BRUIN Financial “Women in Financial Institutions” (WiFI) Index:
November 2015 WiFI Index: 107
BRUIN’s WiFI Index highlights:
- WiFI Index drops 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 improved YoY, but women are still less likely to secure roles than men
- When moving jobs, women receive over 7% more than men in pay increases
- Gender pay gap has narrowed, but men are still paid on average 18% more than women
The WiFI Index for November has decreased 4 points from October’s results, which represent a negative indicator for women working in financial services over the last 12 months. However, the findings also reveal that the representation, engagement and recruitment of women in the sector have increased by 6 points by comparison to last November’s results, covering the 12 months prior.
“The WiFI results for November show a 2% increase in the representation of women at interview, but this has failed to translate into then securing a role, with men still 7% more likely to receive a job offer. Our research also shows that women receive greater salary increases when moving jobs by comparison to men, but the gender pay gap has remained consistent at 18%” says Robert Thesiger, Chief Executive Officer of The FISER Group, parent company of BRUIN Financial.
The latest findings reveal that women receive on average a 23% increase in their salary when moving jobs, which has doubled in the last 12 months. However, men are still reaping greater rewards in terms of average salary, achieving over £70,000 per annum whereas on average women receive £57,000.
Thesiger continues: “In the New Year the government is set to publish its review into the representation of women in financial services with senior managerial roles, which will be a much needed shake up for the industry. The current recommendations aim to make the progress of women in UK financial services firms an imperative for all CEOs, with targets to be published publicly and used as part of incentivised management performance. Whilst the WiFI Index demonstrates that women are achieving marginal gains, clearly there is significant appetite for institutional change, with increased legislation and penalties for non-compliance no doubt to follow.”
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