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Citibank India's Efforts towards Talent Retention and Attaining Gender Diversity
EXCERPTS
THOUGHT BEHIND THE CHILD CARE ALLOWANCE
In June 2015,Sarab Preet Singh (Singh), Head (Recruitment, Learning and Talent), Citi India, emphasized that Citibank India as well as other corporations around the world were witnessing the fact that while women constituted around 40% of the work force at entry level, their percentage as a part of the total workforce diminished as one went up the hierarchy. It was observed that the ratio began to change at middle level management and was completely skewed in favor of men at senior levels of management. He said, “What’s happening across the corporate world and with us as well is that women at the entry level account for around 40% (of workforce), but as one goes up the experience curve the percentage of women employees reduces.” (Refer to Exhibit I for percentage of women in Indian companies at various levels) It was also observed that women formed an important part of the junior level workforce in many companies, but often chose to quit after childbirth either because of expensive childcare costs or inconvenient options... |
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GENDER DIVERSITY @ CITI
Citibank stated that it strove to build an organizational environment that nurtured the best talent, offering opportunities to all. The objective of the bank was in line with the diversity goals of Citigroup. In 2011, Citigroup set up a Diversity Council that aimed to encourage women’s participation in the organization. It rested its strategy on four pillars – Hiring and Development, Policies, Awareness and Sensitization, and Infrastructure. In Citi India, diversity started with investing in women by hiring them and ensuring their subsequent development in the organization. Citi also took the initiative to introduce the Citi Woman Leader award, a unique award aimed at recognizing, rewarding, and developing young women talent across India’s best business schools...
THE GAMECHANGER MOVE
From an early stage, Citigroup believed that offering child care benefits to employees would provide the company with a competitive advantage. To attain gender diversity, Citibank India, following in the footsteps of Citigroup, had made large-scale changes to its maternity benefits and introduced flexible working arrangements for its women employees. It had introduced a flexible maternity policy that allowed women employees options on how they wanted to avail of their maternity leave of 180 days. Women officers could either avail of leave for a continuous period of six months or exercise flexibility in the leave duration by opting for leave in tranches...
WHAT OTHER COMPANIES ARE OFFERING
Many other organizations were waking up to the fact that maternity and child care were key milestones as a significant number of women ceased to work post maternity. Citi’s competitor, JP Morgan India, had given its employees the option to stagger their maternity leave. In 2014, InMobi launched its new flexible maternity leave policy which included four months of full paid leave, followed by half day paid leave along with work from home facility for up to 6 months. The maternity coverage was Rs. 75,000...
THE ROAD AHEAD
Many organizations were either changing their existing policies or coming up with new policies to benefit women employees. Industry observers said such benefits could change the outlook for women’s careers. Analysts felt the new generation of women entering the workforce had career aspirations and they also intended to be financially independent. However, offering benefits to women also added to the costs for a company. Singh stated that the new allowance had surely impacted the bank’s budget, but it would aid in retaining key talent. He said, “This increases our budget outlay, but we believe returning mothers will find value in the new policy.”..
EXHIBITS
Exhibit I: Percentage of Women in Indian Companies at Various Levels
Exhibit II:Comparison of Number of Female & Male Employees in Citigroup Year (2012-2014)
Exhibit III: Citigroup: Awards and Recognitions (2012-2014)
Exhibit IV:Comparison of Benefits for Female Employees – Year 2015
