BRUIN Financial “Women in Financial Institutions” (WiFI) Index:
April 2016 WiFI Index: 109
BRUIN’s WiFI Index highlights:
- WiFI Index shows a 3 point increase to the previous month indicating that the engagement and recruitment of women in financial services is improving
- Whilst the average number of women gaining interviews has decreased, the proportion of women securing a job offer has increased and is at a 2 year high
- When moving jobs, women receive over 11% more than men in pay increases
- But gender pay gap has increased and men are still paid on average 18% more than women
The WiFI Index for April has increased 3 points from March’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 has declined by 7 points by comparison to the same period in 2015, but overall still follows an upwards trajectory.
The representation of women at interview has declined steadily since January; however the proportion of women securing a role is at a 2 year high, with men now only 1.6% more likely to secure a job offer.
“The fact that there are fewer women being represented at interview, and this has declined steadily throughout 2016, is cause for concern. However the proportion of women securing a role is at the highest rate for 2 years which is a positive sign that financial services firms are making headway in some of their diversity objectives” said Robert Thesiger, CEO of The FISER Group, parent company of BRUIN Financial.
The latest findings also reveal that women receive on average a 19% increase in their salary when moving jobs, which is an 8.8% increase on last month. 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 WiFI Index findings come as the UK is rated as having one of worst records for gender equality at work. To be ranked 11th out of 18 countries by researchers, demonstrates that the UK needs to make significant changes. The WiFI Index shows that slow progress is being made, but financial services firms will need to look at their candidate attraction strategies to achieve long term results.”
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