The Relationship Between Glass Ceiling and Women's Performance in the Banking Sector: An Empirical Study

Saloome Showkat
Research Scholar, Department of Management Studies, University of Kashmir, India. E-mail: saloome.shahjee@gmail.com

The existence of gender equality and equal opportunity is critical to the growth of the world's idealistic social structure. However, this fundamental impression is often compromised by the dominance of patriarchal beliefs and values, as reflected in the invisible barrier that restrains the growth and advancement of working women. The glass ceiling is an implied orientation followed by organizations that impede women from holding executive positions despite their qualifications, competence, and experience. Despite numerous social reforms and amendments to laws and regulations, initiatives to highlight women's underrepresentation in executive positions have been limited. Therefore, the aim of this paper is to determine the relationship between the glass ceiling and women's performance in the banking industry. The data was collected by stratified random sampling. A sample of 300 women working at the managerial level was selected. The study found evidence of glass ceiling in the banking sector and a moderate negative correlation between glass ceiling and work performance of women.

Introduction

Global leaders from all over the world are expressing their concern for long-term sustainability (Barber, 2003). Similarly, pioneer institutions and organizations are taking initiatives towards sustainability as a part of their obligation towards corporate social responsibility (Mezinska et al., 2015). However, limited initiatives have been taken towards gender equality and women's autonomy which not only reflects the matter of social justice but also supports as an essential feature for sustainable development of world economies (Terjesen et al., 2009).

The trend of women's involvement in international markets has changed dramatically in recent decades. The total woman's labor participation was 47.1% in 2019, which has declined from 51.4% in 1990 (World Bank, 2020). In the labor market, women were less likely than men to participate. Similarly, women have been underrepresented in leadership and executive positions in the world's largest companies. There are only 33 female executives (6.6%) in the Fortune 500 (Zillman, 2019). However, the cause of the increase is unclear. Countries including India, Italy, Finland, Germany, France, the Netherlands, and Norway have been leading in introducing gender quotas (Eastman, 2017). In terms of pay parity, there is a strong disparity between men and women. In 2017, women's global average annual incomes were $12,000, while men's global average annual incomes were $21,000 (Harris, 2017). The proportion of women in the businesses around the globe has significantly increased from 66% to 75% but the senior roles, held by women, have marginally declined (International Business Report, 2018). Women have higher poverty rates than men due to lower labor participation, informal jobs, and wage disparities (International Labor Organization, 2018).

India ranks fifth lowest in terms of women holding executive roles in organizations (International Business Report, 2018). The Indian regulatory mechanism has also played a significant role by directing companies to have at least one independent female executive on their board of directors in order to ensure women's representation and to protect the interests of all stakeholders (Layak, 2020). According to Jain and Mukherji (2010), the male workforce dominates senior roles and the female workforce is underrepresented.

Corporate culture and societal values are among the several reasons that lead to the widening of the gender gap in terms of pay and position between men and women in organizations (Allen, 2018). The study conducted by Dimovski et al. (2010) concluded the prevalence of gender discrimination in their corporate culture, corporate practices, and corporate climate as women being restrained from advancing to higher positions and provides them lesser access to an organizational system such as resources, mentoring and networking in Malaysian and Singapore organizations. Sabatier (2010) indicated that development and promotion programs in organizations should be different for male and female employees. Harvard Law School (2021) revealed that women bargain and negotiate on behalf of others, but neglects to negotiate for their rights and equality regarding better compensation packages, perks, and privileges. Women workforce themselves undervalue their capabilities and competencies and often undermine their contributions to the overall development of the company in terms of increased sales, better coverage, improved profits, goodwill advancement. Women workers also show less participation in the technical area (hard skills), where male employees are expected to show more dominance in virtue of their physical ability as compared to women. It is also often observed that women in the workplace avoid situations where they outshine or contradict their superiors and often running out of conflicting situations (Schruijer, 2006). Angela and Muse (2018) proposed that women cannot prioritize their personal and professional life and therefore lead to an imbalance.

However, the concept of the glass ceiling has been extensively studied in the western context. In recent times, the concept has also gained attention in an Indian scenario. Jain and Mukherji (2010) attempted to explore the existence of a glass ceiling in the Indian corporate world and found that the men in the Indian societal system are in denial with respect to the existence of glass ceiling and devising ways of breaking the barrier. Sharma and Sehrawat (2014) also confirmed the presence of a glass ceiling in modern India. Evidence has been found with respect to the glass ceiling effect especially in the rural sector of India and the existence of wage discrimination against female employees at the lower end of the wage distribution spectrum (Agrawal, 2013). Women working in the educational system in India also witnessing the glass ceiling effect were moving towards the top positions in their career. Despite higher competencies and intellectual capabilities, female employees have been given lesser opportunities to be organizational leaders and to hold significant positions (Wesarat and Mathew, 2017).

