career progression for women in banking
DESCRIPTION
The Institute of Leadership & Management has published a new report, Women in Banking. It investigates why there are so few women in senior roles in the banking sector, the challenges they face and what the industry can do to address the issue. Our recommendations for action apply not just to banking but across all sectors. This presentation takes a step-by-step look at the findings and action points for managers and organisations. You can download the full report from our website: http://bit.ly/zSyCeNTRANSCRIPT
Institute of Leadership & Management
Gender diversity
in senior levels of banking
In a competitive global economy, employee diversity offers a proven route to increased innovation and organisational performance
Employers increasingly
recognise gender should
not be a barrier to career progression
Total number of male and female employees in the UK banking sector
44.5% 55.5%
Total number of male and female employees in the UK banking sector
The total number of employees in the banking sector and related services (excluding insurance and pensions) is 528,000. Of the total number of employees 44.5% are men and 55.5% are women.
44.5% 55.5%
Men and women working as managers in the UK banking sector
70%30%
Men and women working as managers in the UK banking sector
Although more women work in this sector, of the 91,000 classed as managers, just 30% are women
70%30%
ILM surveyed 800 men and women in banking to find out why so few women are promoted to senior levels and the challenges they face
What we found
Results show a mix of cultural and organisational barriers make it difficult for women to rise to senior levels within banking
British banks are unintentionally filtering out top female talent.
Banking’s male management culture identified as the biggest barrier to female career progression
Only 22% of respondents believe people in banking are promoted on merit alone
22%
Half of the women surveyed believe barriers to progression exist
48% 36%
Perception of the existence of barriers at different levels
36% 48%
38% 38%
33% 56%
33% 65%
36% 55%
43% 44%
21% 50%
60% 33%
Overall
Junior role
First-line management role
Middle management role
Senior management role
Senior level expert
Executive or board level
Other
65% 33%
Women, especially in senior levels, believe barriers exist
Middle management role
Men at all levels are less likely to see barriers facing women
The five biggest barriers identified by women
Attitudes of senior male managers
72% 53%
Greater proportion of men in senior roles
70% 54%
Lack of flexible working opportunities
56% 41%
Current organisational culture
61% 52%
Lack of suitable female role models
41% 33%
What can employers and
organisations do?
87% of women and 67% of men agreed positive action is needed
Flexible working identified as the number one solution
87% 67%
“There are certainly a number of women I know who chose a work life balance over seniority and some leave banking and finance altogether”said one respondent from our survey.
Attract more female graduates into careers with opportunities for advancement
Make banking a more desirable choice for women
For example, promote graduate training schemes with clear routes of progression.
Promotion based on merit, not hours in the office
Use output-focused, transparent performance management
Measure diversity and raise awareness
Increase female representation at all levels of management
Create sponsorship and mentoring programmes
Coaching and sponsorship between senior men and aspiring female leaders
“In the past I have had a mentor and it is useful when it is done well, on the whole mentoring and coaching is a very beneficial thing”said one respondent from our survey.
Senior female role models need to be more visible to encourage other women
“Having grown as a female in the banking sector there have always been very few female role models in senior positions”said one respondent from our survey.
Flexible and remote working for both men and women
Move away from presenteeism culture and towards effective implementation of flexible working practices
The solutions are applicable across all sectors These are essential steps towards improving gender diversity in senior management levels and diversity in all areas of an organisation
Our conclusion
Strong leaders of both sexes are needed to help banks grow and compete in a changing market
Women provide a wider talent pool
About ILMThe Institute of Leadership & Management (ILM) is Europe’s leading management organisation. We believe that good leadership and management holds the key to organisational effectiveness and social and economic prosperity.
For more information visit our website www.i-l-m.com
“A big fundamental step change in culture is required to push things through”said one respondent from our survey.
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