THE GOOD FINANCE FRAMEWORK - JUNE 2021 - Women in Banking & Finance
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THE GOOD FINANCE FRAMEWORK JUNE 2021
Acknowledgements
Women in Banking and Finance (“WIBF” or “we”) are indebted to 44
women in financial and professional services, who gave their time
for the qualitative interviews and the 35 women, also in financial
and professional services, who took part in the roundtables.
Additionally, we would like to thank Sainty, Hird & Partners, Sapphire
Partners and The Return Hub for connecting us with the women
for the interviews. Last, but not least, we thank our partners
and the WIBF team of volunteers, who have made this four-year
programme possible.
This study was carried out by Dr Grace Lordan, Director of The
Inclusion Initiative at London School of Economics (“LSE”).
The study forms part of Accelerating Change Together (“ACT”)
Research Programme designed and led by WIBF in partnership with
The Inclusion Initiative at LSE and The Wisdom Council. Please
email operations@wibf.org.uk should you have any questions.
SPONSORS SUPPORTERS
ASSOCIATED EXECUTIVE
SEARCH FIRMS
T h e G O O D F I N A N C E F r a m e w o r k 1The GOOD FINANCE Framework
Design an on-ramp
off-ramp system
Eliminate Nurture the
groupthink innovation women
OPPORTUNITIES ON-RAMPS bring to the firm
OFF-RAMPS
Equalise DIFFERENCE
opportunities
GROUPTHINK
Encourage flexible and
autonomous working styles
GOOD FINANCE FLEXIBILITY
Redesign
Upskill managers to Facilitate incentives
have an empathetic advocates for
leadership style high ability INCENTIVES
women
COMPETENCE
EMPATHY
NETWORKING
Shape an
external
Audit gender NORMS networking
difference ADVOCATES
platform
norms
2 T h e G O O D F I N A N C E F r a m e w o r kExecutive
Summary
To understand the headwinds and tailwinds that women
experience when working in financial and professional
services, the study undertook a listening tour speaking
with 44 women at various stages in their career.
The objective of this study is to use this information to create a framework
comprised of actions that a company can take to ensure that they retain and develop
their most talented employees, including women.
In this study, suggested actions for firms identified as men, explaining occasions Embedded within the GOOD FINANCE
to take to reduce the headwinds relayed in this report when comparisons framework is a set of actions that can
by the women are identified. Equally between only men and women were be taken by firms to allow women to
valuable is information on tailwinds and made. move forward in financial services. In
ways in which they can be replicated doing so, WIBF hopes to inspire firms to
Together, these women worked across
or artificially constructed by firms to try these actions in-house and continue
all levels of seniority. The qualitative
improve the growth and retention of a dialogue with us on their success.
interviews were complemented with
women have been recommended.
two roundtables with women in FO (17 To learn full details of how the GOOD
This has clear merit given that the
participants) and CC (18 participants). FINANCE Framework was created,
first year of the WIBF Accelerating
The study also leverages insight gained please read the full report that follows
Change Together Research Programme
in the quantitative survey conducted by this summary. A summary of the GOOD
is focusing on the “Missing Middle”.
The Wisdom Council, on behalf of WIBF, FINANCE Framework is provided in the
Reducing headwinds and augmenting
in year one of the research programme table on the next page. We hope that
tailwinds can help retain talent in the
(“the quantitative survey”). This study you will embrace the GOOD FINANCE
industry at this key vulnerable point in a
identifies the headwinds and tailwinds Framework whether you are a senior
woman’s career.
faced by women in the sector and leader in your organisation, or right at
The study has strategically targeted led to the development of the GOOD the beginning of your career. Moreover,
women who are working in areas that FINANCE Framework. once you have developed some of
have a high proportion of men, as the actions, please evaluate their
The GOOD FINANCE Framework, if
well as those that have more gender effectiveness so that an evidence base
followed, can help move the sector
balance but have what appears to be of ‘what works’ can be built.
through to its next gender convergence.
a glass ceiling. To this end, this study
focuses on women who are working in
front office (“FO”) income-generating
roles (high share of men), alongside
women working in communications
and compliance (“CC”) (lower share of
men). Of the 44 women interviewed,
11 were Black women. Black women
were strategically over-sampled given
they are the group whose progression
in the sector is notably slow and
cannot be explained away. This study
aimed to focus on women in financial
and professional services. All 44
interviewees self-identified as a woman.
The interviewees only made cross-
comparisons with colleagues that they
T h e G O O D F I N A N C E F r a m e w o r k 3Executive Summary (continued)
SUMMARY OF THE GOOD FINANCE FRAMEWORK
GOOD FINANCE Action Purpose Action
Groupthink Eliminate groupthink Audit meetings (virtual and in-person) for groupthink. If present, identify its
root cause. Use this information to design a protocol sheet tailored to the
meeting environment.
Opportunities Equalise opportunities Ask managers to audit the allocation of stretch assignments, pay increases
and promotions. Auditing makes salient the choices a manager is making,
most likely unconsciously. This gives a manager the autonomy to see
for themselves if they consistently give opportunities and rewards to a
certain type of person, and the chance to address any inequalities that are
discovered.
On-Ramps Off- Design an ‘on-ramp off- Companies can design a formal ‘on-ramp off-ramp’ system . This could involve
Ramps ramp’ system a set of senior leaders in the organisation that liaise with the returner to
ensure a good experience, in addition to a short period of time when on-
boarding that allows for a soft landing.
Difference Nurture the innovation Companies can quantify the type of career pathways that allow men and
women bring to the firm women to be successful and decipher if there is a traditional-innovation
gender difference. Are women more often thriving in areas that are innovative
as opposed to traditional?
Flexibility Encourage flexible and Firms can take an experimental approach to define flexible work, enabling all
autonomous working functions to join the conversation of what can work for them with respect to
styles work practices and operations. Ideas can be implemented in a manner that
allows companies to quantify the gains and losses to output.