Corporate Glass Ceiling in the Banking Sector
Ferrary (2018) investigated the feminization of businesses and gender diversity in the banking sector. The study examined women at four hierarchical levels of corporations: the board of directors, the executives committee, management, and employees. The study concluded that banking industry has double glass ceiling. The higher the hierarchy, the lower is the representation of women.

A woman workforce represents 52% of total employees but accounts for only 38% of management that signifies a first-class ceiling and 16.5% in the executive committee that represents a second-class ceiling. Women who lead financial institutions in India are the exception rather than the rule, as there are far less women in executive positions in the banking sector than men (Jamali et al., 2005). Despite initiatives from national and international organizations for even representation of women in higher positions, the advancement and promotion of women to senior positions in large organizations are uneven and slow (Cordano et al., 2002).

There is substantial evidence that women face a corporate glass ceiling all over the world. According to Meyerson and Fletcher (2000), there is a considerable evidence of glass ceiling at the executive level. A segment of executive position is filled up by women workforce. Though women peruse advanced education when compared to men but are paid less and hold fewer top and important positions in an organization. The relative earnings of women employees are 18% less than compared to male employees. Glass ceiling restraints women to hold executive positions without being explicit about the corporate culture of discrimination against women. The presence of woman's glass ceiling has been investigated in studies by Bombuwela and Alwis (2013) and Sharma and Sehrawat (2014). Tlaiss and Kauser (2011) claimed that the degree of a glass ceiling for women is diverse in different countries depending on the obstacles confronted by them in their managerial careers. The role of women in business and organizations is widely discussed (Rishani et al., 2015). However, only a limited amount of research has been done in the banking sector to ascertain the relationship between glass ceiling and women's performance (Khan et al., 2012). Since there is a scarcity of evidence on the glass ceiling, and its relationship with women's performance in the banking sector, it is essential to study the present status of the glass ceiling in the Indian banking sector and its relationship with women's performance.

Due to the limited literature available on glass ceiling, it is essential to study the relationship between glass ceiling and womens' work performance in the Indian banking sector.

Literature Review
When the world is advocating about women's rights with equal opportunity for promotion and compensation for similar work, there is a disparity between men and women in real life (Sampson and Moore, 2008). Appelbaum et al. (2011) asserted that glass ceiling is gradually on the decline as more women are getting educated and entering professional life and getting into more senior and better jobs than men. Davidson and Cooper (1992) and Gareth (2013) suggested that women have climbed the ladder of success in professional life but the concern of the glass ceiling still prevails. The existence of a glass ceiling in the current competitive environment is due to the inability of corporations to efficiently use their human resources (Bass and Avolio, 1994). The term 'glass ceiling' refers to an invisible barrier that prevents women from rising through the ranks of a company (Al-Manasra, 2013). Glass ceiling is a gender prejudice by giving preference to men over women (Bell et al., 2002). The glass ceiling is a condition that affects women and prevents companies from achieving their strategic goals (Fujimoto and Hartel, 2010). A woman faces career barriers that can be visible and invisible (Veale and Gold, 1998; Jackson, 2001; and Wilkinson et al., 2006). According to Kristof (2009), the male domination in the banking industry is responsible for the failure of banks around the world. The effectiveness of both genders' leadership styles was assessed in order to gain insight into their leadership and boardroom effectiveness, as both genders have a distinct impact on follower attitudes, which leads to a variety of economic outcomes (Pfeffer and Veiga, 1999; and Du Plessis et al., 2015).

Women face a glass ceiling to advancement at the most senior ranks of the management hierarchy regardless of a massive increase in the number of women entering the workplace in the previous decades (Bass and Avolio, 1994). Fain (2010) concluded that women are promoted to senior positions at a decreasing rate, however, companies achieve gender balance at the lower level of management as compared to the higher level of management, as a result, and when it comes to recruiting women for senior positions, sexism always exists. Often, women workforce carry the same job description but with lower job titles (Albrecht et al., 2003). As the role of women is highly appreciated and respected by family and society, the same scenario has not been witnessed in their professional contribution in contemporary corporate organizations (Sampson and Moore, 2008; Dimovski et al., 2010; Jain and Mukherji, 2010; and Chandrasekar and Prakash, 2011). The degree of glass ceiling confronted by women in different countries depends upon the obstruction encountered by them in their respective careers (Tliass and Kauder, 2011).

