such as CEO or chairperson roles.

Furthermore, women’s participation in Indian boardrooms varies significantly by sector. According to a 2022 analysis by Institutional Investor Advisory Services (IiAS), sectors like IT and Financial Services have relatively higher female representation on boards, while industries like Manufacturing, Energy, and Infrastructure lag far behind in appointing women to leadership positions.

The limited representation of women at the board level underscores a broader cultural and structural issue in corporate India. Traditional gender norms, unconscious biases, and limited mentorship opportunities for women contribute to their exclusion from top leadership roles. As a result, despite policy interventions and growing awareness of the benefits of diversity, Indian boardrooms continue to reflect a significant gender imbalance.

In summary, the data paints a clear picture: while India has made strides in bringing women into the boardroom, the pace of change remains too slow, and much more needs to be done to ensure that women can take on influential leadership roles, contributing to the strategic direction and success of Indian companies. Without a more comprehensive and sustained effort to remove these barriers, gender parity in boardrooms will remain an unfulfilled promise.

Key Managerial Personnel (KMP) Disparity

Despite India’s push for gender diversity, the disparity in key managerial personnel (KMP) roles highlights the deep-rooted challenges women face in climbing the corporate ladder. Women currently hold just 14.08% of KMP positions, which include critical executive roles such as CEOs, CFOs, and COOs. This significant underrepresentation in senior management levels reveals the myth of equality in corporate India and exposes the ongoing struggle of women to break through the glass ceiling.

Gender Gap in Executive Roles: The Myth of Equality

While regulatory measures, such as the Companies Act of 2013, mandate that listed companies appoint at least one woman director, the data reveals that these positions often remain symbolic rather than substantive. The appointment of women to non-executive or independent board positions without granting them significant authority or leadership responsibilities perpetuates the facade of regulatory compliance. While women may occupy board seats to meet legal requirements, they are often excluded from the company’s core decision-making processes, particularly in executive leadership roles like CFOs and COOs.

In contrast to the 18.67% representation of women on corporate boards, their presence in top executive roles is even more dismal, at just 14.08% of KMP positions. This indicates that, while women are being brought into boardrooms to some extent, they are far less likely to be elevated to operationally crucial roles where key strategic decisions are made.

The Facade of Regulatory Compliance

Many companies fulfil the letter of the law by appointing women to board positions, but these appointments rarely extend to senior executive roles that truly influence corporate governance. For instance, a 2023 report by Grant Thornton highlights that in India, only 9% of women hold CEO positions, and just 6% serve as CFOs. These figures expose the significant disparity between the compliance-driven inclusion of women on boards and their actual empowerment in decision-making roles.

This pattern is consistent across sectors. According to a 2023 Institutional Investor Advisory Services (IiAS) report, industries such as Financial Services and Technology have seen moderate growth in promoting women to KMP roles. However, sectors like Manufacturing, Energy, and Infrastructure continue to lag, with women holding less than 10% of KMP positions. These industries, which are traditionally male-dominated, remain resistant to gender diversity in senior management, creating formidable barriers for women aspiring to executive leadership.

Key Insight: The Glass Ceiling Persists

The data indicates that the glass ceiling in India’s executive suites remains intact despite incremental progress in gender diversity at the board level. Women who manage to enter KMP positions often encounter significant barriers to further advancement. A 2022 McKinsey report on gender diversity in Asia found that women are 54% more likely than men to experience career stagnation in senior roles, where their authority is limited, and their influence curtailed. This glass ceiling is reinforced by several factors, including unconscious bias, lack of mentorship opportunities for women, and limited access to influential networks that are crucial for career advancement.

Moreover, a 2023 study by Catalyst revealed that women in senior leadership roles in India are more likely than their male counterparts to be assigned responsibilities related to human resources, corporate communications, or other non-core business functions. This relegation to support functions further limits their ability to influence broader corporate strategy and stymies their path to top executive positions, such as COO or CFO, where critical business decisions are made.

