Regulatory and compliance are of paramount importance in any business. Companies must ensure that all their activities comply with the laws, regulations, and ethical standards of their respective jurisdictions. This includes compliance with relevant government regulations, such as environmental protection laws, employment and safety laws, consumer protection laws, and more. It also includes compliance with industry standards, such as those governing data protection, product safety, and financial services. Furthermore, organizations must also ensure that their internal policies adhere to standards set out by the relevant regulatory bodies. Compliance and regulation are essential to a company’s success, as failure to comply can result in hefty fines, reputational damage, and even legal action.
Regulatory & Compliance
Regulatory and compliance are two important aspects of any successful business. Companies must stay up to date on the legal and regulatory aspects of their industry, as well as ensure that their operations are compliant with applicable laws and regulations. Companies must also comply with industry-specific standards and requirements, such as those related to safety, health, and environmental protection. Additionally, organizations must ensure that their employees comply with company policies and procedures. Companies should have a comprehensive set of policies and procedures in place to ensure that all employees are aware of the regulations and requirements they must follow. They should also ensure that they have a process in place to monitor and audit compliance with these regulations. By staying up to date on regulations and compliance issues, companies can ensure that they are operating in a legal and ethical manner.
Regulatory and compliance are critical to the success of any business, large or small. Companies must comply with all applicable state, federal, and international laws and regulations, and they must also abide by industry-specific regulations. It is essential to have a comprehensive compliance program in place to ensure that the company is meeting its legal obligations and to protect it from potential liability. A successful compliance program should include policies and procedures for monitoring, auditing, and reporting on compliance with laws and regulations. Additionally, companies must also monitor their own practices to ensure that they are not engaging in any illegal or unethical activities. Compliance is a complex process, and businesses should take the necessary steps to ensure that they are compliant at all times.
- Meeting reporting requirements
- Implementing ethical business practices
- Establishing and maintaining effective internal controls
- Ensuring data privacy and security
- Ensuring compliance with environmental regulations
- Managing conflicts of interest
STATUS OF GENDER DIVERSITY AND INCLUSION IN INDIAN ORGANIZATIONS
Low representation of women at the workplace is a global predicament but in India the picture of women at workplace is gloomy as gender inequality at workplace in India is highly prevalent (Bhardwaj, 2018). In Indian organizations, the status of encouraging gender diversity is at its
initial stages emphasizing upon equality in hiring, remuneration and representation in leadership positions (Das, 2018). Gender diversity and inclusion in Indian organizations reveals alarming statistics as top- listed companies have only 20% female workforce out of their entire permanent workforce (Bothra, 2019). According to the World Economic Forum’s Global Gender Gap Report (2017) India ranked 108 out of 144 countries on the gender equality scale which has slipped from 87 in 2016 (Bhardwaj, 2018). In 2018, this gap has become more glaring as India ranked 142 among 149 nations (WEF’s Global Gender Gap Report, 2018). Despite the adoption of numerous initiatives and affirmative actions for boosting gender diversity and inclusiveness in Indian organizations, India has not achieved success to raise the status of women in top and middle level positions (Verma & Basu, 2019). Women constitute only 27% of the total workforce, 17% of them are in senior management positions and only 3% women are CEO’s in India (The Economic Times, 2017). Since 2014, out of every 100 CEO’s and MD’s of companies listed in NSE, only 3 are women and out of 1814 chief executives of NSE-listed companies only 67 are women (Verma & Basu, 2019). Table 3 throws the light upon annual status of women in leadership position in India from 2014 – 2019.
REASONS FOR BOOSTING GENDER DIVERSITY – THE TOP MOST PRIORITY OF THE ORGANIZATIONS
Healthy gender diversity at workplaces is not only a moral and social issue but it also has a critical and economic significance for the organizations in the present world. Currently, companies cannot expect to acquire competitive advantage in the global business landscape by ignoring 50% competitive and potential workforce (Gant, 2019) as better business require better leadership. Table 4 demonstrates the reasons extracted from the literature that why healthy gender diversity have become the top most priority of the organization.
FINDINGS OF THE STUDY
Gender diversity and inclusion at workplace have become a top priority for overall organizational
growth.
• Gender diversity and inclusion have a positive influence upon creativity and innovation,
organizational reputation, productivity, decision-making, problem-solving, and organizational
performance.
• Diversity and inclusion together are extremely fruitful for turbulent and attention-seeking
business growth.
• Healthy gender diversity at workplaces is both a moral and social issue. Presently, no organization
can achieve competitive advantage by ignoring highly competent women workforce.
Consequently, it has become the top most priority for organizations worldwide.
• It has been found that in Indian organizations the status of gender diversity has slightly improved. However, Indian organizations have to cover a long way with the speedy adoption and implementation of policies and strategies focusing on the creation of gender friendly and inclusive workplaces.
• Also, the global trends in the domain reveal that gender diversity and inclusion have become the urgency for business success and growth in the present times as gender diversity and inclusion influence organizations holistically.
MANAGERIAL IMPLICATIONS
Existence of gender diversity and inclusiveness at all levels of managerial hierarchy in organizations results in 30% better performance (Das, 2018). Currently, organizations must focus on gender diversity and inclusion as a core of their growth strategy as both help in developing vibrant, thriving, creative and innovative workplaces. Gender friendly and inclusive workplaces
can be developed by facilitating working mothers, protecting their employment, removing unconscious biasness, offering flexible working hours, fostering an inclusive and respectful working culture, fixing and achieving gender diversity goals.
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