Amid the Indian government’s push for increased financial inclusion of women, Moelis India’s Chief Executive Officer Manisha Girotra on March 8 said while governments are doing a lot in terms of policies, for women to really make it to the top CEOs mindset needs to change.

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“Governments are doing a lot in terms of policies, we've seen Beti Bachao, Beti Padhao, accounts are being opened in the names of women, so you're really empowering women with financial inclusion. But we need a mindset change with the CEOs. The old boys club needs to be broken and the biggest champion of that needs to be the man,” she told CNBC-TV18 during an interaction on International Women’s Day 2023.

According to Girotra, while there is a need for more women-led organisations, more men, who basically are the champions in their respective fields, need to take initiative for women to break out of the boys club, the mindset that only like-minded people can come to the top - all of the boxes that he has himself ticked, the ones that he sees as a recipe for success the CEO need to break.

They must acknowledge that a woman may think differently, but that's exactly what may be needed for the organization then. “We need more diversity and we need to get these women at the top because when these women come on top as role models, more and more women will come through the funnel,” she said.

Moelis India CEO also made a case for flexible work hours. She said the pandemic has taught the world that flexible hours and working from home are not necessarily a bad thing and that millennials and Gen Z today look for good organisations with strong cultures.

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They're not just looking for the next increment or the next pay. So, to retain the best of talent, organisations need to have a combination of flexible hours or work from home, menstrual leaves, and longer paternity and maternity leaves.

Reflecting on public markets, Girotra said, India will continue to attract capital though she expects to see volatility and instability on a quarterly basis.

Renuka Ramnath, Founder, MD and CEO of Multiples Alternate AMC, believes companies’ boards and the CEOs must be made accountable for ensuring diversity. “But equally, I would say women have to take charge of their lives. They have to tell themselves that it is absolutely necessary for me to live the life of my dreams, and everything else around me will work in favour of delivering my professional and personal goals.”

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She also stressed on the need to maintain financial discipline as money has become more expensive. “In 2021, it looked like money would just come whether you have a good, bad or indifferent idea. And today money has become very dear. It will go to more worthy enterprises, people who have more respect for capital…As far as lending organizations are concerned, it will bring acute focus to collections and not just growth,” she added.

Watch the accompanying video for the full discussion

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