Market Research
Financial Services Still Has Long Gender Bridge To Cross - Data
![Financial Services Still Has Long Gender Bridge To Cross - Data](http://www.wealthbriefing.com/cms/images/app/GENERAL/shutterstock_221466169.jpg)
Two recent studies shed new light on gender differences across the world's financial services sector.
Four-firths of Asia's most senior jobs are held by men, new
research shows, while the average gender pay gap for UK managers
working in financial services exceeds 33 per cent, according to
another study.
Men still hold “at least 80 per cent” of the top jobs in Asia as
well as the bulk of management roles, according to research from
recruitment specialist Hays.
Meanwhile, a study from The
Chartered Management Institute, a professional body for
management and leadership, has found that the gender gap in the
UK's finance sector is “much higher” than across all other
business areas, with the average difference being 33.9 per
cent.
The studies' findings come at a time when certain money managers
are ramping up efforts to recruit more women in a bid to break
historical norms and oust ideologies that the sector is sexist.
For example,
Royal Bank of Canada Wealth Management earlier this month
said that “adding more women to our advisor ranks is good for the
industry, good for our business, but most of all, good for our
clients”.
Earlier this year, UBS - the world's largest wealth manager -
launched a five-year plan
supported by a new advisory board to better serve the world's
wealthy women.
Hong Kong-based businesses have the highest number of men at the
helm (89 per cent), while Malaysia is at the opposite end of the
spectrum with the highest number of high-ranking females (24 per
cent), according to Hays.
“Last year, men held 79 per cent of the top jobs and 67 per cent
of line manager roles so there is no real improvement in female
representation in leadership roles,” said Dean Stallard, managing
director of Hays Hong Kong.
Over in the UK, the average gender pay gap across all industries
is 26.8 per cent, according to CMI's research.
The firm's findings come six months after new regulations
introduced by the UK government came into effect, which require
large employers – those with more than 250 staff – to publicly
disclose the size of their gender pay gap.
As of 22 September, just 77 out of the 7,850 UK companies obliged
to comply with the new regulations had done so, CMI
said.
“Too many businesses are like ‘glass pyramids’ with women holding
the majority of lower-paid junior roles and far fewer reaching
the top,” said Ann Francke, CMI's chief executive. “We now see
those extra perks of senior management roles are creating a
gender pay gap wider than previously understood. The picture is
worst at the top, with male CEOs cashing in bonuses six times
larger than female counterparts.”