Bringing Talented Women Back To the Workplace

Closing the gender gap has been on the social agenda for quite a few years now. As a result of raising awareness and various initiatives worldwide, we are getting closer to achieving gender equality. Unfortunately, “closer” does not necessarily mean “close”.

The sobering truth is that if we keep “getting closer” at the current pace none of us will live to see gender parity. Most likely neither will many of our children. The Gender Gap Report 2020 reveals that at the current pace, gender parity will not be attained for another 99.5 years.

The Gender Gap across the world

Global consultancy organization McKinsey’s 2020 Women in the Workforce report revealed some startling statistics when it comes to working women.

• Post-pandemic, one in four working women in North America said that they were considering downshifting their careers or dropping out of the workforce entirely. For working mothers, and particularly those with young children, the number was one in three.
• 40% of mothers (compared to 27% of fathers) have added 3 or more additional hours of caregiving a day to their schedule.
• In 2021, 47% of women took a sabbatical globally, of which about 70% dropped out of employment and had started something of their own or are looking for a job.

There are many causes of gender inequality, the top three being

• Uneven access to education
• Lack of employment equality
• Job segregation

The causes and their effects differ significantly across the world. From bodily autonomy and religious freedom to sharing caregiving and domestic responsibilities, women across the world face enormous challenges on their journey to financial independency and career growth.

The latest statistics show that while the labor force participation rate for women in Europe is appr. 50%, in India it remains at 20%.

PayU’s commitment to Diversity and Inclusion

At PayU, we are committed to creating a world without financial borders where everyone can prosper. We act local and excel through our local expertise. Addressing the gender gap locally by starting initiatives tailored to the local needs is a priority set by the highest leadership levels.

Closing the gender gap in PayU India is a matter addressed across all levels of the workforce and at all stages – from hiring and recruitment to evaluation and promotion.

A big challenge to gender diversity is women dropping out of the corporate workforce to raise children, care for elderly family members and other reasons. When trying to return to work, women often face rejection based on their gap years. The Centre for Monitoring Indian Economy states that 2.4 million women took a career break in 2017, but less than a quarter of the same number is actively looking for jobs again.

In our effort to change this and remove as many obstacles as possible for women returning to work, in 2019 our India office teamed up with JobsForHer to launch the PayU Second Innings Program, consisting of jobs for which only women returning to the workforce are eligible to apply.

As part of this initiative, PayU carved out 15+ roles in our India organization exclusively for women returning to work, so as to provide a platform to restart their careers with PayU. Women are assigned a workplace ‘buddy’ for a month from the existing team, to ease their journey as they transit back into professional workplaces, with opportunities across market verticals. Across Bangalore & Gurgaon, 50+ women attended the program launch and 6 women candidates were hired across various roles in the Payments & Credit business.

Return. Reset. Reimagine: PayU’s Women Returnee Program

The rapidly changing times of the pandemic call out for agility and accommodating for the rapidly changing needs of society. This year we are excited to launch a new chapter in D&I with a ‘Women Returnee’ program called Return. Reset. Reimagine – designed in collaboration with We-ACE, a leading global platform for women aspiring to ace their career.

The program kicks off with returnees registering for a 3-6 month long paid returnship, which can be converted into a permanent role at the end of this period based on performance. Flexible shift options of 6 or 8 hours will enable a smooth transition for returnees to the workforce and compensation will be adjusted accordingly. The skills the pilot of the program will go live with revolve around Engineering, Data and Product. The returnship plan will begin with technical and soft skills training, on-the-job training, individual assignments or collective projects. A buddy will be assigned to all returnees for the duration of the program.

To take a deep dive and discover more about the initiative, watch our Curtain Raiser below.