Retaining And Developing Women Leaders: What Can Be Done to Encourage More Women To Enter Leadership Roles?

Women’s participation in leadership positions is not a new notion, but in today’s fast-changing world, their presence is more important than ever. Women are vital to the workforce, driving productivity and innovation. Providing equal opportunities for women boosts job satisfaction, retention, and career progression, which benefits both individuals and organisations. Moreover, these efforts align with broader goals of promoting gender equality, resulting in a more inclusive work environment.

For India to achieve substantial economic growth, gender biases must be eradicated, and inclusive policies must be adopted. This approach not only unlocks the potential of an under-represented workforce but also advances the broader corporate objective of creating a more diverse and balanced leadership team.

Gender Gap in Leadership
Despite progress, the representation of women in leadership positions remains limited. According to the 2024 Voice of Women Study in India, 40% of women in the corporate sector report facing bias, though 90% remain motivated to advance their careers. However, a key finding of the study is that barriers intensify as women climb the corporate ladder. While only 17% of women in entry-level positions report bias, 34% of women in leadership roles face discrimination.

Female leadership, however, has a significant impact on workplace culture. The study reveals that when female executives are present, 53% of women feel more confident about their career advancement, and 41% view them as role models. This highlights the need for more women in senior leadership positions, as it benefits individuals and enhances organisational culture. At MassMutual India, we have women comprise 40% of our workforce and 42% women leaders.

Barriers to Female Leadership
One of the most significant challenges many women face is returning to work after maternity leave or taking extended absences for personal reasons. Many organisations lack adequate support systems, making it difficult for women to return to work or advance their careers. To retain top female talent, companies must implement robust policies and foster a culture of growth and development.

Upskilling and Leadership Development
The global economic landscape has disproportionately impacted women, emphasising the importance of continuous upskilling. Leadership and professional development programs should focus on equipping women with the necessary skills for in-demand roles. Tailored to meet specific departmental needs, these programs empower women to be future-ready and excel in leadership positions.

For example, MassMutual India introduced one-on-one upskilling programs for female employees to equip them with the skills needed for in-demand roles. This initiative, targeted at senior women leaders, aims to see women occupying top roles in senior leadership teams. With the world needing more women in leadership roles, this program addresses that demand.

One-on-one upskilling programs offer personalised development for female leaders, targeting specific skill gaps and providing flexibility for women having caregiving responsibilities or other unique circumstances. Such programs are crucial for retaining women in the workforce and supporting their rise into leadership roles.

Learning from Women Leaders
As noted in a McKinsey report, women promoted to senior leadership positions often become mentors, inspiring the next generation of female leaders. Structured learning programs, combined with visible female representation, help establish a clear path for women to achieve leadership success. Female leaders serve as role models, not by demonstrating perfection but by normalising the process of learning from mistakes and continuing to grow. We have a mentor-mentee program at MassMutual India, where women leaders take up the roles of mentors to provide invaluable experience, insights and leadership lessons to their mentees. 

Creating a supportive network of female leaders is essential for building a sense of community at work. Women leaders should not only inspire others through their successes but also be approachable, encouraging open dialogue about the challenges they face. The ShePower initiative at MassMutual India is built with the prime philosophy of Women Supporting Women, where we conduct sessions exclusively for women employees discussing deliberating on topics ranging from women health, laws for women, work-life balance etc.

Organisational Impact
Businesses need to establish a strong pipeline of female talent at all levels. Regular monitoring of key metrics, such as female attrition rates, can reveal gaps and highlight areas for improvement. Additionally, offering training programs to address unconscious bias is essential for overcoming the cultural and systemic barriers that still exist in many organisations.

Creating a culture of allyship is equally important. Women succeed when they have a support network that challenges preconceptions and works to eliminate biases. With the right support, women can bring their best to the workplace and make significant contributions to their organisations.

The Path Forward
Female executives’ contributions strengthen workplace culture and drive innovation. By promoting open dialogue, mentorship, and continuous learning, companies can create an inclusive and progressive work environment that enables women to reach the highest levels of leadership. Consciously drive and invest in women leadership programs. 

Women leaders must embrace their chosen career paths and define success on their terms. While the number of women in top positions remains low, numerous inspirational role models have broken barriers and made substantial progress. Organisations must support these women by offering mentorship opportunities for future leaders.

(The article has been attributed to Rachna Taranath, Interim Head of HR at MassMutual India; exclusively written for BW People publication)