Where are we?
- Like many other sectors, there are fewer women than men at managerial level and above in the insurance and long-term savings industry.
- Insurance and long-term savings does a good job of attracting women, but either loses them entirely or fails to promote them.
- There is a wide variation between companies that are good at progressing women but may not necessarily have high senior female representation. There is no simple pattern of ‘good’ vs ‘bad’ performers in the industry.
Why aren’t there more women in senior roles?
- The dominant reason for the gap is the ‘motherhood penalty’. Women are more likely to take on the bulk of the childcare responsibilities and work part-time, but once you work reduced hours it is unlikely that you will progress. You get stuck.
- There is also an unconscious bias against mothers: they are regarded as less competent and committed than non-mothers. Whereas, fathers are perceived as more competent and committed than non-fathers.
- There are still some factors that affect women progressing regardless of parenthood:
- Women are less likely to negotiate/ask for promotion;
- There is some unconscious bias towards women in general and not just mothers.