Transcript Document

Implementation of Accelerated
Development Programmes for
Women
26 February 2004
The financial services industry “bears the reputation of
being a difficult one for women”
• The industry is one with a low representation of
women, particularly at senior levels
• The culture has been reported as inhospitable to
women
• The majority of women cite several barriers to
advancement within their organisations, including
lack of mentoring and exclusion from informal
networking within their work environments
18% of women in this industry have seen improvement in opportunities for
advancement to senior leadership in the past five years.
Source:
Catalyst Survey canvassing 9 focus groups involving men and women from 60 firms nationwide. The field included more than 800 financial services executives of which 57.5%
were women.
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It would seem that women feel the impact of workplace
barriers to a greater degree than men
0%
10%
20%
Lack of significant general
management experience
Projects and clients
assigned fairly
Promotion decisions are
unfair
Source:
50%
60%
70%
80%
90%
100%
25%
70%
Lack of mentoring creates
a barrier to success
Work harder to get the
same rewards
40%
67%
Exclusion from informal
communication networks
Paid less for doing similar
work
30%
38%
51%
8%
65%
13%
Females
Males
51%
47%
42%
55%
68%
57%
Catalyst Survey canvassing 9 focus groups involving men and women from 60 firms nationwide. The field included more than 800 financial services executives of which 57.5%
were women.
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The demand for skills
• There has been a shift from semi-skilled to highly skilled employment within the
financial sector:
– In 1995, the percentages for semi-skilled and skilled people were 77% and 17% respectively
– In 2002, the percentages for semi-skilled and skilled people were 67% and 25% respectively
• Professionals, associate professionals and managers are jobs that are in short
supply:
– Professionals = 23.6% vacancies of total occupational group
– Associate professionals = 34.6 % vacancies of total occupational group
– Managers = 10% vacancies of total occupational group
• Of the above vacancies, the highest percentage – 26.7% – is found in the financial
expert and related accounting occupations profession
Effective Employment Equity implementation remains a challenge, with the
majority of senior management and professional posts still being held by
white males.
Source:
State of Skills in South Africa – Skills Development Planning Unit: Department of Labour, October 2003.
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Creating a skilled workforce which focuses on women
clearly has a positive impact on the company’s bottom line
• Research demonstrates that companies with a higher representation of
women in senior mangement positions financially outperform companies with
fewer women at the top:
– Between 1996 and 2000 these companies had a 35% higher Return on Equity (ROE)
– Within the same timeframe, they had a 34% higher Total Return to Shareholders (TRS)
• This is because women tend to work harder and more effectively, for longer,
with less pay in order to prove themselves equal to their male counterparts
• High performance is valued by women, and they focus their energy on being
high performers. This has a positive impact on the bottom line
• Whilst there are many variables that can contribute to outstanding financial
performance, companies that understand the competitive advantage of gender
diversity are smart enough to leverage that diversity
“ . . . it makes the best of business sense to have a diverse workforce and
an equitable, supportive workplace” – Tony Cooper, Chairman and CEO of
BMO Financial Group.
Source:
Catalyst Study of 353 Fortune 500 companies connecting corporate performance and gender diversity – sponsored by BMO Financial Group. Top quartile = 88 companies with
the highest gender diversity on leadership teams; bottom quartile = 89 companies with the lowest gender diversity;
Catalyst Publications – Career Action Steps for Women in Corporate Management.
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These skills should be developed urgently within the
financial services industry
Skills that are in short supply
• Project managers
Managers
• Financial management
• Business leadership
• Chartered accountants
• Actuaries
Professionals
Qualified / Experienced Technicians
Associated Professionals
• Analysts
• Venture Capital specialists
• Equitable Share Modelling
• Motivational skills
• Analytical and interpretive skills
• Understanding of financial regulations
Generic skills
• General management
• Leadership skills
• Customer service
• Communication and report-writing
Source:
**:
State of Skills in South Africa – Skills Development Planning Unit: Department of Labour, October 2003.
Secondary Sector = ESETA, CHIETA, FIETA, FOODBEV, MERSETA, TEXTILE, CETA and MAPP; Services Sector = SETA FASSET, ISETT, BANK SETA, THETA,
W&RSETA, TETA, HWSETA and INSETA.
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Development of skilled women within our industry needs to
be demonstrated by top executive commitment
Companies need to be willing to take risks on
women who show high potential
Life skills development for all employees is essential
The organisation needs to create a balance between work
and family responsibilities and this needs to be
incorporated into all human resources policies
It is the organisation’s responsibility to create networking and mentoring
opportunities through public forums or workgroups
Performance management competencies should be grown at all levels
Organisations should implement development programmes which focus specifically on
women
Source:
Catalyst Survey – Lack of mentoring women’s biggest barrier: published in Pittsburgh Business Times;
Catalyst Research – Women in Corporate Leadership: Progress and Prospects.
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