BRUIN Financial’s “Women in Financial Institutions” (WiFI) Index: Financial Services continues to makes strides on gender equality with long term trend of improvement continuing
BRUIN’s WiFI Index highlights:
• YoY figures show continued improvement in the WiFI Index of 5.16
• Average salary increases for women in May 2015 of 13.9% compared to May 2014.
• Average number of women gaining interviews increases by 3.6% YoY
• Women receive 2.2% more pay rise than male counterparts in May 2015
• Gender pay gap widens YoY by 5.7% but pay rise gap narrows by 15.7% YoY
The findings of the May WiFI Index demonstrate a continuation of the improvement in gender equality in the financial services sector, however, various anomalies highlight the need for continued diligence and education within firms. The small fall in the WiFI Index last month was caused by an increased proportion of men being offered more senior positions. However, the index has risen for 9 months of the 14 since its inception, so one month’s decline should be read in the context of general overall improvement.
“The financial services sector is trying hard to reduce gender inequality in relation to roles, remits and remuneration and a year on year increase in our WiFI Index of 5.2% is testament to this. However, this is a marathon and not a sprint, and education of the next generation of City employees is the key to gaining real gender equality in the future” says Robert Thesiger, Chief Executive Officer of The FISER Group, parent company of BRUIN Financial.
Thesiger adds: “The majority of financial services houses are now making a real effort to promote women in the workplace and to ensure equality on pay and opportunity. However, it is a fact that currently there are more men than women working in financial services so there will always be anomalies within the index. For example 28% more men gained interviews for new jobs in May 2015 than their female counterparts. However, YoY this has reduced from 37.9% and we expect this trend to continue”.
One area of concern is still the disparity between how much men and women are paid. On average men receive basic salaries of £67,000 per annum whereas women receive £57,000. Of greater concern is that this pay gap has widened over the past 12 months by 5.7%.
“With the relatively lower paid jobs having been off-shored in the past five years the result is that more senior roles are left in the city and by default men will gain greater opportunity to earn more as there are more men available for each job. There are a number of initiatives within firms to increase the amount of women at a senior level, but these take time to filter through the system” said Thesiger.
Thesiger continues: “Education of the next generation of city workers is key and this must be coupled with company wide initiatives to encourage more women in to careers within financial services. Flexible working, genuine career opportunities and equality in pay structures would all go a long way to increasing the number of women in the sector. The BRUIN WiFI Index is a real-time barometer of how financial services firms are doing in this 21st century challenge. The City has come a long way over the past 20 years in areas of race and sexual orientation equality and a continuation of this in relation to gender is essential”.
BRUIN Financial itself is breaking the mould of male dominance in the City, with an entirely female senior management team. “The women at BRUIN Financial have been pivotal to our phenomenal growth – not only have they provided strong leadership, but 8 out of our top 10 performers are women, some of whom work part-time having returned from maternity leave.” Says Kirstin Duffy, Chief Operating Officer at BRUIN Financial.