Australian finance firms “missing a trick” on gender diversity
Announcement posted by Cape Public Relations 21 Nov 2012
Australian finance firms “missing a trick” on gender diversity
Only 35% of finance workers believe their firm has a policy in place
MEDIA RELEASE: For immediate release 21 November 2012
Sydney, 21/11/12 - Despite prolonged and continued wide-spread calls to improve participation of women in financial services only 35% of Australian financial services workers believe their firm has a gender diversity program in place, according to the eFinancialCareers Diversity Survey 2012.
The survey found the demand for gender diversity programs is as strong as ever, with nearly two thirds (64%) of financial services workers believing gender discrimination exists within the industry. Women were even more definite, with over 8 in ten (84%) saying gender discrimination does occur, and nearly 4 in ten (39%) claim they have experienced it personally in the past, and nearly 1 in ten (9%) say they currently feel discriminated against.
Half of all respondents (51%) believe women are not represented equally at senior levels in their company. Moreover, 7 in ten (70%) do not think female representation on their company board is equal to that of men. Male-female income disparity still appears to be rife in Australia’s financial services, with nearly 6 in ten (56%) agreeing there is a gender gap in income in the industry.
“Considering the contribution women make to financial services, this survey shows that too many Australian financial services firms are missing a trick communicating clear gender diversity policies to their workers and potential employees,” said eFinancialCareers Managing Director Asia Pacific, George McFerran.
“Financial services have traditionally been a bastion of male dominance, so it’s essential for firms to have clear, established gender diversity policies in place for the entire industry to move forward and become a more attractive proposition for women to work in.”
Women want policy
When asked how important a clear policy and established diversity practices were when selecting a future employer, the majority of women (54%) said a clear policy was very important, while the majority of men (55%) were not concerned either way.
The top policies or practices cited by women as the most effective to promote women into more senior positions are mentorship and sponsorship, cultural change and transparency in remuneration structure, which tied with flexible working arrangements.
“Gender discrimination is still a very real issue for financial services. If firms want to attract women in greater numbers they can’t continue in this way. Women are clearly saying they want to see gender diversity programs in place, and those programs are seen as very attractive in an employer,” said Mr McFerran.
Five year outlook
The survey also found respondents were fairly pessimistic about whether they thought the gender gap in financial services was likely to improve. Over 4 in ten 45% thought the gap would remain the same within the next five years.
“That sort of negativity may simply be due to the generally difficult year in financial services,” said Mr McFerran. “Or it may be because this is seen as a systemic issue that is unlikely to be addressed in the medium term. We would encourage all firms to develop positive gender diversity policies and to make them available and known.”
***ENDS***
About the annual eFinancial Careers Diversity Survey
The eFinancialCareers Gender Diversity Survey took place betweenSeptember, 28th 2012 and October, 15th 2012. The survey polled a total of 309 employed finance professionals living in Australia. The survey provides comprehensive research on finance professionals’ sentiments towards gender diversity in the finance industry in 2012.
About eFinancialCareers
eFinancialCareers, a Dice Holdings, Inc. service, is the leading global career site network for professionals working in the investment banking, asset management and securities industries. The website provides financial services professionals with job opportunities, job market news and analysis, salary surveys and career advice. Recruiters and employers can post jobs targeting specific sectors within the financial services industry, both buy-side and sell-side, and can search the resume database for highly qualified and specialized professionals. eFinancialCareers has a network of co-branded career sites with industry-leading trade publications and offers local websites in 19 markets and five languages primarily across North America, Europe, the Middle East and Asia-Pacific. Please visit www.eFinancialCareers.com.au for more information.
For further information please contact:
Cape Public Relations +61 2 8218 2190
Luke Roberts luke@capepublicrelations.com M: 0422 855 930
Jane Thomson jane@capepublicrelations.com M: 0413 682 377