A new report from HM Treasury and Virgin Money finds that the culture of organisations is stopping women from reaching the upper levels of management (Empowering Productivity: Harnessing the Talents of Women in Financial Services).
According to the report ‘there is a “permafrost” in the mid-tier where women do not progress or they leave the sector’. And issues around child care are not solely responsible: ‘Women are leaving because the culture isn’t right’.
The report recommends that:
- Every financial services company operating in the UK publishes its own inclusion strategy and its own targets on an annual basis – and that progress against these targets is reported
- These targets are included in the company’s balanced scorecard and, as a result, form part of the annual bonus outcome for all Senior Executives
- The inclusion strategy is owned and driven by a member of the Executive team
We at Lumesse welcome this new focus on an area we recently looked into – with a specific focus on L&D and its role in helping to change organisational culture – in our Think Tank event ‘Creating 21st Century Female Leaders’: download a free copy of the report .