Incentives Redesign incentives Firms can redesign incentives to reward inclusive managers so that their
bonus is at least partially determined by the performance of their team
members. Firms can also redesign incentives, so individuals are rewarded for
working collaboratively, to ensure the overall success of their team and the
firm, which in turn, place less emphasis on individualistic behaviours.
Networking Shape an external Firms can come together and shape an effective networking platform that
networking platform to have brings together gatekeepers who actively open doors to opportunities for
a specific focus on giving women who are talented and ambitious.
access to gatekeepers and
the opportunities they
can open
Advocates Facilitate advocates for Companies can experiment with creating an advocation programme for high
high ability women ability women, while also evaluating its impact. To ensure success, advocates
could be financially rewarded if they participate effectively.
Norms Audit gender differences Action: Companies should gain an understanding of differential gender norms
in norms in areas such as the attribution of accolades and the treatment of mistakes
which may be the root cause of outcomes such as promotions, decisions to
quit and pay increments.
Competence- Upskill managers to have Firms can provide coaching and leadership training to highly competent
Empathy an empathetic leadership individuals. This training would likely likely produce managers, who exhibit an
style empathetic leadership style.
4 T h e G O O D F I N A N C E F r a m e w o r kExecutive Summary (continued)
Every company will have its own
culture and context. We therefore
expect different things to work for
different people. Learning about what
is commonly effective, and what is
effective in specific contexts, is a key
step for the next gender convergence.
This allows us to build on summaries of
evidence that already exist in this space,
which are primarily based on one or very
few contexts1.
The GOOD FINANCE Framework
is unique. It brings together
themes identified by a diverse set
of interviewees and roundtable
participants into a framework that,
if implemented in its entirety, would
create a better working environment for
These ideas came from the experiences This study interviewed 11 Black women,
all employees. There is nothing in the
of women in financial and professional and what was striking about the
framework that wouldn’t be beneficial
services so it is not surprising that conversations was that the headwinds
to all employees, regardless of their
similar initiatives to what are being and tailwinds they faced were not
gender.
proposed are already being carried different to the remaining 33 women.
The GOOD FINANCE Framework out in a number of organisations2. Rather the headwinds were more
identifies ten themes recognising However, there will be differences in the intense and the tailwinds fewer. This
that there is no silver bullet to create quality of execution that will impact on increases confidence in offering up
inclusive organisations that retain effectiveness. An evaluative approach the GOOD FINANCE Framework to
talented women. This will raise the allows for high quality execution to be enable Black women to advance in
question of where to start. The answer: better defined. firms. However, it stresses again the
anywhere you like. However, the importance of evaluating the changes
For the GOOD FINANCE Framework,
necessity is in evaluating the impact made in terms of their effects. In
themes are brought together and have
of the changes that are made in terms particular, it is worth examining whether
no weights of importance applied.
of cost effectiveness. By doing so, you the impacts are equal across different
These weights can only come when an
will learn the impact of the change that groups of employees, including Black
evidence base of cost effectiveness
was made, and identify any backfiring women. If impacts are not equal, having
is gathered. Still, there are notable
effects. It also allows an evidence base an honest conversation about who the
similarities and differences across the
to be built. Such an evidence base is winners and losers are of the policy
themes that were picked by women
desperately needed within a sector changes will allow for faster progress.
that worked in front office as compared
which spends millions of pounds
to communications and compliance. The progress of Black women in the
annually in trying to retain and nurture
Opportunities, advocates and sector is unexplainably slow, and it is
gender diverse talent. Given that
networking were dominant regardless possible that there is an unconscious
progress has been so limited it would be
of the function women worked in. bias in the rollout of current initiatives
wonderful to get an idea of what actions
Incentives for managers to collaborate or a barrier to access that has yet to be
work well.
better with their team stood-out for identified.
Additionally, learning at this moment women in the FO. In comparison,
in time what effective implementation flexibility and on-ramps off-ramps were
looks like has never been so important. dominant for women in CC.
1
https://gender-pay-gap.service.gov.uk/public/assets/pdf/Evidence-based_actions_for_employers.pdf
2
See page 15 of the New Financial: Rethinking capital markets report (March, 2021), which documents the initiatives that are being undertaken by 209 signatories of the
Women in Finance Charter. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/969905/HM_TREASURY_WOMEN_IN_
FINANCE_ANNUAL_REVIEW_2020.pdf
T h e G O O D F I N A N C E F r a m e w o r k 5The GOOD FINANCE
Framework
Creating Inclusive Organisations in Financial and
Professional Services
BACKGROUND
In November 2020 a perspective was provided on the findings of a quantitative
survey undertaken by The Wisdom Council, on behalf of the WIBF for the
Accelerating Change Together Research Programme (Part 1: Changing the Narrative
Report). The Survey had 1,703 responses and broad representation across the
financial and professional services industry. Any survey which involves voluntary
participation is going to have self-selection bias. However, self-selection bias cannot
explain the demarcation observed in the type of responses received across work
environments in financial and professional services.
Specifically, there were few differences To gain a greater understanding of
in responses by gender but large the headwinds and tailwinds faced
differences in responses based on by women working in financial and
whether an individual worked in professional services, a qualitative
environments where the share of men study, was conducted by the London
is relatively high as compared to when School of Economics, on behalf of WIBF,
it is low. For example, comparing the the details of which are documented in
responses from survey participants who this report.
work in occupations within functions
Black women have been identified
where the share of men is greater than
as the group within financial and
or equal to 60% versus less than 60%, it
professional services who fare the worst
is clear that there are many differences
in terms of career progression3. For the
in priorities, experiences and stated
qualitative study, Black women were
levels of ambition (see Table 1). A natural
strategically over-sampled to better
question then arises on whether the
understand whether their headwinds
headwinds and tailwinds faced by
and tailwinds differ as compared to
women also differ depending on if they
other women or are the same but felt
are working in an environment with a
more intensely.
high or low share of men.
In this study, suggested actions for firms
to take to reduce the headwinds relayed
by the women are identified. Equally
valuable is information on tailwinds
and this report suggests ways in which
they can be replicated or artificially
constructed by firms to improve the
growth and retention of women.
3
See https://blogs.lse.ac.uk/businessreview/2021/03/03/black-women-are-missing-in-the-uks-top-1/
6 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
Table 1. Differences observed by groups who work in environments with
high share versus low share of men
High share of men Low share of men
Most satisfying thing about work Salary Work-life balance
Aspirations to be senior Relatively higher Relatively lower
Advisors Less likely to have 3 advisors More likely to have 3 advisors
Hours Relatively high Relatively low
Asking for a pay increase, promotion More likely to ask Less likely to ask
and stretch assignments
Attitude to pay by hours worked More likely to believe they should get paid More likely to believe they should get
more than double if they work double paid double if they work double their
their colleagues’ hours colleagues’ hours
Environment Competitive Collaborative and fair
Flexibility Relatively lower Relatively higher
Mistakes More likely to be viewed as learning More likely to be punished
opportunities
APPROACH
To understand the headwinds and Of the 44 women interviewed, 11 were
tailwinds that women experience when Black women.
working in financial and professional
The interviews were initially intended
services, this study undertook a
to be recorded. However, it became
listening tour with 44 women at various
clear early on that not all women
stages in their career4. The objective
wanted to be recorded. In these
of this study is to create a framework
circumstances, detailed notes
comprised of actions that a company
throughout the interviews were taken,
can take to ensure that they retain and
rather than suffering the selection bias
develop their most talented employees,
of excluding them. In total 30 women
including women. Dr Grace Lordan
were recorded. The conclusions in this
strategically targeted women who
report are not sensitive to only focusing
were working in functions that have
on these women. Each interview was
a high share of men, as well as those
expected to last 45 minutes. In one
who have more gender balance but
case, an interview lasted 30 minutes
have what appears to be a glass ceiling.
as the participant had a conflict in her
To this end, the study focuses on
schedule. There were 33 interviews
women who are working in front office
that ran to approximately 45 minutes,
income-generating roles (high share
and the remaining interviews lasted
of men), alongside women working
between 45 minutes and 65 minutes.
in compliance and communications
Four women shared additional thoughts
(lower share of men). Table 2 describes
after the interview.
the profiles of the women interviewed.
4
The initial plan was to interview 32 women, including 8 Black women who mapped to the following descriptions
i) analyst, associate or equivalent (early career), ii) VP or director (mid-career with an accelerated trajectory)
iii) VP or director (mid-career whose trajectory is stuck) iv) senior director or managing director (senior leader).
T h e G O O D F I N A N C E F r a m e w o r k 7The GOOD FINANCE Framework
The interview approach was asked to relay their headwinds and
unstructured. Participants were told tailwinds. The initial aim was to allow
at the beginning of the interview the women to discuss their headwinds
that neither they nor their company and tailwinds with no prompting. This
would be identified. In addition, they worked well for the FO workshop,
were reassured that no direct quote where the women took turns speaking
or narrative would be relayed in this about their headwinds and tailwinds,
work that would identify them. They and the moderator’s role was simply
were asked to reflect on their career to nudge someone to speak next. In
up to now, identifying the headwinds this workshop, all participants had
and tailwinds that came to mind. To their camera on, and all but one spoke.
ensure only what came to their mind In the CC workshop, the moderator
was captured, the interviewer said participated slightly more, asking
little during this time. On average this questions to nudge participation and
component of the interview lasted 27 break the silence (three occasions). Five
minutes. Once the women had finished women attended with their cameras
speaking, they were asked to expand off and three did not speak. From
on parts of their reflection requiring these workshops, the primary interest
more information or asked questions for was understanding if the themes
clarification. identified in the original interviews
were mentioned. Table 3 therefore also
The notes from the 44 interviews were
documents whether the focus groups
examined on three separate occasions
mentioned the themes previously
to identify the dominant themes
identified. It is important to note that in
reported. The focus was only on the
no case did the roundtable participants
uninterrupted conversation. A thematic
disagree with a theme identified
analysis was conducted to identify the
through the thematic analysis. Rather,
headwinds. This is an ideal approach
there were cases where a theme had
when trying to identify people’s beliefs
not been previously brought up, or the
and knowledge about their headwinds
group had mixed feelings.
and tailwinds from a set of interview
data. The advantage of a thematic In addition, Table 3 records whether the
approach is that it allows flexibility in theme identified was corroborated by
approaching large interview data sets. findings from the quantitative survey.
The major drawback of a thematic This quantitative survey had specific
approach is the risk of missing nuances, questions, so the absence of a theme
given the search for broad themes. As should not be taken as a reflection that
the current report aims to influence firm it was not on the participants’ minds.
policy, losing nuances is acceptable Rather, it may simply mean they were
to allow inferences to be drawn at the not asked.
group level.
When documenting the qualitative
Table 3 documents the dominant high- study’s conclusions, the number of
level themes that emerged from these women across FO and CC that agreed
interviews. Alongside the 44 interviews, with a particular element of the GOOD
two roundtables were conducted with FINANCE Framework were documented.
women in front office (17 participants) Emphasis was also placed on any
and communications and compliance differences observed between the views
(18 participants) positions. Attendees of Black women and the other women
across both workshops came from all in the study. On occasions where
levels of seniority. The women who differences were not mentioned, they
attended these roundtables were were not observed.
8 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
THE GOOD FINANCE FRAMEWORK:
The major themes emerging from this that should be taken based on the
qualitative study come together to headwind or tailwind. It also identifies
create The GOOD FINANCE Framework. actions that should be taken based on
This framework, summarised in the headwind or tailwind.
Table 4, describes the priority areas
The remainder of this report describes
recommended for firms to move
in detail each element of the GOOD
women forward within the organisation.
