The findings of the fifth annual Financial News Women in Finance survey are sobering: Of the 650 female respondents to the survey, all of whom work in the financial services industry, two thirds said their gender made it harder for them to succeed and a similar proportion said they felt they needed to work harder than male counterparts in order to be viewed at the same level of achievement by managers.
Ruth Grant, a litigation partner and co-chair of the diversity committee at law firm Hogan Lovells, said: “There is a mismatch between what’s being done and outcomes. There is a difference between management having projects and structures that they put in place and actually embedding those ideas into the corporate culture and how the business makes them part of the daily life and DNA of an organisation.”
The survey results are a timely reminder that, while top-level management of financial firms is largely convinced that change is necessary and has begun to implement programmes, there is still more that needs to be done. The challenge, particularly in depressed market conditions, is keeping gender diversity on the priority list.
Helena Morrissey, chief executive of Newton Investment Management and founder of the 30% Club, which has had notable successes encouraging chairmen to bring more women into board roles, said: “There has been a very long, slow burn over the understanding of gender imbalance, but a sharp pick-up and growing momentum for change over the past 18 months. The financial services sector, and especially bigger companies, are trying very hard, partly in an attempt to rehabilitate their reputation. It is a paradigm shift for many people.”
Financial firms do appear to be making more of an effort. This year, 38% of survey respondents said their company had no diversity programme or women’s networking forum, less than the 46% who responded similarly last year. Whether the shift is due to more companies launching programmes is arguable but, certainly, there is increased awareness and communication within firms to promote uptake of such initiatives.
You'd think that since 1916—the year a woman was first elected to U.S. Congress—there would have been some serious progress.
Women in the workforce, after all, have been on a steady rise.
Not so in Congress, where women hold less than 17 percent of seats to this day, according to the Rutgers Center for American Women and Politics. In 2010, the number of women elected to the House actually declined.
Palmer and Southern Methodist University professor Dennis Simon have been studying the political glass ceiling for over a decade. Voters, they said, mostly aren't to blame for the lack of progress. But they shared five other very real reasons more women aren't in Washington:
Name It. Change It. is a non-partisan project of WCF Foundation, Women’s Media Center, and Political Parity.
Together, we will work to end sexist and misogynistic coverage of women candidates by all members of the press—from bloggers to radio hosts to television pundits.
Widespread sexism in the media is one of the top problems facing women. A highly toxic media environment persists for women candidates, often negatively affecting their campaigns. The ever-changing media landscape creates an unmonitored echo chamber, often allowing damaging comments to exist without accountability.
A Sunday New York Times article by David Streitfeld has the feminist and tech worlds up in arms. Reporting on a sexual harassment suit filed by a junior partner in a venture capital firm, Streitfeld begins by proclaiming that “MEN invented the Internet” (those CAPS are his). I came across Streitfeld’s article after a friend suggested I check out tech journalist Xeni Jardin’s Twitter feed. Jardin’sresponse to Streitfeld:
WTF: “MEN invented the internet.” I’m sorry, did NYT just breeze past half a century of women in computer technology?
Herein lies the issue: Though Streitfeld primarily covers Ellen Pao’s lawsuit, he undermines his piece by leading with an emphatic and incorrect statement about men as sole inventors of the Internet. I’m not certain if Streitfeld was being tongue-in-cheek or if he simply has a narrow view of Internet history. But his article does incite, albeit unintentionally, necessary dialogue about the roles women–and racial and ethnic minorities–have played in Internet innovation. While some apparently assume that men alone developed the Internet, a quick glance at the Internet Hall of Fame’s 2012 inaugural inductees and the Early Internet Leaders list prove otherwise. (I also recommend reading History of the Internet).
In reality, the genesis of the Internet was a collaborative effort. It took decades of developments in computer programming and network technology. We can’t let the current cult of tech fandom around “white” men–such as Steve Jobs, whom Streitfeld name checks–obscure the women and the racial and ethnic minorities from around the world who contributed to the birth of the Internet.
Reshaping a time-worn narrative isn't easy. Social revolutions rarely are, especially when you're a woman trying to break into the boys' club that is Silicon Valley.
But an emerging class of early-stage tech start-up executives is helping dispel the notion that there isn't a leading role for them in the male-dominated valley.
Company founders and leaders are coming out of Google, Salesforce.com and elsewhere for the excitement of shaping a young business.
The emergence of young female tech founders and executives reflects sweeping change in the worlds of start-up companies and angel funding, where wealthy investors give money in return for a stake in a company. It underscores the enormous purchasing prowess of women online that is transforming the Web economy. As more consumers reach for their smartphones and tablets to shop and communicate, there is a pressing need for commerce sites that cater to women, who control 70% of online purchases worldwide, according to Lisa Stone, CEO of BlogHer, a digital media company.
