Finance Monthly September 2019 Edition

32 www.finance-monthly.com WOMEN IN FINANCE - GENDER PAY GAP There are many ‘reasons’ people state for this happening. Things I’ve heard: women see a job role and don’t apply if they can only do 80% of the job description, whereas men will apply when they can only do 60%. Women don’t ask for more pay because it’s not in their nature. Men don’t hire women because they only hire people like them. Women want a job with flexible hours because they are responsible for the home. Women would be at the top of the company, but they took a year out of their 45-year career to have and look after a new life. The list of misconceptions goes on. Whatever the reason, it’s ludicrous to blanket women in this way. Personally, I know many ambitious, driven, kind and ‘over-confident’ women who have taken a risk and dropped out of a safe 9 - 5 to passionately make a difference for the world. And not because they fit the job description or sacrificed their family responsibilities, but because they can. So how do we address the gap? In order to reduce the pay gap in finance, positive actions need to be taken. Businesses need to make positive actions at the top to change mindsets of both men and women and take charge in creating an environment where diversity can be championed. Companies need to build a culture where their female talent know they have opportunities to make it to the top and more importantly get paid the same when they are up there. And why not? Female-led finance businesses give around 110% return on investment compared to 48% for male-led companies. We recognise the problems so let’s address them earlier. It should be more common for talks in schools and universities to be given that inspire women to take a career in finance. If one doesn’t exist within your company, create a women’s network and support each other when instances of gender pay gaps are uncovered. Don’t know if there is a pay gap? Collectively hold your management to account and press for wage data to be released. Review parental leave - are both parents entitled to leave - can it be shared? Let’s change the story when it comes to the responsibility to raise a child. Let’s use our networks to support women coming back into work from a period of leave. And, finally, don’t pull the ladder up behind you, help other women get to where you are. Does your company have a mentoring scheme? Let’s share experiences and offer solutions to ensure a representative pipeline. Women should be given the same opportunities as men and should be able to make their choices from that starting point. And they should be paid the same to do it. Female-led finance businesses give around 110% return on investment compared to 48% for male-led companies. “ “ Don’t pull the ladder up behind you, help other women get to where you are. “ “