Career progression is stalling for working mothers in the UK
According to the government in its Gender Equality at Every Stage roadmap, companies which come in the top 25% for gender diversity on their executive team are 21% more likely to experience above-average profitability than companies which lie in the bottom quarter.
Additionally, the roadmap says that in terms of the economy, reducing gender gaps in labour market participation in science, technology, engineering and maths (STEM) qualifications and wages, could increase the size of the UK economy by around £55 billion by 2030.
It’s well known that companies that embrace diversity––whether that is gender, race, ability or sexuality, for example––perform better. The Boston Consulting Group found that companies with above-average diversity on management teams report revenues that are 19% higher.
Despite the evidence, women are still falling behind, according to a new report, and in particular, career progression is stalling for the UK’s working mothers.
Only a third of women are in managerial roles, in comparison to 43% of men, and women are falling down when it comes to salary negotiations too.
Where 62% of men have negotiated salary, only 50% of women have, and this is a 5% drop on 2022’s figure. More worrying is the large gap that exists within career progression. Fifty-six percent of working mums say that their current employer is yet to offer them a promotion, compared to just 14% of working fathers.
Additionally, 57% of straight women, and 75% of LGBTQi+ women stated that their mental health suffered as a result of Covid-19, but when it comes to men, 32% say that the pandemic had no effect on their job.
Negotiation barriers
Confidence and self-belief affect women’s ability to negotiate in the workplace, with 26% saying they didn’t think they’d be given a raise if they asked, and 20% are too embarrassed to ask for more money.
Awareness is a barrier for working mums too with over a quarter (27%) say that they are not being made aware of the steps they can take to get a promotion, whereas only 17% of fathers report the same thing.
If you have tried and failed to negotiate your salary, and fear you are being left behind in terms of both money and career progression, it may be time to make a move to a company where your goals will be supported.
The City PM Job Board features thousands of jobs in companies that are actively hiring, like the three below.
Director of FP&A, UK, Multiverse, London
As the FP&A Director, you will play a pivotal role in driving financial performance and strategic decision-making across the organisation, building out the infrastructure to ensure IPO-readiness. You will also lead the development and execution of the company’s annual budgeting, forecasting, and long-range planning processes, collaborate with cross-functional teams to gather and analyse financial data, identify trends, and present actionable insights to C-suite and monitor key performance indicators and financial metrics to provide real-time visibility into the company’s financial health. You’ll have experience in an FP&A role within a fast-paced, startup/scaleup environment as well as a background in investment banking, private equity or consulting and progressive experience in financial planning and analysis. If this sounds like a fit, get the rest of the information you’ll need here.
Recruitment of Independent Persons, Canada, London
Canada Corporation provides local government services for the financial and commercial heart of Britain, aka “Square Mile.” The Corporation recently undertook a review of its overall governance arrangements and recruited a panel of Independent Persons, a statutory role, to assist the Corporation in promoting and maintaining high standards of conduct by elected and co-opted members. It is now seeking additional members, and to be considered, you will have relevant experience in the private or public sector, with a keen interest in local government and standards of behaviour. Good communication and questioning skills are vital as is the ability to be objective, assertive and non-judgemental. See all the job’s requirements here.
Financial Crime Enhanced Due Diligence Specialist, Metro Bank PLC, London
As a Financial Crime Risk and Control Enhanced Due Diligence Specialist at Metro Bank, you will undertake detailed and deadline-driven EDD case reviews on complex and high risk customers. Plus, you will carry out comprehensive investigations and analysis, create detailed and structured case reports of your findings, making recommendations and decisions on course of action. Supporting the implementation and ongoing monitoring of necessary controls to bring distribution channels in line with AML/CTF, sanctions, ABC and anti-tax evasion regulation and policy is also a part of this role. Experience of undertaking enhanced due diligence (EDD) reviews on a variety of customers, with good experience producing case reports to present your findings and decisions is required, as is solid experience working in a financial crime function within a financial services organisation, along with a clear understanding of regulation and legislation. See more here.