Virgin Money’s “Women in Finance” Report shows that harnessing the talents of women is good for everyone – especially the economy!

Women in Finance Report shows that harnessing the talents of women is good for everyone

Last week Virgin Money published an excellent report on “Women in Finance” focussing on fairness, equality and inclusion for men and women in the Finance sector.

It is reported that more women than men start out in Financial Services but, as they progress, the majority fall out, especially at middle management level. This leaves almost all of the top-level roles in the hands of men. Achieving a balanced workforce at all levels in Financial Services will undoubtedly improve culture, behaviour, outcomes, profitability and productivity.

According to Virgin Money’s CEO and author of the report, Jayne-Anne Gadhia, a third of companies in the FTSE 350 still rely on the personal networks of current board members to find new candidates, meaning the old boys’ network is still being widely used. This is the sort of unconscious bias that can damage your talent while hindering business development. For more information about the link between Diversity, Inclusion and Unconscious Bias, and what you can do to help raise awareness of it within your organisation, visit our dedicated “Unconscious Bias Training” page on the site.

KEY FACTS AND FIGURES:

  • Only 50% of women, compared to 70% of men believe they have an equal opportunity to advance regardless of their personal characteristics or circumstances.
  • New Financial’s sample of 200 firms active in UK Financial Services showed an average of 23% female representation on Boards, but only 14% on Executive Committees.
  • In 2015 women made up only 14% of Executive Committees in the Financial Services sector
  • The OECD has estimated that equalising the role of men and women in the labour market could increase GDP by 10% by 2030
  • A recent McKinsey report notes that $12 trillion could be added to global GDP by 2025 by advancing women’s equality

Download the full Gender Forward Pioneer 2016 Index here: “Empowering Productivity – Harnessing the Talents of Women in Financial Services”. And for more information on the work PDT does to help develop gender equality in the workplace click on the below links: