Research led by Reed Finance, which surveyed almost 600 senior finance professionals, has found that the majority of the finance sector believes gender pay reporting is the best way of generating equality in the workplace.
The study found that 58% think gender reporting is the most favourable way to promote equality within the industry, while more than half suggested that generation Z, those born between mid-1990s to mid-2000s, will narrow the gender pay gap.
Commenting on the findings, John Forword, Reed Finance expert, said: “This latest research shows that there is optimism within the sector and that the whole industry is pushing towards equality.
“Those we spoke to were aware of what the gender equality situation at their firm is and are keen to help drive best practice for the future. From our conversations with those in finance we know that there is a widespread belief the greater attention of the scale of the issue has been integral to closing the gender pay gap. But it will take time and seeing more women in senior positions will help move us forward.”
Gender parity on the board
Of those surveyed, 55% said they have a woman on their board.
Rob Russell, director at Reed Finance, continued: “With the likelihood of at least one woman being on the board there is greater chance that the next generation will see that leadership is possible regardless of gender. Those just entering the workplace will be the leaders of tomorrow.
“We have seen their ambition and their willingness to change with respect to environment, sustainability, good causes and equality, so it seems there is little doubt that the way the sector looks in the future will be very different to what we see today.”
Russell added: “It is a changing world and efforts made by the finance sector, such as many firms in the city issuing ‘etiquette’ guides, are sending out clear messages in support of women. There is certainly progress being made and if Generation Z can continue to make strides towards gender pay equality, as those we asked hope, then we will undoubtedly see a better, brighter future for women in the sector.”