Career progression for women in banking

Institute of Leadership & Management

Gender diversity

in senior levels of banking

In a competitive global economy, employee diversity offers a proven route to increased innovation and organisational performance

Employers increasingly

recognise gender should

not be a barrier to career progression

Total number of male and female employees in the UK banking sector

44.5% 55.5%

Total number of male and female employees in the UK banking sector

The total number of employees in the banking sector and related services (excluding insurance and pensions) is 528,000. Of the total number of employees 44.5% are men and 55.5% are women.

44.5% 55.5%

Men and women working as managers in the UK banking sector

70%30%

Men and women working as managers in the UK banking sector

Although more women work in this sector, of the 91,000 classed as managers, just 30% are women

70%30%

ILM surveyed 800 men and women in banking to find out why so few women are promoted to senior levels and the challenges they face

What we found

Results show a mix of cultural and organisational barriers make it difficult for women to rise to senior levels within banking

British banks are unintentionally filtering out top female talent.

Banking’s male management culture identified as the biggest barrier to female career progression

Only 22% of respondents believe people in banking are promoted on merit alone

22%

Half of the women surveyed believe barriers to progression exist

48% 36%

Perception of the existence of barriers at different levels

36% 48%

38% 38%

33% 56%

33% 65%

36% 55%

43% 44%

21% 50%

60% 33%

Overall

Junior role

First-line management role

Middle management role

Senior management role

Senior level expert

Executive or board level

Other

65% 33%

Women, especially in senior levels, believe barriers exist

Middle management role

Men at all levels are less likely to see barriers facing women

The five biggest barriers identified by women

Attitudes of senior male managers

72% 53%

Greater proportion of men in senior roles

70% 54%

Lack of flexible working opportunities

56% 41%

Current organisational culture

61% 52%

Lack of suitable female role models

41% 33%

What can employers and

organisations do?

87% of women and 67% of men agreed positive action is needed

Flexible working identified as the number one solution

87% 67%

“There are certainly a number of women I know who chose a work life balance over seniority and some leave banking and finance altogether”said one respondent from our survey.

Attract more female graduates into careers with opportunities for advancement

Make banking a more desirable choice for women

For example, promote graduate training schemes with clear routes of progression.

Promotion based on merit, not hours in the office

Use output-focused, transparent performance management

Measure diversity and raise awareness

Increase female representation at all levels of management

Create sponsorship and mentoring programmes

Coaching and sponsorship between senior men and aspiring female leaders

“In the past I have had a mentor and it is useful when it is done well, on the whole mentoring and coaching is a very beneficial thing”said one respondent from our survey.

Senior female role models need to be more visible to encourage other women

“Having grown as a female in the banking sector there have always been very few female role models in senior positions”said one respondent from our survey.

Flexible and remote working for both men and women

Move away from presenteeism culture and towards effective implementation of flexible working practices

The solutions are applicable across all sectors These are essential steps towards improving gender diversity in senior management levels and diversity in all areas of an organisation

Our conclusion

Strong leaders of both sexes are needed to help banks grow and compete in a changing market

Women provide a wider talent pool

About ILMThe Institute of Leadership & Management (ILM) is Europe’s leading management organisation. We believe that good leadership and management holds the key to organisational effectiveness and social and economic prosperity.

For more information visit our website www.i-l-m.com

“A big fundamental step change in culture is required to push things through”said one respondent from our survey.

Sponsored by