Much has changed since the time she joined the finance profession two decades ago, says Meenakshi Dagar. There is better acceptance of the value of inclusion, with companies seeing empowerment of women as a way to achieve parity.
Being empowered is what profoundly shaped Dagar’s career at Lenovo India, where she joined in 2015. For the past three years, she has been the chief financial officer (CFO) and alongside, has been leading the company’s diversity, equity and inclusion (DEI) agenda. Meenakshi believes that systemic changes and organisational efforts apart, the ultimate drive for change must come from women themselves. Edited excerpts:
Q. Of all the leadership positions you have held, which has been the most challenging?
Being the CFO is the toughest of all. You have to take care of multiple stakeholders across the business. There are many who rely on you to make the right decision from a market perspective as well as with respect to internal policies, processes, efficiencies, and growth. These responsibilities put you in the spotlight all the time and invariably bring various challenges. Being the CFO of a tech company brings the extra responsibility of understanding the nuances and implications of our offerings so that they can be leveraged for our own P&L.
Q. How has the role of a CFO evolved over the years?
In today’s context, CFOs are no longer just responsible for financial management. They are advisors who help the business grow while also fulfilling their fundamental responsibilities regarding compliance, controls, governance, policies, and processes. Unlike earlier, they also have to work closely with the leadership team. While the CMO, CTO, and CEO will have their specific requirements, the CFO who is at the centre, connecting the dots. Their role is crucial in influencing leaders and bringing them together, making future-oriented decisions like investing in the right resources and technology, and recognising value that goes beyond mere profit.
Q. Have you ever run into situations where your age or gender worked against you?
Many years ago, I remember correcting a male colleague who pointed out to me that women are supposed to be delicate, and not aggressive and assertive. But compared to the time I joined the profession 20 years ago, there is much more education and awareness about the value of inclusion and the need for mutual respect in the workplace. Bias is not explicit in the corporate agenda or KPIs although you may experience it when you are out in the field – for instance, in meetings with low representation of diversity. There may still be people who doubt your capabilities because of your gender.
As a young woman in this role, I have been fortunate to have had the right ecosystem around me. But I have had to put in extra effort in certain situations and for certain tasks compared to a man with the same career path.
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Q. Only a few women make it to CFO roles even when they have the right skills. Is this due to lack of support from organisations?
In my career, I have never seen any resistance in the corporate setup to being offered a job or position if one is qualified and competent. Of course, as in many other industries and functions, women representation is poor in finance and data shows that there are very few women in CFO positions. Clearly, there is much to achieve in terms of parity. Organisations need to guide women and make their journeys relatively easier, offering them the right environment and equal opportunities for career progression. We definitely have a long way to go but I think the journey has begun, supported by legislation that boosts the progressive efforts being made.
What is perhaps more important is a substantial shift in our approach to bringing about change. It is not enough—as many of us do—to place the onus entirely on the men in leadership. I strongly believe that women need to advocate more for themselves. I have noticed that, unlike men, most women shy away from articulating their needs, aspirations, and achievements. This mindset stands in the way of career progression. They, sort of, linger in the shadows and their accomplishments go unnoticed. Also, even those who are highly competent are lost in self-doubt and some are ready to sacrifice their careers for family reasons. Women need to be more assertive, break barriers, and ultimately carve their own paths. For instance, regarding the CFO role, I said I was ready to take it, trusted myself, and the organisation trusted my readiness.
Secondly, you have to build the right ecosystem and support system around you. Men or women, no one can conquer the world alone. In the corporate world too, you always need allies, mentors, a support system, a trust system, the right set of leaders, and the right set of managers. Now, how do you build that? While you have this responsibility, it’s equally important for the leadership team to contribute.
Q. Do you believe women are often held to a different set of standards?
When it comes to KPIs and expectations for a given role, it is the same for everyone regardless of gender. But for a woman to reach the same level as a man, it may be a longer or more difficult path due to multiple dynamics, peer expectations, or sometimes unspoken performance bars.