Dimensions of Glass Ceiling
The dimensions (Figure 1) of the corporate glass ceiling that have a persistent impact on women employee job performance are as follows:

• Workplace Sexual Harassment: Workplace sexual harassment is the undesirable sexual conduct that could cause offending the other person and makes him/her uncomfortable; sexual harassment can lead to a reduction in the ability to perform the job (Landrine and Klonoff, 1997).
• Gender Inequality: Discrimination based on gender is known as gender inequality. It has been discovered that it is more common in India. This is a prevalent ideology in a society where men are regarded as superior and are expected to hold higher positions at home and at work. Gender discrimination has a major effect on work performance as well (Elvira et al., 2001).
• Lack of Challenging Tasks: The prevalence of the glass ceiling is also reflected by providing less challenging tasks to the women workforce. A negative relationship has been found between organizations' inability to provide challenging tasks to their employees and employee job performance (Durant et al., 2006).
• Less Promotional Opportunities: Management orientation towards women employees by not providing enough promotional opportunities also contributes to the reduced morale of women at the workplace that amounts to one of the major dimensions of a glass ceiling (Shih et al., 2006).
• Inequality in Performance Appraisal and Incentives: The women workforce in organizations also encounters prejudice in performance appraisal and incentives, when an employee perceives that his/her performance evaluation is unfair, this eventually results in a decrease of their current and potential performance (Bol, 2011).

Employee Performance
As per Saeed and Asgar (2012), employee efficiency is a measure of output in relation to input. Employee performance is influenced by a variety of factors in the workplace, including organizational culture and atmosphere, job security, job satisfaction, and remuneration. If employees perform better, it has an effect on their coworkers' work and aids in enhancing organizational efficiency (Dennis). Armstrong (2003) showed that both outcomes and behavior have to be taken into deliberation while managing performance. According to Robbins (2001), employee job efficiency is an indicator of an employee's productivity that is highly valued and accepted by the organization. Employee performance should not involve the result of their actions, but rather what they do. Furthermore, it is the employee's job conduct, not the outcome of their behavior that counts (Aguinis, 2009).

Employee performance at work has been measured by various dimensions which includes safety performance (Burke et al., 2002) and adaptive performance (Pulakos et al., 2000). However, the most widely accepted variables of individual performance are task performance, counterproductive performance and contextual performance (Sackett and Lievens, 2008). Task performance of an employee contributes to the core functions and processes of organizations (Aguinis, 2014). Counterproductive performances are such actions and activities performed by the employees that hamper the well-being of the organization (Rotundo and Sackett, 2002). Contextual performance which is also known as organizational citizenship behavior is such actions that contribute to the objectives of the organization through social and psychological involvement (Rotundo and Sackett, 2002)

Relationship Between Glass Ceiling and Employee Work Performance
Women are better transformational and constructive leaders than men. As a consequence, they tend to be more efficient and amiable as leaders than men, but because of the prevalence of the glass ceiling, organizations are unable to make use of their asset to the fullest (Bass and Avolio, 1994). Companies with one woman director are able to earn higher return on equity and higher net income than those companies with no female director (Pratap, 2018). Glass ceiling is a barrier that results in job dissatisfaction and rigorous work-related stress among women workforce, hence, leads to strained relationship at the workplace, traumatic organizational climate, absenteeism, low performance, high turnover rates and so on (Savery et al., 1983; Caverley, 2005; Chang and Lu, 2007; and Sampson and Moore, 2008). Glass ceiling also found to have a negative effect on the physical and mental wellbeing of working women, such as insomnia, ulcers, hypertension, heart disease, diabetes, nervousness, anxiety, depression, and psychological disorders (Savery et al., 1983; Antoniou et al., 2003; Caverley, 2005; and Chang and Lu, 2007). Falk (2010) stated that when women hold top positions at the workplace, it benefits society and also contributes to superior financial performance. Dost and Tariq (2012) contemplated that more the prevalence of corporate glass ceiling in the organizations, the lesser would be the work performance of the employees and of organizations. Also, the breaking of glass ceiling in the organizations leads to career development and empowerment which in turn leads to better performance of employees (Balasubramanian and Lathabhavan, 2017). Tiwari et al. (2019) revealed that glass ceiling significantly affects an employee's commitment towards organization in terms of loyalty. Employees' commitment towards the organizations contribute to sustained productivity (White and Peno, 2017). Smith et al. (2012) discovered that a woman's success is influenced by the glass ceiling. Women's glass ceiling beliefs are related to five major indicators of subjective career success: career satisfaction, happiness, psychological well-being, physical health, and work engagement. Lathabhavan (2019) concluded that denial and resilience related positively to work engagement and performance.

