Why are women receiving 60-70% hikes in hiring rush?
For a long time, women have not got their due in the corporate world and have often fought for equal status and equal pay. Fortunately, a revolution seems to be taking place currently as several IT companies are hiring women at mid-management and senior positions and offering them 60-70% hikes. According to a research by TeamLease Services, women have formed 43% of the total hiring across IT companies since March.
“There has been a dramatic rise in the number of WFH jobs, as well as the number of applications for women. This trend has been a boon for married women in India. As WFH becomes the norm, more organisations are looking at hiring women. Around 50% of 150-plus companies — multinationals, large companies, high-growth startups, and early age startups are hiring more women,” Rituparna Chakraborty, co-founder and executive VP of TeamLease Services told The Times of India.
Companies like TCS, Wipro, Infosys and HCL have played a major role in this trend. Together, they will be hiring 60,000 women through campus placements this year. Out of this, 13,200 women will be hired by HCL, 15,750 women will be hired by Infosys, 15,000 women will be hired by Wipro and 15,000-18,000 women will be hired by TCS.
According to Avtar founder Saundarya Rajesh, women candidates have been in great demand recently. “Women candidates are in great demand. In sheer numbers, the demand in just Q1 (April-June) is almost as much as what we witnessed throughout FY21,” she told The Times of India.
Rajesh added that second career women were also experiencing a boom. “Organizations are keen to hire women on breaks and this trend extends across all industries. A key reason could be that second career women are immediate joiners — with no notice period for the organisation to wait out. Companies that are looking at filling positions instantly are betting big on returning women,” she said.
"Not only are companies hiring in really large numbers, but the salaries being offered are also very attractive, with hikes of almost 60-70% over their current pay. Here too, second career women are in high demand — their salaries are often more affordable since the pay packet being matched is only their last drawn, several months or years ago," she added.
Even when it comes to getting maternity leave, things have improved for women. Most companies offer at least six months of maternity leave and some offer even more.
Biased hiring has been a major pain point for women across the world. In a study conducted by María José González, Clara Cortina and Jorge Rodríguez-Menés, women were 30% less likely to receive a call to a job interview. To reach to this conclusion, the researchers sent fictitious resumes (of people aged between 37 to 39 years) to apply for 1,372 real jobs.
There are many benefits of having equal representation at work. It’s great for the country’s GDP and can definitely fasten growth projects. According to a projection published in World Employment and Social Outlook: Trends for Women 2017, global tax revenue could increase by $1.5 trillion if there was equal representation.
Even when it comes to mental health of women, inclusive hiring can improve things. In a research conducted by International Labour Organization and Gallup, almost 70% of women said that they’ll prefer to work in an office than stay at home and take care of their families.
A lot of times, because of inequitable hiring, women resort to doing low-paying jobs that leave them vulnerable. It’s high time this trend was reversed and we welcome the positive signs. A lot of onus lies now on corporate leaders who must make a conscious effort to have a diverse workforce.
References:
1. Leaders, Stop Denying the Gender Inequity in Your Organization (Harvard Business Review)
2. The Cold, Hard Proof That More Women Means Better Business (The Muse)
3. Companies offer big hikes to women in hiring rush (The Times of India)
4. TCS, Wipro, Infosys, HCL: Tech Giants to Hire 60,000 Females From Indian Campuses (News18)