BRUIN Financial “Women in Financial Institutions” (WiFI) Index:
WiFI Index on the rise again
October 2015 WiFI Index: 111
BRUIN’s WiFI Index highlights:
- WiFI Index rises steeply, indicating that the engagement and recruitment of women in financial services is improving
- Average number of women gaining interviews has declined YoY and women still less likely to secure roles than men
- When moving jobs, women receive over 18% 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 October has risen 7 points from September’s results of 104, which represent a positive indicator for women working in financial services. The findings reveal that the representation, engagement and recruitment of women in the sector has also increased by 15 points by comparison to the same period last year.
“The summer months often result in a slow down in the recruitment process, which has been particularly pronounced this year, and in a candidate driven market it is not uncommon for job seekers to put off their search until September. Furthermore, with women usually taking on more responsibilities for childcare over this period, the latest uplift in the WiFI is consistent with what we have seen in the market with many more women now resuming in their search” says Robert Thesiger, Chief Executive Officer of The FISER Group, parent company of BRUIN Financial.
Thesiger adds: “The WiFI results for October show that the gender pay gap has decreased, but men continue to receive significantly greater base salaries – which are on average 18% higher than women. We have also noted a decline in the representation of women at interview and men are still 11% more likely to secure a job. On a more positive note, our research shows that women still receive greater salary increases when moving jobs by comparison to men, which is a step towards pay parity”.
The latest findings reveal that women receive on average a 23% increase in their salary when moving jobs, which has more than doubled in the last 12 months. However, men are reaping greater rewards in terms of average salary, achieving almost £70,000 per annum whereas on women receive £57,000.
Thesiger continues: “It is critical to monitor the monthly trends which reflect the engagement and recruitment of women in the context of the year on year data. The latest annual ONS report indicates that the UK sector wide gender pay gap has remained unchanged for the last four years of around 9%. However, with the coming changes in legislation, the financial services sector simply cannot afford to continue operating with the current pay gap of 18% revealed by the WiFI. Achieving diversity in financial services will take time, but the WiFI Index demonstrates that sector is making incremental progress towards this goal”.
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.