Q. What makes an inclusive workplace?
Women experience both highs and lows in their personal and professional lives. It’s the organisation’s responsibility to create the right environment during their highs—allowing them to capitalise on the opportunities and grow and thrive in their careers. And also support them during their lows through mentorship, flexible work arrangements, and so on. Whenever I interview women who have taken a career break, I notice that they lack confidence. They need to be assured that it’s perfectly fine to have taken a break and that their skills and competencies are intact. This is the responsibility of all corporates and all men in leadership.
It’s also a fact that women always strive to be the best, the most ideal, and nice all the time. But that it’s not always “nice” women that make history. To leave a mark, you have to be bold in pursuing your goals and make an impact.
Q. You also lead Lenovo India’s DEI agenda. Could you share more about it?
Lenovo’s DEI paradigm is centered around ‘empowerment’. As the CFO today, or as the finance controller nine years ago, my experience of empowerment has been the same. And that’s the culture we want to offer anyone and everyone in the organisation. Our idea of inclusion extends beyond gender. For instance, leadership and management teams are educated about the LGBTQI community. Voluntary gender identification is promoted so that we can better build around our equal opportunity goals. This year, we have also planned a workplace audit training to ensure better representation of the differently abled.
We have been actively promoting young talent too, helping them enter STEM-related fields. Since 2021, we have been partnering with TNS India Foundation for a Campus to Corporate Careers’ programme that provides training for college students at our manufacturing plant in Puducherry. To date, nearly 400 students have secured placements with companies in the area, including ours. At this facility, women now make up over 30 per cent of the assembly line, which was traditionally considered a male bastion.
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Q. Can involving men in gender conversations make a difference?
Absolutely. But still, men are in the majority in most leadership meetings at corporates. They should ensure that there are no barriers to growth for women who have risen through the ranks based on merit. They also need to ensure a no-prejudice, no-bias culture in all policies and processes related to hiring and employee development. Men should draw on their experience to mentor women employees, helping them leverage their strengths and make the most of opportunities.
Q. In what ways does Lenovo nurture female talent?
I have been with the company for nine years and I was given that platform and empowerment to grow within the organisation and become the CFO. It’s 27 per cent women in my team now. There are two in leadership roles too, who have been internally promoted. The Asia-Pacific market, including India, has 29 percent women representation in technical roles. And at the global level, Lenovo has set a target of 27 percent female executive representation by FY 2025/26.
We have something called the Accomplisher Series, built around the four Cs — Care, Connect, Culture, and Capability. That takes care of flexi work hours, facilities like daycare, mentorship, and so on. There are also programmes for the level of women directors and above to ready them for C-suite roles.
Q. Your advice for those aspiring to be CFOs…
First is to have a futuristic vision—looking beyond today’s cost efficiency and investing in areas that will ensure the organisation’s long-term sustainability.
The second is to drive transformation—making the organisation agile and adaptive to cope with the external environment and embrace change.
The third is to have financial resilience and a strong risk appetite—being aware of multiple risks that exist in the data-driven environment and building infrastructure and processes needed to mitigate them.
Q. To bring more women into the workforce, where should the change begin?
The responsibility starts with us. As women, it is not necessary to always let go of our dreams. Be bold enough to talk about your objectives, competencies, and growth requirements. It’s your responsibility to make it clear, first to your families and then to the outside world. Men in the family as well as leadership also need to actively support women, and organisations need to foster a culture of inclusion.
As a girl from a small town in Uttar Pradesh, I have navigated my way to where I am today. I was clear about what I need and that definitely helped. But it has been a really tough journey, especially coming from an agricultural family that was totally business-oriented. While there are signs of change in some urban areas, gender stereotyping and patriarchal mindset are prevalent all across. The situation is worse in Tier II and Tier III cities.