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Time of India
20-07-2025
- Business
- Time of India
More women, more profit: So why is corporate India still male at the top?
Barsha Nag Bhowmick has an opinion on anything and everything. A scribe for more than two decades, she writes on various topics including art, literature, relationships, lifestyle and anything that arouses her interest from time to time. When not into writing, she paints. Follow @barshanag on Twitter LESS ... MORE If numbers are the most convincing argument in a boardroom, then Indian companies have no excuse left. A new report by HR advisory firm Marching Sheep shows that businesses with more women in leadership outperform their peers by up to 50% in profit after tax (PAT). But here's the catch: over 63% of organisations still have zero women in key managerial positions. The contradiction is sharp, even predictable. Inclusion works, but remains absent. The Marching Sheep Inclusion Index 2025, based on data from 840 listed companies across 30 sectors, including manufacturing, steel, BFSI, pharma, FMCG, infrastructure and IT, offers one of the most detailed mappings of gender representation across India Inc. It finds that gender-balanced leadership teams report 20–50% higher PAT, depending on the industry. Yet in most sectors, women remain outnumbered and sidelined at the top. In fact, women account for only 22% of the total workforce in corporate India, lower than the 28% female workforce participation reported in the Periodic Urban Labour Force Survey 2023-24. 'We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy,' says Sonica Aron, Founder & Managing Partner at Marching Sheep. 'True inclusion isn't about counting numbers. It's about redistributing power. And that shift is still painfully absent.' The hourglass effect One of the most striking patterns the report reveals is the growing 'hourglass' trend. Thanks to campus hiring and entry-level recruitment, gender ratios are somewhat healthier at the bottom of the pyramid. Statutory mandates have also ensured token representation on boards. But in the middle, where strategy is shaped, promotions decided, and pipelines built, women vanish. 'The pressures of caregiving, lack of mentorship, and unconscious bias all converge there,' says a senior HR advisor at a global FMCG firm. 'What makes it worse is that no one really owns the pipeline. It's not just an HR issue, it's a leadership one.' Tokenism vs transformation Diversity, in many companies, is still treated as a compliance checkbox. A woman on the board, a Women's Day panel, or an annual mentorship programme. But new data from Marching Sheep reinforces what global studies have shown for years: inclusion isn't just optics. It directly correlates with business performance. A 2025 McKinsey study places India among the lowest in the G20 for women in senior business roles. It found women hold only 24% of managerial roles, 17% of C‑suite positions, and 20% of board seats in India. The reasons are well known: broken leadership pipelines, structural bias, motherhood penalties, and the persistent stereotype of what a leader 'should' look like. 'The business case is closed,' says Aron. 'The call to action is urgent.' What needs to change To its credit, the Marching Sheep report goes beyond diagnosis. It offers a sector-wise roadmap, from equitable hiring to mid-career support, inclusive succession planning, and targeted leadership development. Inclusion, it argues, must go beyond visibility. It must translate into influence, authority, and accountability. It also urges women professionals to hold their workplaces to higher standards, not just for being present, but for being heard and taken seriously where it matters most. Says Kanishka Mallick, Vice President–HR, Clix Capital, 'Women aren't underrepresented due to lack of talent. They now make up almost half of all graduates in India. But once they enter the workforce, things start to shift. Cultural expectations, outdated systems, and quiet biases still get in the way of real progress.' Adds Mallick, 'Low recruitment, high attrition, and limited promotions stem from deep-rooted expectations around caregiving and old-school leadership mindsets. It has taken generations to hold women back. Change is slow, but I believe it's happening. I've seen women around me rise through challenges. My wife, for instance… she works full-time and still takes care of the home. It's not easy, but she does it. Equal credit goes to women who run households, they are the backbone of many lives.' If it works, why resist it? Corporate India finds itself at a crucial crossroads. The evidence is in. The numbers are clear. The payoff is real. A senior corporate leader, speaking on condition of anonymity, observes, 'At every level, I find women more focused and accountable. If you assign a task to a woman, she owns it. You rarely need to follow up. With their male counterparts, there are often a thousand excuses and a thousand coffee breaks.' She then adds with a smile, 'Of course, I don't mean all men lack accountability, but the difference in consistency is hard to miss.' The numbers say it all: more women at the top means better results. So why does it still feel like we are moving in circles? How much more proof do we need? Maybe the real question is: why do we need a report at all to value inclusion? Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Economic Times
10-07-2025
- Business
- Economic Times
India's most diverse companies deliver 50% higher profits, says study
With more and more companies prioritising inclusivity, a study has revealed that the most diverse companies delivered 50 per cent higher net profit compared with less diverse counterparts. ADVERTISEMENT Around 8 out of 10 industries studied showed a positive relationship between the presence of women and profit after tax (PAT) as most diverse companies delivered 50 per cent higher net profit than their less diverse counterparts, according to HR advisory firm Marching Sheep's 'Marching Sheep Inclusion Index 2025' study. This annual study, conducted by HR advisory firm Marching Sheep's research and analytics wing, analysed data from 840 listed companies across 30 industries, including Manufacturing, Steel, BFSI, Pharma, FMCG, Infrastructure, and IT. The study further revealed that India Inc is still far from being truly inclusive, especially at the top level. While women's representation on boards exists owing to statutory mandates, their key managerial positions remained abysmally low, it stated. Over 63.45 per cent of organisations had zero women in key managerial positions (KMPs), the study revealed. ADVERTISEMENT Further, it found that India Inc employs only 22 per cent women, compared to the 28 per cent reported in the Periodic Urban Labour Force Survey 2023-24, a clear 6 percentage point gap. "We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy," Marching Sheep Founder and Managing Partner Sonica Aron said. ADVERTISEMENT She said true inclusion isn't about counting numbers but about redistributing power. "And that shift is still absent. Inclusion is about access, authority, and accountability," she added.
