Having a good gender balance is central to this mix, and the industry’s best leaders recognise that diversity is about improving the quality of their team, not hitting a quota.
Financial services is primarily a risk business, and risk is all about balance. That’s why it makes sense to seek diverse views and attitudes to this, as it prevents groupthink and makes team members more likely to listen to, learn from and challenge each other.
Two of the three people that Atelier recruited into technical roles in January were women. I’m proud that ours is an organisation that actively seeks to recruit different types of people — not just because it’s the ethical thing to do, but because it promotes a healthy business culture.
When it comes to career progression, the mentor and coaching system is valuable for both women and men as they rise up the ranks. But while it’s widely assumed that women will benefit most from having a female mentor — the idea of learning from someone who ‘has been there herself’ is a pervasive one — male mentors bring other things to the table for female mentees.
Research by the Harvard Business Review has found that while many employers have tried to fight gender bias by focusing on women — for example by offering training specifically for women, or all-female networking groups — those that did best at advancing women’s leadership involved both men and women in the effort.
It is no surprise that genuine support and guidance (and ultimately championing) from male mentors is invaluable to women in the development finance industry, as men still occupy a majority of the seats at the executive table. The responsibility for closing the gender gap rests with the very same executive table.
- Development finance industry gets behind International Women's Day
- 'Authenticity is key to forging meaningful business relationships'
- 'Seeing is believing. We need more female role models in our industry who represent and expand what is possible'
On a positive note, progress is being made here, albeit gradually; at the end of February this year, official data by government-backed FTSE Women Leaders Review revealed that 40.2% of FTSE 350 board positions are now held by women.
For females planning their move up to the next rung, my advice is to remember that knowledge is power. Make sure that you’re constantly learning, not just about your own subject matter, but also by observing and absorbing what colleagues in other areas are doing.
Developing a strong specialist knowledge is also a way to mark yourself out and become more valuable. That’s why it’s worth remembering that a job which offers strong personal development opportunities — such as sponsorship to gain a professional qualification — can be worth more than one that pays a bit more, but offers no training.
Finally, back yourself. We need to continue to break down the myth that men beat better-qualified women to jobs through sheer force of self-confidence. A 2019 LinkedIn study showed that while women applied for 20% fewer jobs than men, but were 16% more likely than men to get hired. This suggests that women make wiser application choices, but it also implies that they are put off an application when they don’t fully meet the criteria. So go for that challenging role – the chances are you can do the job!
Good employers rightly prize knowledge and competence above attitude and ego, and as more women enter the finance sector, we will see more of them reach the top, provided they successfully leverage their expertise and achievements, and their employers support them consciously and openly.
Are you a woman in the financial services industry keen to get your voice heard? Contact [email protected] — we would love to chat!
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