Women in Finance Time for Change 2

THE FINANCE SECTOR

Contents

Introduction from Jo Sellick 3

Women in finance: the state of play today 5

A Q&A with Nives Feely, Finance Director at Sellick Partnership 9

Breaking the glass ceiling: five prominent women in finance 13

Changing careers and education - what’s holding women back in the finance sector? 17

The view from Sellick Partnership 20

Findings from Sellick Partnership’s ‘Gender Diversity in Business’ survey 23

About Sellick Partnership Finance 25

Sellick Partnership special report - Women in Finance: Time for Change 3

INTRODUCTION FROM JO SELLICK

Sellick Partnership special report - Women in Finance: Time for Change Introduction from Jo Sellick

Jo Sellick Managing Director

Introduction from Jo Sellick

With over 20 years’ experience within finance and encouraging women into finance related roles, a look at accountancy recruitment, I have noticed significant the future of women in the finance sector, and a Q&A with changes to the way in which the profession recruits and our own Finance Director, Nives Feely. retains talent. During Sellick Partnership’s 14 year tenure as market leaders in the industry, we have experienced As strength returns to the economy, it is excellent to see technological advancements, changes to industry new start-ups succeed throughout the UK. Encouragingly, legislation and the global economic crisis – all of which it appears that equal pay for men and women, flexible have directly impacted the essential skills required by working and more attractive remuneration packages financial professionals in the current climate. are a high priority for new entrepreneurs, to ensure they attract the best talent. Where I am keen to see a shift in One of today’s most pressing topics is the enormous thinking is in the larger and traditionally more ‘corporate’ focus on gender equality within the workplace, which companies that are typically slower to change mind-set continues to receive a significant amount of press and policies. coverage. Numerous initiatives have been implemented to address this issue, including the introduction of gender In the meantime, it’s up to market leaders, influencers and quotas for board positions and gender pay league tables, high profile entrepreneurs to persuade the government which are opening up wider conversations regarding the to take further steps and ensure that gender parity is no positions of both men and women in the workforce. longer just a conversation, but a reality.

As our own Board of Directors is 75% female, we are particularly interested in this topic and felt the time was right to cover this issue in more depth in a special report.

Throughout the report, we have looked at a broad spectrum of areas, such as the role of education in

initiatives have been implemented to address this issue, including the introduction of gender quotas for board positions and gender pay league tables, which are opening up wider conversations regarding the positions of both men and women in the workforce

Sellick Partnership special report - Women in Finance: Time for Change 5

WOMEN IN FINANCE: THE STATE OF PLAY TODAY

Sellick Partnership special report - Women in Finance: Time for Change Women in finance: the state of play today

Women in finance: the state of play today

The finance industry has experienced a Boardroom problems period of significant change over the last While the number of females employed by top accountancy firms is on the rise, research has highlighted few years, as the country slowly emerges a stark difference when it comes to the gender gap in from the one of the worst economic the top positions. An exclusive study by the Financial declines in history. The recent upturn Times earlier this year revealed that, while there is a near 50/50 split in overall staff numbers in the City, just 19.5 has had a knock-on effect in terms of per cent of senior roles across top employers are held by employment as companies become women. The study saw the publication gather data from increasingly confident about their financial more than 30 of the City’s top banking, insurance, asset futures, and place greater emphasis on management and professional services companies over a six month period, and revealed - perhaps unsurprisingly - recruiting the best talent. that banking is the most notorious for so-called male bias.

Research has also pointed to a gender imbalance in The role of women in the finance sector continues to be top positions. At the Big Four accountancy firms in the of great importance to the development of the industry as UK, there is an average of only 16 per cent of partner a whole. However, with the number of females employed positions held by women - and this statistic is backed at senior levels in financial businesses still considerably up by previous research. A McKinsey Study for the lower than it should be, there is still a long way to go until 30% Club, which aims to ensure 30 per cent of jobs at men and women can compete on an even playing ground boardroom level are made up by women, revealed that for job opportunities. men are three times more likely to become a partner at

a City accountancy firm, and while this is considerably What’s more, the increasing importance of technology better than the legal sector (where men are ten times within the financial sector, along with the evolving more likely), it proves there is still a long way to go. working day - through the introduction of flexible hours and remote working - has played a significant role in Nives Feely, Finance Director at Sellick Partnership, attracting more women, particularly those with families, to agrees that it appears to be more difficult for women to a previously male-dominated arena. achieve senior positions in finance: “In my experience there are the same number of women now as before at As market-leaders within financial and accountancy entry level. It is when you move further up the ladder recruitment, Sellick Partnership understands the current that it becomes a completely different field. At entry, it is demands and challenges the sector faces and believe probably about a 50/50 or 60/40 men to women split, but women have a huge role to play in the future of the the further up the ladder you go, then you start getting to industry. 70/30, and beyond.”

