Glass ceiling still exists
New research has revealed it is still a man’s world when it comes to the executive positions of the finance and insurance industry.
According to the Equal Opportunity for Women in the Workplace Agency (EOWA), only 21 per cent of finance companies employ an even representation of women at the managerial level.
In a report it released to businesses today, the Government agency said despite the industry providing some of the most flexible working arrangements of the private sector, there were few opportunities to progress from clerical work, where the majority of women were concentrated, into better-remunerated professional roles.
Furthermore, while a record number of companies provided paid maternity leave (57 per cent) and excellent return to work options, there were few part-time managers.
Detailed in the report, an overwhelming number of companies believed it was “a woman’s lack of interest in advancing” that was the number one barrier to getting more female managers.
This perception came from both the female and male human resources managers of different companies.
As a result of the findings, it is hoped businesses will address the lack of women in leadership roles, particularly in investment banking, where men dominate.
Some companies are already making changes, with a small number of firms reporting proportions of women in the boardroom as high as 30-40 per cent.
In one finance business, a staff survey found no difference between the career aspirations of men and women at senior levels, with most women citing promotion as the main reason for staying.
To obtain this information the EOWA analysed more than 145 annual compliance statements, comprising banks, credit unions, financial asset investors, superannuation and life insurance funds, actuarial and mortgage broking services.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