Objective
The objectives of the study are as follows:

• To validate a model of corporate glass ceiling on women's performance in the banking sector;
• To identify the prevalence of glass ceiling in the banking sector; and
• To examine the relationship between corporate glass ceiling and women employees' performance in the Indian banking sector.

Hypotheses

H₁: There is a negative and statistically significant relationship between glass ceiling and work performance of women.
H₂: The glass ceiling has a substantial impact on female work performance.

Data and Methodology
The author has adopted a cross-sectional survey design using both quantitative and qualitative approaches. The quantitative approach was used to quantify the hypothesized relationship between dependent variable, work performance of female employees, and independent variable, glass ceiling. The Statistical Package for Social Sciences (SPSS) version 23.0 program was used to analyze quantitative data. To gain a thorough understanding of the situation, the author used a qualitative approach. The top four private banks in India by total revenue were chosen as the study's sample study: HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra (Raveendran, 2019). The argument for considering primarily private sector banks in this analysis has reflected itself in the industry's growth rate. These banks development in this sector was accompanied by rapid branch expansion, exclusive services and vast network which have grown more than the public sector banks (Saha, 2020).

The target population of the study were the women working in the Indian banking sector at the managerial level with an experience of three years and more. Female employees in this category typically hold positions of branch manager, loan officer, data processing officer, bank teller, bank marketing representative and internal auditor across the different departments in the private banking sector in India.

A questionnaire (see Appendix) was developed by reviewing the relevant literature on the glass ceiling and the variables that explain it which include workplace sexual harassment, gender inequality, lack of challenging tasks, lesser promotional opportunities, and inequality in performance appraisal and incentives (Schruijer, 2006; Sampson and Moore, 2008; and Dimovski et al., 2010). For employee work performance, a questionnaire was adopted that defined individual work performance as task performance, contextual performance, and counterpart performance (Koopmans, 2015). A 5-point Likert scale ranging from 'strongly disagree' to 'strongly agree' has been used for the present study.

The sample of 384 was selected for the study at 95% confidence level and interval of 5% (Mugenda and Mugenda, 2003; and Cohen, 2013). A total of 300 responses were returned to the author which were filled correctly. The response rate was 78%. The response rate of above 50% is considered to be sufficient for conducting analysis (Mugenda and Mugenda, 2003). Exploratory factor analysis and Confirmatory factor analysis has been conducted through SPSS to determine the validity of the items in the questionnaire. The reliability checking is used to determine the goodness of measure. Consistency and stability of items were measured by Cronbach's alpha to test the reliability. Descriptive statistics was conducted to measure the mean and standard deviation.

The statistical significance of the independent variable on the dependent variable was determined using linear regression analysis. The Pearson bivariate correlation coefficient was used to determine the strength of the relationship between the two constructs.

Reliability Analysis
Cronbach's ? is used to measure the consistency of each variable and item taken for the study. The scale is higher than 0.70, which is the recommended value (Table 1). Internal consistency is demonstrated by the alpha value for each construct. Hence, the model is proved to be reliable and valid.

Descriptive Statistics
The mean values of the dimensions of the glass ceiling reflect that women workforce at private sector units of the banking sector perceive that glass ceiling prevails at the workplace as an obstacle to the advancement of women to higher positions (Table 2). This satisfies the second objective of the study. Women workforce perceives the existence of a glass ceiling and therefore the first alternate hypothesis is accepted. The highest mean value of gender inequality signifies a woman working in private sector banks perceive that the management discriminates between men and women. Almost similar mean values are derived from other dimensions which entail that management is lacking in providing enough promotional opportunities to women. The management also fails in devising the strategies for proving challenging tasks to women. Women also believe that management treats women differently when it comes to performance appraisal and incentives. Women at work experience the least amount of sexual harassment.

Pearson Correlational Analysis of Glass Ceiling and Women Performance
The Pearson correlation analysis was employed to the variables. The correlation between glass ceiling as an independent variable and women's job performance as a dependent variable yielded a result of -0.458 at the significance level of 0.001 (Table 3). The R-value is less than -0.75 and greater than 0.25. It has concluded that glass ceiling has a moderately negative relationship with female workers' job results. This proves the first hypothesis of the study.