So, let’s take a closer look at the current situation for women in finance.

Sellick Partnership special report - Women in Finance: Time for Change Women in finance: the state of play today

Progress The current situation for women who want to break into the finance sector remains challenging, but significant progress has been made in recent years. Elaine Masters, Licensed Insolvency Practitioner for Altrincham-based ClearDebt, who joined a national firm as a graduate The industry has come on trainee in December 1987 has noticed a lot of change in in leaps and bounds when the role of women over the past 25 years. it comes to challenging the stereotype “When I joined the Insolvency profession, it was almost entirely male dominated; I remember going out on sites to foundries in the Black Country where they didn’t even have a woman’s toilet on site! It was also hard to be taken seriously and there were occasions when older men resented authority conferred by the role,” Ms Masters remarked.

She added: “There have been changes in the last 25-plus years in that there are now more women in key positions, plus the fact that the industry has changed too due to changes in the law and in the industry in the UK - very little of the work is now done on site and is more office based.”

What’s more, the industry has come on in leaps and bounds when it comes to challenging the stereotype that a successful senior financial services executive is someone who is willing to work long hours, and is “dominating and hierarchical towards employees”.

According to international management consulting firm Oliver Wyman, most finance companies have invested time, money and senior management energy in changing perceptions about gender in the finance industry. This has been achieved through well-established women’s networks, provide targeted training and mentoring for female employees, as well as providing maternity and flexible working options that sometimes exceed statutory requirements.

The creation of the 30% Club has also signalled progress within the financial services sector. While the success of introducing quotas is still questioned by many critics, there is one thing for certain: employers that offer flexible working conditions are generally rewarded by loyalty from their female employees.

Sellick Partnership special report - Women in Finance: Time for Change Women in finance: the state of play today

A long way to go “You can have your career, but also your family and One of the major factors proving there is still an your home life, and it is not a one-or-the-other-choice. If undeniable need for progress for women in finance is businesses - or universities and schools - could push that, the existing pay gap, particularly within the accountancy and do more from a mentoring point of view, it will create profession. The latest salary survey from the ICAEW and confidence and encourage people to promote themselves Stott & May revealed that male chartered accountants in and succeed in their career.” business earn an average salary of £100,900, compared with women who earn an average of £63,900 - a gap that has increased by 5.4 per cent since 2014. According to the survey, women over 45 saw their salaries drop Strong female leaders should be by £6,500 on average from last year, despite men in the encouraged to go out and speak same age group reporting a rise of up to £4,200. to people coming into work, through apprenticeships and Changing attitudes is one of the most prevalent issues other similar schemes, so people here, as research has pointed out that very often women do not feel as if they are suited to more senior roles. understand that you can have a Sellick Partnership’s recent survey exploring attitudes good work-life balance towards gender diversity in business found that only 34 per cent of women have actively pursued promotion opportunities in the last 12 months compared with 51 per cent of men, suggesting confidence for progression in female professionals is low.

So, why does this issue of self-belief still exist? Many Actively pursued promotion opportunities would argue it is down to education. An article published during the last 12 months* by the Daily Telegraph revealed that of UK graduates who applied to large international firms in 2014, only 12 per cent were women, indicating that more needs to be done at education level to encourage women into these roles. What’s more, schools and careers services often do not offer finance as an option for young women, while fewer than 10 per cent of equity income managers in the UK are Men Women females and just 7 per cent of retail investment funds are % % managed by women. 51 34

Commenting on education, Ms Feely said: “Strong female * Taken from ‘Gender Diversity in Business’ Survey, Sellick Partnership (2016) leaders should be encouraged to go out and speak to people coming into work, through apprenticeships and other similar schemes, so people understand that you can have a good work-life balance.

