Female finance leaders must ‘leave the ladder down’ for others
Our Chief Operating and Diversity Officer, Beverley Yeomans is right when she says that female financial services leaders must “leave the ladder down” for other women to increase much-needed representation in this still male-dominated industry.
Concerns are mounting following new findings that show a lack of female representation at the helm of the financial services sector.
Although there has been progress in recent times, the industry is still male-dominated, particularly in senior roles.
Structural inequalities, social norms, and economic disparities are maintaining the status quo, but this needs to change.
As Beverley was quoted by Mena FN, Investor Ideas and ABC Money, amongst other media, research has shown that financial services organisations with women in C-Suite roles have better risk management, are more stable and have increased capital buffers.
Furthermore, female representation at senior level helps businesses build long-term client relationships, become more socially aware and diverse, leading to happier and more productive staff.
Also, it makes a business more relevant. Women’s wealth, globally, has shown unparalleled growth over the last 10 years. Indeed, women now control 32% of the world’s wealth, according to Boston Consulting Group. This is set to increase at a compound annual growth rate of 5.7% to $97 trillion by 2024.
Having female representation at the top helps make a business more profitable and gives it a competitive edge. So, how can we see a rise in the number of women in top roles in the financial services industry?
One of the main reasons why so few women are in senior roles, says Beverley, is the lack of female role models and mentors, compared to other sectors. Without these role models, women joining the world of finance will find it more of an uphill struggle.
This is why I wholeheartedly agreed with Beverley that women in C-suite roles must leave the ladder down for others.
Women need to be empowered and given the chance to make the most of their potential. If we want to see change, female leaders need to make it happen.
Beverley has been at the top of her game in a senior executive role and on the Board, for some 22 years in a highly male-dominated sector. Due to traditional industry biases, it’s a depressing reality that very few women have ever achieved this level, at such a young age, and for this long in international financial services. Yet Beverley has broken down barriers and led by example.