Women’s Inclusion in Financial Services
In today’s world, gender equality fuels economic progress. By increasing women’s representation, we not only uphold equality but also implement a strategy that unlocks more equitable and innovative solutions within the financial sector.
Throughout our partnerships with global financial firms, there is a rush to address the historical gender imbalance through various measures. We have recently reported on moves across Investor Relations where we saw feedback that firms aim to balance graduate recruitment while others strategise retained female talent for the long term.
Firms that embrace diversity, equity, and inclusion are not surprisingly more likely to thrive as they harness the full potential of their team, including underrepresented team members.
There are many ways to improve women’s inclusion in financial services with some strategies listed below:
Visibility of female role models
- It’s important to highlight success in communications such as featuring female leaders in internal newsletters and company websites which delves deeper into their contributions and career milestones. If you have a PR team, make sure female executives are invited to share insights on leadership and industry trends.
- In addition to this, organise industry specific events where women in the firm can host panels, seminars and conferences that spotlights their experience in banking.
- Tailored mentorship and paring graduates with senior female executives will go a long way in focussing in on career development and will give the leader a opportunity to advocate for high-potential female talent within the the firm that may have gone unnoticed.
- Emphasise on the power of storytelling and encourage female leaders to share personal narratives and career journeys through keynote speeches. These sessions where women can discuss challenges and success provide the wider team with relatable and inspiring content.
Adopting some, if not all, of these strategies, can allow investment banking recruiters to increase the visibility of female role models and cultivate an inclusive culture that enhances reputation.
Creating a road map
To broaden a talent pool and improve retention, firms should focus on nurturing talent internally. This can include increasing awareness of any development programmes and growth opportunities available to female employees as early as when they begin as graduate hires. In addition to the above, it is crucial for firms to improve the gender balance when appointing managers and in succession planning for those retiring. Replenishing the supply of female talent and prioritising the retention of talented female managers are both essential steps towards achieving a driven workforce.
Firms also need to communicate goals and implement transparent measures to cover recruitment, retention, advancement, and representation. Such as:
- Determining the target percentage of women in leadership roles across key departments.
- Establishing programs to support women returning to work after a career break.
- Ensuring women are consistently included in progression training opportunities.
There are of course other measures that need to take place such as, equalising caregiving responsibilities, aligning and updating DEI policies, and creating a supportive and inclusive culture.
Case Studies and Industry Examples
An example of effective inclusion strategies is Goldman Sachs’ launch with GS initiative, which aims to increase access to capital for women entrepreneurs and investors. The program reflects a long-term commitment to gender equality, leveraging the bank’s resources to foster female entrepreneurship.
Another successful case is Citi’s implementation of a comprehensive diversity assessment framework, which tracks progress across various diversity metrics and holds leaders accountable for results.
To conclude
In conclusion, supporting women’s inclusion in financial services is not just an ethical imperative but a business necessity. Over the last two years we have made it our priority to identify and map women across the industry to support firms with quicker access to exceptional talent. We have had great success but understand it is a never-ending, and super important role in shaping the futures workforce.
Contact us to understand how we network with women in the industry and discuss profiles with those currently looking for a career change.
