FEMALE EXECUTIVES are almost a novelty above executive level in the finance and insurance sector, with only one out of every five companies employing an even representation of women at this level, despite the fact that this sector has majority female workforce
WITHIN THE finance and insurance sector, female professionals are almost a novelty above executive level, recent research has revealed. Despite women making up a majority of the workforce within the sector, only one out of every five companies employsan even representation of women at this level.
The study of 145 companies, conducted by the Equal Opportunity for Women in the Workplace Agency (EOWA), found that an overwhelming number of companies believe the most significant barrier to more females taking on management positions is “women’s lack of interest in advancing”.
Finance and insurance have some of the most sophisticated and well-resourced equal opportunity programs. According to the research, however, the implementation of these programs has not delivered on their goals. A majority of women working in finance and insurance are concentrated in administrative, clerical and service roles where there is lower pay and less attractive working conditions, but a higher availability of part-time positions.
The finance and insurance industry also provides some of the most flexible working arrangements within the private sector. These too, however, appear to fall down in their implementation – In more than 65 per cent of companies, there are no part-time managers, limiting the career path for women and making the bridge to a professional management role very wide.
The EOWA study also found there are few opportunities to progress from clerical work into better remunerated professional roles, and opportunities to advance are generally limited to roles in functions such as HR or accounts, making the essential profit and loss experience elusive.
