September 10, 2018 11:30
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Only 19 % of senior management positions in financial services are held by women, despite the fact that there are an equal number of women and men who come into the industry, says a new report from McKinsey.
This wobble is caused by the fact that women are not promoted at the same rate as men, says the research paper, entitled Closing the gap : Leadership perspectives on promoting women in financial services.
Less likely to get a promotion
From the beginning of their career, women are 24 % less likely to get their first promotion compared to their male peers, even if they are applying for promotions at the same pace, the study finds.
More than half of women in positions of senior management surveyed by McKinsey (level of vice president or higher) think that they have missed opportunities because of their sex. This compares to 10% of men who feel the same way.
The study also revealed that women of color are particularly disadvantaged. “Although one in five people hired at the entry level is a woman of color, it disappears practically from the representation at the higher levels. “
Access to mentoring
To solve the problem of the parity men-women in the workplace, McKinsey says, the solutions include improving the quality and access to mentoring, elimination of bias in the reviews and promotions, to give employees the flexibility to find a balance between work and family, to strengthen accountability by setting and measuring objectives, and “repositioning” the sector to make it more attractive for women.
“Demonstrate that the financial services are a sector in which women can thrive is a critical first step to achieve parity. This will help to improve the representation of women in the early stages of the evolution of careers, and is especially important in sub-sectors such as asset management and wholesale banking where women are below parity, ” says McKinsey.