In summary, the glass ceiling remains a persistent barrier for women in corporate India. While there have been modest gains in terms of women’s presence on boards, their exclusion from KMP roles, where real power resides, underscores the need for a more comprehensive and sustained effort to dismantle these barriers. Unless companies move beyond symbolic gestures of compliance and genuinely commit to promoting women into executive roles, the promise of gender equality in India’s corporate leadership will remain unfulfilled.

Job Mobility and Turnover Rates

When examining job mobility in corporate India, turnover rates provide an interesting, yet concerning perspective. As of 2023, the turnover rate for permanent female employees stands at 0.35%, slightly lower than the 0.42% turnover rate for men. While at first glance this may appear to indicate greater job stability for women, a deeper analysis reveals a different story—one that points to restricted opportunities for women to advance or transition into new roles within their careers.

Turnover Rates: A Reflection of Limited Mobility?

The lower turnover rate among women may seem positive, but it could be masking an underlying issue: limited job mobility. Studies suggest that women face higher barriers when it comes to promotions and lateral career moves, making it more difficult for them to leave their current roles in pursuit of new opportunities. According to a 2022 study by the Boston Consulting Group (BCG), only 30% of women in corporate India feel they have equal access to promotion opportunities compared to their male counterparts. This disparity is often driven by gender bias, lack of mentorship, and a dearth of opportunities to network with decision-makers in the company.

The McKinsey 2022 Women in the Workplace Report highlights that women in leadership positions are less likely than men to receive "stretch" assignments—high-visibility projects that help professionals gain recognition and experience needed for promotion. The same report found that 60% of women in senior roles feel that they are regularly overlooked for such opportunities, which are critical for career advancement. This lack of upward mobility may explain why women are less likely to leave their current positions, as there are fewer career progression paths available to them.

The Turnover Paradox: A Barrier to Progress

The low turnover rate among women can also be indicative of stagnation rather than stability. A 2023 report by Mercer suggests that while men are often promoted or able to move laterally within an organisation, women tend to remain in their positions longer, often because they do not receive the same opportunities for advancement. This phenomenon, sometimes referred to as the "sticky floor," prevents women from advancing despite their qualifications or tenure. 53% of women in India’s corporate sector report that they have been in the same role for more than five years, compared to only 33% of men, according to a survey by Catalyst.

The Link Between Job Mobility and Career Advancement

Limited job mobility has far-reaching implications for women’s careers. A 2022 World Economic Forum (WEF) report found that one of the key barriers to closing the gender gap in leadership is the lack of job mobility and internal promotion pathways for women. Women are often passed over for key roles that would position them for executive leadership because their contributions are not adequately recognized, or their career paths are blocked by ingrained workplace biases.

Further, women who seek lateral career moves often find fewer opportunities available to them. According to a 2023 Korn Ferry study, 48% of women in mid-level management in India report being discouraged from applying for roles outside their current department or functional area, limiting their ability to gain the cross-functional experience often required for senior leadership positions.

Key Insight: Lower Turnover Reflects Higher Barriers to Mobility

Rather than indicating job stability, the lower turnover rate among women in corporate India may be a reflection of the greater barriers they face in advancing their careers. Women are often confined to their roles due to fewer opportunities for promotion, less access to high-visibility projects, and systemic biases that make it difficult for them to transition into new roles or lateral positions.

To address this issue, companies need to go beyond simply offering women a seat at the table. They must actively work to remove the invisible barriers that limit women’s career mobility, such as biased promotion processes, lack of mentorship, and limited networking opportunities. Until these barriers are dismantled, the promise of equality in corporate India will remain unfulfilled, and women’s ability to move up the corporate ladder will continue to be constrained.

In summary, while women’s lower turnover rates may seem to indicate stability, they more likely reflect the limitations placed on their career mobility. Without structural changes to how women are promoted and supported in their careers, the gender gap in corporate leadership will persist, leaving women disproportionately underrepresented in senior management roles.

 Gender Inequality in the Broader Workforce

While much attention is given to the underrepresentation of women in boardrooms and executive roles, the gender disparity within the broader workforce of corporate India is equally significant. As of 2023, women make up just 20.81% of permanent employees in India’s corporate sector, highlighting a deep and persistent gender gap. This underrepresentation points to systemic issues that hinder women’s participation in the workforce, as well as significant barriers to their upward mobility.

