Women In Banking Assignment

Jed Hewitt-Bell/Q09697217/CCA503

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Student Name: Jed Hewitt-Bell

Student Number : Q09697217

Faculty: FCISLevel of study: 5Course title: Public Relations and CommunicationsUnit title: Management CommunicationsAssignment title: AE2 Collective Bank ReportAssignment tutor: Lisa CurtissWord count: 3005Learner request for feedback: Yes

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Student work starts here…

Devise a strategy that will encourage more females to consider a career in

senior management in the Collective Bank.

For a variety of reasons women find themselves not filling a sizeable portion of senior and

executive roles in the financial sector. The Collective Bank has a Corporate Social

Responsibility section which includes a policy of equal opportunity and the promotion of

diversity. However, the bank finds itself not adhering to this policy as women are not fairly

represented at a senior level. To rectify the situation this report will examine potential

reasons for women not applying for these roles and judge whether the workplace is

inherently sexist. Solutions to the problem will then be provided from research sought.

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Contents page

Page 3 Introduction

Page 4 Terms of reference

Page 5-7 Literature Review

Page 8 Methodology

Page 9-10 Results

Page 11-13 Discussion/Advice

Page 14 Conclusion

Page 15 Recommendations

Page 16-17 Bibliography

Page 18 Appendix

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Introduction

The Collective Bank is a financial organisation that sees itself as a fair organisation to work

for. This is due to their Corporate Social Responsibility programme being one that is treated

extremely seriously. This reputation is one that cannot afford to be harmed to the

competitive nature of the financial sector; their status is reliant on them remaining the

champion of ‘people’s capitalism.’ However, it has become apparent that, at a senior level,

the managers are predominantly men – contradicting with the policies that they rely on for

their success.

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Terms of reference

1. To study possible issues affecting women’s advancement.

2. To analyse different manager roles.

3. Establish what methods of change need to be implicated.

4. Thorough recommendations to reinforce this change.

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Literature Review

Child care and maternity leave

Maternity leave and the subject of child care is an issue that drives many women out of full-

time employment into either part-time employment, or just simply unemployed. This acts as

a limitation for women to progress into senior roles and often leaves the potential mother

having to make a choice between potential career development and family ties.

Due to old fashioned beliefs, it is still seen as the women’s job to cater for the children and

the father’s role to provide. This is a view displayed by large corporations too. ‘A New York

catalyst surveyed 384 large corporations. It found that over one third of these offered

unpaid leave time for fathers. Only nine firms reported had taken advantage of this policy

because, despite their policies, almost two-thirds of the companies did not consider it

reasonable for men to take any parental leave whatsoever.’ (Konek and Hitch, 1994, p157)

This clearly portrays that it is not the father’s responsibility to compromise his work hours

for the benefit of his children.

This responsibility though, can become harmful to the mother’s effectiveness in the

workforce. Employers still enforce these pressures onto women and attempt to ‘convince

them that their priorities reside at work and not at home.’ (Odih, 2007, p104) The height of

these pressures often ensues in women opting for part-time work (Odih, 2007, p104).The

decline in full-time to part-time almost renders the opportunity for women to progress up

the hierarchy as moot. They are not able to commit to the same number of hours as their

male counter-parts and cannot attend extra events to boost their prospects due to

commitments at home. This conveys that women may have to sacrifice their career

prospects if they wish to pursue a family. Psychologically, the situation has the potential to

‘affect both cognitive and motivational functioning’ (Sansone and Harackiewicz, 2000) of

these women. The intrinsic motivation of female employees is directly affected as the

situation now obliges mothers to have their children as their primary concern. Work is now

a secondary affair.

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An alternative to resolve this situation would be to obtain child-care for said born child. This

does not pose the answer to all women though because this would not be a topic of

discussion otherwise. Women can feel guilty choosing to work rather than care for their

child and with theories being released by the global press to suggest that it can have

harmful consequences on the child’s development it can deter women from selecting this

option. It has been reported that there is a direct relation between a mother’s participation

in paid employment and maladjusted children (BBC, 2003). An informed parent would read

this information and avert their attention from work until the child had become

independent; no parent would want to harm their child’s growth.

Manager Roles

The idea of a woman becoming a manager is one that is fundamentally dismissed by other

senior leaders or just in terms of corporate opinion. Effectively, it is believed that male

characteristics are needed to be a manager or to attain a senior role. ‘Think manager – think

masculine.’ (Powell, 2007, p133) This is a widely accepted notion as shown by Women at

work:

“Widespread belief amongst senior managers that women are by nature unsuitable for

certain types of work and are in fact incapable of carrying out technical, managerial and

leadership roles, while being eminently suitable for monotonous, repetitive, routine

occupations or nurturing work” (Firth-Cozens and West, 1991, p23).

