When Women in Banking & Finance, a London-based nonprofit organization, asked women to reflect on their careers, typical complaints included being treated differently merely because they were women and needed to carve out a unique niche to succeed in the finance industry. On the other hand, men were frequently welcomed on more conventional paths. However, according to the survey, it was much worse for Black women, who faced "stronger headwinds and fewer tailwinds," according to the survey.
Half of the women interviewed named "mediocre" males specifically, stating that they could survive more readily than women with equivalent ability. When pressed for an explanation, women cited a variety of factors, including men's membership in a social group where other members act as gatekeepers; men's constant presence, whereas women are more likely to take parental leave; and companies' reluctance to "manage out" men due to their perceived role as wage earners.
One solution could be competent, empathic bosses and collaborative bonuses. Women responded that sympathetic managers gave them the opportunity and freedom to explore career-enhancing possibilities but that their companies did not reward inclusive managers. Instead, the authors of the paper proposed measures such as reorganizing bonuses to be based at least in part on team success, frequent gender audits of stretch assignments and promotions, and structured programs to help employees return from maternity leave.
Women are underrepresented in the banking industry. According to the European Banking Authority, only 8% of top executives at European credit and investment institutions and a fifth of posts in management bodies at Europe's largest banks are held by women. According to the most recent Deloitte report, women accounted for little under 22% of leadership posts in US financial services organizations in 2019. According to the study, if existing trends continue, gender equality in financial services leadership jobs may not be achieved until 2085.
About Jim Woods
He has worked in global diversity and inclusion since 1998. He advocates tying strategic interventions to financial outcomes. He has written numerous leadership books and contributed to strategic diversity, inclusion, and leadership solutions. As President and CEO of Woods Kovalova Group, he has worked with Whirlpool, the US Army, Homeland Security, Deseret Bank, Seimens, and many others. Work with Jim.
Mr. Woods has a BS in management and leadership. Including an MS in organizational development and HR.