FINANCE Framework, followed by
Specifically, Table 4 documents the
additional observations from the 44
elements of the GOOD FINANCE
interviews conducted.
Framework and also identifies actions
Table 2. Profiles of the women interviewed in this study
Position FO CC Total
Analyst, Associate 4 (1) 4 (1) 8 (2)
VP or Director with standard trajectory 5 (1) 4 (1) 9 (2)
VP or Director with accelerated trajectory 7 (1) 4 (1) 11 (2)
VP or Director, plateaued 2 (1) 5 (1) 7 (2)
Senior Director or Managing Director 5 (2) 4 (1) 9 (3)
TOTAL 23 (6) 21 (5) 44 (11)
Notes: Women are categorised as either being in front office roles, or in communications and
compliance roles. In each column, the first number represents the number of women interviewed
while the number of Black women interviewed are reported in brackets. Rows report the position
of the woman interviewed. In cases where different titles were used in the participant’s company,
an equivalence was gauged. ‘‘Senior Director’’ is an individual who is going for promotion to
Managing Director in the upcoming year, and self-reports as having good advocation from senior
colleagues along with the credentials to secure the promotion.
T h e G O O D F I N A N C E F r a m e w o r k 9The GOOD FINANCE Framework
Table 3. Summary of data supporting the GOOD FINANCE Framework
Front Office Communications and Compliance
Interviews Interviews
(N=23 interviewees (N=21 interviewees
Survey incl. 6 Black women) Roundtable incl. 5 Black women) Roundtable
G Groupthink No 14 (4) Yes 16 (4) Yes
O Opportunities Yes 23 (6) Yes 21 (5) Yes
O On-ramps off-ramps No 8 (1) Yes 13 (3) Yes
Difference as a comparative
D No 10 (4) Yes 4 (1) No
advantage
F Flexibility Yes 8 (1) Yes 14 (2) Yes
I Incentives No 15 (3) Yes 4 (0) No
N Networking No 20 (5) No 14 (4) No
A Advocates Yes 19 (6) Yes 20 (5) Yes
N Norms Yes 16 (3) Yes 14 (4) Yes
C Competence
No 16 (4) No 19 (4) Yes
E Empathy
10 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
Table 4. Summary of the GOOD FINANCE Framework
GOOD FINANCE Action Purpose Action
Groupthink Eliminate groupthink Audit meetings (virtual and in-person) for groupthink. If present, identify its
root cause. Use this information to design a protocol sheet tailored to the
meeting environment.
Opportunities Equalise opportunities Ask managers to audit the allocation of stretch assignments, pay increases
and promotions. Auditing makes salient the choices a manager is making,
most likely unconsciously. This gives a manager the autonomy to see
for themselves if they consistently give opportunities and rewards to a
certain type of person, and the chance to address any inequalities that are
discovered.
On-Ramps Off- Design an ‘on-ramp off- Companies can design a formal ‘on-ramp off-ramp’ system . This could involve
Ramps ramp’ system a set of senior leaders in the organisation that liaise with the returner to
ensure a good experience, in addition to a short period of time when on-
boarding that allows for a soft landing.
Difference Nurture the innovation Companies can quantify the type of career pathways that allow men and
women bring to the firm women to be successful and decipher if there is a traditional-innovation
gender difference. Are women more often thriving in areas that are innovative
as opposed to traditional?
Flexibility Encourage flexible and Firms can take an experimental approach to define flexible work, enabling all
autonomous working functions to join the conversation of what can work for them with respect to
styles work practices and operations. Ideas can be implemented in a manner that
allows companies to quantify the gains and losses to output.
Incentives Redesign incentives Firms can redesign incentives to reward inclusive managers so that their
bonus is at least partially determined by the performance of their team
members. Firms can also redesign incentives, so individuals are rewarded for
working collaboratively, to ensure the overall success of their team and the
firm, which in turn, place less emphasis on individualistic behaviours.
Networking Shape an external Firms can come together and shape an effective networking platform that
networking platform to have brings together gatekeepers who actively open doors to opportunities for
a specific focus on giving women who are talented and ambitious.
access to gatekeepers and
the opportunities they
can open
Advocates Facilitate advocates for Companies can experiment with creating an advocation programme for high
high ability women ability women, while also evaluating its impact. To ensure success, advocates
could be financially rewarded if they participate effectively.
Norms Audit gender differences Action: Companies should gain an understanding of differential gender norms
in norms in areas such as the attribution of accolades and the treatment of mistakes
which may be the root cause of outcomes such as promotions, decisions to
quit and pay increments.
Competence- Upskill managers to have Firms can provide coaching and leadership training to highly competent
Empathy an empathetic leadership individuals. This training would likely likely produce managers, who exhibit an
style empathetic leadership style.
T h e G O O D F I N A N C E F r a m e w o r k 11The GOOD FINANCE Framework
GOOD FINANCE: GROUPTHINK
The idea of being heard differently The above implies that women are not Curbing groupthink
in meetings allows
simply by being a woman came up in being heard properly in discussions
the large majority of interviews (14 of 23 and deliberations, and this has obvious
front office; 16 of 21 communications ramifications for progression in their firms to innovate,
and compliance interviews). Examples careers. After all, one can have the most and also ensures
that women are
given included meetings or ad hoc innovative, creative, and insightful ideas,
discussions with colleagues whereby but if they are not heard and given credit
women’s ideas were not heard, women for their ideas, they will not get rewarded being heard.
were talked over, women’s ideas were through recognition, pay or promotion.
recycled by colleagues and there There was an acknowledgement by
was use of microaggressions. A large several women interviewed that the
FRONT OFFICE INTERVIEWEES THAT
number of women also expressed problem of not being heard was also RAISED THIS THEME
frustration with meetings being shared by other colleagues whose ‘face
treated as social events, rather than doesn’t fit’, including introverted men.
opportunities to dissect the important It stood-out that eight of the Black
issues that mattered to their employer. women interviewed described being
This suggests that firms are not fully disregarded in meetings and puzzled
benefiting from the women they have over whether it was attributable to
COMMUNICATIONS AND COMPLIANCE
hired and that meetings may not be run their gender or their race. It follows that INTERVIEWEES THAT RAISED THIS THEME
effectively. curbing groupthink in meetings can help
both the firm and women progress.
