Clearing the way for gender balance in the management of the UK financial services industry

Abstract

PurposeFemales now comprise just over half of the workforce in the UK financial services sector. This paper aims to report on the current position relating to factors that are facilitating and inhibiting women from moving into middle and senior levels of management within the financial services sector.Design/methodology/approachA comparative analysis of four case studies from a cross‐section of the financial services industry is presented, each compiled using interviews with male and female senior and middle managers, and gender‐defined focus groups usually of employees who are in the promotion pipeline.FindingsDespite progress in the case study organisations, both men and women concur that females encounter more barriers to career progression in the industry than men and that these relate primarily to a long hours culture and networking. This leads some women to exclude themselves from working in certain parts of the industry, such as corporate banking. Further, this aspect of the industry culture tends to permeate into areas of the industry where these activities are less important for fostering client relationships.Practical implicationsThe research implies that the industry needs to do more to make networking events and activities more gender neutral. Additionally, as more women move up the career pipeline, they should be encouraged to access networks that tap into their equivalent “female networks”.Originality/valueThe paper provides a current picture of managerial working life in the UK financial services industry and provides empirical evidence of the managerial work cultures within the sector.