Support for quotas
Support for quotas for female and ethnic representation on boards remains solid and consistent with previous years. Frustratingly, responses point to the slow pace of change in diversity levels amongst executive staff. Like the fact only 24% of organisations have a female CFO and only 12% a female CEO. Only 21% of boards are diverse in terms of age, and only 23% in terms of ethnicity.
As in previous years, pay parity also remains an ongoing issue with a significant number of respondents (43%) believing their male colleagues are paid more than women at the same level. Positively, it seems the pay gap is discussed more openly.
Respondents also shared their approach to linguistic and cultural exclusion, demonstrating there is much space for improvement in this area globally. Accent can be a source of discrimination, leading to socio economic assumptions or exclusion. Our study found respondents still feel excluded from networking opportunities mostly based on gender and age. Bonding sessions centred around golf and alcohol are particular irritants.
For a variety of reasons outlined in this study, one of the key challenges facing companies and banks alike, is attracting, retaining and growing female talent. While there has been progress, the study highlights what we can do better – particularly how we hire and promote female talent.
Everything starts with understanding the perspectives, motivations and challenges that our colleagues face.
We hope you find the insights useful as we advance diversity and inclusion within our organisations and pave the way for a more equitable future for our industry.
– Michael Spiegel, Global Head of Transaction Banking, Standard Chartered
Respondents highlight the ever-increasing importance of mentorship as a tool for talent development and retention. Not surprisingly those that have been a mentee are also the most likely to mentor. Still, we find companies are not always providing internal mentorship and coaching and 62% said their mentor was sought by themselves, from outside their company.
Coaching is also widely valued, described as a catalyst for “self-empowerment” and “owning your career.” Sponsorship is less prevalent, with only 8% of respondents saying they had a sponsor.
In a reflection of the growing ambition of treasury, most of our respondents seek to become a Group Treasurer. We also see a significant increase in the number of respondents aspiring to reach CFO and CEO level. Many respondents also demonstrated more holistic aspirations alongside their professional aims with a strong focus on wellbeing and contentment we have not seen before.
As in previous years, our 2024 study confirms the benefits of working overseas for career development with 73% of respondents saying moving overseas had accelerated their career. However, a notable spike in respondents (58%) said they had not moved overseas with their job.
Our respondents are unanimous in their commitment to continue to challenge their own bias. Many said they continue to challenge their own thinking and knowledge; understand the importance of self-reflection and the need to ask others for feedback and opinions.
This year our number of male respondents increased significantly (22%) offering a welcome and growing male view of DEI in finance and treasury. Key learnings include the fact men face ongoing issues around access to parental leave. Just 9% took a good amount of parental leave with many saying more leave was not available.
Our survey also finds notable differences between men and women’s views of DEI. Half the men who responded don’t support quotas for female representation on boards arguing it threatens meritocracy. Similarly, just 38% support a quota for ethnic diversity on boards.
In contrast to women, keenly aware of the pay gap, most men responded that they believe they are paid the same as women.