Workforce Participation: The 20.81% Gender Gap

India’s female workforce participation has long been a subject of concern, and the corporate sector is no exception. Despite various efforts to boost diversity, the proportion of women in permanent roles remains low. The World Bank notes that India’s overall female labour force participation rate was just 21% in 2022, among the lowest in the world, and this trend is reflected in corporate environments as well. While some sectors, like IT and BFSI (Banking, Financial Services, and Insurance), have made greater strides in recruiting women, other industries such as manufacturing, infrastructure, and energy continue to see significantly lower female representation.

According to a 2022 Catalyst report, even in industries that have seen a rise in female employees, women are often concentrated in entry-level or mid-level positions, limiting their ability to influence key decision-making processes. Women in senior or leadership positions still represent a fraction of the workforce, reinforcing the notion that gender inequality persists across all levels of the corporate hierarchy.

Barriers to Upward Mobility: Recruitment, Retention, and Workplace Culture

The challenges of recruitment, retention, and a traditionally male-dominated workplace culture disproportionately affect women, preventing them from rising through the ranks. A 2023 study by Deloitte revealed that women in corporate India face unique challenges during recruitment, with hiring practices often skewed towards men. These biases manifest in various ways, such as a preference for candidates with "uninterrupted" career histories—an issue that disproportionately impacts women, who are more likely to take career breaks for caregiving responsibilities. Women also report facing discrimination during recruitment interviews, with assumptions about their "commitment" to long-term roles frequently raised by potential employers.

Retention is another major challenge. A 2022 LinkedIn report found that women in India are 30% more likely than men to leave their jobs due to a lack of flexible work arrangements or inadequate support for work-life balance. Companies that fail to offer supportive policies such as paid parental leave, flexible hours, or remote working options see higher attrition rates among their female employees. These retention issues are compounded by the fact that many women experience limited opportunities for advancement, leading to frustration and a desire to seek more supportive work environments.

Workplace culture is another significant barrier to upward mobility for women. In many organizations, entrenched gender biases and a lack of inclusive practices contribute to a hostile work environment that disproportionately affects women. A 2023 report by McKinsey & Company found that 42% of women in India’s corporate sector feel excluded from informal networks and mentorship opportunities, both of which are critical for career growth. Furthermore, 55% of women reported facing microaggressions at work, such as being interrupted during meetings or having their contributions undervalued, compared to 34% of men. These experiences discourage many women from pursuing leadership roles, as they feel less supported and less likely to succeed in male-dominated environments.

Key Insight: Invisible Barriers to Leadership

Many women in corporate India remain trapped in mid-level positions, unable to break through the invisible barriers that prevent them from advancing to leadership roles. Research by KPMG in 2023 found that women account for only 17% of middle-management roles in India, despite their strong presence at entry-level positions. This discrepancy highlights the "broken rung" phenomenon, where women are often passed over for promotions, even when they are equally or more qualified than their male counterparts.

The Harvard Business Review echoes this finding, noting that women in India are frequently overlooked for leadership development programs or high-visibility assignments—key stepping stones for career advancement. Without access to these opportunities, women are unable to demonstrate their leadership potential, further perpetuating the gender imbalance in senior roles.

Moreover, women often face additional scrutiny and scepticism when applying for leadership positions. A 2022 report by Catalyst found that 60% of women in India feel that they must work harder than men to prove their competence and commitment to their careers. This added pressure, combined with the lack of support and mentorship, makes it even more challenging for women to climb the corporate ladder.

Breaking Down the Barriers

The underrepresentation of women in the broader workforce and their confinement to mid-level roles is a reflection of deep-seated gender biases that continue to plague corporate India. While there has been some progress in terms of diversity initiatives, much more needs to be done to address the structural barriers that prevent women from advancing into leadership positions.

