According to a recent survey* from eFinancialCareers, the leading global career site network for professionals working in the investment banking, asset management and securities industries, over half (56%) of surveyed finance professionals in Australia believe that gender influences income levels in the financial services industry.
The male-female income disparity appears more prevalent in senior positions. When asked whether remuneration is equal for men and women in top managerial positions, over half (54%) of survey respondents disagree. This drops to nearly a quarter (24%) when asked the same question about entry level positions. However, respondents believe progress is on its way. Over four in 10 (45%) believe the gender income gap will narrow, and two thirds (66%) expect more women to fill top positions in the next five years. Results from the survey also show that men are believed to be more competitive: almost six in 10 (59%) agree that men are more likely to put themselves forward for promotional opportunities, which could be one of the reasons why there are more men in senior management positions.
Besides income, the survey highlights further perceived inequalities in Australia’s finance sector:
- a third (33%) of surveyed finance professionals say they have experienced discrimination in the past or are aware of specific instances of discrimination happening to others;
- four in 10 respondents (40%) believe being male makes it easier to succeed in the finance industry;
- over a third of respondents (36%) cited they sensed a gender bias in the recruitment process.
“Gender discrimination is a universal and complex issue which is not confined to just Australia, and financial institutions should promote gender diversity programmes to tackle this issue,” comments George McFerran, Head of Asia Pacific for eFinancialCareers.” eFinancialCareers survey, however, reveals that there is still some way to go. Over a third (36%) of survey respondents confirm that their current employer does not have an explicit gender diversity program, and a quarter (24%) just doesn’t know.
The top two initiatives cited as beneficial in increasing the participation rates of women in financial services are the implementation of flexible work options and child-care strategies. While the majority of financial institutions offer flexible scheduling or let their staff work from home, childcare subsidy or reimbursement and onsite childcare remains low.
“Clearly more needs to be done to reduce gender inequality in Australian financial services firms. Increasing the provision of childcare support is much needed, alongside more companies offering flexibility in working conditions and scheduling. Implementing such policies not only reduces inequality between men and women, it also enhances the reputation of the firm. More firms need to be bolder in this regard,” concludes Mr McFerran.
