April 14, 2017
The gender pay gap is so huge it could take 170 years to close.
And data shows that women working in some of the world’s largest professional services institutions are less likely to make it beyond the junior rung of the career ladder.
However, a new report by private research software company Qualtrics and venture firm Accel showed that out of the 8,000 millennials (those aged between 18-34) they surveyed, 33% have felt discrimination at work due to their gender.
Other findings include:
- “Millennial men are 50% more likely than women to say their gender affects their career opportunities.”
- However women are more optimistic and 41% of millennial women “believe that men and women are judged by the same criteria in the workplace.”
The World Economic Forum’s annual “Global Gender Gap Report” found that the workplace gender gap is now larger than at any time since 2008 after a 2013 peak, and is not estimated to close until 2186. Last year, that projection was 2133.
The index measures factors including workplace participation and educational attainment for men and women. The UK was the twentieth most gender-equal country in the index, far below its ninth-place peak in 2006.
That is partly because of a change in the way income is measured, but also because of a decline in female British politicians, legislators, and senior managers.
But this is also a huge deal for women in work.
The world’s largest banks, insurers, asset managers, and professional services firms have made some headway in getting more women into finance but are still failing to promote women.
One key statistic that demonstrated how the playing field for women is still unequal:
“Women made up 25.5 per cent of senior roles in 2016, compared with 23.7 per cent in 2014.”
While the FT survey showed that half of the overall workforce were female, with 58% being female at junior level, around 75% of men dominate senior roles at the firms and year-on-year the percentage of women in mid-level jobs stayed flat at just over 39%.
In other words, financial firms have got more women into the workplace but they are less likely to progress beyond junior level. If you are a woman at an Asia-based bank, you are even more less likely to be promoted — just 6.9% of their senior positions were represented by women.