The industry of financial services has begun to take steps towards balancing gender in the department of senior management, according to a report made by Oliver Wyman. There has been an increase in women stepping into management roles; there is also a shift in executive strategies and mindsets. Despite the progress, there is still a large gap that needs to be bridged before gender balance is achieved.
The Gender Balance of Women in Financial Services Report
For the gender balance analysis report, Oliver Wyman conducted a survey of over nine-thousand senior leaders from different financial services entities in over thirty different countries all over the world. The analysis showed that since the year 2013, there has been an increase of five percent of women working in the higher level of different departments of different industries. In 2019, there has been twenty-three percent of board members and twenty percent of executive roles that comprise of women.
Furthermore, there has been a growing number of outstanding performances in the financial services industry: twenty-six percent of financial services entities have over thirty percent of women at the executive level. The leading country of gender balance in financial services institutions would be Israel, with a thirty eight percent representation of women on an executive level. Following Israel is Australia, Sweden, Finland, Thailand, Norway, and Canada. The lowest countries with female representation would be Saudi Arabia, with China, Japan, and South Korea in the lower percentile.
The Difference Then and Now on Gender Diversity
The positive change that is taking place revolves around diversity and it is essential in different industries. “It is no longer box-ticking; gender diversity is now recognized as a strategic issue that impacts business outcomes,” stated Jessica Clempner from Oliver Wyman; she is the leading author on the report.
There has been a demand from supervising authorities and stakeholders to introduce both inclusion and diversity in the workforce. According to Clempner, “Senior leadership is increasingly becoming held accountable by linking results to remuneration and tactical initiatives are starting to make a real change.”
However, according to the leading role of Financial Services in Oliver Wyman, Ted Moynihan, there is still a long way to go for financial entities and the whole industry. “Gender balance impacts a broad set of stakeholders in financial services. If the industry is to continue to make progress on gender balance, firms will need to recognize this and take a broad approach.”