Impact of WOMEN EMPOWERMENT to Corporate World
“नारीशक्ति शक्तिशाली समाजस्य निर्माणं करोति”
Woman empowerment can make the society powerful
“नारी राष्ट्रस्य अक्शि अस्ति”
Woman is the eye of the nation WOMEN.
The above Sanskrit Sholak’s have highlighted the importance of women empowerment. it states that women are the epitome of wealth and power and make the society more powerful. While the Indian scriptures have been forthright with their emphasis upon the significance of women empowerment and more of gender equality. The status of women is changing drastically with modern era in India with a new push at boosting women’s representation across various positions in a Company. Over the years, we have witnessed women take back their lost power in the process of evolution of our civilization.
There are a number of women professionals, whether as doctors, engineers, lawyers, Chartered accountants or Company secretaries who are providing their immense services to the society or the organizations wherever applicable. There are a number of women in other fields too including sports, literature, music and other fine arts, who have carved a place for themselves in the society. One such revolutionary initiative of the government is the appointment of at least one Woman director in certain class of companies ‘Board of Directors under the land mark legislation -The Companies Act 2013. This has been a welcome move.
The Women empowerment is not only celebrated, because a female can work just like a male but it is indeed significance as every working women is a multi- tasker and balancing her personal life as well as professional commitment.
It is evident from the numerous studies and data that those Corporates having women Directors on their Board performed beer in terms of profitability and productivity. They have good command over decision making and which helps the Company to execute their plans faster. They have capability to identify their problems and cater to the Corporates by their knowledge and experience. They have the traits to adhere to the ethical business practices and policies with greater transparency and to follow the Corporate Governance in a beer way. They are skilled in handling the stakeholders’ interests to reach decisions that benefit to all parties.
In Hindu philosophy also, we have a history of number of Gods and their relation towards humans and their lives. Ardhanarishwara, the mix of deities of Shiva and Shakti is the one who are remarkable example. Its basic meaning represents the equality between the two entities of human society (male and female). It implies that both have their defined roles towards the cosmos. It also depicts how purusha and prakriti are important and interrelated to each other, how they are dependent on each other, how they are inseparable and how they are incomplete without each other.
Gender Equality is very important nowadays. A growing body of research shows that broad set of business benefits are associated with gender diversity on corporate boards. These include improved financial performance and shareholder value, increased customer and employee satisfaction, rising investor confidence, and greater market knowledge and reputation. Most of the existing literature on women on boards has a corporate governance perspective. It has been argued that key demographic characteristics including age, educational background, gender, race, and ethnicity director’s cognition, behaviour, and decision making, and subsequently impact firm- level outcomes performance.
Women in Leadership
Leadership is defined as mission to be something more than average and when we talk about leadership in women which is proven by their confidence, communication, commitments, courage, creativity, Competence and character and decision power and many more traits. They have the capability to create a milestone for future action plans and to inspire others to perform through collaborative work. They are more careful and conscientious in their work of supervision and scrunity. They make the strategy at the Board level and launch the new policies, procedures and promote the management to work on it.
Leadership is likely to lead to beer overall Company performance including but not limited to financial performance through improved and nonfinancial indicators such as reputation , investor perception and stakeholder engagement.
Role of Women in CSR Committee
Section 135(1) of the Companies Act, 2013 states that every company having the specified net worth, turnover, or net profits must establish a CSR Committee The main objective behind CSR is for corporations to pursue other pro-social objectives, in addition to maximizing profits and their commitment of businesses.
We have observed from the statistical data on drastic increase of women holding position as Chairman in CSR Committees and active involvement of women members. They promote to contribute more significantly and more sensitive, empathetic , committed to CSR related contributions and CSR initiatives.
Women are known for their patience and perseverance, which is a prerequisite for CSR initiatives as they are sometimes challenging and demand long-drawn action to reach the required milestones and make the desired impact. The women directors can make huge contributions to the organizations. Whether it be taking the initiative for CSR, choosing the priorities and choosing a work plan for the management to have a close look at the targets achieved, all jobs are efficaciously done by women. This proves that having women leaders at the top position will result in an increased contribution in Corporate Social Responsibility. Many experts contend that companies that fulfil their duty to society and implement elective CSR measures tend to experience improvement in the standards of Corporate Governance.
Success mantra for budding entrepreneurs especially the women: A woman entrepreneur needs to first build credibility for herself and her business. She must be able to quickly adapt her business to be relevant and be able to take calculated risks when the right opportunity presents itself. However, if a woman is driven and has a clear vision, she can overcome such challenges and assume self-confidence. Facing challenges with ingenuity and determination are key to becoming a successful entrepreneur.
Few points that describe power of women in Business:
• Women Are Beer Multi-taskers Women are beer at multi-tasking and that’s a fact.
• Women Are More Motivated When women were allowed into the workplace.
• Women Are Less Egocentric
• Women Are Beer Communicators
• Women Are More Intelligent
In conclusion, while we have highlighted on the strengths of women and their contribution, we do not propose that women are miracle managers for an organization. But then, neither are men. Equal opportunities should be provided to women as their male counterparts, for any role including sitting on boards of corporates, which is fair. However, organizational interest should not be jeopardized just to promote women’s opportunities. Female board members perform just as well as their male counterparts, and organizations who do not appoint women on their boards are stuck in their ancient mindset and may be missing out on some great talent. in the economy. The march towards women empowerment has begun though has a long and arduous route ahead but with enlightenment, commitment and indomitable spirit, even the mountains will become mole-hills. This reminds us of the verses of a famous poem by Robert Frost, “the woods are lovely dark and deep, but I have promises to keep and have miles to go before I sleep”.