This year’s Global Equity Study digs deeper than ever to build on our 12 years of research into the progress and challenges in DEI integration across corporate treasury and finance. We asked our community to share their experience of mentorship, flexible working and career progression, as well as corporate inclusion of neurodivergence, different age groups and women experiencing the menopause. This year’s responses reveal ongoing progress in DEI; companies’ long-term commitment to improve diversity in finance and the value people attach to working for a company that shares their values, despite policy changes in the US seeing some scale back and reframe their DEI programmes.
Enduring barriers include pay parity – only 24% of female respondents believe they are paid the same as their male counterparts at an equal level of seniority – and board equity with calls for quotas as strong as in previous years. Respondents also noted the need for more diverse candidates at interview. “There seems to be a lack of diverse talent applying for treasury roles,” wrote one in the valuable free flow comments that accompany the survey.
“At Standard Chartered, diversity is not a checkbox. It is a powerful driver of innovation, resilience, and long-term success. The annual Global Equity Study continues to offer an insightful lens into the progress that our industry is making,” says Michael Spiegel, Global Head of Transaction Banking at Standard Chartered, proud sponsors of the study. “This year’s study captures the lived experiences of women in the industry and highlights the barriers that remain. These insights challenge all of us to examine how we create space for women to thrive as part of a more inclusive and equitable financial ecosystem.”
One of the most revealing findings from this year’s survey points to a growing ambition amongst women in treasury to climb the ladder to CFO and Group Treasurer. It also finds encouraging trends amongst more men taking up parental leave.
Over half (58%) of this year’s respondents have been working in corporate treasury for over 15 years bringing a wealth of experience to their answers. In another change from previous years that adds a different perspective to responses, 22% of female respondents are the first generation of women in their family in the workforce. Just under half our respondents came from EMEA with the rest almost equally split between APAC and the US.
Positively, 51% of respondents described their company’s approach to diversity as “favourable.” For example, more corporates are supporting initiatives to foster DEI internally and introducing strict non-harassment policies and fully confidential reporting mechanisms. Other recent milestones are evident in the fact 39% of respondents said their company supported women experiencing the menopause.
The importance of flexible working
Over half (55%) of respondents have dependent children and access to flexible working remains a key issue. 95% of respondents feel it’s important that organisations offer flexible working arrangements, and the overwhelming majority of respondents “highly value” hybrid work. Yet in the words of one respondent, the fear of losing this flexibility is rising as “more companies move toward four to five days in the office,” underscoring a shift in attitudes towards flexible working. Elsewhere, respondents noted a shift in the labour market “from workers to employers,” a “more restrictive” climate and the growing prevalence of “pre-covid thinking.”
In one argument for returning to the office, respondents note that flexible working doesn’t always support DEI – for example, it can lead to a proximity bias where some people in the office are more visible and rewarded. It can result in “hidden cliques” amongst those who end up in the office on the same day as the boss.
When exclusion bites
Some 63% of survey respondents said they felt excluded because of their gender, and 50% said they felt excluded because of their age. On a positive note, religion, disability and sexual orientation are rarely sighted as reasons for exclusion. Respondents also cited reverse mentoring – where senior leaders are paired with junior employees from under-represented groups – as one way to support inclusion, as well as ensuring social evenings are not always organised around drinking, and conference panels not the preserve of white men. Over half of respondents (58%) said their company supported inclusivity for differently abled people and the number of companies with policies to support neurodivergent people was also favourable. Less positively, accent remains a source of discrimination leading to socio economic assumptions or exclusion, particularly in the US. “Accent can definitely lead to stereotyping and subtle forms of exclusion,” said one respondent. Free flow comments revealed that inclusivity frequently depends on the team culture and leadership.
Survey respondents (77%) believe parental leave is important to all on the basis that if more men take up parental leave because it leads to a more equitable world, positively impacting gender equity. Although cultural challenges continue to stall equity here respondents report a shift is under way. For example, one commentator in APAC “observed a greater expectation that men take parental leave” and “more parental leave given to male employees in Singapore.”
Mentorship, sponsorship and coaching are consistent themes year on year and is why Treasury Today Group strives to deliver actionable takeaways for finance leaders. This year, 45% of respondents say they have experienced the positive benefits of both mentoring and being a mentee, praising formal mentorship for giving structure and clear goals. Respondents also said that coaching helps people unlock their own solutions and build confidence – 77% said mentoring, sponsorship and coaching are key to a successful career.
Other tools supporting career progression include moving overseas because it opens minds, fosters patience and adaptability.
Finally, the importance of challenging our own bias was also a recurring theme with 49% of respondents citing its importance and 38% saying they had called out discrimination in the workplace. Respondents referenced the importance of speaking up and communicating when it comes to discrimination – as well as the role of mentorship in countering unconscious bias.
Request a copy of the full findings and keep an eye out on our Global Equity Study webpage or follow us on LinkedIn for updates on next year’s study so you can ensure your voice is heard.