Sellick Partnership special report - Women in Finance: Time for Change 9

Q&A WITH NIVES FEELY, FINANCE DIRECTOR AT SELLICK PARTNERSHIP

Sellick Partnership special report - Women in Finance: Time for Change Q&A with Nives Feely, Finance Director at Sellick Partnership

Nives Feely Finance Director, Sellick Partnership

Q&A with Nives Feely, Finance Director at Sellick Partnership

The number of women who are progressing into senior finance roles continues to lag behind males in similar positions. While more is being done to encourage females, there is still a long way to go.

Nives Feely, Finance Director at Sellick Partnership, tells us why she believes women in the finance industry should have access to mentors, along with more information in schools and universities, to give them the confidence they need to move onwards and upwards.

Please provide some background information about Have you faced any challenges as a woman in what your career... is usually perceived as a male-dominated industry? I’ve been working in finance for 15 years. Prior to that, I I initially started my career working in banking as a junior, worked in banking. It’s one of those roles that you can just and the majority of managers and assistant managers enter into at graduate level, and then you find it piques were male - I don’t think I ever met a female in a senior your interest, encouraging you to get more involved in position, but that may have just been this particular bank. the strategy side of the job. You get to see a company from the inside, rather than just a small portion of it - you see everything. That’s why I stayed within the sector and People often say that women wanted to continue my career in finance. can juggle five things at once, and you need to be able to do that within finance What does your typical working day involve? There is no standard day. You need to be flexible and switch your time to where it’s needed most within the When I moved into finance, I think I’ve been quite lucky business. It depends on what the company strategy is in some of the roles I’ve had because there have been and how the company is performing. This can change opportunities for me to look into different parts of the depending on the time of year, but usually I could be business or different projects, which is important in order doing anything from budgeting and forecasting to to gain experience and confidence - two of the main strategic planning, setting objectives or managing issues for women in this sector. You need that confidence cashflow. I am also involved in a lot of training and in order to progress, otherwise I can understand that development, legal compliance and risk registers. The people would be reluctant to take the next step or to push further you go up on the ladder in finance, the more varied themselves forward for a role. your days become.

Sellick Partnership special report - Women in Finance: Time for Change Q&A with Nives Feely, Finance Director at Sellick Partnership

It is true that the further up you get, the more men you Do you think there is anything specifically holding meet along the way, and the more senior they are. When women back from going into more senior positions? I moved from banking and went into a different company, Confidence is a big issue, because, as women, to lose most of the managers were male. It was mostly women in that insecurity and be happy to go up against a man finance until you get further up the ladder. Then I moved who is confident, means you have to believe that you are into recruitment, which is when I took it upon myself to capable of doing this project. Women often doubt whether apply for promotions, rather than waiting for someone they are the best person for a specific role. else to give me the opportunity. It is also really important to self-promote, and for me, the biggest thing is to find a mentor, somebody who will stick Why do you think that the finance industry with you throughout your career - and a lot of the time you needs women? don’t get that. I found my own, and he helped me along We’re quite level-headed. We do bring something the way, which helped to give me confidence and advice. slightly different to the table. People often say that He was somebody to bounce ideas off - and they might women can juggle five things at once, and you need to not necessarily be in your field, but having that somebody be able to do that within finance, particularly the more there to mentor you is key. Without that, I can’t see too senior you become. You have to deal with a number of much changing. different departments from finance itself to HR, Legal, IT, along with everything else that falls within the finance There are movies such as Working Girl and Devil Wears department. Prada, where the perception is that you have to be aggressive, nasty or push people out of the way, that’s You’ve also got to ensure that the company stays in just not how it should work at all - I think Hollywood has line with the strategy, that the Board is intact and that misled many young women with this perception. You can you’re meeting the expectations of stakeholders. To be be a successful, career driven, ambition woman and also able to juggle all those things, as well as being a good be liked. communicator, is essential, and I do think that women are very good in all these areas. In addition, to build trust and confidence with stakeholders and other people is key to being in a senior finance position. I will find I am in a room of FDs where the majority are male

How would you describe the current state of play for women who are looking to get into finance? Have you seen more women coming into this type of career? I think there are the same number of women now as before at entry level, in my experience. It is when you get further up that it becomes a completely different field. At entry, it is probably about a 50/50 men to women split, but the further up the ladder you go, then you start getting to 70/30, or 80/20, which is probably around my level. I co-chair the APSCo FD forum, which is made up of all the FDs that are in APSCo (The Association of Professional Staffing Companies), and have done a number of presentations for different organisations. I will find I am in a room of FDs where the majority are male.

