• Register
Return to: Home > News > Advisory > PwC: Barriers need to be broken so women can progress in financial services

PwC: Barriers need to be broken so women can progress in financial services

In a survey conducted by PwC found 60% of women in financial services (FS) have been talked over or even ignored during meetings.

A similar number of respondents reported that credit was given to another member of staff for an idea that was initially theirs.

PwC found women believe employers should take certain steps in order to improve career progression by bridging the gender gap.

Women believe that employers should create a fair and transparent promotion and appraisals process in order for this to be achieved.

290 professional women, between the ages of 28 and 40 who are working in FS were surveyed by PwC to find out their aspirations and how they feel about the prospects they have in terms of career progression.

PwC also asked what they thought potential obstacles were that stopped them from progressing onto successful careers.

80% of the women surveyed said they were confident they could reach their career aspirations but they do not all want to be CEO’s. However more than half of the women in FS believe that an employer’s diversity status can be a potential barrier to career progression. 

Women want their employers to take a fair, transparent promotion and appraisal process. This was the most significant factor when it came down to career progression.

It was said in the survey the transparency provided should be supported by clear definitions of organisational roles and promotion criteria to help employees understand what is required of them in order to reach the next level of promotion.

PwC has suggested that there are number of ways in which clear definitions can be achieved. The report said: “To encourage more women to apply for promotions, for example, it’s important to review the job criteria for each role and the language used to communicate it through a diversity lens.

“Could “opportunities for travel” be off-putting for candidates with childcare commitments, for example? Could gender neutral language such as “desire to develop” be more universally appealing than overtly masculine words such as “aggressive,” which many women may take as a sign that their chances are limited?”

The survey posed by PwC addresses issues facing women being able to progress with their career headfirst. The report analyses the existing values and culture within some FS organisations.

Along with the key action women believe should be taken, they also included the need for investing in training and continuing education programmes for employees, providing clear definitions of organisational roles, levels and promotion criteria to help employees understand what to expect at the next level and to change workplace culture to support ethical opportunity for progression.

 

By Mishelle Thurai

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.