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Business Standard
10-07-2025
- Business
- Business Standard
Diverse firms earn 50% more profit but inclusion gaps persist, finds study
As more businesses focus on inclusivity, a new study shows that the most diverse companies report 50 per cent higher net profit compared to those with less diversity. According to HR advisory firm Marching Sheep's Marching Sheep Inclusion Index 2025, about eight out of 10 industries analysed showed a positive link between having more women in the workforce and stronger profit after tax (PAT). The annual report, carried out by Marching Sheep's research and analytics team, looked at data from 840 listed companies across 30 sectors. These included manufacturing, steel, banking and financial services (BFSI), pharmaceuticals, FMCG, infrastructure and information technology. Lack of inclusion at senior levels Despite some progress, the study found that India Inc is still a long way from being truly inclusive, especially in leadership roles. The study also found that women make up just 22 per cent of employees in corporate India, significantly lower than the 28 per cent reported in the Periodic Urban Labour Force Survey 2023–24 —a gap of six percentage points. Inclusion must go beyond numbers Marching Sheep's founder and managing partner, Sonica Aron, stressed the importance of women having real influence in organisations. 'We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy,' she said. She emphasised that real inclusion is not about ticking boxes but about rebalancing who holds power. 'And that shift is still absent. Inclusion is about access, authority and accountability,' she added.
Time of India
10-07-2025
- Business
- Time of India
India's most diverse companies deliver 50% higher profits, says study
With more and more companies prioritising inclusivity, a study has revealed that the most diverse companies delivered 50 per cent higher net profit compared with less diverse counterparts. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads With more and more companies prioritising inclusivity, a study has revealed that the most diverse companies delivered 50 per cent higher net profit compared with less diverse 8 out of 10 industries studied showed a positive relationship between the presence of women and profit after tax (PAT) as most diverse companies delivered 50 per cent higher net profit than their less diverse counterparts, according to HR advisory firm Marching Sheep's ' Marching Sheep Inclusion Index 2025 ' annual study, conducted by HR advisory firm Marching Sheep's research and analytics wing, analysed data from 840 listed companies across 30 industries, including Manufacturing, Steel, BFSI, Pharma, FMCG, Infrastructure, and study further revealed that India Inc is still far from being truly inclusive, especially at the top women's representation on boards exists owing to statutory mandates, their key managerial positions remained abysmally low, it 63.45 per cent of organisations had zero women in key managerial positions (KMPs), the study it found that India Inc employs only 22 per cent women, compared to the 28 per cent reported in the Periodic Urban Labour Force Survey 2023-24, a clear 6 percentage point gap."We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy," Marching Sheep Founder and Managing Partner Sonica Aron said true inclusion isn't about counting numbers but about redistributing power."And that shift is still absent. Inclusion is about access, authority, and accountability," she added.
Time of India
10-07-2025
- Business
- Time of India
Corporate diversity: India's most inclusive firms post 50% higher profits, says study; flags poor women representation in top roles
AI image Companies that rank highest on diversity are delivering a clear financial edge, with a new study showing that inclusive firms recorded nearly 50% more profit after tax (PAT) than their less diverse peers. According to the 'Marching Sheep Inclusion Index 2025', a study conducted by HR advisory firm Marching Sheep, around 8 out of 10 sectors showed a strong link between the presence of women in organisations and higher profitability, PTI reported. The data was drawn from 840 listed companies across 30 sectors including manufacturing, steel, BFSI, pharma, FMCG, infrastructure and IT. But even as inclusivity becomes a corporate buzzword, women remain significantly under-represented at the top. Over 63.45% of companies had no women in key managerial positions, the study found. Further, women account for just 22% of the total workforce in India Inc, a 6 percentage point gap from the 28% reported in the Periodic Urban Labour Force Survey 2023-24. 'We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy,' said Marching Sheep Founder and Managing Partner Sonica Aron. She added, 'True inclusion isn't about counting numbers but about redistributing power. And that shift is still absent. Inclusion is about access, authority, and accountability.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
