This was the ratio of men to women in senior finance positions from our latest report.
Out of those, a quarter were of those in ‘Director’ roles were female. The same as what Deloitte reported back in 2021.
In a 2022 study, Boston consulting group (BCG) reported that only 1 in 10 CFO’s are women, often hired externally (so not rising through the ranks as such) and have a more diverse background.
The issues associated with this? Gender inequality and pay gaps.
Now here’s our explanation for why.
Two thirds felt there were times during their career where their progress slowed.
A large number highlighted maternity leave and family commitments; taking time off to raise children, working part-time to care for a young family etc.
Outside of our survey, study’s have explored some other areas that have stunted progression including access to more senior women for advice and support, and lack of DEI initiatives. Women are either succeeding, moving on (different company or industry) or standing still.
Give men and women equal access to ‘traditional’ women focused benefits i.e., more support from the business to manage family commitments. This breaks the stigma that hangs over women’s heads.
Balance your salaries. Period.
Offer career coaching, advisors etc. as an aid to your employees to help them build their paths. Role models and people that inspire and promote progression. Women in a study from BCG said they don’t have anyone to turn to for advice / support on career progression.
Make adjustments to your workplace to make people want to stay. Build an inclusive culture. We’re not just talking women, we’re also talking minority groups. This isn’t a tick-box task. It’s an ongoing priority. It’s about monitoring and accountability.
How it benefits business
Promoting equality, promotes performance – it’s a win win.
Diverse companies are better suited to unexpected change and have significantly higher innovation revenue.
Women boost financial performance via corporate growth, returns and market valuation.
Feeling understood and being able to relate to people you look up to helps with attraction and retention. Women in leadership positions, particularly industries like finance, are like gold dust.