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Women continue to be under-represented in the top layers of management across the financial services industry, a new government report has found.
Gender inequality apparent in financial services
27 November 2014
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6 minute read
An analysis of the gender composition at Australian financial services companies conducted by the Australian Government Workplace Gender Equality Agency (WGEA) shows that women comprise 41.8 per cent of ‘other managers’ but just 24.2 per cent of key management personnel and 4.4 per cent of CEOs.
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The industry measures up badly compared to Australia as a whole, where 17.3 per cent of CEOs are women.
WGEA director Helen Conway said workplaces were failing to maximise the potential of their female talent pool.
“There is now extensive evidence that shows women face clearly defined structural and cultural barriers in the workplace that make it harder for them to rise up the management ranks,” she said.
“This is a lost opportunity given it’s accepted [that] diverse teams underpin an organisation’s ability to innovate, meet the needs of customers and effectively manage risk.”
The study also identified a gap in pay, with full-time working women earning a base salary 19.9 per cent below that of working men.
Ms Conway encouraged employers to put strategies in place to address gender imbalances in the workplace, particularly on issues around parental leave and child rearing.
“Organisations that are failing to engage, retain, develop and promote women during those critical childbearing and career acceleration years are incurring real bottom line costs in terms of staff turnover,” she said.
“Yet, a vast majority of employers do not have the required strategies in place to create a level playing field and ensure women and men are equally represented, rewarded and valued in their workplaces.”
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