Today, the volatility and uncertainty in trends of hiring and retention in
the
industry is the biggest talk and concern in organisations. MNCs have reached
tier-2
and tier-3 cities to fill the gap at functional levels to avoid any
ill-effects of
the pandemic on their businesses.
Of late, such disruptions have led to innovations in the industry, yet
the
question of economic recovery – of young and developing economies like
India –
remains unanswered, where the GDP calculation is either based on factor
cost
based on different industries or on expenditure method determining
variables
like exports, consumption, and investment. Its yearly calculation
instead of
quarterly is also misleading in many aspects. Imagine, if the market
Sensex is
not analysed daily but only half-yearly, then how can the predictions be
right
for decision-making?
Despite many arguments and analyses, the trajectory of the Indian economy
reflects many variables varying from the situation. Consequently, the trends
and
challenges of Indian industries are also varied from the West primarily
because
of population, inflation rate, and even per capita income. Consequently, the
implementation of any models reflected by MNCs in India emerging from the
West
also come with varied nuances.
Negative Trends in Indian industry
A few days back, Finance Minister Nirmala Sitharaman gave a statement on
woman's
reluctance to join positions on company boards. Even though the data says
many
women are at top-level positions, this statement of reluctance to join gives
a
reflection of being not treated at par and inequality to their presence.
Most of the surveys by consulting companies are based on the determinants
and
variables of West. To make it aligned for India for its benefit, it is yet
important to understand the Indian industry and ecosystem. Else, it ends up
creating some negative trends and a matter of concern, showing an adverse
impact
on the economic development of India in real terms.
The concept of DEI (Diversity, Equality, and Inclusion) which has emerged
from
the West has been applied in India in a similar context. The diversity
within
the gender has been focused in MNCs to create equality in the metrics of a
task
force in India. Looking at the gender ratio in India, the percentage of
females
is 48.04 per cent compared to 51.96 per cent male population. The ratio of
males
to females is expected to decline by 2092 and as per the reports of
Guardian,
India is achieving equality in this ratio. So, when there is a shift, do we
still consider women as a major aspect of diversity in MNCs?
Indian economy is a young economy and going through the economic recovery.
Is it
fair to continue with this discrimination in MNCs and consider women as
diverse
and not hire them with their true potential? This model of diversity from
the
West instead of just being copied and pasted needs an evaluation with a
mindset
shift of giving them cerebral equality and not creating reservations or
quotas
in MNCs.
It's high time for a shift
The corporates in India need to give a boost to the economic recovery and
also
should be ready to invest and create equal pay for a woman in the name of
diversity and equality. Negative trends based on assumptions of women coming
from the break and placing them at a much lower pedestal with inequality in
pay
is a hazard for economic health and we in India cannot afford this. Not only
this, but MNCs in India also need to reform their models of medical
insurance
for woman. Paradoxically, in the mid-age when women are hired at a much
lower
salary and grade, if they are truly considered as diverse then the
responsibility is to follow the norm of diversity in full spirit by
reforming
their medical insurance and increasing their slab from other employees.
Western countries are considering other models to implement such as working
for
four days a week to create wellness within their employees. Even though we
are
yet to listen and see this trend in India, are corporates in India ready to
shift to this business model? MNCs see India as the top choice because of
cheap
labour, policy reforms, and political stability. So, will MNCs in India be
implementing similar models in a similar way?
Another model of the notice period in the West is not even 15 days in many
MNCs,
yet in India, the same company follows a different notice period of even
sometimes to three months. This does raise an alarm to many negative trends
which have contributed to the rate our economy needs to grow.
Despite apparent progress, there is a need to relook at these negative
trends
followed by MNCs in the Indian context to give a boost to the country's
economic
development and make high efforts to label India as a developed country and
no
more as a developing one.
(Writer is an industry expert, executive coach, speaker, IIM-L alumnus, and
an
ex-Army Officer)
