9 January2021the company has successfully positioned Gowardhan Ghee as the power food, changing its focus from festive to round-the-year consumption interest.There are other success stories, few of which are of Tanya & Nisaba Godrej of Godrej group, the Reddy sisters of Apollo Hospital, the Paul sisters of Apeejay Surendra Group, Laxmi Venu of Tafe and TVS, and many of these women taking over are not because there are no sons to take over the family business. They are getting involved even when there are male inheritors in the business. A lot of the change has been driven by a higher emphasis in society on woman empowerment. Yet, successful daughters in a family business are still somewhat a rarity.According to a 2018 study by Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business, the number of women directors had gone up from 4.9 percent in 2013 to 14.3 percent in 2017. This steady rise could be as the result of the strict implementation of the Companies Act (2013), which mandates listed companies to have at least one woman director on its board. In fact, the number of women directors was 15.2 percent (2017) in standalone family firms, as compared to 13.7 percent (2017) in family business group affiliated firms.What Should Be Done?So what can be done to diminish the ideology of this patriarchy system? People, especially business heads have to take some strict measures such as implementing and spreading gender equality starting from their own home. Our views on gender roles are largely based on the roles we encounter in our family, society and media. It helps to have a home where women have respect, an equal say in decisions and an opportunity to follow their passions. It is also important to give opportunities to the girl successors as well. Making a business female-friendly and giving equal opportunity will automatically improve diversity. Implementing safety and security, having strongly enforced sexual harassment policies, and fair maternity leave, are some of the steps that can truly act as a catalyst to help the organization become female-friendly.ConclusionThe world is changing and so should we. The reality is, societies that empower women to participate fully in civic and economic life are more prosperous and peaceful. Various studies claim that women in management help raise company performance. A BCG study claims that if women and men participated equally as entrepreneurs, the global GDP would rise by around three to six percent. Hence, India needs more women in business than it needs flashy weddings. ACCORDING TO A 2018 STUDY BY THOMAS SCHMIDHEINY CENTRE FOR FAMILY ENTERPRISE AT THE INDIAN SCHOOL OF BUSINESS, THE NUMBER OF WOMEN DIRECTORS HAD GONE UP FROM 4.9 PERCENT IN 2013 TO 14.3 PERCENT IN 2017
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