It is disheartening to hear that only one in four financial services professionals in a senior role are women, despite the fact that the majority of junior staff are female. This has created a lot of negative press, especially for FTSE 100 companies, who do not have fair representation on their boards or management teams.
However, as gender reporting requirements come into force under the Gender Pay Gap Reporting Regulations this month, we hope that businesses will be encouraged to take an active role in driving change, not only within the financial services sector, but across all industries. Although no one expects these regulations to produce immediate results, we are moving in the right direction to increase awareness and motivate good practice which will result in a notable change to the boards and management teams of the future.
The majority of junior staff working in financial services are women but only one in four of those who reach a senior role is female, according to exclusive Financial Times data that highlight the struggle the industry faces to close the gender gap. The FT gathered data from 50 of the world’s biggest banks, insurers, asset managers and professional services firms on their progress towards achieving a more even split between men and women throughout their organisations. Another 15 companies refused to disclose information. The data reveal that the share of women plunges dramatically as employees move up through the ranks at their institutions. Despite some improvements in recent years, progress has been painstakingly slow.