BRUIN’s index sees increase in women in financial institutions MoM
BRUIN has released its financial “Women in Financial Institutions” (WiFI) Index for May 2016.
The WiFI Index for May has increased six points from April’s results, which it says represents a positive indicator for women working in financial services over the last 12 months. The findings also reveal that the representation, engagement and recruitment of women in the sector is almost at its highest point since 2014, exceeded only by April 2015 when the WiFI reached 117.
The representation of women at interview has remained relatively stable by comparison to last month, but overall follows a downward trend since January. The proportion of women, however, securing a role, and for the second month in a row, is at a two year high, with men now only 0.6% more likely to secure a job offer.
Robert Thesiger, CEO of The FISER Group, parent company of BRUIN Financial, said, “Almost every indicator for the WiFI Index in May is at a two year high, which is a fantastic reflection of the positive steps the financial services sector is making in meeting their gender diversity objectives. But there is cause for concern as the proportion of women being invited for interview has declined since Q3 2015, which suggests that there is still work to be done.”
The latest findings also reveal that women receive an average increase of 19% in their basic salary when moving jobs, by comparison to the 15% increase that men achieve. Men, however, are still reaping greater rewards in terms of average salary, achieving almost £66,000 per annum whereas on average women receive £59,000.
Thesiger added, “Whilst the latest WiFI Index findings are encouraging, the recent report from the women and equalities select committee highlight that the gender pay gap has barely improved in the past four years, with flexibility (or lack thereof) as a primary cause. Without a coherent strategy on this issue, financial institutions will fail to attract women to the sector, as evidenced by the low ratio of women interviewing at financial institutions.”