Sellick Partnership special report - Women in Finance: Time for Change Q&A with Nives Feely, Finance Director at Sellick Partnership

Has technology - with the introduction of the Cloud What would be your message to women looking for and other developments - changed your role at all? a career in finance? The Cloud is fantastic, it certainly makes a lot of things Strong female leaders should be encouraged to go easier, it gives you more flexibility in the fact that you can, out and speak to people coming into work, through in certain roles, work from anywhere in the world and no apprenticeships or at colleges, so people understand one would know. If you’re up at a certain time, you can that you can have a good work-life balance. You can still have that conversation with someone in Sydney. have your career, but also your family and your home life, and it is not a one-or-the-other choice. If businesses - or So the accessibility of the internet and the Cloud has universities and schools - could push that, and do more created more flexibility and offered people the chance from a mentoring point of view, it will create confidence to work at home and have a good work-life balance. and encourage people to promote themselves and However, it has also created the 24/7 culture of never succeed in their career. switching off, always having your mobile phone on you. Meaning it could be 11pm and you’re still checking your emails. It helps because it a creates extra flexibility, but you also have to be careful that you don’t end up on call I’d say technology is the seven days a week. biggest change within the finance over the last 15 years, This kind of technology also gives you access to a lot which allowed us to look more information and you need to be able to make sure forward rather than back… you can pull out the key parts from this raft of ‘Big Data’ and make sense of it.

I’d say technology is the biggest change within all industries but certainly within finance sector over the last Gender ratio of senior roles across top 15 years, developments have allowed us to look forward employers in the City* rather than back, and to know where to spend money - should it be in marketing, in IT, or on finding the best talent.

What is your favourite thing about working 19.5% in finance? Probably the variety, and the day-to-day challenges it brings. No two days are the same - you are constantly challenged and there is constantly something new, especially within recruitment. The industry moves so quickly that you are never standing still. You are never sat 80.5% at your desk thinking “Oh, it’s only 10:30am, and it feels like it should be 4pm”, the day just flies by - and I really enjoy that.

* Taken from ‘London: Sexism and the City’, Financial Times (2015)

Sellick Partnership special report - Women in Finance: Time for Change 13

BREAKING THE GLASS CEILING: FIVE PROMINENT WOMEN IN FINANCE

Sellick Partnership special report - Women in Finance: Time for Change Breaking the glass ceiling: five prominent women in finance

Breaking the glass ceiling: five prominent women in finance

The finance industry is one that has changed considerably in a relatively short space of time, as widespread recovery from the recent crash has continued to take hold in economies around the world. While the sector is liable to change within a single moment, and is constantly at the mercy of the stock markets and currency exchange, one thing that hasn’t changed much in recent years is that the number of women employed in senior finance roles continues to lag behind men.

As part of the Women In Finance series, we wanted to take a look at the most powerful females in the finance sector around the world, finding out how they ended up in their position and how they came to be ranked among the most senior officials in the industry.

Name: Ruth Porat Job title: Chief Financial Officer of Google Average salaries of chartered Born in Sale, Greater Manchester, Ruth Porat moved accountants in Business* to the US with her family at a young age, where she attended Stanford University before gaining Master’s degrees from the London School of Economics and the Wharton School of the University of Pennsylvania. She £100,900 originally started her career at Morgan Stanley in 1987, then left to follow president Robert F Greenhill to Smith £63,900 Barney in 1993, before returning to Morgan Stanley in 1996 where she was later promoted to Chairman of Investment Banking and then Chief Financial Officer.

In 2013, while she was heavily tipped to be nominated as % the next Deputy Secretary of the Treasury by President 5.4 Barack Obama, it was reported by numerous media GAP INCREASE outlets that Ms Porat withdrew her name from the SINCE 2014 running due to improving conditions at Morgan Stanley following the economic downturn. In March 2015, it was announced that Ms Porat would join Google as its new * Taken from ICAEW Salary Survey 2015, in association with Stott & May Chief Financial Officer in May.