Even though there is a variety of differing leadership styles, the masculine traits are

considered more vital for a role of such magnitude. This has become so apparent that even

for the women that are able to breach through the ‘glass ceiling’ (Powell, 2007) they have to

give in to these pressures. Essentially, they have to part with their feminine traits and

implement a more masculine style of leadership. Inherent leader styles will constrain their

behaviour. If the common consensus is that the other leaders in that organisation are male,

then the male characteristics are likely to prevail (Powell, 2007, p133). This would act as a

deterrent for women as they do not feel that they should change their attitudes and beliefs

to conquer the executive role. The confidence of the aspiring women will be affected in

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addition to this as it will lead to them not feeling as if they are capable and do not have the

skills required of them to fill that position.

Alternatively, Tannenbaum and Schmidt’s leadership theory conflicts with the general

diagnosis. Men follow a more autocratic leadership style which has the ability to alienate

staff members and give them no sense of job satisfaction. A more democratic, feminine style

though in decision making displays ‘a greater need for independence, readiness to assume

responsibility, and ability to solve problems as a team’ (Powell, 2007). This illustrates that

leaders should act in an increasingly feminine manner to motivate their staff and to give

them the sense of fulfilment that they desire.

This ties in with Sirota’s ‘Three-Factor theory’ where the three motivating factors are equity,

achievement and camaraderie. The theory suggests that only ‘14% of organisations have

highly enthusiastic employees.’ If all of the three factors are present then ‘34% of

employees of large organisations’ (Sirota et al. 2005) will be enthusiastic. Schmidt and

Sirota’s theories combine in the respect that if amalgamated, the workforce will become

more motivated. Ultimately, women, or leaders with more feminine behavioural patterns

are more effective leaders. They are more than merely managers; they are able to extract

success, performance and create a team that is united.

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Methodology

To answer the question, primary research has been covered in addition to secondary to give

workers in the current climate the chance to voice their opinions. This should act as a

valuable tool in determining what is happening in the workforce now. Primary research was

undertaken in the form of a questionnaire to women in general and those in the financial

sector (see Appendix 1). The questions covered areas such as potential barriers and whether

women feel like they have to change their personality to reach promotion objectives; or

even if they want to progress. Some may just feel comfortable at the position they currently

hold.

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Results

The primary research pulled some interesting findings, but many of which seemed to

reinforce the theory that has already been discussed. This being said, there were some

notable findings that can be drawn up from the questionnaire.

Of the recipients, fourteen of the twenty-four said that they have faced some form of

discrimination in the workforce because they were women or had seen women acting

flirtatious with senior managers in an attempt to give them an edge over the other members

of staff. This, as expected, disappoints these women as it gives them a bad reputation which

they are desperately trying to rectify. This resembles question four (Appendix 1) in the way

that women feel that they have to change their personalities to progress up the financial

hierarchy. These fourteen women claimed that they would refuse to change who they are

and long for a workplace of equality and where performance is credited for where it is due.

They want to progress because they deserve it, not to mould themselves on male

characteristics.

From the first question (Appendix 1) eight of the twenty-four felt that there was not

anything hindering their progress and that advancement was fairly placed on those who

deserved it. This leaves 66% of women feeling that certain obstacles were affecting their

work performance. Some of this majority thought that they were having to make the

decision between work and family as their workplace did not offer flexible hours. This

corresponds to the aforementioned research that the child care and maternity issue is one

of controversy with women’s work.

One point of note, though, which is perhaps discouraging in terms of female employment in

the workplace, is that five of the twenty-four were aware of promotion opportunities but

had no intention of pushing for these. According to results, they deemed it the male’s job to

take the position of authority and it is the male’s job to provide. They replied that they

preferred male managers as the masculine traits are more suited to a managerial role. This

reflection is likely to hinder these participants’ progress as they seem to have no intention

of advancing and furthering their careers. This ideology will not alter the situation and just

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aids the male majority and justifies their dominance in executive roles – this mind-set needs

to be addressed.