To truly achieve gender parity, companies must focus on creating inclusive recruitment, retention, and workplace culture practices that support women at every level. This includes offering flexible work arrangements, providing mentorship opportunities, and fostering a culture of respect and inclusion. Until these barriers are dismantled, the promise of gender equality in corporate India will remain out of reach for many women, and the full potential of the female workforce will continue to be untapped.

The Need for a Cultural Shift

Achieving true gender parity in corporate India requires more than just meeting regulatory quotas or ticking diversity boxes. What’s urgently needed is a seismic shift in corporate culture—one that goes beyond compliance and embraces inclusivity at every level. To close the gender gap, companies must cultivate environments that actively support women’s professional growth, dismantle systemic barriers, and create sustainable pathways for women to thrive in leadership roles.

Moving Beyond Compliance: Building a Culture of Inclusion

While regulatory mandates like the Companies Act, of 2013, which requires listed companies to have at least one woman on their boards, have encouraged some progress, they are far from sufficient. Many organisations continue to treat gender diversity as a compliance requirement rather than a core business objective. According to the 2023 Deloitte Global Boardroom Program, over 60% of Indian companies appointed women to their boards primarily to meet legal requirements rather than as a proactive step toward fostering real diversity.

For corporate India to truly progress, companies need to embrace a cultural shift that values diversity and inclusion as a drivers of innovation and business success. Research by McKinsey & Company (2020) shows that companies in the top quartile for gender diversity on executive teams are 25% more likely to have above-average profitability compared to those in the bottom quartile. This indicates that embracing gender diversity is not just a moral imperative—it’s a financial one.

However, despite these findings, women remain underrepresented in leadership roles across Indian industries. A 2022 World Economic Forum (WEF) report reveals that at the current rate of progress, it will take 135.6 years to close the global gender gap in leadership. In India, this timeline could be even longer unless companies take proactive steps to make diversity an integral part of their corporate strategies.

The Call to Action: Embracing Inclusivity

Corporate India must shift its focus from token appointments to building a sustainable pipeline of female talent. This requires addressing barriers to women’s advancement at every level of the organisation—from entry-level recruitment to C-suite leadership. According to the 2022 Mercer India Total Remuneration Survey, 64% of women in middle management in India report being "stuck" in their current positions, citing lack of mentorship, sponsorship, and career development opportunities as key obstacles.

To combat this, organisations should implement the following strategies:

Mentorship and Sponsorship Programs: Companies like Tata Group and Infosys have pioneered mentorship programs aimed at fostering women’s leadership development. Research shows that 70% of women with mentors are more likely to succeed in leadership roles than those without.

Inclusive Recruitment and Retention Policies: Offering flexible work arrangements, paid parental leave, and return-to-work programs can significantly improve retention rates for women. A 2023 LinkedIn report found that companies with strong diversity and inclusion policies had 20% higher retention rates among female employees.

Leadership Development Programs: Women need access to leadership development programs that provide them with the tools and opportunities to build their skills and advance to higher positions. Unilever India, for example, has successfully launched such programs, resulting in 50% female representation in their senior management teams.

By fostering these kinds of inclusive practices, companies can create a culture where women are not only represented but also empowered to take on leadership roles. This shift is critical to breaking the glass ceiling that has persisted for decades in Indian corporates.

Conclusion: The Ongoing Battle for Gender Parity

The battle for gender parity in corporate India is far from over. Despite incremental progress, women continue to struggle for equal representation in boardrooms and executive suites. The statistics are clear: while some regulatory measures have been effective in bringing more women into the corporate fold, tokenism remains a major issue.

To create lasting change, Indian companies must move beyond surface-level compliance and focus on building inclusive workplaces that actively promote women across all levels of the organization. This includes not only removing the barriers that prevent women from reaching leadership roles but also establishing clear, sustainable pathways for women to rise through the ranks.

Achieving gender parity requires a collective commitment to change—from CEOs and boards of directors to HR leaders and employees at every level. By prioritizing diversity and fostering a corporate culture that values and advances women, companies in India can unlock the full potential of their workforce and drive long-term success. Only then will the promise of gender equality move from aspiration to reality.

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