BRUIN Financial “Women in Financial Institutions” (WiFI) Index:
May 2016 WiFI Index: 116
BRUIN’s WiFI Index highlights:
- WiFI Index shows a 6 point increase to the previous month indicating that the engagement and recruitment of women in financial services is improving
- The proportion of women securing a job offer continues to increase and exceeds last months figure which was a 2 year high
- When moving jobs, women receive over 21% 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 May has increased 6 points from April’s results, which represent a positive 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 is almost at it highest point since 2014, exceeded only by April 2015 when the WiFI reached 117.
The representation of women at interview has remained relatively stable by comparison to last month, but overall follows a downward trend since January. However, the proportion of women securing a role and for the second month in a row is at a 2 year high, with men now only 0.6% more likely to secure a job offer.
“Almost every indicator for the WiFI Index in May is at a 2 year high, which is a fantastic reflection of the positive steps the financial services sector is making in meeting their gender diversity objectives. But there is cause for concern as the proportion of women being invited for interview has declined since Q3 2015, which suggests that there is still work to be done” said Robert Thesiger, CEO of The FISER Group, parent company of BRUIN Financial.
The latest findings also reveal that women receive an average increase of 19% in their basic salary when moving jobs, by comparison to the 15% increase that men achieve. However, men are still reaping greater rewards in terms of average salary, achieving almost £66,000 per annum whereas on average women receive £59,000.
Thesiger continues: “Whilst the latest WiFI Index findings are encouraging, the recent report from the women and equalities select committee highlight that the gender pay gap has barely improved in the past four years, with flexibility (or lack there of) as a primary cause. Without a coherent strategy on this issue, financial institutions will fail to attract women to the sector, as evidenced by the low ratio of women interviewing at financial institutions.”
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