Sellick Partnership special report - Women in Finance: Time for Change Breaking the glass ceiling: five prominent women in finance

Name: Sharon Thorne Name: Amanda Staveley Job title: Managing Partner, Global at Deloitte Job title: Investment Management - PCP In her current role as Managing Partner, Global at Capital Partners Deloitte UK, Sharon Thorne deals with international trade and investment to the Deloitte network, clients and Born and raised in Ripon, North Yorkshire, Amanda stakeholders. She is also a Senior Audit Partner, working Staveley has risen to prominence as a ‘super-broker’ with large clients - both listed and private - across a wide in the Middle East. She played an important role in the range of sectors from retail to technology. investment of £7.3 billion in Barclays Bank by the ruling families of Abu Dhabi and Qatar, and by the Qatari Educated at Oxford University with a degree in sovereign wealth fund, apparently earning £40 million philosophy, politics and economics, Ms Thorne worked commission from this deal alone. Ms Staveley also played across the UK in Deloitte’s Liverpool, London and a role in the high profile purchase of Manchester City by Manchester offices before being made partner in 1998. Sheikh Mansour in September 2008. She has also worked as the accountancy giant’s head of Plc audit across the north, as well as chair of its Younger Partner Advisory Group, North West Audit Talent Partner Name: Christine Lagarde and managing partner for talent. Job title: Managing Director of the International Monetary Fund

Name: Joanne Segars After holding numerous ministerial posts in the French Job title: Chief Executive - National Association government, Paris-born Christine Lagarde was appointed of Pension Funds Managing Director of the International Monetary Fund (IMF) in July 2011. Notably, she was the first woman to Joanne Segars was appointed the Chief Executive of become finance minister of a G8 economy, and is also the the National Association of Pension funds in 2006 after first female to head up the IMF. joining the body the previous year as director of policy. In her previous roles, she was Head of Pensions and No stranger to high praise, Ms Lagarde was named the Savings at the Association of British Insurers between best Minister of Finance in the Eurozone by the Financial 2001 and 2005. Ms Segars started her career in pensions Times in 2011, while she was also ranked the fifth most as a researcher and journalist for Incomes Data Services, powerful woman in the world by Forbes magazine in and since then, has taken on a series of prominent roles 2014. A lawyer by profession, Ms Lagarde joined Chicago in the male-dominated industry. As the issue of pensions legal company Baker & McKenzie in 1981, where she was becomes ever more important to the UK’s ageing made partner after six years. She made the executive population, Ms Segars’ profile is expected to become committee in 1995 before being elected chairman in 1999. higher than before. In her political career, Ms Lagarde stood as France’s Trade Minister between 2005 and 2007. She placed focus on opening new markets for French products, specifically the technology sector. Upon announcing her candidacy to be head of the IMF in 2011, she received widespread support, particularly from the US, which was determined to appoint a new head quickly due to the fragility of the European economy at the time.

Sellick Partnership special report - Women in Finance: Time for Change Breaking the glass ceiling: five prominent women in finance

An afterthought The individuals above are living proof that women can reach the most powerful positions in the finance sector, and while there are many additional examples of this, the reality is that females continue to be at a disadvantage when it comes to filling these competitive roles.

We take a closer look at how education plays a significant role in the career paths chosen by many women in the finance sector, and whether more needs to be done to encourage them to apply for more senior positions.

Sellick Partnership special report - Women in Finance: Time for Change 17

CHANGING CAREERS AND EDUCATION - WHAT’S HOLDING WOMEN BACK IN THE FINANCE SECTOR?

Sellick Partnership special report - Women in Finance: Time for Change Changing careers and education - what’s holding women back in the finance sector?

Changing careers and education - what’s holding women back in the finance sector?

The constantly-evolving finance industry has the ability to change within an instant, impacted by goings on in the banking sector and wider economy. However, when it comes to the individuals who are hired within the sector, it would be safe to say that the industry remains male dominated - but is this likely to change to include more females?

