GENDER parity still appears to be lacking in the financial services sector says Fox & Partners, an employment and partnership law specialist through their new analysis report.
The analysis report summary came out at the end of April 2022.
The firm has found that of the 5,815 senior-level promotions and hires in the financial services sector in the past year, women’s representation was just 1,365 which is 24 per cent.
Male senior/board members of the FTSE 350 financial services firms have earned 66 per cent more than women last year, that is., £689,550 for male directors compared with an average of £235,075 for women.
Authors of the report suggest a need for a significant cultural change to improve gender diversity within the senior positions of these firms. Potential female leaders must be created for this, it says.
Catriona Watt, the partner at Fox & Partners, commented: “Women remain underrepresented at a senior management level but of more concern, among new entrants to senior management. The list of promotions and new hires today are still heavily stacked against women, despite deliberate action to achieve diversity by many employers.”
“The percentage of new senior managers that are women will have to increase dramatically, or it is doubtful that we will reach gender parity at the senior level in this generation”, she added.
Firms should consider setting up and supporting mentoring and championing programmes and committing to the pledges included in the Treasury’s Women in Finance Charter. These included:
Watt also added: “Female leaders are not going to emerge overnight. Companies need to first identify and address barriers and to implement and embed a support structure that allows future female leaders to progress from junior management roles.”
Fox & Partners is a specialist City employment and partnership law firm. It provides top-quality legal services with an expert team of solicitors based in the City of London.
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