Many of these inroads are being made by female-led start-ups that are fueling innovation and the digital economy. Women will influence the purchase of $15 trillion in goods by 2014, according to Boston Consulting Group.
Click through the slideshow for a firm-by-firm breakdown of the numbers.
The FEM Study: METHODOLOGY
All the data for assets under management comes from the National Venture Capital Association, which sent us their latest list from Thomson Reuters, current as of Q1 2012. The list included private equity firms that also do venture capital investing, which we attempted to identify and omit. However, some may still be included in the final list of 71 firms.*
Next, we went to each firm’s website and tallied up the number of partners and managing directors, noting how many were women. Obviously, the structure is different at different firms. For consistency, and to give firms the greatest benefit of the doubt, we counted anyone as a partner who had “partner” in his or her title, including venture partners, founding partners, administrative partners and other variations. We also included managing directors, who are senior partners. We did not include vice presidents, principals or associates. When partner titles were unlisted or ambiguous, we called and asked for the numbers.
We then calculated, for each firm on the list, the percentage of partners who are female. Rather than call it POPWAF, we decided to call this number the Female Equality Metric, or FEM. (At first we called it the Kleiner number, but decided to reserve that term for “number of discrimination lawsuits filed.”)
A firm with all male partners has a FEM of zero. A firm with all female partners (LOL, JK) would have a FEM of 100. If you think gender diversity is important, a low FEM is bad and a high FEM is good. If you think women should stay at the receptionist’s desk and out of the corner offices, a low FEM is good and a high FEM is bad. And if you think Silicon Valley is a meritocracy, as does Greg McAdoo of Sequoia Capital, which coincidentally has zero women partners, then you’ll probably dismiss these numbers as meaningless.
But page through this list of venture capital’s heavyweights, and it’s striking to see how few women have made it to the upper ranks. Also striking was the perfect 100 POFR, or percentage of female receptionists, at the 26 VC firms we called. We paged through team page after team page—the staff at a venture capital firm is almost universally called the “team”—where men’s faces lined the top rows and women’s faces appeared further down, if anywhere. “We have female administrative assistants,” explained one woman who picked up the phone, when asked whether any of the partners and managing directors were women.
We’ve seen this movie before and the ending still stinks.
The sex-discrimination lawsuit by Ellen Pao against the Silicon Valley venture-capital firmKleiner Perkins Caufield & Byers may be the gender and workplace story of the moment. But let’s get one thing straight: This doesn’t describe anything that’s new. It seems to happen routinely. Just yesterday, at a hearing in London, a lawyer for Latifa Bouabdillah, a former Deutsche Bank AG director, said the woman’s male colleagues were paid bonuses “double or triple that of the claimant” for the same work.
Swap out Pao for Pamela Martens, who led the class-action “Boom-Boom Room” lawsuit against Smith Barney in the 1990s, or Allison Schieffelin, who sued Morgan Stanley in 2001, or Carla Ingraham, who sued UBS AG in 2009, and you wind up with some combination of the same old complaints: coworker come-ons, power meetings for guys only, higher pay for men and retaliation against the uppity women who have the nerve to complain.
In the venture-capital world, where you get more than the usual share of people who are prone to thinking their every experience is novel, there is shock over news that a highly qualified woman has filed a suit against a celebrity firm. But sex discrimination isn’t the iPad, folks. It’s more like the electric typewriter.
An Accenture survey released as part of our 2012 celebration of International Women’s Day found that despite their current job dissatisfaction, more than two-thirds of all respondents said they do not plan to leave their current employers, with nearly the same number citing flexible work arrangements as the reason for staying put.
Most respondents said they are taking a variety of steps to actively manage their careers—including accepting a different role or responsibility, receiving more education or training, and working longer hours.
Special Features » Infographics » Gender Pay Gap Find Out Exactly What YOU Should Be Paid Get a precise salary range for your exact position. Job Title
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Do Men Really Earn More Than Women? [infographic]
inShare 29 Yes, men do earn more than women on average, but not that much more when they work the same job and they have similar experience and abilities. Take a look at what PayScale has discovered about the gender pay gap.
See the methodology for the infographic below.
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Difference in Annual Pay: To compare male and female pay on a level playing field, we found the median pay for all men in a given job, as well as breakdowns of important compensable factors such as years of experience, location, education level, etc. Then, using PayScale's proprietary MarketMatch™ Algorithm, we determined what the female median pay would be using the exact same blend of compensable factors as our control male group.
What we created was an apples-to-apples comparison of what men and women make, all other factors held equal, according to actual market data. For example, the male software developer median, annual salary is $65,700, which is 4 percent more than the median female value of $63,300.