Earlier in the report, we identified several reasons why Of the UK graduates who applied to large international the most senior positions continue to be held by men, finance firms in 2014, just 12 per cent were women. and why females often continue to be overlooked when Further data cited by the speakers at the event revealed it comes to promotions in the workplace. But is enough that while the issue continues to cause concern, progress being done earlier on in life to ensure that females have is being made, with sectors such as law and accounting the confidence and nurturing they need to apply for these experiencing increases in recent years and women now roles? Are schools and universities giving women the accounting for more than 50 per cent of the intake of tools they require for a successful career in finance? these professions. However, when it comes to career progression and getting females into the more senior roles, the problem is ever present. Early encouragement A study published by the consultancy London Economics In fact, it has been suggested that schools and careers earlier this year made for interesting reading. According services often do not include finance as an option for to the data, girls who take maths and science at A-level young women - something that could be significantly will go on to earn a third more in wages than those who impacting the prospects of many individuals. What’s opt for the arts and humanities. The findings revealed that more, fewer than ten per cent of equity income managers girls who take just one STEM subject at A-level will see in the UK are women, while just seven per cent of retail their wages rise by as much as £4,500 a year on average, investment funds are managed by women. Nicky Morgan, while those who sit two maths or science subjects can Secretary of State for Education and minister for women expect a pay increase of 33.1 per cent. and equalities, said girls do not have enough strong female role models in male-dominated industries and Notably, speaking at last year’s Wealth Management would benefit from being “properly equipped” for the Association conference about equality problems in the culture of bankers and traders before they are hired into City, Sarah Soar - Head of Front Office at investment such roles. management company JM Finn - claimed getting women on to the career ladder in the first place was the “biggest Introducing quotas and targets has been identified as fundamental problem” faced by the industry. Speaking one way of ensuring more women are brought into higher alongside Elissa Bayer, Senior Investment Director paid positions within companies. However, this move has at Investec Wealth & Investment, and Fiona Hathorn, received criticism from many within the industry. Speakers Executive Director of Women on Boards UK, said that from the Wealth Management Association conference last while the industry has changed considerably over the past year agreed that quotas are not the way, and individuals four decades, the issue of diversification is still as relevant should always be hired on merit, rather than to tick a box. as ever.

Sellick Partnership special report - Women in Finance: Time for Change Changing careers and education - what’s holding women back in the finance sector?

As an alternative, it has been suggested that the On top of this, half the women in finance believe corporate world should focus on transparency, advocacy promotions are biased towards men, compared to just and mentoring, with more focus placed on identifying 20 per cent of their male counterparts - highlighting the right talent ahead of time, so it can be nurtured in a less acute perception of gender bias from males. advance of promotions. Three quarters of young female financiers said their opportunities were still unequal, despite talk of diversity by their organisation. A wider issue? The issue of a disconnect between education and employment is one that has been highlighted in a recent Looking ahead study from PwC. According to the finance company’s For the number of women going into careers in finance to first YouthSpeak report, released in partnership with increase, more needs to be done in order to encourage leadership development organisation AIESEC, millennials female pupils on to such paths while they are in are becoming increasingly worried about a widening gap education. A combination of nurturing from teachers, between their education and employment prospects. to more positive female role models within the industry, could help girls to realise that such a career is not off the Suggesting it is not only women in the finance industry cards. However, when the responsibilities of schools and who are not equipped with the right tools to go into universities end, it is up to employers to ensure women this profession, the survey found that young people have the confidence necessary to go into higher paid, are worried that universities are not connected to their more senior roles. future goals, and employers do not engage with them in a meaningful way. Around the world, a growing number of millennials feel they are lacking the necessary Percentage of women aged 20-35 who career guidance and support that would help them to feel they would be able to get to senior understand what they need for their ideal post-graduation positions within their current organisation* career.

A crisis of confidence The issue of men being more confident than their female counterparts when it comes to business has been widely reported in the past. In 2013, McKinsey’s ‘Moving Mindsets of Gender Diversity’ survey of global managers found that just as many females as males desire top % management positions, but only 69 per cent of women 35 compared with 83 per cent of men were confident in believing they would get there. What’s more, a PwC survey of 8,000 women around the world - 600 of whom work in finance - carried out earlier this year revealed that only 35 per cent of women aged 20-35 feel they would be able to get to senior positions within their current organisation. * PwC study, 2015

Sellick Partnership special report - Women in Finance: Time for Change 20

THE VIEW FROM SELLICK PARTNERSHIP

Sellick Partnership special report - Women in Finance: Time for Change The View from Sellick Partnership

Nikki Graham Associate Director, Sellick Partnership

The View from Sellick Partnership

Nikki Graham, Associate Director at Sellick Partnership shares her view on the disparities between men and women pursuing a career in finance, and discusses what can be done to resolve this topical issue.

At Sellick Partnership, we have years of experience It would also be fair to say that there is a considerably placing candidates in roles that are best suited to their higher number of women who are choosing to take aspirations, skills and values. This expertise means it has career breaks - perhaps, but not necessarily, to have a always been imperative for us as a business to be ahead baby - compared to their male counterparts within the of any wider trends in employment. finance sector, and unfortunately this does appear to have an impact on the prospects of many female employees Over the last five years in particular, the gender divide has at such organisations. One notable observation is that become more apparent, but not necessarily in the ways there still appears to be pressure on women to shoulder we have seen portrayed in the media. Here, we take a the responsibility of childcare, regardless of their look at this ongoing issue, and provide our insight as a qualifications and earning potential. finance recruitment specialist, into this area.

