TFS Gulf
  • All categories
    • inPractice
    • Diversity
    • Entrepreneur Story
    • Finance Leaders
    • Videos
    • Partners
TheFinanceStory
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
  TFS Gulf
  • All categories
    • inPractice
    • Diversity
    • Entrepreneur Story
    • Finance Leaders
    • Videos
    • Partners
The finance story
No Result
View All Result
  • Login
  • Register
Book 1:1 session with industry experts!
Home • The Finance Story
No Result
View All Result

CFOs play a major role in employee retention as they allocate budget for diversity and inclusion- says Madhumitha, founder of Diversity Dialogues

Diversity is not just an HR job, CFOs, should look at diversity as an investment and put their money on it to retain employees.

Preeti Mondal by Preeti Mondal
Published date: 6th June, 2022
Last edited date: 24th June, 2023
SHARE (452)
CFOs play a major role in employee retention as they allocate budget for diversity and inclusion
Share on FacebookShare on Twitter

Madhumitha Venkataraman, the founder of Diversity Dialogues, has been at the forefront of diversity and inclusion in organizations.

She is a thought leader in the space of inclusion and has created resources for workplaces to implement LGBTQIA+ inclusion, psychological safety, mental health, parenting, and persons with disability, and raised awareness about domestic violence, microaggressions, and more.

Madhumitha in the past has worked with Hindustan Coca-Cola Beverages and SnapDeal.

Having worked with over 100+ companies in their diversity and inclusion journey as an advisor, she is clear that CFOs play a key role in diversity and inclusion.

Here are some tips for leaders to look at diversity beyond HR Policies:

Diversity and inclusion go beyond an HR Policy

One of the biggest myths that I want to bust about diversity and inclusion is that it is only an HR job.

There is an angle of the diversity policy process system, where something can be owned by HR, just like how the budget can be owned by the finance department. But certainly, building diversity and inclusion just does not have to exist in HR alone.

I believe CFOs play a major role in this change.

  • A finance person must look at diversity as a critical investment and not a cost.

For example, while building a creche facility, there is so much that has to be done properly.

There are a lot of questions that one needs to ask. A creche facility needs to help not only women but also men with children.

Imagine how a simple addition of a good creche facility can improve the productivity of the employees.

I would be very open to sharing this, but in many organizations, one has to fight through for budgets in terms of having creche facilities or any other interventions around diversity, equity, and inclusion

I would also say organizations have to be supportive of equal parenting and that is where inclusion truly happens.

Isn’t it fair?

I don’t like to make it a man’s job to provide for the family and a woman’s job to only take care of the child. It has to be balanced.

  • When facilities are built they need to have policies for men and women and be inclusive for both parents.

These are changes that have to be thought through by leaders of an organization in order to make an impact and bring inclusivity.

Allocating budgets improves productivity 

Paternity leave is a very common challenge because if you look at our representation of men and women in the workplace, it is skewed. We have roughly 25 percent of women and about 75 percent of men currently. Paternity leave is going to hit the budgets a lot more.

Leaders have to think about structuring diversity, not around cost, but around impact.

Inclusivity needs to be made for all genders equally and there should be fair treatment.

You are not going to break your business by being fair, or adding a creche facility and creating paternity leave will not impact your business. It makes an organization stronger and motivates employees to work better.

When I engage with a company I usually ask them – do you have a budget? For me, a budget demonstrates the intent to do things.

I am not saying you need to have an extraordinary budget, just start somewhere and make diversity a part of your organization.

A visually impaired person may need a braille laptop, or a person, who is deaf may need captioning services. Leaders must think through how diversity is implemented rather than stating that they have diversity in their hiring.

There are so many instances where having a gender-neutral washroom, on the premise, goes a long way in communicating that the organization is making efforts to be open and inclusive for all.

I really urge all CFOs, and finance people to look at it as an investment and put their money out there for impact.

 

Preeti Mondal

Preeti Mondal

Recommended for you

Diary of the ex-CFO of Meesho & Goibibo: Why I quit my corporate job for CFO roles at fast growing startups
CFO

Diary of the ex-CFO of Meesho & Goibibo: Why I quit my corporate job for CFO roles at fast growing startups

19th November, 2023 | 8 mins read
This Finance Professional left his corporate job to start an Outsourced CFO firm in his 40s: Here are his learnings
CFO

This CFO quit the corporate world to enter the Outsourced CFO space. Here are his learnings.

8th November, 2023 | 8 mins read
ESG everywhere! Feeling overwhelmed by this hot topic? Why Finance Professionals should gear up now
Corporate Career

ESG everywhere! Feeling overwhelmed by this hot topic? Why Finance Professionals should gear up now

2nd November, 2023 | 6 mins read
Top FAQs to help you get started as a Fractional CFO
CFO

Fractional CFO is a growing trend in the business world. Here are top FAQs to help you get started

13th October, 2023 | 6 mins read
Jatin Dalal, Wipro’s Ex-Chief Of Finance to join Cognizant as its CFO: After 2 decades with the company
CFO

Jatin Dalal, Wipro’s Ex-Chief Of Finance to join Cognizant as its CFO! After 2 decades with the company

2nd October, 2023 | 2 mins read
Getting into a Fortune 500 in Dubai after 3 months of job search: Insights from a Finance Professional
Career Overseas

Getting into a Fortune 500 in Dubai after 3 months of job search: Insights from a Finance Professional

20th September, 2023 | 6 mins read
Next Post
main-robin-banerjee-

Every year we lose $450 billion to Cybercrime. CFOs should never compromise on good technology investments - says CFO turned CEO Robin Banerjee

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

1:1 career advice platform

  • Manager

    Investment Banking (Front Office) at HDFC Bank.

  • Finance Director

    at Procter & Gamble (P&G)

  • Strategic Program & Ops Manager

    Risk and Internal Audit at Accenture

  • Vice President

    at Alcazar Capital

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL

1:1 career advice platform

  • Manager ACR

    Accounting, Compliance and Reporting at EY

  • Senior Accountant

    at BDO Canada LLP

  • Regional Financial Coordinator and Project Manager

    at TotalEnergies

  • Accounts Manager

    at Sterling Perfumes Industries LLC (Fakhruddin Holdings)

BOOK 1:1 CALL
Home • The Finance Story

The Finance Story – your dedicated finance-focused media platform.


We empower professionals in finance and the financial services industry to make informed decisions for their careers and companies.

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • Home
  • TFS Gulf
  • Diversity
  • Entrepreneur Story
  • Finance Leaders
  • Partners
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
S

Hello

We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert