Women in financial services progressing at lower rate than other industries

Women in the financial services are not progressing into senior positions at the same rate as other industries, according to a new report from PricewaterhouseCoopers (PwC).

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The report revealed that 54 percent of women working in the financial services industry say their diversity status is a barrier to career progression at their company, compared to 45 percent in other sectors. Further, 43 percent of women working in financial services say they have experienced inappropriate language, insults, and bullying, compared to 34 percent in other sectors.

Additionally, the study found that 60 percent of new mothers believe they’ve been overlooked for career-advancing opportunities since returning to work. Also, 52 percent say that while their organization has policies, such as flexible working, they are not readily available in practice. Further, 51 percent said there would be negative consequences if they took advantage of them.

However, there were some encouraging signs of progress. About 60 percent of women surveyed said they had negotiated a promotion in the past two years, compared to less than half of the participants of all industries. Also, about 80 percent of women working in financial services are confident about their ability to lead and to fulfill their career ambitions.

“This report emphasizes that financial services globally is facing a watershed moment in terms of supporting gender diversity. Organizations are confronting a generational cohort who are more confident and ambitious regarding their leadership abilities than ever before,” Jon Terry, global financial services human resources consulting leader at PwC, said. “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 organizations can take practical steps to address this shortcoming.”

The survey results are based on feedback from 290 professional women ages 28 to 40 who are working in the global financial services industry.

“This generational change should be seen as a window of opportunity for gender equality in financial services: a chance to boost diversity and inclusion and reap the benefits. Yet if this window is not seized there could be serious challenges for the sector when it comes to attracting and retaining talent in the future,” Terry said.