A lingering gender based pay gap has been identified in the financial services industry – new data has revealed some 56% of those in the industry have experienced unequal remuneration practices.
More than half of respondents to the latest eFinancialCareers gender diversity survey perceived a disparity in salaries paid to men and women in senior positions, and 24% said the playing field was uneven for people going into entry-level positions.
“Clearly more needs to be done to reduce gender inequality in Australian financial services firms,” George McFerran from eFinancialCareers said.
“Increasing the provision of childcare support is much needed, alongside more companies offering flexibility in working conditions and scheduling. Implementing such policies not only reduces inequality between men and women, it also enhances the reputation of the firm. More firms need to be bolder in this regard.”
The survey, which polled over 1,350 respondents through the Asia Pacific region, also found men were more likely to be competitive. Some 59% of respondents said men were more likely to put themselves forward for promotional opportunities, and one reason men continue to outnumber women in senior management positions.
The positive news for the future was that four out of 10 people predicted the gender income gap would narrow in the future, while 66% expected more women to fill top positions in the next five years.
Other key findings:
33% said they had experienced discrimination in the past or were aware of specific instances of discrimination happening to others
40% believed being male makes it easier to succeed in the finance industry
36% sensed a gender bias in the recruitment process
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