Diversity in discussions is a comparative
advantage for companies as it helps
Action: Audit meetings (virtual
to overcome groupthink within
and in-person) for groupthink. If
meetings. The interviewees described
present, identify its root cause.
participation in meetings that had
Use this information to design
obvious symptoms of groupthink.
a protocol sheet tailored to the
For instance, a lack of deliberation, meeting environment.
silencing of dissent and the tendency
to overfocus on the ideas of dominant
persons in the room (in total 8 of 23
women in FO expressed frustration
towards at least one symptom of
groupthink as compared to 15 of 21
in CC).
12 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
GOOD FINANCE: OPPORTUNITIES
Every woman interviewed in the For FO women, a high conflict approach Equal opportunities
for all employees
study mentioned the importance where they ‘asked for what they wanted’
of access to opportunities for their and experienced arguments also
personal progression. Women who had resulted in a lower level of obstacles is key. Auditing
experienced an accelerated career to opportunities. This supports the can get us there.
trajectory spoke of access to interesting idea that women of “thicker skin” who
work, being able to ‘do what they liked’ speak up have a higher probability
and left to ‘get on with it’. Women who of accelerated careers. In fact, eight
FRONT OFFICE INTERVIEWEES THAT RAISED
were in VP or Director positions and of the women in front office credited THIS THEME
reported having plateaued, credited this approach with their success,
being excluded from opportunities highlighting that they never had
as one of the reasons (three out of a person paving the way for their
seven linked the plateau to a lack of opportunities. Strikingly, the same
opportunities caused by returning from tactic did not work and was employed
maternity leave and ‘not being taken less for women in communications and
seriously’). compliance. Two women in CC spoke at COMMUNICATIONS AND COMPLIANCE
INTERVIEWEES THAT RAISED THIS THEME
length about a high level of conflict over
When listening to the women describe
a lack of opportunities with their current
their careers, an obstacle–conflict
employer, lamenting the current tight
approach (see Figure 1) to explaining
labour market as a reason they could
success clearly emerged. 36 of the
not move on.
44 women interviewed fit within this
framework. Women who faced low Seven women in CC described having a
obstacles to getting opportunities lack of opportunities but ‘living with it’
experienced accelerated success. or ‘getting on with it’. While these women
Women who had low obstacles–low were not probed to explain why they
conflict in getting opportunities always did not enter conflict to gain access to
spoke about one key individual that opportunities, two spoke about office
gave them access and freedom. In these politics making pushing back difficult.
circumstances, they described the The four women in FO who described
dynamics of the relationship in a variety themselves as having no opportunities
of ways implying that it was either based to progress also pointed to office
on ‘trust’ and ‘respect’; a recognition politics. In contrast, all four women
that it was ‘mutually beneficial’ or ‘he relayed that when this happened, it was
knew I would make him look good’; or a signal that ‘their time was up’ and were
an acknowledgement that it was based at risk of being ‘stabbed in the back’.
on ‘friendship’. Women who experienced
Specific to the Black women
a low obstacle–low conflict approach
interviewed, a theme of having
to success often acknowledged
experienced both high and low
that it shielded them from office
obstacles at various stages of their
politics, allowing their career to grow
career emerged more clearly than for
uninterrupted. They also acknowledged
other women. In general, other women
it allowed them to enter the circle of
experienced either high obstacles or
trust and understand the ‘unwritten
low obstacles to opportunities. In the
rules’. All but one of the senior women
case where these women did have
interviewed emphasised that avoidance
mixed experiences, they compared
of office politics became impossible
their experiences across two different
after securing a Managing Director role
employers, highlighting that things got
when the stakes of moving further up
▲
‘better’ when they decided to leave.
are at their highest.
T h e G O O D F I N A N C E F r a m e w o r k 13The GOOD FINANCE Framework
In contrast, Black women had much affinity driving access to opportunities
more varied experiences. Four of mattered for all women. However,
the women interviewed described it is clear it impacted the women in
navigating within their organisation compliance and communications more,
away from a gatekeeper who limited and also matters more for Black women.
their access to opportunities.
Action: Ask managers to audit
When speaking about opportunities,
who gets stretch assignments,
the majority of women (17 of 23 in FO,
pay increases and promotion.
and 19 of 21 in CC) spoke of a perceived
Auditing makes salient the choices
lack of affinity being the biggest barrier
a manager is making, most likely
to opportunities. Affinity bias and
unconsciously. This gives a
familiarity bias cause gatekeepers
manager the autonomy to see for
to be significantly more likely to give
themselves if they consistently
opportunities to ‘people like them’.
give opportunities and rewards to
When women spoke about what caused a certain type of person, and the
a colleague to receive opportunities chance to address any inequalities
to grow, themes of ‘drinks after work’, that are discovered.
‘golf’ and ‘ability to banter’ still shone
through as important. The problem of
Figure 1. Obstacle–conflict approach to explaining success
FO CC FO CC
Low Obstacles
7 7 8 0
FO CC FO CC
High Obstacles
4 7 1 2
Low Conflict High Conflict
14 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
GOOD FINANCE: ON-RAMPS OFF-RAMPS
It is no surprise that every woman in
the study who had children spoke of
FO described negative experiences
on returning to a job that had been
A smoother
their experience juggling work and diminished, as compared to the job experience for
family life. In the front office, all of the they left. A common thread in these women going to and
women who were senior directors or
managing directors and had children
stories was the role of their manager,
who offered low levels of support and
coming back from
also had either a full-time nanny or was pointed to as the root of their maternity leave can
a family member taking on caring marginalisation. There were three help stop leaks in
responsibilities while they were at
work. All these women also made
women in FO and 10 women in CC that
spoke of feeling overwhelmed when
the pipeline.
the distinction between wanting to they returned and would have liked
be there for activities that mattered more time to ‘get up to speed’. Specific
(for example ‘family dinner’, ‘weekend to the eight FO conversations, women FRONT OFFICE INTERVIEWEES THAT
RAISED THIS THEME
activities’ and ‘key growth moments’), described colleagues who left as soon
but making a conscious decision to as they returned because they were
outsource everything else (for example given no time to transition back to work.