Are quotas really the best option? More men than women? While the introduction of quotas to promote equality in Not necessarily the number of men and women hired within the finance One thing I am often struck by when reading articles sector has seen some success, this is more prevalent about the perceived lack of females employed in the in the banking and finance sector in the City - and we finance sector, is the impression that there are simply have previously made the case that such an approach is not enough women choosing to undertake this career not the best method of promoting fairness in an already path. However, in my view the problem lies more so in competitive industry. Instead, organisations should be the considerable lack of women who are choosing to striving to make themselves attractive to prospective progress to the upper echelons of a business. female employees by ridding themselves of traditional hiring methods and bringing themselves well into the Very often, companies are hiring females to fill financial 21st century. The danger of not responding to modern roles, but it is predominantly males who are progressing workplace demands is that companies will lose skilled, to more senior financial positions. Generally, there are experienced and talented professionals as women leave more women in finance jobs at the junior end of the scale, the workforce, and don’t return. and these roles often do not offer the same development opportunities, rewards or remuneration as those roles in management positions do.

Sellick Partnership special report - Women in Finance: Time for Change The View from Sellick Partnership

Businesses in 2016 should be introducing flexibility into Overall, there is scope for the finance sector to enjoy policies around returning to work, which could include a rebrand through positive PR and case studies from flexi-hours, remote working and support programmes that women who have enjoyed a long and successful career help their employees balance a career and a family. It is a - and the while the future does look positive thanks to harsh reality that challenges and a certain stigma still exist industry bodies taking steps to make finance a more relating to females having a career and a family, and this attractive career prospect for females, there is still a long attitude simply needs to change - employers need to be way to go until the benefits of that are felt among a wider seen to be encouraging this. audience. Educational groups need to work alongside industry leaders in order to resolve this ongoing problem once and for all. How will the problem be resolved? While many clients often have a preferred criteria in mind when advertising a role, a person’s gender is far Nikki Graham is a specialist financial recruiter and too often considered a reason for or against hiring them. Associate Director at Sellick Partnership. With over Businesses in the finance sector need to consider the ten years’ experience, Nikki and her team have built reasons why women may be deterred from a career in the enviable relationships with employers across the public finance industry, and work to address these individually and not-for-profit sector. to ensure they are perceived as a desirable place to work. Competition, pressure, and a lack of a work/life balance are just some of the issues faced by female employees, and it is the duty of the businesses to eliminate these One notable observation is that problems. there still appears to be pressure on women to shoulder the Looking at the bigger picture responsibility of childcare The UK jobs market has seen considerable improvements in the past few years as the country slowly picks itself back up following the economic downturn, and this has been reflected in the increasing demand for financial UK graduates who applied to large professionals. Competition is intensifying as the ‘war for international firms in 2014* talent’ prevails across all parts of the UK. Therefore, it is more important than ever for employers to focus on their attraction and retention strategies to ensure that they are not missing out on the best talent, regardless of gender.

% At present, there is certainly scope for change in the 88 industry - and steps are being taken by a number of bodies in order to address the gender diversity issue. 12% For instance, in the North West, we have seen the launch of the Women in Finance forum from the Institute of Chartered Accountants in England and Wales (ICAEW), Men Women which has attracted a significant number of females to a variety of events designed to support career * Daily Telegraph, 2014 development, promote finance and accountancy as a career choice, and provide a networking platform for females within the industry.

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FINDINGS FROM SELLICK PARTNERSHIP’S ‘GENDER DIVERSITY IN BUSINESS’ SURVEY

Sellick Partnership special report - Women in Finance: Time for Change Findings from Sellick Partnership’s ‘Gender Diversity in Business’ survey

Findings from Sellick Partnership’s ‘Gender Diversity in Business’ survey

Over the course of our report, we have looked in depth at opportunities available to female professionals working in the finance industry and how a lack of encouragement in education has led to a lull in the number of women who are pursuing this type of career at the highest level.

