The financial services (FS) sector is falling behind other sectors when it comes to supporting women’s progress into senior positions, according to a global report from PwC
The research, based on findings from a survey of 3,627 professional women from across all sectors worldwide, found that 54% of women working in FS believe that their diversity status is a barrier to career progression in their organisation, compared to 45% in other industries.
Nearly half (43%) of women working worldwide in FS have experienced inappropriate language, insults and bullying, compared to an average of 34% in other sectors.
The report also raises concerns about the impact of workplace policies intended to support working mothers. Nearly 60% of new mothers in FS believe they’ve been overlooked for career-advancing opportunities since returning to work. More than half think that while policies such as flexible working exist in their workplace, they are not readily available in practice (52%) or would have negative impacts if taken advantage of (51%).
However, the research also found encouraging signs of progress within the sector. More than 60% say they have negotiated a promotion in the past two years, compared to less than half of the participants of all industries. More than 80% of women working in FS are confident about their ability to lead and to fulfil their career ambitions.
Jon Terry, global FS HR consulting leader at PwC, said: ‘This report emphasises that financial services globally is facing a watershed moment in terms of supporting gender diversity. Organisations are confronting a generational cohort who are more confident and ambitious regarding their leadership abilities than ever before.
‘Yet the perception is that many employers are failing to adapt to the challenge and take pro-active steps to reduce the barriers. While the earnings gap between men and women is relatively small until their late 20s, it starts to widen significantly by their forties. It is therefore vital to understand the needs and concerns of this group in particular so that organisations can take practical steps to address this shortcoming.’
Seeing Is Believing: clearing the barriers to women’s progress in financial services is here
Report by Pat Sweet