‘washing’ and ‘cleaning’). Two women
If talented women are to be retained,
emphasised the need to remove
it is important to ensure a more
the guilt of not being there for every
predictable experience when returning
moment if you wanted to succeed in COMMUNICATIONS AND COMPLIANCE
to work after a period of leave. Careers INTERVIEWEES THAT RAISED THIS THEME
FO. In contrast, the most senior women
are getting longer, so the design of a
in communications and compliance
more formal ‘on- and off-ramp’ system
had highly mixed experiences, which
can benefit all employees, including
included relying on external childcare
those who take paternity leave,
facilities.
sabbatical, and sick leave.
Mixed experiences in coping with work-
life balance were relayed by women in Action: Companies can design a
all other roles when they had children, formal ‘on-ramp off-ramp’ system.
which seemed to be driven by three This could involve a set of senior
things: i) personal circumstances at leaders in the organisation that
home; ii) access to flexible working; liaise with the returner to ensure
iii) their manager. a good experience, in addition
to a short period of time when
A clear theme emerged on iii) – their
on-boarding that allows for a soft
manager – explaining how women’s
landing.
careers get derailed by a factor greater
than the time taken as maternity leave.
Eight women in CC and 13 women in
T h e G O O D F I N A N C E F r a m e w o r k 15The GOOD FINANCE Framework
GOOD FINANCE: DIFFERENCE
Ten women in the front office and four
in communications and compliance
could be because it didn’t work out or
wasn’t embraced by colleagues. The
Difference should
described their differences as being latter implying money is left on the be encouraged
their comparative advantage. floor. Innovation has clear merit for the as a route to
The women described carving out
industry. To the extent that it can benefit
both the industry and the progression of
innovation.
innovative personal niches that were
women, it is worth investigating further.
mainly orthogonal to what other
colleagues were doing. When probed, FRONT OFFICE INTERVIEWEES THAT
Action: Companies can quantify
the reflections that often followed RAISED THIS THEME
the type of career pathways
(seven out of 10 in FO, two out of four
that allow men and women to
in CC) was that it caused them to be
be successful and decipher if
less of a threat to other colleagues. It
there is a traditional-innovation
also became clear, at least for this set
gender difference. Are women
of women, that carving out such an
more often thriving in areas that
innovative niche was viewed as far less
are innovative as opposed to COMMUNICATIONS AND COMPLIANCE
necessary for men in their organisations. INTERVIEWEES THAT RAISED THIS THEME
traditional?
The view was that men were more
often welcomed on traditional career
pathways, whereas women required
being innovative to succeed.
Although women who carved out an
innovative niche clearly ended up
benefiting in terms of career accolades
and progression, the niche pathway
is also clearly riskier. It is possible
that other women not included in this
study because they left the industry
having tried this road and failed. Failure
16 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
GOOD FINANCE: FLEXIBILITY
In the quantitative survey, a theme and teams, but this need was greater
Most jobs can
be done more
highlighted in the analysis was that in FO. The Black women interviewed
while past employees who left the mentioned less the need for flexibility,
industry found it hard to imagine their either independently or in association effectively
job being done with more autonomy
and flexibility – current employees do
with managing caring responsibilities.
and efficiently
not have the same worries. This is likely
Currently, companies are rethinking with enhanced
owed to the COVID-19 lockdown, where
what flexibility means. The last tension
to be worked out is what can and cannot
flexibility.
professional workers were forced to
be offered in terms of maintaining
work from home at short notice and re-
smooth operations.
imagine how to carry out their tasks and
FRONT OFFICE INTERVIEWEES THAT
deliver their objectives. Among the women interviewed, five RAISED THIS THEME
mentioned the impossibility of giving
The same theme carried through the
everyone the flexibility they want. Two
qualitative interviews, with women
women mentioned the problems they
in communications and compliance
had managing other women who were
stressing that their job can be done
demanding unreasonable levels of
more effectively and efficiently when
flexibility. It is clear that there is still
allowed to work autonomously. COMMUNICATIONS AND COMPLIANCE
a lot to work out. Some jobs do have INTERVIEWEES THAT RAISED THIS THEME
The importance of flexibility in
tasks that are harder to complete with
communications and compliance was
full flexibility, and for effective firm
mentioned by 14 women, 10 of whom
operations, core tasks must be carried
linked it to being able to balance
out reliably. Still, there are many gains
childcare responsibilities better. The
from re-considering flexibility with an
FO women interviewed also mentioned
additional focus on defining output.
flexibility, but by comparison were
much more likely to speak about one Changing the narrative and emphasising
or two days working at home, rather this enhanced flexibility often increases
than having complete autonomy. In output. Working towards a status-quo
the conversations with FO women, the that realises these gains will benefit all
need to be in the building and interact workers, including women.
with colleagues held high value in
terms of productivity. Interestingly, Action: Firms can take an
where relevant, women agreed that experimental approach to
virtual meetings with external clients define flexible work, enabling all
are productive and they expect the functions to join the conversation
demands for face-to-face client of what can work for them
meetings to greatly reduce. However, with respect to work practices
most (13) FO women mentioned that the and operations. Ideas can be
rigidity of having to be in the office every implemented in a manner that
day was reduced because of COVID-19, allows companies to quantify the
and this was seen as a good thing. gains and losses to output.
