Over the past few years initiatives have been done to remove or at least reduce the barriers to entry and promotion, however at C-Suite level there appears to have been slow progress to meet gender equality. In fact, in 2020 only 9.7% of CEOs in 181 surveyed banks and building societies in the UK were women businesses according to a Bank of England study. The FCA since having introduced gender diversity targets and mandatory reporting of a number of key stats with regards to meeting gender targets which have to be provided in the Annual Reports, including a requirement to explain any failure to meet these targets.
Tracy Fletcher, Managing Director of Campbell & Fletcher Recruitment, commented,
“It really is important that companies look to address the imbalance. It is great to see many financial institutions resetting internal targets and creating initiatives to address a lack of diversity in their teams through eliminating bias when recruiting. We are seeing some improvements albeit in small steps, with now 1 in 4 of our appointments at Senior Management level now female.”
“We all know high levels of diversity in the workplace are proven to better engage employees, alongside evidence that businesses with high levels of gender diversity financially outperform their competition.”