Daily Current Affairs 08.10.2018: “Future of Work in India” survey by WEF

Future of Work in India- survey by WEF 

Overview: “Future of Work in India” survey report has been released by the World Economic Forum (WEF).

• The “Future of Work in India” survey of of 770 companies conducted by the WEF (World Economic Forum) included various sectors such as textiles, banking & financial services, transport & logistics, and retail. 

Salient findings of the report:

Major gender gap in Indian corporates: Four out of five retail firms hire less than 10% women. Companies in India experiencing the highest growth prefer hiring men and technology-led job growth benefits men more than women. Notably, while one in three companies preferred hiring men, only one in 10 companies said they wanted to hire more women, accentuating the gender gap rampant in the country.

Statistics: The report found that just 2.4% of these have half or more female employees, and as many as 71% have fewer than 10%. Out of this 71%, 30% companies have no female employees, and another 32% have less than 5%. The sector-wise breakup showed that 79% companies in retail, and 77% in transport & logistics, have less than 10% female employees, while banking & finance companies have 61% female participation and textiles 64%.

Global comparison: India’s female workforce participation is mere 27% and stands 23% points lower than global average. Jobs in India are experiencing highest growth and companies are hiring women at only 26%. Women in India are entering workforce at a slower rate than current female workforce participation.

More than 33% of the total companies said that they prefer to hire men, as compared to just over one-tenth that said that they are looking to hire more women going forward. In the last five years, the surveyed companies stated that they hired just 26% female workers in the job roles that saw the most growth, which is less than India’s already low female labour force participation of 27%.

Know the WEF:

The World Economic Forum is the International Organization for Public-Private Cooperation.

• The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.
• It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial and not tied to any special interests. The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. Moral and intellectual integrity is at the heart of everything it does.