In both FO and CC functions, there
was a need to meet with colleagues
T h e G O O D F I N A N C E F r a m e w o r k 17The GOOD FINANCE Framework
GOOD FINANCE: INCENTIVES
Individualism is
The importance of managers who give when the team performs well. One
equal opportunity to the women and woman went further and suggested that
men in their teams was a recurring the variance in a team’s performance holding financial
theme in this qualitative study. The could also be considered to ensure the
services back.
Pay should be
sentiment that women missed out on manager was not playing ‘favourites’
opportunities to grow more often than when dispensing opportunities.
men was also recurring. 15 women
About half of the women suggested
partially determined
in the front office and four women
that regardless of level or managerial by inclusive
leadership.
in communications and compliance
responsibilities in the organisation, a
highlighted that bonuses, promotions
decent proportion of rewards should
and pay spines were still mainly
be given to individuals who exhibit a
determined based on individual
trend of working collaboratively and
performance and this is a mistake in FRONT OFFICE INTERVIEWEES THAT
share great ideas that allow others RAISED THIS THEME
the sector. All 15 women in the FO
to succeed and move forward. It was
pointed-out that excellent income
emphasised how unusual this was,
generators are still routinely promoted
given that every single role relied on
into roles with senior-level management
other people to be done successfully.
responsibilities in their organisation.
When probed, all women said that
There was a recognition that promotion either their organisation did not reward
is inevitable in the FO roles where collective behaviour, or they did so in COMMUNICATIONS AND COMPLIANCE
INTERVIEWEES THAT RAISED THIS THEME
there is a direct line to income and a a way too small to make a difference
person is a superb income generator. (e.g., collecting 360s ahead of annual
However, they also suggested a future reviews).
where there is a distinction of roles
and titles. For example, ‘Managing Action: Firms can redesign
Director’ positions could be reserved incentives to reward inclusive
for people who bore leadership managers so that their bonus
responsibilities, while ‘Executive is at least partially determined
Director’ titles indicated a senior person by the performance of their
who is invaluable to the firm in terms of team members. Firms can also
income-generating only. redesign incentives, so individuals
are rewarded for working
All 19 women, who mentioned the
collaboratively, to ensure the
problem of the individualistic manager,
overall success of their team
suggested that the sector needs to go
and the firm, which in turn, place
further to reward leaders who foster
less emphasis on individualistic
talent in the firm equally. For example,
behaviours.
managers who lead teams should
have skin in the game in their team’s
performance, receiving higher bonuses
18 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
GOOD FINANCE: NETWORKING
20 of the women from front office and 14
from communications and compliance
enthusiasm), bringing ambitious
and talented women as well as other
External networks
underlined both the importance and under-represented groups together are key to making it
the difficulty of developing external with gatekeepers, who hold power and to the top of firms; it
networks. The benefits of external willingness to open doors for them.
networks cited included being more
is therefore critical
likely to be considered for external
The need for better access to the
highest level of gatekeepers in the
to facilitate effective
opportunities, gaining knowledge about
industry was stressed more often by network creation.
the market rate of pay and having a
Black women. In addition, better access
support system outside of internal
to high-level gatekeepers seemed more
politics. The difficulties relayed by these
urgent for women in CC, who more often FRONT OFFICE INTERVIEWEES THAT
women concerned having low levels of RAISED THIS THEME
pointed to glass ceilings as compared to
personal time, in addition to networking
women in the FO.
groups largely being organised
around affinity. On the latter, all those
Action: Firms can come together
interviewed could see the merit in
and shape an effective networking
organising groups around an affinity,
platform that brings together
including gender, to advance the group
gatekeepers who actively open COMMUNICATIONS AND COMPLIANCE
slowly over time.
doors to opportunities for talented INTERVIEWEES THAT RAISED THIS THEME
However, most women interviewed and ambitious women.
independently raised the point that
the power in their sector still lay largely
with white men, who did not attend
affinity networking sessions (except for
giving a keynote). This meant that the
progress of affinity groups was often too
slow to benefit individuals navigating
career decisions today. The interviews
highlighted a gap for a ‘networking
club’ that met regularly (but not so
often the time commitment deterred
T h e G O O D F I N A N C E F r a m e w o r k 19The GOOD FINANCE Framework
GOOD FINANCE: ADVOCATES
One finding from the quantitative survey
Action: Companies can experiment Firms should replace
really stands out: significantly more
men said they have at least three senior
with creating an advocation mentorship with
colleagues they can go to for advice.
programme for high ability women,
while also evaluating its impact. To
advocacy.
A potential driver of this finding is a
ensure success, advocates could
too great propensity to gender match
be financially rewarded if they
advocates and advisors in financial FRONT OFFICE INTERVIEWEES THAT
participate effectively. RAISED THIS THEME
and professional services, where there
are fewer senior women leaders. In
response, a suggested action firms can
take is to create an advisor matching
program that focuses on where an
employee wants to end up in ten years,
rather than matching on gender or any
COMMUNICATIONS AND COMPLIANCE
other personal characteristic. INTERVIEWEES THAT RAISED THIS THEME
When interviewing the women for the
qualitative survey, the importance of
having an advocate was stated by 19
women in front office and 20 women
in communications and compliance.
As has become the trend, a distinction
was drawn between mentors and
advocates. Many firms have mentorship
programmes (with noted mixed levels of
success) but there is a lack of access to
advocates within the company for high
ability women. Every woman who raised
the need for advocates highlighted the
need for front and centre championing,
regardless of performance, to progress
in the sector.
20 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
GOOD FINANCE: NORMS
The women interviewed in the study
spoke about facing different norms
colleagues, with ‘mediocre’ men being
mentioned explicitly by 22 women.
