Women in Financial Services: Empowering Gender Diversity
Women in Financial Services: Empowering Gender Diversity by Michelle Hoskin
“We need women at all levels, including the top, to change the dynamic, reshape the conversation, to make sure women’s voices are heard and heeded, not overlooked and ignored.” – Sheryl Sandberg
International Women’s Day gives the wonderful opportunity to recognise and celebrate the achievements and contributions of women in all walks of life, including the world of finance. While much progress has been made in recent years, women remain underrepresented in financial services, particularly in leadership roles.
I think it’s safe to say that women hold the potential to unlock many of the challenges and complexities that the sector faces as it tries to evolve into the future world of professional services. Research has shown that gender diversity in the workplace can have numerous benefits, including increased innovation, better decision-making, and improved financial performance.
However, women are still significantly underrepresented in financial services, particularly in leadership positions. By encouraging more women to pursue careers in finance and supporting their advancement, we can unlock the full potential of this industry.
Challenges Faced by Women in Financial Services
My journey in financial services started nearly 25 years ago and, in that time, I have had the pleasure of seeing some radical changes to our sector but there is much more to be done!
I believe that my own success in the profession has been supported by the confidence and self-belief that I continue to have in my own abilities and skills and despite many setbacks and moments when that confidence has taken a hit – I’ve never faulted on the fact that as a female, I bring a whole range of ‘differences’ to my clients and a global profession that craves so much more diversity than it currently has.
Despite progress in recent years, women in financial services still face numerous challenges, including:
- A severe lack of personal belief and confidence that they have so much to add and deserve to be heard
- Ever increasing family and personal responsibilities and lack of work-life balance
- An often-unattainable set of standards that they set for themselves.
- A belief that they have to bring their ‘male’ masculinity into the workplace – which is simply not true!
- A shortage of inspiring role models and mentors
- Gender bias and discrimination caused by a general lack of understanding and care within the sector
- Unequal pay and limited opportunities for advancement
How to Encourage Women to Pursue Careers and thrive in Financial Services
If we want to create a more diverse and inclusive financial services industry, we must take action to encourage more women to pursue careers in this field.
Here are some steps we must take:
- Provide mentorship and networking opportunities for women in finance
- Address and eliminate gender bias and discrimination in the workplace
- Offer flexible work arrangements to support work-life balance
- Ensure equal pay and opportunities for advancement for women in finance
- Highlight successful women in finance and provide visibility to their accomplishments
One of the biggest and most important steps that every female must take within their role, regardless of the size of their firm or organisation, is to believe in herself! Have and own the confidence to lean in, put themselves forward, speak out and share their opinions and views that they know deep down, will add a tremendous amount of value to all who hears them. We need more balance around thinking and contribution.
In my view, this is the single most important quality that will unlock our potential as a sector.
There are many success stories of women in financial services who have overcome the challenges of working in a male-dominated industry.
For instance, Dawn Patrick, a successful financial adviser, struggled to find the right role after having children, but she now supports other women entering the sector and loves changing people’s lives.
Women like Dawn, along with many others, serve as role models for aspiring women in financial services and demonstrate that success in this field is possible with hard work, perseverance, and determination. Despite the success stories, I have seen many amazing women walk away from jobs that they have loved, because they simply couldn’t do it all and when they tried, the organisation that should have supported them failed to create the environment that would allow them (and most probably many others in their business) to thrive!
Women have made significant strides in financial services, and there are many successful women in this field. However, there is still much work to be done to achieve gender equity and ensure that women have the same opportunities and support as men. Women play a critical role in financial services, and it’s essential to continue promoting gender diversity in this global industry and profession. By addressing the challenges faced by women in finance, providing mentorship and networking opportunities, and highlighting successful women in the field, we can encourage more women to pursue careers in finance and help unlock the full potential that financials services and the generations that have passed; have buried deep down.
Let’s celebrate International Women’s Day by recognising and supporting the important role that women play in financial services.
Michelle Hoskin
Founder and CEO, Standards International
