UKP Women in Finance Culture

On Jun. 13, UKP issued report on abolishing alpha-male 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.