Differing views, gender pay gap, promotion opportunities. These are just some of the issues central to the debate on gender equality in the financial services industry. In the Financial Services Institute of Australasia (FINSIA) 2020 Gender Divide Survey, it was revealed that there is still a pronounced chasm between female and male perceptions of various problems in the workplace that are culprits of gender inequality, though there is light on the horizon.
Since 2010, FINSIA has been conducting its Gender Divide Survey, putting forward questions to its members that examine their attitudes toward a range of gender-related issues in the workplace. Through this initiative, FINSIA aims to gain a deeper understanding into the differing perspectives among men and women, and pinpoint specific areas of focus in order to improve the gender balance in financial services. In 2020, the survey gained 779 responses, 54% of which are female and 45% of which are male, with the remaining 1% choosing not to specify.
From the survey results, it is evident that men and women hold very different views about gender-related workplace issues. With financial and insurance services labelled as the industry with the highest gender pay gap (27.5%) by the Workplace Gender Equality Agency (WGEA), the question of whether employers are transparent about remuneration was put to the respondents. In comparison to their female colleagues, the survey revealed that male respondents were more than three times as likely to agree that their employer is transparent about remuneration. This is a striking contrast. Meanwhile, 54% of females indicated that women are well represented in senior roles, while 77% of male respondents agreed to this statement. Furthermore, it was found that 77% of females believed that women from diverse backgrounds face additional barriers to corporate leadership, while only 42% of male respondents acknowledged this.
Nevertheless, there has been progress made. In 2020, both genders indicated that culture issues are the most important element in promoting gender equality in financial services. As compared to previous years, where males did not rank this factor as a top priority, this marks a significant improvement. Additionally, more and more organisations are recognising the need to promote and advance women into senior roles to increase the diversity of ideas and perspectives shared throughout the firm, with more than half of all respondents acknowledging the importance of this action. In contrast to the gender division outlined above, there was no significant difference between men and women regarding the need for greater female representation in senior positions. Since the COVID-19 pandemic, flexible working arrangements have also become normalised, with close to 90% of respondents from both genders acknowledging that flexibility in work has now become more acceptable.
Overall, there is still much to do. Only by understanding the crucial areas of concern, and by looking through the lens of both genders, can we move forward in the journey towards closing the gender divide. In the current market, firms in the financial services industry will need to embark on even greater change to support their female employees.
Firms such as F3 are also here to help bridge the divide. Though we can’t conquer all aspects of gender inequality, we are trying to change the workplace environment, for the good. By providing opportunities for the next generation of female students to learn about finance and gain exposure to finance roles, we hope to improve female outcomes in the industry and tilt the balance.