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Discussion and advice

There are many alternatives in which this problem can be rectified. Lloyds TSB – a real life

scenario - is already successful in nurturing and having women in executive positions

through their schemes and shared aim. Lloyds has a culture of progression with several

training opportunities for employees that wish to seize these. Moreover, staff are pushed in

accordance to the individual to ensure motivation. Executives are supportive, though, to

prevent some from feeling overwhelmed with potential hard targets. The work ethic

emphasises progression which leaves women feeling empowered and a sense that they are

capable enough to take promotion chances. Lloyds have also addressed the child care issue

by offering ‘flexible working arrangements.’ (LloydsTSB.com, 2012) This constructive work

environment has proven to be successful: ‘62% of the total workforce is female and 40% of

the managers are female, rising to 44% of the Group Executive Committee. In 2007, Lloyds

TSB was ranked top in the Female FTSE 100 report for the representation of women at

Group Executive Committee level.’ (DiversityworksforLondon.com, 2012)

Anna Gaworzewska, a senior economist for Lloyds, was able to progress even though not

full-time due to the flexible arrangements.

“The flexibility has been hugely important to achieving the appropriate work/life balance at

the various stages of bringing up my children. The right balance has meant that I have the

energy and enthusiasm to put into work and have managed to progress, despite not being

full-time. In turn, the Bank, I hope, will have gained from the continuity and experience,

which are important in my role.” (DiversityworksforLondon.com, 2012)

Lloyds is a case study to examine with interest. Women have flourished under this

constructive work environment and flexible hours policy. This would certainly address the

child care issue as women may feel that they will be able to prosper as a mother as well as

an effective employee. Like Anna was able to progress when part-time, an arrangement

could be put into place to reward performance with rewards where it is due, regardless of

current position. This would show consideration for all staff and that benefits are only due

when merited, not through gender. As well as perks, notable work should be praised

through positive reinforcement which can be supplemented through Frederick Herzberg’s

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motivational theory. Herzberg identified hygiene and true motivators in the workplace.

Hygiene factors are those that are needed. For example job security and a salary deserved

of the work fulfilled. True motivators are what people strive for – employees can only be

truly motivated through a sense of belonging, achievement, advancement and

development. (BusinessBalls, 2012) If employees, in particular women in this case, are to be

truly motivated, then the chance of advancement is required as well as recognition for the

tenuous work completed.

Linked to this, the constructive work ethic needs to be promoted within the Collective Bank.

A structure of support and ambition needs to be put into place – for men and women. In

this climate, those deserved of the recognition, male or female, will be rewarded fairly. A

change in company aims will cause some issues within minorities of the organisation. The

message that this change will benefit the organisation and make it realise the aims that the

Collective Bank value needs to be co-ordinated effectively for the change to be smooth.

‘Female practitioners could empower themselves by connecting with other women.’ (Grunig

et al. 2001, p331) The idea behind this is that a female manager already in an executive role

can be perceived as a role model to motivate and inspire other women to attain a similar

position. This senior member can then act as a mentor to guide and coach other staff

professionally. This also conveys that the organisation treats the growth and nurturing of

female staff seriously. (Incentivemag.com, 2011) This would act as a remedy to the problem

diagnosed in the primary research also. Five of the women had no intention to progress and

this would perhaps revolutionise their mind-set. These women need to persuaded that they

are every bit as important as men in the work-place and that they should feel empowered.

This will benefit the organisation in two respects. Firstly, women will become more

galvanised and confident enough in their abilities to apply for the promotion opportunities.

Furthermore, this will save capital as the expense of hiring new staff will not be required.

Coupled with the idea of having a female mentor for aspiring women, more training

opportunities and workshops could be organised to give these women the qualifications and

equipping them with the tools required for the task at hand. Initially, impetus may need to

be placed on pushing suitable women to attend such events as aforementioned, females are

lacking confidence. Placing the two together would benefit the organisation at a junior level

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too. Barclays have looked to address this issue and look to be doing so in an effective

manner by attempting to communicate to the junior prospects at intern level to boot. They

do this through their ‘Aspiring Leaders Programme’ and ‘Potential leaders Programme.’

(Barclays.com, 2012) If confidence can be engrained at a youth level then the subject of

confidence will not be an issue to be contended with in years to come.

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Conclusion

In conclusion, there are a variety of topics that the Collective Bank should look to consider

to advance as an organisation. However, women should not be permitted to advance as a

quick fix to rectify the problem. This will effectively lower the morale of the females as their

development will be to save face, not because they are deserved of that positional change.

This, in turn, will act as regression for the organisation as it will convey that the bank as a

whole does not care for women’s careers – it only cares for the protection of itself.

