Majority of survey respondents highlight need for a change in company culture to support women’s progression
The results of our Diversity survey have revealed that more than 50% of respondents still see barriers to progression in their own organisation. Many of these barriers affect both men and women, but for women a lack of transparency over pay and promotion and the persistence of a long hours culture were particularly problematic.
Among the measures that are needed to remove these barriers, members of the Chartered Banker Institute were clear that further progress now requires a much greater focus on family-friendly working practices and action to tackle unconscious bias and promotion through male-dominated networks.
Hilary Cooper, Associate Director, The Finance Foundation, who analysed the survey’s findings commented:
“Overall, we received some positive messages on progression opportunities for women in the sector, showing that change is undoubtedly underway.
Nevertheless, we found that women are likely to remain disadvantaged when negotiating pay on a par with men in similar roles if there is a lack of transparency about what others are earning and where the criteria for agreeing pay and pay increases are poorly-specified or understood.
Tackling the gender pay gap – the difference between the average earnings of men and women – will require more women to progress to senior roles. Initiatives such as the ‘Women in Finance’ Charter give this impetus by requiring companies to set gender diversity targets and to hold senior executives to account for delivery. I look forward to seeing the pace of progress pick up so that more women and men feel fully valued and have sufficient opportunities to progress in their banking careers.”
Simon Thompson, Chief Executive of the Chartered Banker Institute added:
“These responses provide valuable data for the development of our latest professional development programmes aimed at enabling all banking professionals to reach their full potential, through initiatives such as our mentoring programme.
Issues of diversity and equality are at the top of agendas in banking, business and many other walks of life - and rightly so. With more than 50% of Institute members now female, these issues are top of our agenda too. For banking to enhance and sustain the ethical professionalism on which we depend, fair treatment of customers needs to be accompanied by the fair treatment of - and equality of opportunity for - all our colleagues.”
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Matthew is responsible for leading the implementation of the Institute’s strategic and operational plans for public affairs, key stakeholder engagement and communications.
Matthew has over 25 years’ experience working as a senior Parliamentary/Political Affairs Professional with a wealth of skills across all areas of public affairs, joining the Institute in 2015 to help raise its profile, impact and influence. Matthew has worked for MPs, co-founded a public affairs agency and run think-tanks providing him with considerable knowledge of the operations of regulators and government. He is also an expert in the UK Parliamentary Process.
Matthew was Administrative Secretary to the All-Party Parliamentary Group for Building Societies and Financial Mutuals between 2003 and 2013 and immediately prior to working for the Institute, was Chief Executive of the financial services think-tank, New City Agenda.
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