March 2016 WiFI Index: 107
BRUIN’s WiFI Index highlights:
- WiFI Index shows slight drop from previous month but still follows an upward trend, indicating that the engagement and recruitment of women in financial services is improving
- Average number of women gaining interviews has decreased and women are less likely to secure roles than men
- When moving jobs, women receive over 3% more than men in pay increases
- Gender pay gap has decreased, but men are still paid on average 15% more than women
The WiFI Index for March has decreased 1 point from February’s results, which represent a negative indicator for women working in financial services over the last 12 months. The findings also reveal that the representation, engagement and recruitment of women in the sector has declined by 7 points by comparison to the same period in 2015, but overall still follows an upwards trajectory.
“Despite gender diversity being at the top of the agenda for many firms in the City, the WiFI results for March show a decrease in the representation of women at interview over Q1 2016, and that men are 7% more likely to receive a job offer. However the research also shows that women are at a slight advantage when moving jobs and the other positive indicator is that the gender pay gap in financial services has decreased from a peak of 20% in Q3 of 2015, to 15%” said Robert Thesiger, CEO of The FISER Group, parent company of BRUIN Financial.
The latest findings reveal that women receive on average a 20% increase in their salary when moving jobs, which is over 5% increase over the last 12 months. However, men are still reaping greater rewards in terms of average salary, achieving almost £66,000 per annum whereas on average women receive £58,000.
Thesiger continues: “The latest findings come in the wake of criticism from the governor of the Bank of England on the lack of women in senior jobs in financial services and the publication of the recent Treasury review. With the launch of the Treasury’s voluntary charter the UK’s biggest banks have made commitment to set targets for women in senior roles.”
“The WiFI Index shows that financial services firms will need to commit to meaningful change in order to meet these new reporting recommendations”.