Early analysis of the initial responses to Treasury Today’s tenth Women in Treasury Global Study reveal women continue to lag men on pay and that only a quarter of responses describe their senior management team as diverse. Still, respondents welcome companies’ broad approach to diversity and inclusion and flexible working practices.
Early analysis of the responses so far in Treasury Today’s tenth 2022 Women in Treasury Global Study, once again proudly supported by State Street Global Advisors, suggest key and important trends. Only 30% of respondents to date believe they are paid the same as men and most women still feel excluded from networking and social events due to their gender or stereotypical event issues.
These same issues were also prevalent in our 2021 study although importantly our 2022 respondents represent a new cohort: early analysis reveals over 50% of this year’s respondents did not participate in our 2021 Study.
Elsewhere midway analysis of the data which will be compiled and published in September, reveals that only a quarter of responses describe their senior management team as diverse in age, gender and ethnicity and only a quarter have a female CEO or CFO. Half of early responders say they think there should be quotas for female and ethnic diversity representation at board level.
Positively, other early responses reveal that over 90% of organisations are offering flexible working in some form and over three quarters of respondents describe their company’s approach to diversity and inclusion and equal opportunities as either extremely favourable or favourable.
The study also reveals emphatic support for the role of mentors and allies in building diversity. Something embodied in the passion and work of Treasury Today’s recent Adam Smith Award winner, Highly Commended, Woman of the Year 2022, Jayna Bundy, General Manager at Microsoft. “I think my proudest achievement is the ability to work on diversity and inclusion initiatives across Microsoft, sponsoring women in finance is super important to me,” she said, speaking at Treasury Today’s recent Adam Smith Award ceremony in London. “Key advice for others? I would say take on big challenges, be brave and don’t be afraid to take risks.”
“While progress around diversity is slow, it is happening. Numerous studies show diverse workforces, teams and boards positively impact corporate performance. We must all take a vested interest in not only gender diversity but also racial and ethnic diversity while learning how to be inclusive of different ways of thinking,” adds Kim Hochfeld, Senior Managing Director, Global Head of Cash Business, State Street Global Advisors.
Treasury Today’s annual global study of women working in the treasury profession provides a unique insight into the extent to which companies are supporting diversity, equity and inclusion in treasury, gathering data on diversity at senior levels in corporate treasury to insight on the most prevalent challenges individuals encounter around career progression. Responses cover the level of flexibility in the workplace, mentoring, sponsorship and coaching, key insights on career journeys and how people are confronting bias and discrimination. Some of the most interesting responses so far include when and why diversity and inclusion became important to respondents. The study also comes under our wider Women in Treasury initiative, recently named in the Global Diversity List as one of the Top Ten most important global women’s networks.
There is still time to participate in the survey and join this important conversation on the state of gender equality in corporate finance. We would also like to encourage all genders to take part in this year’s integral research - so far 93% of respondents are women with 60% having worked in corporate treasury for more than ten years. As a participant, you will be sent a full set of findings from the study, published in September.
The findings of the study will be discussed and debated at our Women in Treasury Forums, which we are thrilled are returning in person this year - London on 14th September, New York in October and Singapore in November.