Are we becoming more diverse within the Financial Services sector?

The world celebrated International Women's Day on March 8, 2022, to celebrate women's social, economic, cultural, and political achievements, highlighting women's successes, and encouraging action to advance women's equality. LeanIn.org and McKinsey find that just over half of entry-level financial services professionals are women, with a decreasing percentage of women of colour as positions become senior, and women remain underrepresented by 80% in C-suite positions. For every 100 men promoted to manager roles in the financial services industry, only 86 women reach the same milestone. The theme "Break the Bias" aimed to highlight the conscious and unconscious biases women of colour face at work and in other areas of their lives.

The head of the DTCC's diversity management and advancement, Keisha Bell, commented: "Women bore the brunt of the challenges faced during the pandemic." Industries could adopt a flexible and supportive culture, fostering a hybrid work model that offers flexible working, less travel and a solid investment in spaces, tools and policies more reflective of today's culture, giving people the opportunity and flexibility to take time off for things that matter. An empathy-driven culture is a key to retaining a diverse workforce as talent competition rises at its peak. The freedom to choose when, how and where you work, has become the norm and of key importance to women, especially working mothers that acquire a balance in childcare and professional responsibilities. Organisations could ensure women's voices are correctly represented, and industries should make an effort to highlight the achievements of female talent, focusing on women's contributions to the financial services sector that can help drive an environment that attracts and celebrates diverse candidates pushing forth boundaries of innovation.

Although, International Women's Day shines and drives diversity and inclusion initiatives, progressing towards equality and inclusivity requires a year-round commitment.