UKP Women in Finance Culture

• Treasury committee report called for reform of bonus negotiation, promotion
  of flexible working to encourage the progression of women into senior levels.

Key Findings

• Research indicated that culture is the overwhelming reason that women said
  they do not want to get involved, at senior levels, of financial services sector.
• Average gender pay gap per hour, at UK banks and building societies, is 35%.
• Mean average gender pay gap for bonuses at banks in the UK, is 52 per cent.
• Gender pay gaps of regulators, are similar to rest of financial services sector.
• The women in finance charter was effective at raising awareness on diversity,
  and committee encouraged all firms in the sector to sign charter.

Key recommendations

• Assess bonuses against clear criteria, to abolish alpha-male culture in finance.
• Aim to remove stigma of flexible working with senior men leading by example.
• Encourage firms to publish strategy to close gender pay gap, report progress.
• Partners and subsidiaries, should not be exempt from gender pay gap reports.
• Firms should re-examine recruitment, promotion policy, end unconscious bias,
  which will avoid potential applicants being deterred, and avoid groupthink risk.
• Gender diversity only one aspect, firms should widen their diversity initiatives,
  consider the representation with other forms of diversity in their organisations.