Diversifying the Financial Industry
Creating a diverse environment for your staff is imperative for running a smooth, efficient workplace. Financial companies are being asked to be more transparent with their diversity data in order for regulators to hold them accountable for real diversity and inclusion outcomes. As of right now, the release of diversity data is voluntary for most companies.
A big issue that flows throughout the financial industry is gender inequality and misrepresentation. Women do in fact, represent half of all financial services, however, there are no women running any major financial services companies.
Although financial service sector’s gender equality movement was implicated, there has not been any necessary gains. This is because diversity-focused tactics don’t work without effort to create an inclusive environment.
According to Working Mother Media, men are more likely to receive advice on how to advance or to be invited to senior executive round tables than women. It is said that more women’s networks consist of emotional support rather than power.
It is also no secret that higher-up women are less likely to be picked for management positions and upper level roles and are most likely to be viewed negatively and often times penalized for negotiating salaries or other compensations. There are specific ways that all of these injustices can be resolved.
Diversity and inclusion begin and end with accountability. Leaders of companies need to be accountable and visible in their participations in making sure the necessary cultural shift happens. Conducting pay equity audits and ensuring employees are paid fairly for equal work is also very important. Emphasis on documentation will assist these companies in their accountability to create this diverse and inclusive environment for their staff. It is also important to ensure progress is being made for all women, not just white women. By treating diversity and inclusion issues as a business problem, companies will be able to make significant and imperative strides in the right direction to a diverse and equal professional world.