BRUIN Financial’s “Women in Financial Institutions” (WiFI) Index: WiFI Index falls for third consecutive month
JULY 2015 WiFI Index: 104
BRUIN’s WiFI Index highlights:
- WiFI Index continues to fall and YoY figures show improvement has slowed
- Average salary increases for women in July 2015 of 10.6% compared to July 2014, has fallen slightly in recent months
- Average number of women gaining interviews increases by 3.1% YoY, however women still less likely to secure roles than men
- Women receive 0.4% more in pay rises than male counterparts in July 2015, down by 1%
- Gender pay gap widens YoY by 5.1% and pay rise gap narrows by 12.2% YoY
The findings of the July WiFI Index reveal that the representation, engagement and recruitment of women across the sector have lost pace by comparison to the beginning of the year. At the start of 2015, women were positively represented across all the variables for the BRUIN WiFI, with month on month increases, but these improvements have steadily declined over the last 3 months.
“The financial services sector cannot afford to become complacent about gender diversity. This has been an issue at the forefront of talent management agendas for the last 12 months, with significant progress in the number of women being interviewed, securing roles and achieving pay increases which align women with their male counterparts.” says Robert Thesiger, Chief Executive Officer of The FISER Group, parent company of BRUIN Financial.
Thesiger adds: “However, whilst headway continues to be made in the number of opportunities in which women are represented at interview, this is not being translated into job offers. Women are 2.2% less likely to secure a role than this time last year and 30% more men gained interviews for new jobs in July 2015 than women”.
Certainly as the market improved over H1 of 2015 this was highlighted in the improving pay levels for women. However progress has decelerated as average salaries for women in financial institutions are now over 17% less than that of men. Our findings reveal on average men working in financial services now receive basic salaries of £68,000 per annum whereas on average women receive £56,000 – and that this pay gap has widened over the past 12 months by 5.1%.
Thesiger continues: “Although there is an upward trend in the WiFI Index overall, financial services firms shouldn’t rest on their laurels. Progress has been made over the last 12 months in working towards increasing the number of women in the sector, such as the introduction of interview quotas and ending all male shortlists. However as with all diversity topics, gender equality is a long-term endeavour and not one that can simply be solved by short term strategies without genuine institutional change”.
About the BRUIN WiFI Index
The BRUIN Financial Women in Financial Institutions (“WiFI”) Index measures the engagement and representation of women’s recruitment in the financial services sector. It is derived from exhaustive data across four key metrics for gender equality of opportunity in the workplace: salary gap for those in work; pay increases for those moving jobs; getting an interview; securing a new job.
The WiFI Index measures on a rolling monthly basis changes to the Index, rebased to 100 starting in March 2014. Should the WiFI Index score over 100 for any set period since March 2014, this indicates a narrowing of any gap in gender equality of opportunity, meaning women are moving towards overall parity with their male counterparts. If the WiFI Index falls below 100 then the gap has widened in favour of men.