International Women’s Day:  Embracing Equity in the Financial Services Industry

Kristin Ramlal, B. Comm (Hons.), PFP, CIM, FCSI, RWM, Chair of the Society of Real Wealth Managers

In the financial industry in Canada, we are fortunate to see an increasing number of women joining the industry, relative to other sectors, where the women and men are starting their careers at parity. However, men have historically been the beneficiaries of more career promotions, rising to the top faster than women, despite studies showing that women leaders create higher employee retention, increased engagement, and productivity within organizations.  There may be several reasons for this dilemma, including:

• Women have historically started their careers later in life and have been more likely to take career pauses due to childbearing.
• Women often take on more part-time and/or temporary entry level and service roles, which may have limited career advancement potential.
• Historically women on average assume more caregiving responsibilities throughout their careers, consuming their time and energy, and limiting their ability to accept more responsibilities in the workplace.
• Given that a gender pay gap remains for Canadian women (women earn $0.89 for every dollar made by men – Stats Canada 2022 Report), including those in the financial services industry, some women may lack confidence and comfort in their current lifestyle. This may prevent them from risking their current job and income security to explore career advancements.
• There are comparatively few women role models, sponsors and mentors current in the financial service industry, which may also account for some of the gender disparity in top roles.

Furthermore, the pandemic has disproportionately impacted on women in the workforce. This is why, more than ever, we need to support women in all industries and at a stage of their professional journeys with ongoing support towards professional development, building a network and awakening career possibilities!

In the spirt of the 2023 International Women’s Day theme #embraceequity, the following are some roles you may want to consider playing to embrace equity and support the growth of women the financial services industry:

• Peer: Help inspire a woman today with a fresh perspective, provide motivation and validate their contribution to the team.
• Cheerleader: Be an ear to listen, a source of positive energy, and provide positive encouragement proactively.
• Mentor: help influence and guide someone throughout their own self-discovery. Share resources, tools, best practices, and life experiences to help them frame their own individual development plan.
• Sponsor: Consider helping a women make a new connection to expand their network professionally or personally. Do not be scared to boast, brag and name drop and be open to sharing opportunities that present themselves.
• Career Coach: challenge and help a women uncover and identify their career path potential.
• Wellness Coach: support their holistic wellness journey. Help them understand the importance of taking care of themselves FIRST, which women often tend not to do, and embracing the importance of self-care.

Everyone has a role to play to #embraceequity and drive change within the financial services industry. This International Women’s Day, please consider sharing your time and energy, listen respectfully, be open and honest, thought provoking and inspire a woman to follow their passion and find their purpose.

References:

Pay gap, 1998 to 2021 (statcan.gc.ca)

https://www2.deloitte.com/us/en/insights/industry/financial-services/women-in-the-finance-industry.html

https://www.catalyst.org/research/women-in-financial-services/

https://www.investopedia.com/articles/investing/092315/why-are-so-few-women-finance-its-complicated.asp