Banking & Finance Has Become a Far More Diverse Sector Since the Start of My Career – but We Mustn’t Get Complacent

By Jayne Newton, Director of Regulatory Expertise, Efficient Frontiers International

How the landscape has change for women since the start of my career

The banking and finance environment has changed drastically from when I first started my career in the 1980’s. At that time, women were significantly underrepresented, particularly at senior levels and with a clear gender bias towards men in leadership positions. There were fewer female role models than today.

The latest EU/UK census statistics indicate that in the Financial Services sector the female/male split is now 40% / 60%. It is fantastic there is much more gender balance now but the momentum in diversity initiatives must be maintained given the percentage of women in senior roles is still lower than that.

Given the progress made to date, it is essential the sector continues to attract talented people.

Tips for success for young women seeking out a career in financial services

Working in financial services is a rewarding career with a broad range of disciplines to choose from within organisations. In my experience, flexible working has been a game changer in attracting and retaining the best people. This works best for gender equality if all colleagues are encouraged to work flexibly, where possible, so that it is not just those colleagues with parenting or caring responsibilities that practice flexible working. For example, it is just as valid for a team member working say a nine-day fortnight to use that tenth day off for a hobby than it is for a person with caring responsibilities.

EFI embraces diversity and is particularly strong regarding gender equality. So, I also spoke to my friend and colleague Mina Thakore, currently EFI’s Head of Business Control, to ask if she also encourages women to seek a career in financial services. Mina’s take on it is, “Absolutely, there has been ample investment in diversity and inclusion initiatives within financial services and young women need to help bring these initiatives to life and improve the representation of women. Of course, we all face barriers both at work and on a personal level, but for those who are contemplating a career in financial services it is incredibly important to seek a role model and mentor who can help navigate your career, build the right relations, and help create a pathway to success. Take brave risks early on in your career so that you get exposure to a breadth of experience, finally be confident, believe in yourself and you will see the rewards.”

Top tips:

• Seek out sponsors to coach and mentor you during your career to learn from people with a variety of experience;
• Develop and practice your assertiveness skills and have confidence to challenge situations that make you feel uncomfortable; and
• Make bold and informed choices.

The benefits of diversity and inclusion for the sector

Currently at EFI, 51% of our workforce is female and represented at all levels of seniority. I am the leadership team sponsor for Diversity and Inclusion, and we have a team of advocates here at EFI to ensure that our teams understand that diversity and inclusion is everyone’s responsibility and to bring the agenda to life. It is crucial for all our people to feel they work in a supportive, diverse and inclusive environment to help them be the best they can be and feel comfortable to be themselves at work.

Ensuring more women are attracted to – and stick with – careers in financial services

It is clear that progress has been made but it is important not to be complacent. There are examples of great and effective global diversity and inclusion initiatives such as the HeForShe Alliance that aims to accelerate gender equality across all walks of life and empower people to make the change.

However, it is important to consider what can be done to learn from and help each other at a micro level. Joanna Ricketts, EFIs Head of Platform shared her insights and told me “It is really important that we show women that they are supported through all stages of their lives and careers, that the commitment to gender equality in Financial Services is here to stay and is not a passing fad. When I started my career some of the inequalities I understood to exist were things I had heard passed on from friends or family members and I did not know what was true and was what not, nor how serious some of the challenges I might face would be. I think the transparency and focus that a career for women in financial services now have, is incredibly important; we must make sure that they are joining the industry with their eyes open to not just the challenges but to the changes institutions are committed to making.”

In achieving equality, the following tips will help people of all genders in their careers:

• Encourage positive role models in the workplace, including effective coaching and mentoring schemes;
• Encourage all genders to work flexibly to suit both the business and individuals, for example job share, hybrid working, compressed hours, taking parental leave and caring responsibilities; and
• Be aware of unconscious bias – implementing ways to avoid gender bias in opportunities/recruitment.

Special Credit – Joanna Ricketts, Head of Platform, and Mina Thakore, Head of Business Control, at Efficient Frontiers International