Embracing diversity and inclusion to transform digital payment solutions in India

Diversity is mixing; the inclusion makes the mix work. This quote says a lot about how creating a healthy exchange of diversity and inclusivity in organizations can lead to breaking down conscious and unconscious biases. For this year’s International Women’s Day, the theme #BreakTheBias highlights that. It is about encouraging leaders to recognize and address inequalities. It is about putting into practice the approach of empathy and collaboration by putting aside age-old prejudices and creating an inclusive workplace that is essential for innovation and business success.

It’s about building resilience through experience. The nuances of individual effort, their strengths, perspectives, and the impact they create on work culture are intertwined. Talking about working women and their contribution to the growth of the country, the research indicates that at present, the participation rate of women in the labor market in our country is 20.3%, with 18.2 % in urban India. According to the available statistics, the employability of women is 51.44% for 2022, compared to 41.25% in 2021.

Experts are also seeing an increase in the female workforce, making the issue of gender diversity and inclusion more sensitive than ever. Gender balance in the workplace is not just a topic of discussion on International Women’s Day. It must be a continuous and conscious initiative at all times. International Women’s Day is a great platform for organizations to engage in initiatives that will impact gender balance. It is important to take the opportunity to increase overall sensitivity. I see several people making fun of the IWD and I think it’s all about pink roses, purple balloons and chocolates. Don’t let superficialities cloud the strength of the platform. Celebrate the perspectives that women bring to all aspects of business.

Gender diversity is critical not just for women at all levels, but for every innovation-driven and customer-centric organization. However, the implications of gender balance and the scarcity of the talent pool are felt most intensely in leadership positions. Therefore, it is the responsibility of every leader to create a work environment that supports women to rightfully claim leadership positions, encourage their participation at decision-making levels, take an active interest in their career development, to provide them with platforms that help them showcase their talents create avenues for them to explore, learn and give wings to their ambitions.

Want to know if a new business model will fly? Ask the women, says Guy Kawasaki, a Silicon Valley-based author, speaker, entrepreneur and evangelist, in his book “Art of the Start.” He goes on to say, “It’s purely practical… in a talent war, you don’t say, ‘OK, half of you don’t qualify. It’s so stupid, I can’t even express how much I feel about it.

If entrepreneurs want to build successful organizations, they really need to focus on building teams that bring a rich and diverse perspective. Here are the recommended diversity and inclusion settings that organizations can consider and implement:

  • Become a signatory to the UN Women’s Empowerment Principles.
  • Improving business practices to promote equality in the workplace and among communities.
  • Recognize female leaders in the workplace and close the perception gap.
  • Provide exposure to a wide range of perspectives, experiences and skills.
  • Establish non-discriminatory practices and processes.
  • Focus on performance measures rather than distribution, creed, race and color.
  • Celebrate the achievements of women and increase their visibility, while denouncing inequalities.

In order to create opportunities for the female workforce to perform better, it is essential to meet their diverse work needs and preferences to ensure they have fulfilling careers. Gender balance is not a token simulation or positive action. It is about breaking down deep-rooted prejudices, even among the most educated and accomplished people – men and women.

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