In order to get to the heart of the matter, we wanted to The findings highlighted here support those from a survey find out just how much of an issue gender diversity is carried out by law firm Lupton Fawcett Denison Till, in across a range of industries, and how this compares which 23 per cent of respondents agreed the existing to finance – plus identifying if men and women shared maternity/paternity package offered at their current common attitudes to this thought-provoking matter. job would be improved with the introduction of flexible working. Flexible working is something that has long since Over the past few months, Sellick Partnership has run been associated with a happier, more satisfied workforce, a Gender Diversity in Business survey, questioning with women continually proven to be among those members of both sexes about how they feel about work, employees who benefit the most from this opportunity. promotions and professional opportunities. With almost 1,200 respondents, we have gained some extremely In line with this, a higher percentage of women (36 per interesting insights into this ongoing debate. cent) questioned by Sellick Partnership believed that maternity/paternity leave had negatively impacted their career, compared with just 26 per cent of men. However, Women, career progression it’s important to note that paternity leave was only and childcare extended to give men the opportunity to have a longer Of those questioned, only 34 per cent of women have period off work in 2015. actively pursued promotion opportunities during the last 12 months, compared with 51 per cent of men. However, interestingly, the survey revealed that 76 per cent of those women who had done so were successful, the exact same percentage as men. This could indicate that many Belief that maternity/paternity leave had women feel as if they do not have the skills or experience negatively impacted their career* to apply for a promotion, and this lack of confidence is holding many back in their careers.

What’s more, findings obtained by Sellick Partnership 36% 26% highlighted that childcare commitments could be stopping women from taking the next step on the career ladder. Statistics from the gender diversity survey revealed 31 Women Men per cent of women believe childcare commitments have prevented them from pursuing a promotion, compared * Taken from ‘Gender Diversity in Business’ Survey, with just six per cent of men. Sellick Partnership (2016)

Sellick Partnership special report - Women in Finance: Time for Change Findings from Sellick Partnership’s ‘Gender Diversity in Business’ survey

A difference of opinion is apparent that many women feel they cannot enjoy the Interestingly, a difference in attitudes towards gender same success as their male counterparts if they choose diversity between men and women was highlighted over to take time out to have a baby. It is perhaps unsurprising a number of important issues in the survey. For example, then that our survey also showed that females are more men were much more likely to believe that women are likely to work for a company that already employs a given fair opportunities throughout their careers, with higher number of women - maybe in the hope that they 58 per cent believing this to be so, compared to just 40 will not be judged negatively for their decisions. per cent of women. However, when it comes to ways to ensure there are enough women in the top jobs, both Overall, it is clear that the finance industry is not the only genders seem to be in agreement that the introduction of sector where gender diversity is an issue, and differences quotas is not the way to go. According to the survey, 66 in attitudes between men and women exist across the per cent of men believe that quotas are unfair, compared board. Therefore, it is evident that there is still a long way with 51 per cent of female respondents. to go until both genders are treated equally, and women feel as if they will not suffer in their careers by starting a family. A widening generation gap The gender diversity survey also highlighted a number of differences when it comes to perceptions of equality between younger and older women in the workplace. Interestingly, 18 per cent of respondents in the 18 - 24 age bracket said they felt vulnerable to discrimination, About compared to just eight per cent of 55 - 64-year-olds. Sellick Partnership On top of this, younger women were also more likely to believe they are given a fair salary for their current job, Finance with 65 per cent believing this to be the case, compared to 59 per cent of older women. This data backs up figures Sellick Partnership is a market-leading from the Office for National Statistics released in April financial recruitment specialist. Our dedicated 2015, which found that while the gender pay gap still teams offer a complete recruitment service evidently exists, it increases among workers aged over on a permanent, temporary and contract 30, then widens considerably among those over the basis across commerce & industry, financial age of 40. Media coverage of the gender pay gap has services, public sector & not-for-profit and increased substantially over the past few years, which practice sectors. could be just one of the reasons that employers are increasingly taking steps to ensure that women receive From SMEs and corporate blue chip the same remuneration opportunities as men. organisations to local authorities and the NHS, we work with a range of businesses nationwide. Looking to the future Our collaborative approach and commitment When it comes to ensuring members of both sexes are to providing outstanding service ensures given the same opportunities in the workplace, the survey that we are best placed to offer a complete highlighted that there is still some way to go in terms strategic recruitment solution. of attitudes to gender diversity. Although it is clear that opinions are changing, and conditions are improving, it

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