However, in 2017, we are still having to challenge bias and overcome longstanding issues in the workplace such as the gender pay gap, exclusive recruitment, gender stereotyping and inadequate boardroom representation.
Rest assured, I am not discounting the leaps and bounds that have and are being made for gender equality over the years – they are the reasons why many people, including myself, keep on campaigning for change – I am merely implying that more work still needs to be done.
For example, it has been reported that there are now women on every board in the FTSE 100 and the UK’s gender pay gap was declared at its “lowest level ever” (just over 18%) by the government towards the end of last year. However, while these are clearly positive moves, it should not be applauded and then swept under the carpet until next year’s statistics are revealed. The current rate of progress is too slow and therefore the real clapping will only start when fundamental changes are implemented.
So why is this relevant to you?
Ultimately, the construction and financial industries came out top for the highest gender pay gaps in 2016, according to an online tool by the government and the Office for National Statistics.
Construction and building trades supervisors had the largest gender pay gap in favour of men at 45.4%.
At a time where the construction industry is fearing a skills shortage, with over 230,000 new construction jobs required by 2020 to meet demand spurred on by the national housing crisis – why aren’t we making these roles attractive to women?
On top of this, women held 41% of financial manager and director jobs in 2016 , but were still paid 36.5% less than men.
According to a report titled ‘Empowering Productivity: Harnessing the Talents of Women in Financial Services’ led by Jayne-Anne Gadhia, chief executive of Virgin Money, more women than men are employed in financial services. However, many do not progress beyond middle management level, leaving almost all of the top jobs in the hands of men.
The research showed that in 2015, women made up only 14% of executive committees in the financial services sector.
What strides have been made for women in finance?
The Women in Finance Charter, which was published this time last year, asks financial services firms to commit to implement four key industry actions to improve gender diversity at senior levels.
This involves:
• Having one member of a firm’s senior executive team who is responsible and accountable for gender diversity and inclusion
• Setting internal targets for gender diversity in senior management
• Publishing progress annually
• Having an intention to ensure the pay of the senior executive team is linked to delivery against internal targets on gender diversity
As of November 2016, the charter stated it had received signatures from 93 firms across the financial services sector.
Below we have recognised the 89 that have been published by the charter so far.
Charter signatories announced in November 2016 Aberdeen Asset Management |
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Phoenix Group Pioneer Mutual Credit Union Principality Building Society Progressive Building Society Prudential PwC UK Ridgeway Partners Santander UK Schroders Sestini & Co Shawbrook Bank Simply Business South Manchester Credit Union Standard Chartered Standard Life State Street Sturgeon Ventures LLP The Co-operative Bank The Royal Bank of Scotland The Royal London Mutual Insurance Society Thomson Reuters TSB Bank Unum Virgin Money West Bromwich Building Society Zurich Insurance |
As quoted from the charter itself: “A balanced workforce is good for business – it is good for customers, for profitability and workplace culture, and is increasingly attractive for investors."
One way we can all take action for change today is to challenge the financial services firms who have not yet signed up and ask them why they are not pledging to be one of the best businesses in the sector.
At a time of economic uncertainty and increased competition within the property finance markets, why would companies not want to be part of something that can only be for the better?
Let us not make the next generation who will enter the financial services sector answer these questions for us. Let us not sit back another year. Enable our successors to move on to new challenges.
Let us be role models.
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