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According to a report backed by some of the largest financial institutions in the city of London, “mediocre” male middle administrations, experts in playing domestic politics, are holding back the careers of some financial women.
Research by Women in Banking and Finance and the London School of Economics, which has been supported by groups such as Goldman Sachs, Barclays and Citi, as well as the Financial Conduct Authority, also found a tendency among these executives to falsify empathy in when it comes to managing women. , acknowledging that the shot was now seen as valuable.
The report’s authors said this trend was a particular concern, given the need for greater management skills during the pandemic. Financial women perceived that they needed to demonstrate sustained excellence in order to progress, according to research, with more room for men to make mistakes or become regular artists.
There were several reasons for this, from male-dominated social scenes, altered careers due to maternity leave, and a greater reluctance to manage men regardless of their ability, as they were still considered minor winners. .
The study, which uses qualitative research based on interviews with 79 women in the city conducted by the London School of Economics, covers banking, asset management, professional services, fintech technology and insurance. Women in Banking and Finance is a non-profit organization founded in 1980 and formed primarily by volunteers.
Grace Lordan, an associate professor at the LSE and founding director of The Inclusion Initiative, said there was a perception among the women interviewed that it was “much more likely that there were middle-aged men who ended up being the goalkeepers of younger women who were going through ”.
He said there has been progress in the city, but “it’s not nearly the same… We’re still very, very far from equality.”
The research highlighted the problems that many women still face in their professional careers in the city, although data from boardrooms suggest improvements among citizens. number of non-executive women.
The number of women presidents, chief executives or chief finance officers is much lower and advocates have warned that there are problems in bringing women to managerial positions to nurture this talent pool.
In specific office roles, women saw themselves as more visible as they were a clear minority and therefore examined more. Of those interviewed, 11 were black women, several of whom said their level of performance had to surpass both white men and women to receive the same recognition.
Lordan said more subtle discrimination was harder to combat. “In the 80’s, you would know if someone denied you professional financial services. [Now] it’s much more subtle and being able to fight that is very, very difficult. “
Lordan said women were often not being specifically retained, but that men were more likely to do their best to improve the career of someone who looked more like them.
“Therefore, he tends to be excluded by things, he is not necessarily given opportunities [or] to be in front of superior leaders, to have their ideas distorted as coming from someone other than themselves. “
The report identified ten areas where companies could act, with the aim of helping to improve the culture around the prospects for progress.
These include audits of the allocation of “stretched” allowances, salary increases and promotions, encouragement of flexible work styles, and redesign of bonuses to reflect the performance of team members and work collaboratively.
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