BRUIN Financial’s “Women in Financial Institutions” (WiFI) Index: WiFI Index on the rise again
AUGUST 2015 WiFI Index: 106
BRUIN’s WiFI Index highlights:
- WiFI Index rises by 2 points, after 3 consecutive months of decline, indicating that the engagement and recruitment of women in financial services is improving
- Average number of women gaining interviews increases by 3.5% YoY, however women still less likely to secure roles than men
- When moving jobs, women receive 10% more than men in pay increases
- Gender pay gap continues to widen as men are now paid over 20% more than women
The WiFI Index for August has risen for the first time in 3 months, after successive declines from a high of 117 in April. Whilst this is a positive indicator for women working in financial services, the findings reveal that the representation, engagement and recruitment of women in the sector has decreased by comparison to the same period last year. Looking back at August of 2014, women were more positively represented across all the variables and the WiFI was recorded at 110.
“Whilst we have seen an upward trajectory overall for the last 12 months, financial services institutions need to remain committed to improving gender diversity across the sector” says Robert Thesiger, Chief Executive Officer of The FISER Group, parent company of BRUIN Financial.
Thesiger adds: “The WiFI results for August show that the gender pay gap has continued to increase, with men over receiving over 20% more in base salaries. Our research shows that women still receive greater salary increases when moving jobs by comparison to men, women are less likely to receive a job offer”.
The pay gap has widened significantly to 20% from 9.% recorded in August 2014 and is now at its widest point since the launch of the WiFI. Although both men and women have seen their average salaries improving over this period, our findings reveal on average men working in financial services now receive basic salaries of almost £70,000 per annum whereas on average women receive around £55,000.
Thesiger continues: “Diversity remains a top priority for all our clients in financial services, but without tangible results in the key indices of the WiFI which reflect the engagement and recruitment of women, the sector is failing to make significant inroads to achieving gender parity. But with all diversity objectives this requires genuine appetite for institutional change paired with a long term vision”.