GENDER DIVERSITY AND ITS IMPACT ON THE GROWTH OF THE COMPANY

The issue regarding gender diversity especially in the corporate sector has become a burning topic of discussion, which led the government and consultancy firms to diversify their boards. Gender diversification is not only something that uplifts women but it also leads to an increase in profits, enhances planned organization, boosts goodwill, decreases group reason and increases

innovation and creativity by revealing company boards to multiple worldviews and outlooks.

The diversity in inputs due to different perspectives directs the company towards producing

diverse products and services that cater to a broader customer spectrum leading to an increase in

market value as well as market shares of the said company. But a successful gender

diversification does not mean just inclusion or mere appointment of women in the company

board only to comply with the mandates. Gender diversification includes the obligation of

disassembling unintended, understated discriminatory acts, and creating an appropriate

atmosphere for equal opportunity, participation, and collaboration. Only by achieving all the above-stated objectives the companies can reach their maximum potential and be highly

profitable by harvesting the abilities of the women workforce.

The demand for gender diversification with an end to the gender discrimination/bias norms

has gained momentum throughout the globe now. In India, the momentum resulted in the

enactment of the Companies Act, 2013 which led to the recognition of the significance of gender

diversity on boards of companies in the corporate sector by mandating the appointment of

a minimum one-woman board of listed companies. The significance of a gender balanced board is

being studied and understood increasingly across the world right now. Appointing women

on the board of directors is about filling up the mandatory quotas or rights of women or

feminism for that matter. It is about how much the companies and the society as a whole lose

because all the talent and potential that remains undiscovered or not utilized to its limit. The

inclusion of women will also lead to the addition of a new fresh perspective which will help

understand the ground realities of the society along with that of the market that is of the other

gender which has been silenced and neglected for so long. A whole new way of facing and

solving complex business problems will come into play which will involve a diverse spectrum of views with yet more diverse personalities.

More women directors on the board are very desirable and agree with two proponents that is

good corporate governance and victory of equal women rights. Round the world, it has been

noted by investors in the companies, shareholders, and other third party governance agencies

that with the global marketplace becoming more and more competitive and complex,

companies that adapted to hire, retain and promote women have an edge with regards to

capitalizing on competitive opportunities.

• A gender-balanced board of directors are the need of the hour for the Indian corporate sector at the least, here are a few proponents that are present:
• A gender diverse or gender-balanced board helps in keeping an eye on the managers objectively, it is more independent with dependence by the management.
• Inclusion of women leads to the introduction of fresh unique opinions, decision-making skills, creativity, and non-conventional creative approaches.
• Research has proved that a gender-balanced board brings a new perspective to the table that results in an improved strategy for decision making, better foreseeability, and successful risk management tactics.
• Diversity always leads to discussions that improve information considering the varied skill sets, complementary knowledge, and experience that the directors possess.
• A diverse, gender-balanced board sends a very positive, open-minded, and accepting message towards the lower-level employees, investors, and financial markets which also influences the product or services of the company.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.