Women face
compared to men. For example, different norms
to men. Efforts
When probed on how men who are
eight women relayed that their high
average performers survive more
performance was more regularly
discounted as compared to men.
regularly than comparable women, they must be made
Seven women also mentioned being
offered a variety of explanations. To to change the
norms.
summarise, these were:
treated differently when making
mistakes, in contrast to comparable n These men are in a social club where
men. Significant differences in the other members are gatekeepers with
perception of how mistakes were power.
FRONT OFFICE INTERVIEWEES THAT
treated also came through in the RAISED THIS THEME
n These men are always around,
quantitative data gathered. Men were
whereas comparable women are
more likely to feel comfortable saying
more likely to take maternity leave
aloud that they had made a mistake
eroding any internal networks that
and believe their company would view
may keep them safe.
mistakes as learning opportunities.
In contrast, women were much more n It is easier to survive as a man
COMMUNICATIONS AND COMPLIANCE
likely to say they would be penalised for because they fit the social norm INTERVIEWEES THAT RAISED THIS THEME
making mistakes. of what a worker in financial and
professional services looks like.
Strikingly, in the qualitative study a
different theme around social norms n There is a bigger reluctance in the
emerged. 16 women in front office and sector to manage out men regardless
14 women in communications and of their ability, as compared to
compliance converged on the idea of women, as they are still viewed as
different norms in the type of men breadwinners.
and women that were accepted in
n Greater effort is made to retain
both functions.
men who have an outside offer as
A strong theme emerged suggesting compared to women.
men and women of the highest ability
n In FO roles specifically, women
were rewarded appropriately. About
viewed themselves as more visible
half of the women felt that, at the level
given they are a clear minority,
of extraordinary performance, merit
and thereby perceived they were
was adequately attributed regardless
scrutinised more.
of gender. The other half felt that
even at this level, performance was A number of women in FO, as well as in
misattributed depending on if you were CC, emphasised that there were fewer
in an ‘in-group’. Where these 30 women ‘mediocre’ men in roles where Profit
agreed was on the sentiment that and Loss metrics (P&L) were visible.
women were either labelled competent However, men in these roles who did not
or incompetent in their ability. However, highly perform were often re-shuffled
into roles where performance was less
▲
there was a much bigger distribution
of perceived ability among their male visible.
T h e G O O D F I N A N C E F r a m e w o r k 21The GOOD FINANCE Framework
Of the Black women who also they played ‘good politics’, bringing this
emphasised the theme of ‘mediocre’ ethos into their management approach
men (seven), three specifically as gatekeepers to opportunities for
mentioned the feeling that their emerging talent. It was said that
performance level had to exceed both emerging women were less likely to get
men and white women by a specific opportunities under these leaders, and
margin to get the same recognition. often had their progression blocked.
Two of these women suggested that the
intersectionality between their race and Action: Companies should gain
gender caused this difference. an understanding of differential
gender norms, in areas such as the
The idea that women need to sink
attribution of accolades and the
or swim, but men have many more
treatment of mistakes which may
opportunities to survive in financial
be the root cause of outcomes
and professional services raises two
such as promotions, decisions to
problems for women. First, they are
quit and pay increments.
being held to higher standards – either
ridiculed or celebrated, with fewer
opportunities to drop the ball than men.
Second, it was emphasised that below-
average men often survived because
22 T h e G O O D F I N A N C E F r a m e w o r kThe GOOD FINANCE Framework
GOOD FINANCE: COMPETENCE-EMPATHY
The interviews conducted ran close to
40 hours in total, with approximately
need to be excellent to succeed, and
experiencing a culture of ‘up or out’. This
The most effective
half this time spent describing meant that there was ample opportunity future leaders are
managers the women encountered to progress once one’s performance was high on competence
and how they helped or hindered their
progress at various career stages.
deemed up to standard. The women
deviated on whether performance
& empathy. This
could be adequately assessed by leadership style
allows all genders
For 16 women in front office and 19 in
highly competent managers. Those in
communications and compliance, a
competence–empathy management
roles with clear P&L metrics believed
merit could be assessed accurately.
to thrive in financial
framework summarises well the
The perceptions among the rest of services.
characteristics of the managers that
the women interviewed were mixed.
they have encountered, along with
There was a consensus, however, that
whether the experience helped or
exposure to a highly competent, low FRONT OFFICE INTERVIEWEES THAT
hindered their careers (see Figure 2). RAISED THIS THEME
empathetic manager when being on-
Regardless of the environment a woman boarded and off-boarded for maternity
worked in, they were more likely to talk leave led the women to experience big
about moments of success when they obstacles.
encountered a manager who was high
On the flip side, women who were
in both empathy and competence (A in
exposed to leaders that were low
Figure 2). 21 of the women interviewed
competence but high on empathy (C COMMUNICATIONS AND COMPLIANCE
highlighted a growing demand for INTERVIEWEES THAT RAISED THIS THEME
in Figure 2) relayed they felt supported
empathetic managers, along with the
in their careers. This included being
tendency of leaders to imitate empathy.
supported through career interruptions,
These women spoke of leaders whose
and opportunities being divided
talk involved caring about equality,
in a manner that was described in
but their ‘walk didn’t match the talk’,
two separate interviews as ‘fair’ and
in addition to other examples which
‘equal’. Whether those opportunities
suggested a lack of authenticity. When
allowed for suitable growth depended
exposed to leaders who faked empathy,
on whether the manager was good
the women described moments that
▲
at office politics. In this situation,
were akin to suffering at the hands of
‘bad politics’, echoing the necessity to
distinguish truly emphatic leaders.
Figure 2. Competence–Empathy Manager Framework
However, once women were exposed
to an empathetic manager, there was
a perception that their success was
unencumbered by office politics, and
there were adequate opportunities Low Obstacles B A
for progression. These women also
reported a smoother on- and off-ramp
maternity leave experience.
If empathy and competence are traded
off, women exposed to managers
High Obstacles
D C
that are low on empathy and highly
competent (B in Figure 2) reported a
Low Conflict High Conflict
T h e G O O D F I N A N C E F r a m e w o r k 23You can also read