The near future looks to be an interesting one for the Collective Bank with decisions to be

made in order to restore the strong reputation that it has. Advancing into 2013, the bank

should lay particular emphasis on changing the general work culture as the pieces will soon

fall into place after this has been achieved. This can be described by Robert Quinn:

“One key to successful leadership is continuous personal change. Personal change is a

reflection of our inner growth and empowerment.” (leadershipnow.com, 2010)

Ultimately, how can employees become successful leaders when the employer is resilient to

change? If the Collective Bank conveys this change then the employees will become

empowered and the work performance will improve; this can be said for both men and

women. Although change can lead to difficult periods, its importance should not be

underestimated. An important factor, though, is to highlight that where such weight is being

placed on empowering women that the male members of the workforce do not become

alienated. Corporate Social Responsibility promotes the idea of diversity and equality, so all

genders need to fill these positions in a sizeable manner.

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Recommendations

To summarise, these are the methods recommended for The Collective Bank to pursue:

1. Set up mentors at executive level who are female to coach aspiring women. Those at

a junior level can participate as part of this too.

2. Reward work on effort and through merit, regardless of full-time or part-time. Make

the team feel that they are worthwhile and a part of that team.

3. More training and opportunity workshops to equip women with advanced

qualifications. Maybe create a programme specifically for this.

4. Flexible work hours to resolve the maternity and child care dispute. Allow women to

be an effective mother and employee.

5. Create a culture of progression and development. Allow those that want to advance

to thrive.

6. Further incentives like private health care or awards for employee of the month

which both men and women participate in. Healthy competition will motivate

women and convey the most operative employees.

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Bibliography

BARCLAYS, 2012. About Us [online] [viewed 09/11/2012]. Available from:

http://www.jobs.barclays.co.uk/about-us/

BBC NEWS, 2003. As cited in: ODIH, P, 2007. Gender and Work in Capitalist Economies.

London: Open University Press

BUSINESSBALLS, 2012. Frederick Herzberg Motivational Theory [online] [viewed

18/11/2012]. Available from: http://www.businessballs.com/herzberg.htm

DIVERSITY WORKS FOR LONDON, 2012. Case Studies [online] [viewed 12/11/2012]. Available

from: http://www.diversityworksforlondon.com/case-studies/women-londons-economy-

wile-case-study-lloyds-tsb-work-options

FIRTH-COZENS, J., M. WEST, 1991. Women At Work. Bristol: Open University Press

ODIH, P, 2007. Gender and Work in Capitalist Economies. London: Open University Press

GRUNIG, L., E. TOTH AND L. HON, 2001. Women In Public Relations. New York: Guildford

Publications

INCENTIVE MAG, 2011. Top 10 ways to motivate women in your workforce [online] [viewed

19/11/2012]. Available from: http://www.incentivemag.com/article.aspx?id=7231

KONEK, C., S. KITCH, 1994. Women and Careers. United States of America: Sage Publications

LEADERSHIP NOW, 2010. Quotes on change [online] [viewed 21/11/2012]. Available from:

http://www.leadershipnow.com/changequotes.html

LLOYDS TSB, 2012. Performance and Reward [online] [viewed 14/11/2012]. Available from:

http://www.lloydstsb-careers.com/view/201/pay-benefits.html

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http://www.lloydstsb-careers.com/view/201/pay-benefits.html

http://www.leadershipnow.com/changequotes.html

http://www.incentivemag.com/article.aspx?id=7231

http://www.diversityworksforlondon.com/case-studies/women-londons-economy-wile-case-study-lloyds-tsb-work-options

http://www.diversityworksforlondon.com/case-studies/women-londons-economy-wile-case-study-lloyds-tsb-work-options

http://www.businessballs.com/herzberg.htm

http://www.jobs.barclays.co.uk/about-us/


POWELL, G, 2007. Women and Men in Management. 4th Ed. Los Angeles: Sage

SANSONE, C., J. HARACKIEWICZ, 2000. Intrinsic and Extrinsic Motivation. Academic Press

SIROTA. D., L. MISCHKIND AND M. MELTZER, 2005. The Enthusiastic Employee. Upper Saddle

River: Wharton School

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Appendix 1

Questionnaire

1. Would you say you face any obstacles? Is there anything hindering your progress?

2. Would you say that women are discriminated against in the workforce?

3. From experience would you say that managers tend to have male characteristics – even if female?

4. To progress do you feel that you have to pretend to be somebody else?

5. Are you aware of promotion opportunities?

6. Do you tend to opt out of said opportunities through lack of confidence or a sense of inferiority?

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Women In Banking Assignment