Money20/20 found greater understanding of gender dynamics and perceptions across companies within the Financial Services ecosystem, according to an industry-wide survey
SINGAPORE, March 19, 2019 /PRNewswire/ — Money20/20 today announced the results of its second industry-wide diversity survey, used to gain a greater understanding of gender dynamics and perceptions across companies in the Asia-Pacific region within the Financial Services ecosystem.
This research is part of the Money20/20 programme Rise-Up, a global initiative with local perspective, designed to provide support and provide actionable skills for women looking to take the next steps to increase seniority within their careers. The surveys are run to track over time whether the industry’s talk of change is resulting in a more inclusive environment. Money20/20 Asia is proud to host its first regional Rise Up programme at 2019’s Money20/20 Asia event, hosted in Singapore this week (19-21st March). This exclusive program will expose participants to contacts, mentors, executive training and learnings that will catapult their career to the next level.
The survey polled 191 professionals, mainly mid- to senior-level, in the Financial Services industry across APAC, with respondents sharing their attitudes towards gender diversity and inclusivity in the workplace.
Results showed that although it is widely recognized that companies with more diversity and gender equality outperform those with less, women in Financial Services believe that the current state of gender equality in the industry still has a long way to go. Additionally, they are less likely than men to believe change at senior levels is going to happen quickly.
The survey found that women and men share views on what the key gender equity issues in the workplace are, including leadership and pay equality, but they differ in their views on the extent of the issues and how they can be remedied.
77 percent of respondents — both men and women — agree that there are more men than women at senior levels in their organization (VP level and higher), but while 72 percent of male respondents believe the number of women at senior levels will increase in the next 2-3 years, only 42 percent of women feel the same.
Both men and women believe that more needs to be done to diversify the talent pipeline. Whilst, 76% of men say that there are diversity and inclusion initiatives within their organization, only 49% of women agree.
Women in the survey believe that the biggest barrier to stopping women from getting to the top is a perception that top leadership roles are controlled by men for men, whilst men believe that there are not enough women applying for senior positions.
While most men surveyed (69 percent) said they feel that women and men are paid equally for the same job within their organization, only 24 percent of women say they feel this way.
Both men and women feel strongly that men should play a role in promoting gender equality in the workplace. However, women are much less likely to feel welcomed back to the workplace after maternity leave, and less likely to say they have the resources and ability to achieve career goals, than men believe they do.
About two in five attendees — both men and women — are not sure if their organization has made any commitment to ensuring equal pay for men and women. Women are much less likely to believe they have — 43% saying they have not vs. 14% of men.
The opportunity for companies that embrace inclusion is clear. McKinsey & Co found that advancing women’s equality in the countries of Asia Pacific could add US$4.5 trillion to their collective annual GDP in 2025, a 12% increase over the business-as-usual trajectory.
Respondents to the Money20/20 survey believe that the most impactful changes to improve inequality would be to hire and promote more women; acknowledge the existence of and address the issue more directly; ensure quality of opportunity, pay and respect; and provide mentoring programs to guide women into senior roles.
Money20/20 is proud to help facilitate this conversation and work toward meaningful change through the Rise Up program.
 The Power of Parity: Advancing Women’s Equality in Asia Pacific, McKinsey & Company, April 2018.