In the financial services industry, there are two aspects to gender equality – the first aspect entails addressing representation within the industry. The second aspect entails improving the availability of gender-responsive financial advice and products.
This is demonstrated by a 2019 survey released by the SA Venture Capital Association, which shows that representation by women professionals within the industry has increased to 29.6% from 21.8% in 2017. However, the gender pay gap within the industry still prevents effective economic female empowerment.
Unequal gender roles have implications for the most basic aspects of self-determination, dignity, and freedom, which influence financial inclusion. The financial services industry can be both a catalyst and barometer of gender equality.
The gender pay gap in the sector is closely connected to unequal opportunities. At many insurance companies, the entry-level salaries are the same for men and women. There are many women at the lower and middle management levels, but the share of women in higher management positions and on boards is significantly lower. This is driving the gender pay gap.
Part of the Gender equality strategy intends to make sure that member states work for equal pay for equal work and that gender should not be grounds for different pay. The strategy also includes the Gender pay gap action plan, the Work-life balance directive, and the Women-on-boards directive.
The essential task to ensure that the finance sector is gender-equal is to raise awareness of the sector’s challenges and address them. I am sure that trade unions have a significant role.
Collective bargaining is the most powerful means to reduce the gender pay gap, promote the principle of equal pay and provide women with equal opportunities.
One of the most significant gender differences in the workplace is the attitude toward flexible working. “We need to challenge the stigma attached to [flexible working] – you still hear women struggling to be recognized because they work flexibly, and sadly you also hear men fearing the emasculation of doing the same. Not all men, of course, but anecdotally.”
