Avtar and Seramount announced the annual list of the Best Companies for Women in India study and the Most Inclusive Companies Index. The findings revealed that gender diversity saw an all-time high, with the 100 Best Companies adding 3.38 Lakh women employees in 2023.
The Eighth edition of the BCWI-MICI study, which commenced in February this year had 354 companies spanning different industry sectors participating in the study, which assessed over 300 DEI metrics.
The study revealed that the 100 Best Companies hired 3.38 Lakh women employees and 5.59 Lakh male employees in 2023. 37.7% of total employees hired were women, indicating a strong intent for gender balance.
However, the study also showed a 1 % dip in terms of the gender ratio of new hires, which was 38.6% in 2022. The IT sector added close to 2.02 lakh women as against the number of 3.46 Lakh men, Consulting hired close to 94,000 women vis-à-vis 1.3 Lakh men in the year 2023.
Amongst the 100 best companies for women in India list, 31% are of Indian origin, and the rest are multinational companies.
The 2023 – Top 10 Best Companies for Women in India, listed alphabetically are:
- Accenture Solutions Private Limited
- Barclays in India
- Citibank
- EY
- IBM INDIA PRIVATE LIMITED
- Infosys Limited
- KPMG in India
- Publicis Sapient, a division of TLG India Private Limited
- Tech Mahindra Limited
- ZS
The companies that participated in the 2023 Avtar & Seramount Most Inclusive Companies Index (MICI) and scored an Inclusion Index score of above 75% are in the prestigious Champions of Inclusion Index.
- Accenture Solutions Pvt Ltd
- Citibank
- EY
- IBM India Pvt Ltd
- Infosys Limited
- KPMG in India
- Midland Credit Management India Private Limited
- Morgan Stanley Advantage Services
- Target Corporation India Pvt. Ltd.
- Tech Mahindra Limited
Discussing the study, Dr Saundarya Rajesh, Founder – President, Avtar Group, said, “The “Social” part of their ESG (Environmental, Social & Governance) goals is a top priority for our 100 Best companies in India. The annual 2023 BCWI-MICI serves as a barometer for assessing the DEI intent, which falls under the ambit of “Social” priorities of ESG in India Inc. In the realm of progress, data is our compass. Gender diversity among the 100 Best Companies continues to increase. The average representation of women (overall) is an inspiring 36.9% this year in 2023 up from 25% in 2016, at the time of the launch of the study. At this current rate, a 50:50 gender balance at Best Companies will be a reality by 2030 – a much sooner time frame given the post-pandemic repercussions.”
“Let these numbers guide our actions, for in their patterns, we find the blueprint for creating equitable workspaces. While we celebrate the progress made, we must also be vigilant of the challenges that persist. We also see the overall DEI spending by companies coming down, which perhaps is a knock-on effect of the global recession. There is also a dip in parameters associated with overall DEI Accountability. Last year 97.5% of companies on the MICI index held managers accountable for DEI, and this year, this percentage has dropped to 93%. There is a clear correlation that one can draw between a marginal dip in the gender ratio of new hires and the overall DEI spending coming down,” Dr Saundarya added.
“Corporations on the Most Inclusive Companies in India list remain committed to creating inclusive workplace cultures for their employees,” said Subha Barry, president of Seramount. “We are proud to recognize their progress in measuring the effectiveness of their DEI programs while taking the steps necessary to identify opportunities for growth and improvement,” she further added.
Key Highlights: 2023 BCWI & MICI
Best Companies demonstrates market resilience – hiring numbers up from 2022
- Best companies add 3.38 Lakh women employees and 5.59 Lakh male employees in 2023; 37.7% of employees hired by 2023 Avtar & Seramount Best Companies are women, indicating strong intent for gender balance.
- In 2023, 97% of 100 Best Companies reported creating structured hybrid working practices, resulting in more women seeking employment in these organizations.
- IT/ITES and Consulting are sectors that emerge as the largest employers for women –IT/ITES added close to 2.03 lakh women (and 3.50 Lakh men), and Consulting added close to 94,000 women (1.3 Lakh men) in one year.
- Manufacturing sector hires 22% of all new hires in manufacturing were women
- BFSI registers significant growth in women hires – from 18,000 women hires in 2022, this has moved to 31,000 women hires in 2023.
Read the full list: https://avtarcc.com/enrich/dei-benchmarking/#bcwi
