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One in four women experience gender disparity in India’s BFSI sector: Report
Report reveals every fourth woman in India’s BFSI sector faces gender disparity. Female employees 5% less satisfied with workplace equity. Urgent call for inclusive policies and culture. Younger generations seek meaningful work. Yeshasvini Ramaswamy stresses need for supportive environments.
A recent report by Great Place To Work India has shed light on concerning trends within India’s banking, financial services, and insurance (BFSI) sector, particularly regarding gender disparity and declining employee perception.
Based on insights gathered from feedback provided by over 12 lakh employees across 167 organizations in the BFSI sector, the report uncovered significant disparities faced by women in terms of recognition, fair pay, and workplace equity. Shockingly, it revealed that every fourth woman working in the BFSI sector has been a victim of gender disparity.
Female employees were found to be 5 per cent less satisfied with workplace equity compared to their male counterparts, indicating a glaring opportunity gap within the sector. This disparity underscores the urgent need for targeted strategies to address gender-based challenges and promote workplace inclusivity.
Moreover, the report highlighted a shift in priorities and expectations among Gen Z and millennial employees, with a growing desire for meaningful work and a sense of impact within their roles. This evolving mindset underscores the importance for organizations to adapt their practices to meet the changing needs of younger generations entering the workforce.
Additionally, the report identified a decline in employee perception within the BFSI sector, with the most significant drops observed in fintech, health and general insurance, and investment verticals. Notably, millennial and Gen Z managers early in their tenure experienced the steepest decline, signaling a disconnect in trust and engagement.
Yeshasvini Ramaswamy, Serial Entrepreneur & CEO of Great Place To Work India, expressed concern over these findings, emphasizing the need for BFSI workplaces to foster a culture of service excellence and inclusivity. She highlighted the importance of celebrating employee achievements and creating a supportive environment, especially for younger managers who hold the key to the sector’s future success.
“While the BFSI industry offers competitive advantages, it needs to do more in fostering a culture of service excellence, celebrating achievements of its employees more spontaneously, and ensuring inclusivity across all its policies,” Ramaswamy stressed.
The report serves as a wake-up call for the BFSI sector to address gender disparities, improve employee engagement, and adapt to the evolving needs of a younger workforce. By implementing targeted strategies and fostering a culture of inclusivity, organizations can create environments where all employees thrive and contribute to long-term success.
