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According to a report backed by some of the largest financial institutions in the City of London, some women’s careers in the financial sector have been hampered by “mediocre” male middle managers who are good at playing internal politics.
Research by women in banking and finance and the London School of Economics-supported by groups such as Goldman Sachs, Barclays and Citigroup, and the Financial Conduct Authority-also found that these managers have a tendency to pretend to be sympathetic when managing women and recognize this characteristic It is now regarded as valuable.
The authors of the report said that this trend is particularly worrying given the need to improve management skills during the pandemic. Studies have found that women in the financial sector believe that they must show continued excellence to make progress, and men have more room for mistakes or mediocre performance.
There are many reasons for this, including male-dominated social scenes, career interruptions caused by maternity leave, and even less willingness to manage men who are not strong enough because they are still regarded as breadwinners.
The research uses qualitative research based on interviews with 79 women in the City of London by the London School of Economics, covering industries such as banking, asset management, professional services, financial technology, and insurance. Women in Banking and Finance is a non-profit organization founded in 1980, mainly composed of volunteers.
Grace Lordan, associate professor and founding director of the Inclusive Initiative at the London School of Economics and Political Science, said that among the women interviewed, there is a perception that “it is more likely that ordinary men will eventually become gatekeepers for young women.”
She said that New York City had made progress but was “far from reaching equality.” .. We are far, far away from equality”.
The study highlights the issues that many women still face in their careers in New York City, even though board data shows Number of female non-senior managers.
There are far fewer female chairpersons, chief executives or treasurers, and activists warn that bringing women to senior management positions to feed this talent pool is a problem.
Especially in the front-office role, women consider themselves more conspicuous because they are an obvious minority group and therefore receive more scrutiny. Among the respondents, 11 Black women, Some of them said that their performance level must exceed that of men and white women to get the same recognition.
Rodin said that more subtle discrimination is harder to fight. “In the 1980s, you would know if anyone had a negative attitude towards you in financial professional services. [Now] It’s more subtle, and it’s really very, very difficult to fight back. “
Rodin said that women are usually not particularly hindered, but men are more likely to spare no effort to improve the careers of people who are more like themselves.
“So they are often excluded, and they don’t necessarily have a chance. [or] In front of senior leaders, their ideas are misunderstood as coming from other people rather than themselves. “
The report identifies ten areas where companies can take action to help improve the culture surrounding promotion prospects.
These include audits of “extended” assignments, salary increases and promotions, encouraging flexible work styles, and redesigning bonuses to reflect team member performance and collaboration.
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