LONDON—The U.K.’s Treasury Committee is calling for the “alpha male” culture in financial services to come to an end in a bid to help women in the sector to progress into senior roles.
A report from the Committee identified the areas in financial services that are most affected by the alpha-male culture, with the issue being evident during bonus negotiations in some firms, the London School of Business & Finance reported.
Recommendations
According to the report, men are more forceful than women when it comes to negotiating bonuses, which results in them receiving higher rewards and discourages female workers.
“A number of key recommendations were made in the report to help tackle the issue, with the Treasury suggesting that financial services firms assess bonuses against clear criteria in order to end the alpha-male culture,” the London School of Business & Finance said.
Flexible working is also a key concern when it comes to gender inequality, with the report recommending that the stigma of flexible working be removed by getting more men in senior roles to lead by example.
“Gender pay gaps are a major concern in the financial services sector, with the average gender pay gap per hour standing at 35% for U.K. banks and building societies and 52% for bonuses at U.K. banks,” the London School of Business & Finance said. “Firms are now being urged to take action, with the report advising them to publish their gender pay strategies and provide support to women in the sector to help them progress in their career.”
Deterrent
Commenting on what firms need to do to tackle the issue of gender inequality in financial services, the Treasury Committee’s Chair Nicky Morgan MP said, “The next step must be for firms to set out how they will abolish their gender pay gap and support the progression of women. Firms should focus on changing the culture in financial services firms, which remains a deterrent for women, especially the bonus culture.”