Pharmaceutical Industry Leads in Hiring Women at KMP Positions

By: WE Staff | Friday, 26 April 2024

Among the top 200 BSE-listed firms, the pharmaceutical industry leads the other sectors in terms of hiring women for key management personnel (KMP) positions. In the pharmaceutical industry, female KMPs are promoters, whereas in the financial services industry, they primarily occupy professional leadership positions. Better gender parity among KMPs is still a challenge for Indian enterprises.

KMPs are CEOs or managing directors, chief financial officers, company secretariats, and full-time directors, as stated by the Companies Act. There are 447 KMPs listed among the top 200 BSE-listed companies in FY2023 and out of them, 12 professionals and 16 promoters made up the 28 (6.26 per cent) females. Seven female KMPs earn a million or more annually, with pharmaceuticals having half a dozen women, followed by hospitals/medical with four.

Women in key managerial personnel (KMP) roles face numerous challenges, including a lack of diverse perspectives in decision-making processes, gender bias, confidence gaps, work-life balance, resource allocation, supply-side challenges, organizational culture, leadership pipeline, visibility and recognition, and advocacy and policy changes. These issues can hinder their advancement, and affect recruitment, promotions, and leadership opportunities. In order to combat these barriers, companies must create an inclusive and supportive organizational culture, develop a robust leadership pipeline, and recognize and celebrate women's achievements.