Women Leaders in ICICI
Amongst one of the reasons that Fortune gives for ICICI Bank’s amazing number of women leaders is lower salaries! That’s because the article claims that they are more tolerant than men.
They are more willing than men to tolerate ICICI’s low salaries, which are in the bottom quartile for the industry. (The comparison improves when stock options are taken into account.) That’s better than for government-owned banks but lower than for foreign and other private banks. In most cases, the husbands are the main money earners. Renuka Ramnath, 45, who runs ICICI Venture, a private-equity business with $2 billion under management, says her salary was “just pocket money” until her husband died 12 years ago. Income then became more important, but she stayed at ICICI, with her family’s encouragement, even though she could earn far more elsewhere, because “nowhere else could I have done so much.”
What needs to be seen is will that ensure that women leaders continue to emerge in ICICI Bank. I don’t think today’s women executives will be as tolerant as women 10-15 years ago 😀