Linear Regression Analysis
The linear regression analysis specifies that the glass ceiling significantly contributes to women's job performance. It is proved that the independent variable glass ceiling affects the dependent variable that is women's performance. Thus, an increase in the predictors by 0.209 will affect the women workforce performance in the Indian banking sector (Table 4). The glass ceiling explains approximately 20.9% of the difference in female employee efficiency. With a significance value of 0.001, the F-statistic is 27.8.

Discussion
The reliability of each item expressed was determined by Cronbach's alpha. Cronbach's alpha was greater than 0.70, indicating that the model is internally consistent and thus validated. The descriptive statistics was carried out with the statistical tool (SPSS) 23.0 program that revealed the mean score and standard deviation of each dimension and therefore confirmed the prevalence of glass ceiling in the workplace. The results conform to the studies by Sampson and Moore (2008), Dimovski et al. (2010) and Appelbaum et al. (2011). The Pearson correlation analysis explains the relationship between the two variables. The study confirms that glass ceiling and women's work performance has a negative correlation that means an increase in the glass ceiling leads to a decrease in women's work performance and vice versa. The regression analysis signifies the impact of the glass ceiling (independent variable) on work performance (dependent variable). The results are validated by conducting the F-test at a significance threshold of 0.001, which rejects the null hypothesis and accepts the alternate hypothesis. The results comply with the prior research of Bombuwela and Alwis (2013).

Conclusion
Previous research has thrown light on glass ceilings with regard to many variables. But very limited literature was available on the impact of a glass ceiling on women's work performance. This study has filled that gap. This study makes it imperative that glass ceiling has a negative relationship with women's work performance in the Indian banking sector. As the practice of glass ceiling becomes more prevalent, women's performance suffers. When women are confronted with a hostile atmosphere that prevents them from progressing in the organization, their productivity and dedication to contributing to the betterment of the organization suffers. Employees are disillusioned when they believe that their efforts are not being appreciated and compensated commensurately. The women workforce working in the banking sector perceive that glass ceiling is prevalent in the industry. When female employees perceive that their efforts are recognized, rewarded and equal advancement opportunities are provided to them as per their education, experience, skills, qualities and achievements, they put more effort and that leads to an increase in their performance. The increase in the performance of female employees leads to the proper utilization of one of the important assets of an organization, which in turn drives an organization towards competitive advantage. Women are excelling in all fields or sectors and in the Indian banking sector, where the statistical representation of women at senior positions is still very low as compared to their counterparts in other sectors. Women must be given an equal opportunity to compete for higher positions as per their competency, intellect, experience, and hard work as the same would be beneficial for the organization as it helps them to achieve competitive advantage by leveraging their efficiencies and effectiveness (Appelbaum et al., 2011).

Implications: As per the findings from the primary and secondary data, this study provides certain implications for the organizations mainly applicable to the banking sector. The management should restrict the practices that promote gender discrimination in the organization. As women view the existence of glass ceiling, banks' management should take appropriate measures to address this by incorporating the OCTAPACE culture, which encourages the idea of fairness and openness in promotional decisions, performance assessment, and reward mechanisms. The authorities responsible for formulating major policies, strategies, take decisions on promotions, incentive and performance appraisal must be held accountable for their discretions. The government must play a more pivotal role by framing a mechanism and regulatory body that will be dealing with issues of glass ceiling and ensure that promotion and incentive mechanism is carried out in a nondiscriminatory manner as per employees merit, qualifications, skills, experience, and potential to grow. The practice of reservation should be discouraged in the board of directors but must be preferred and promoted as per their competency, efficiency, experience. According to a study conducted by Gareth (2013), the world in the coming decades will require managers who are more emphatic or sensitive towards the feeling of customers so that customers will openly communicate with them and organizations can deliver the products as per their wants and needs. And by nature women are well equipped on these qualities. Women are one of the most important pillars of society as no community will flourish until they embrace the culture of equality. Women should be granted equal opportunities in all areas like career advancement and benefits, as this will lead to an improvement in women's performance and organizational profitability.

Limitations: As the study covers only female employees working at managerial levels in the Indian private banking sector, a more equitable picture could have been depicted by including the perception of females working in other functional levels. The findings are focused on the experiences of women working in India's private banking industry, which may or may not represent the views of women employed in other industries.

Future Scope: Future research should focus on public sector banks and other sectors to develop a clearer picture of the prevalence of glass ceiling and its impact on performance and must add other dependent variables like motivation, organizational competitiveness, and long-term evolution of the society.

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