Remove The Ceilings

Instead of simply assimilating women into the existing corporate culture of the financial services industry, a true commitment to changing the structural and cultural status quo is needed.

- Penelope Gregoriou

 

the asset management industry is one that has heralded many successes, but it could be said that gender diversity is not one of them. With a McKinsey study revealing that only one-fifth of women in the industry are in executive positions globally, the status quo around the industry is one that is rooted in outdated beliefs about a female’s prominence in it. As a result, the financial sector’s pervasive business model is one that has made it difficult for women to progress professionally.

Another point of contention is whether this gender imbalance is being addressed with innovation and urgency – both from a moral perspective and a commercial one.

It would be easy to assume that gender diversity fits within a “nice-to-have” category, but social development and the modern client would challenge that assumption and say that it’s a “need-to-have”. If culture is one that places more focus on maintaining the current state of affairs rather than improving inclusion, then trust and loyalty will be compromised as a consequence.

The bad news is that a true commitment has not yet been made by the South African financial services industry, but the good news is that this can change.

Invisible, but pervasive