Women’s Equality Day – getting over the next gender disparity hurdle in the payments industry
It is no secret that historically the financial services industry has a long-standing gender equality problem. It used to be that there was a lack of women being employed, and once that had been addressed, that they were not being paid anywhere near as much as their male counterparts for doing the same job. Again, this has largely been addressed, and yet a huge average pay gap remains between men and women, thanks to the lack of the latter being promoted into senior positions.
60% of the financial services industry leaders that took part in PwC’s latest global CEO survey said that their organisation now has a strategy to promote diversity and inclusivity. Over 75% of these CEOs believe diversity has made their customers more satisfied, their businesses more innovative and their performance noticeably improved, and a number of major financial institutions are pledging to eliminate the gender disparity at all levels over the coming years. Investors want it, boards want it, and increasingly, clients and customers are demanding it, so we can look to the future with optimism that the industry is working towards men and women being truly equal in terms of employment prospects, pay, and now, professional development opportunities. At Compass Plus, we are proud to say that 40% of our workforce is female – as is 60% of our managers at Compass Plus Great Britain – in an industry where women make up 35% or less of the workforce at 52% of companies.