Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

INEQUALITY IN OPPORTUNITY TO RISE UP THE RANKS REVEALED

INEQUALITY IN OPPORTUNITY TO RISE UP THE RANKS REVEALED
  • One in five workers face inequality challenges when trying to climb the ranks
  • Four in ten women believe they have received insufficient career guidance to progress
  • Age is the most common issue but HR managers are most committed to tackling sexism

New research by Lee Hecht Harrison |Penna, the global people management business has found a fifth of UK employees (20%) feel discriminated against in promotion decisions. The most common cause of this inequality is age (39%) followed by gender (26%) and employment status* (22%). While employers agree ageism is the most apparent at their company (12%), HR managers are most committed to tackling sexism.

Further to this, 29% of all employees believe that the promotion process at their company is unfair. This is in contrast to HR professionals with nearly all (94%) believing that the promotion process at their company is handled fairly, highlighting a distinct discrepancy between employees and HR.

Those stating the promotion process at their company is unjust attribute it to a lack of guidance on how to climb up the ranks. Women are much more likely to feel they have not been giving sufficient career guidance with four in 10 (40%) reporting this to be an issue in comparison to just a quarter of men (26%).

Most attuned to the perceived lack of fairness in the promotion process are 25-34 year olds. They are the age group which feels most hard done by when it comes to promotion decisions, for a multiplicity of reasons with 28% reporting thiscompared to the average for all age groups of 20%. In addition to feeling wronged, they are also more likely to take proactive action, a quarter (24%) have left a job because they have been passed over for promotion, while a further 24% have left a job because the company has lacked diversity.

When it comes to who deserves to be promoted, employees and HR professionals are in agreement. Over half (53%) of UK employees believe working hard and doing a good job are the most important reasons for a promotion, echoed by HR professionals (41%). However, with “working hard” and “doing a good job” remaining intangible metrics, it is clear to see why 29% of employees believe the promotion process is unfair.

To tackle diversity, 7 in 10 (70%) organisations integrate quotas into the promotion process. However, 40% of employees believe more still needs to be done to tackle lack of diversity. To promote inclusivity over a quarter (26%) of employees support instilling positive discrimination.

Nicola Sullivan, Senior Director, from Lee Hecht Harrison |Penna commented “With our research showing nearly all (91%) of HR professionals believe their promotion processes are inclusive, there is a clear disconnect between the positive action HR professionals believe they are taking and how this is perceived by employees. For companies looking to bridge this gap, there is no one size fits all policy. To create a promotion process seen as fairer and more inclusive by its employees, HR professionals and senior management need to develop a unique solution tailored to the nature of both the organisation and staff.

“In some cases this could mean redesigning the process to improve assessment processes, while in others it would be retraining people managers to have effective career conversations. However, in almost all cases helping employees to understand their career options, clarify pathways and enabling them to understand what they need to do to achieve their ambitions is essential.”

Promoting inclusivity within the workforce is a critical issue with the majority of employees (74%) stating they would consider leaving a company if it appeared to lack diversity. Two thirds (65%) of HR managers believe promoting diversity leads to a varied workforce with a range of skills and outlooks, while half (51%) do so because it is expected within today’s society. A further half (50%) are committed to promoting diversity because it prevents claims of discrimination.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post