Finance
The importance of women in Finance: why we need more women in banking and finance
Global Banking & Finance Review®
Company
By Sarah Willis, Chief Finance Officer at Intelligent Growth Solutions
Financial services and finance-related roles are some of the most gender imbalanced of any sector, particularly in senior leadership positions. Figures from Deloitte’s Within reach report from 2021 found that only 24 per cent of women hold senior positions within the financial services firm.
The Government is trying to change this, with developments such as the Treasury releasing a Women in Finance Charter in 2015, a pledge for gender balance across financial services. There are today more than 330 firms signed up to it who have set themselves targets to improve female representation in senior roles.
Similarly, 100 Women in Finance, a global organisation committed to promoting diversity, set a guiding principle for all financial services to follow – Vision 30/40, whereby women make up 30% of investment team and executive leadership roles by 2040.
These targets are understandably needed given the poor female representation in finance roles. But how do we reach them? I have more than 20 years’ experience in finance, ranging from M&A executive positions in a top four accountancy firm, to financial roles within oil and gas, before moving into a CFO position at agritech business Intelligent Growth Solutions. Over the years, I have identified key areas where we should and need to change to make fundamental improvements to the ways in which we balance a boardroom.
It must start at school
The barriers to women entering finance starts at school-age level. We must encourage young girls to participate in subjects and activities that for too many years have been deemed male. The Women in STEM movement has made huge strides over the years to encourage girls to consider careers in these subjects, but there is still work to be done to remove the unconscious bias in everyday life and language that often deters girls and women from choosing STEM career paths.
Outside of the curriculum, we need to be building young girls’ confidence in speaking up and building their resilience, so they come into the working world prepared to potentially be the only woman in a room.
Allyship and mentoring
Cultivating relationships with people who not only identify opportunities for you to grow but who also help you succeed in them is key. I have always been an advocate of mentoring programmes for this reason, and their benefits really came to the fore during the pandemic.
When COVID-19 first broke out in March 2020, it was an enormously challenging time for financial professionals. Every day we were making decisions that impacted either the future of our business or our people. Having a mentor group during this time made up of women in financial positions across all industries, gave us a safe space to share our experiences and seek validation that we weren’t the only ones feeling the pressure of the pandemic.
Creating the provisions for a career break
It’s estimated that fewer than one in five new mothers return to full-time work in the first three years after maternity leave. Allowing for career breaks – and not only for women who chose to have children – and providing the necessary provisions to enable them to come back to work in the same or similar positions is key. Norway does this incredibly well.
Not every woman takes a career break, but we should not alienate those who choose to do so.
Finding the right employer for you
Having worked in predominantly male sectors like oil and gas and agriculture, I have realised the importance of finding a good employer that whose values fit with your own.
I am fortunate that I now work for an agritech business that is not only forward-thinking in the way it is seeking to revolutionise farming, but in its approach to people too. I have a senior leadership team around me that makes me feel confident and empowered, and in turn that inspires me to bring more women into the business.
Government policy changes and targets to improve gender equality are vitally important. But so too is an employer’s commitment to building a workforce that represents society. Only then will we have a balanced company culture.
Gender equality refers to the state in which access to rights or opportunities is unaffected by gender. It ensures that men and women have equal conditions for realizing their full human rights.
Mentoring is a professional relationship in which an experienced individual (mentor) provides guidance, support, and advice to a less experienced person (mentee) to help them grow in their career.
A career break is a period when an individual takes time off from their professional career, often for personal reasons such as family care, education, or personal development.
Allyship is the practice of supporting and advocating for marginalized groups, often by individuals who are not part of those groups, to promote equality and inclusion.
Diversity in the workplace refers to the inclusion of individuals from various backgrounds, including different genders, races, ethnicities, ages, sexual orientations, and abilities, contributing to a richer work environment.
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