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Women majority in finance but not in top positions

Women made up nearly 60% of junior-level finance employees, but only 40% of senior roles, suggesting the pathway to the CFO’s (Chief Financial Officer) office is not as clearly illuminated for female candidates, research and advisory firm Gartner says in its Labour Market Survey comprising more than 25 000 global employee respondents.

”52% of finance employees are women, significantly higher than the average of 42% for all corporate functions. Yet, despite this relatively positive performance overall, there is still further to go when it comes to advancing women to senior finance roles.”

”The drop off in advancement was even more stark for employees who identified as people of colour. 16% filled junior-level roles, while just 6% of senior-level positions were filled by people of colour”, the Garner report said.

“Much of the focus on improving diversity has been placed at the hiring level and removing unconscious biases there continues to be an important project,” said said Kotei Kotey, the company´s Senior Specialist

“However, there also needs to be a plan for encouraging these employees to advance through the ranks. One of the best strategies is connecting junior-level employees to senior-level mentors from similar backgrounds, which is why it’s so critical there are clear pathways to advancement for women and people of color.”

Kotey provided additional recommendations for senior finance leaders on how to prioritize clear communications around career path clarity. These include:

  • Provide a clear outline of the steps needed to advance within the finance department and a close examination of any areas that may be causing a drop off in the talent pipeline for diverse employees and/or candidates.
  • Encourage a culture of lateral movement by making it easy for employees to find internal opportunities and provide adequate financial compensation for doing so.
  • Establish guidelines to ensure managers are communicating new roles and opportunities to all employees.

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