Biggest Disappointments of Indian Corporate Sector: Gender Discrimination & Salary Disparity
Employees form the basic building blocks of any corporate sector; until and unless employees are satisfied, and motivated, no company can dream of becoming a great company.
But what exactly is the problem with Indian corporate sector? Why do 82% of Indian employees intend to change their jobs within 12 months?
Herein, we are presenting two major obstacles, which are hampering all out growth of Indian employees and companies:
90% of Employees Complain About Salary Disparity
JobBuzz.in has conducted a survey, based on which it was revealed that upto 90% of all employees complained about disparity in their salaries, compared with their colleagues from the same organization.
Not only productivity, but motivation, loyalty and performance are also being negatively influenced by this dissatisfaction among employees.
The problem is that most of the employees feel that given for the same role and work level, their salaries doesn’t match their peers in the same organization. And the culprit is the HR and Payroll Department here, as around 40% of the surveyed employees feel that external hires are paid more compared to in-house resources.
35% of the surveyed employees shared that favoritism by managers in promotions and appraisals may also be a reason for such disparity. Interestingly, only 5% believe that this disparity is solely due to performance related issues.
7% admitted that this disparity can go upto 30% within the same organization!
And then, there is gender discrimination as well; 43% of all surveyed employees shared that there is considerable difference between salaries given to men and women, for the same roles in the same organization.
And this brings us to the second biggest woe of Indian Corporate Sector: Gender Discrimination
Gender Parity Can Boost India’s GDP By 27%
International Monetary Fund’s chief Christine Lagarde has made a startling revelation which can have some long term impact on the job sectors of various countries: If we stop gender discrimination in jobs, and introduce a level playing field, then it can help boost the GDP of every country.
In case of India, our GDP can increase by whooping 27%, only if we ensure gender parity in the corporate sector.
Lagarde said that “it is an absolute economic no-brainer” that empowering women leads to improved economy.
She added, “For example, we have estimates that, if the number of female workers were to increase to the same level as the number of men, GDP in the United States would expand by 5 per cent, by 9 per cent in Japan, and by 27 per cent in India,”
Gender parity in workforce may result in males and females getting equal salaries, having equal chance of being promoted and having same leverage and power as any male employee.
We had earlier reported about blatant gender based discrimination in the technology sector, as we found that female techies are earning 29% less than male techies. It is this discrimination that we need to remove from the Indian corporate sector for an all out growth.
All need to do is, encourage more women to shed their fears, and jump into the corporate sector. We certainly need more women to figure in Forbes list of powerful women, and even more companies like Flipkart which can introduce women friendly rules and regulations.
And, in case you are wondering, here are top 5 reasons why women make better bosses than men!