Indian Women CEOs React As Female-led Companies In The S&P 500 List Have Outperformed Male-led Ones

On February 3, 2023, Catalyst published a report in which it showcased that women CEOs acquired only 41 (8.2%) of S&P 500 companies as compared to men. However, of those 500 companies, 41, led by women, have outperformed the remaining 459 that were led by men.

A financial advising account, Girls That Invest, on Instagram, showed a graph that represented the continuous growth of women-led companies from 2014 to 2022. The gap between the performances has only increased with time.

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This points to the fact that while the number of women holding higher positions in companies is far lesser than men, they have proved that they can do better if given the chance. The S&P 500 list is a US-based study which takes into account 500 companies and indexes their performances in the stock market.

While this does not confirm if the same stands true globally or even in India, it does reflect the fact that women have been trying to prove themselves. Considering this study, we reached out to Indian women CEOs to understand what they think about the achievements of female-led S&P 500 companies.

‘Women Are Born Leaders’

Ananya Agarwal who founded Nyumi said, “Women are born leaders.” She added that there is no doubt that female-led companies perform better than the ones led by men. She pointed to a study published in the National Library of Medicine in December 2020 that said that women-led countries handled the pandemic better than the ones led by men.

Agarwal emphasised the need for companies to build systems and cultures that actively enable women to thrive. With respect to Indian companies, she said that we have seen progress towards higher gender pay parity at the entry levels in the past decade. However, she felt it is not the case at higher levels.

Nyumi’s CEO suggested that we need to constantly de-bias our workplace and build spaces that promote equity. She said, “Women should be making more decisions. I look forward to the day, where women CEOs are the norm, not an exception.”

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‘Women CEOs Are A Force To Be Reckoned With’

Kamalika Bhattacharya, Co-Founder and CEO of QuoDeck, said, “This study is a reminder that women CEOs are a force to reckon with.” She added that though women constantly face hurdles, they still are breaking glass ceilings by consistently demonstrating their talent and driving businesses to success.

She suggested that women leaders need to inspire and empower the next generation of leaders to follow their dreams and be the flag-bearers. “By leveraging our unique perspectives and strengths, we can create a more diverse and inclusive corporate world where talent and hard work are the only things that matter,” she added.

‘We Can Break Barriers That Hold Us Back’

Jagriti Motwani, Co-founder and CEO of Cha-Chi Communications said, “The results of this study prove that when women are given equal opportunities to lead, they can achieve incredible success.” She added that there is an increasing awareness in the business world that women bring a distinctive set of skills and perspectives to the table.

She pointed out that India has several talented and capable women who are shattering barriers and accomplishing great feats. “As women CEOs, it’s our responsibility to use our platform to inspire and encourage other women to pursue leadership roles. Together, we can break barriers that hold us back and create an equitable and inclusive world,” Motwani added.

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‘Women Have To Work Doubly Hard To Prove Themselves’

Jyoti Bharadwaj, Founder and CEO of TeaFit, said it was not surprising at all to hear that women-led companies have performed better than men-led ones. According to her, there should not have been a comparison like that, but we do not live in a world where both get equal opportunities.

However, she added that one can infer from the study that women have to work doubly hard to prove themselves. “They do not start from zero, but a negative 100. Therefore, we have to travel longer distances (metaphorically) and solve harder problems to seem competent.” Bharadwaj said.

When women apply for a job, they have to prove that they are fit for the job, only then do they get hired. She pointed out that this struggle is at the entry-level, higher level and at the board level as well.

She emphasised that though things are changing, it is a gradual change. While the Indian market cannot be compared to the Western or American market, it is showcasing a change in a positive direction.

She added that though women work hard, they add inclusivity to several aspects of a business. It helps to improve the culture of a company, and therefore, it helps to attract the best talent.

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