Gender diversity and inclusion in the financial sector remains an issue in 2024. Although progress has been made, women are still underrepresented in senior roles and experience slower career progression than their male counterparts.
A study by Responsible Investor found that only 35% of asset managers felt their employers made an effort to promote women in their organisation. One woman noted often being the only woman in the room and was still asked to do the coffee run.
So why are we still not making sufficient progress? And what can you do to empower women in leadership roles?
Challenge 1: Overcoming Systemic Hurdles
First things first, the system. It’s not always fair. Women often encounter biases in hiring and promotions, alongside a work culture that doesn’t always support their needs.
The Solution
- Implement gender-blind recruitment and promotion processes to mitigate bias.
- Establish mentorship and sponsorship programmes that pair women with senior leaders who can advocate for their advancement.
- Offer flexible work arrangements to accommodate the diverse needs of female employees.
Challenge 2: Building Strong Support Networks
Having a solid support network is crucial. Women need mentors, peers and industry groups to lean on. These connections provide valuable advice, open doors to opportunities, and foster a sense of belonging in a male-dominated industry.
The Solution
- Create women-focused networking groups within organisations to facilitate connections and provide support.
- Encourage participation in industry associations and forums where women can network with peers and mentors.
- Offer leadership development programmes that include networking opportunities and peer support.
Challenge 3: Investing in Personal Growth
Personal growth is essential. Leadership programs tailored for women can make a real difference. They equip women with essential skills like negotiation and strategic thinking and offer mentorship to help them climb the ladder.
The Solution
- Invest in leadership development programmes tailored specifically for women. Focus these on building essential skills such as negotiation, strategic thinking and effective communication.
- Provide mentorship and coaching opportunities to help women navigate their career paths and overcome barriers to advancement.
Challenge 4: Embracing Diversity and Inclusion
Companies must champion diversity and inclusion. This means setting concrete goals, tracking progress, and holding leaders accountable. Diverse teams bring fresh perspectives and drive better business outcomes.
The Solution
- Establish diversity goals and regularly assess progress towards achieving them.
- Hold leaders accountable for creating an inclusive work environment where women feel valued and empowered.
- Encourage diverse representation in decision-making processes to foster a culture of inclusion and innovation.
Challenge 5: Advocating for Equal Opportunities
It’s time for women leaders and their allies to speak up. Advocating for equal opportunities and fair treatment is crucial. This involves challenging stereotypes, promoting inclusive leadership practices and fostering a culture of respect.
The Solution
- Encourage women leaders to advocate for themselves and others by speaking up about their experiences and advocating for equal opportunities.
- Provide training and resources to help women develop assertiveness and negotiation skills.
- Foster a culture of respect and equality where all employees feel valued and heard.
Challenge 6: Boosting Confidence
Confidence is key. Women need support to assert themselves, take risks and pursue career advancement. Encouraging self-advocacy and creating environments where women feel empowered to speak up are vital steps.
The Solution
- Offer leadership development programmes that focus on building confidence and self-advocacy skills.
- Provide opportunities for women to take on leadership roles and showcase their abilities.
- Create a supportive environment where women feel empowered to speak up, take risks and pursue growth opportunities.
Women in Finance: Empowerment from the Top Down
Women in financial leadership roles have been systemically hindered for a while. So, the road to empowerment is inevitably challenging.
But the time for recognition is long overdue, and OFS is ready to help bring more women to the helm and pave the way for their success with initiatives like our women in financial services community group meet-ups and roundtables.
Get in touch to find out how OFS can help you champion your women in leadership roles.
