It is 2022, and we should be operating in a time where there is equality in terms of opportunity, pay and treatment for men and women in the financial services industry. 

But, to our disappointment, there still remains a problem with gender bias. Our white paper explores the challenges facing financial services, the desire for change and the actions to close the gap once and for all. 

In the second chapter of our white paper, we explore the less tangible impact of gender disparity within the industry on confidence, imposter syndrome and bravery.

The research included interviews with 11 senior female leaders in financial services. When we spoke with them, one of the key themes to emerge was confidence.

Four out of the 11 senior women we spoke to identified with experiencing or having low confidence at work.

Despite their evident success, they explained they have at times felt self-conscious, lacking in confidence or having experienced ‘imposter syndrome' and it seems that such experiences do not dissipate with career progression - they come and go throughout.

100% of the senior women asked said they experience imposter syndrome.

More women now than ever are taking up careers in financial services.

Women are working through to senior positions and entering what used to be, and sometimes still is, ‘a man's world'. Through this, they carry those unconscious biases and limiting self-beliefs from the messages received as young girls or early in their careers which impact confidence.

Role models

We should see more role model women in the sector. Women who are successful by acting like a woman and not a man, embracing the behaviours and skills of a woman and the diversity that they bring. Women who are supportive of and not in competition with one another, and encourage bravery and risk-taking, not perfection.

If women in financial services can look at other women in the industry and see them progressing and delivering good outcomes authentically then this can only encourage and inspire other and change the narrative that we can progress into senior leadership roles, just as we are.

Mentoring and coaching

We are seeing that many women are not asking for pay rises they know they deserve and women who do progress into senior roles are being asked or encouraged, rather than actively applying. To aid retention and progression, firms need to look at their talent management models and implement mentoring and coaching schemes to equip their female employees with the right skills early on in their career. This will enable them to see the value they add and instil confidence and bravery so they can courageously go and ask for what they want.

Recruitment

Setting targets to include women on boards and in senior leadership teams will hopefully see women who are right for the job being recruited, but some firms may simply recruit for the sake of hitting their target quota, therefore not recruiting the appropriately skilled woman for the job.

Regardless, once women are in those positions, if ‘like-for-like' recruitment naturally prevails, can we eventually see more women who are right for the job, entering the board room and sitting at a table where there's gender equality?

Ensuring that interview panels and boards are gender-balanced and follow the correct recruitment process could help stop gender bias from seeping into recruitment decisions and ensure and demonstrate recruitment has been conducted fairly and properly - based simply on who is right for the job.

Male allies

When one talks about the confidence issues women face, it is not to say that only women experience these challenges - men do too. However, it is important to appreciate that these challenges are more present for women today because of the historical and present gender bias which has ultimately limited self-belief.

When women are in senior positions, they are usually one of few women in the team or at the table which spurs on imposter feelings. Male colleagues need to be allies and advocates of women in the workplace so they can help foster a supportive culture and actively participate in bringing about systemic change.

 

Kate Monserrate is director at Simplify Consulting