CORPORATE FINANCE
Why are women under-represented in senior financial positions , and the CFO role specifically ? Julia van den Bosch Wazen Women in key financial management roles tend to have a shared set of challenges , such as balancing home / work life , which is overcome by having the right support and an engaged sponsor at work . Sponsors are often men in senior management positions . Men are essential in furthering the development of all strands of diversity in the workplace , and the more informed diversity and inclusion allies there are , the better the company performs . COVID has forced the majority of companies to work from home and highlighted to many employers the dual nature of a working woman ’ s careers . That said , pre-pandemic , many female CFOs said to me that their life was a constant balancing act of whom to disappoint more – their partners , kids , or friends . Senior women rarely disappoint their employers , just like their male peers .
During the executive search processes we run , Boards will actively seek diversity , though in a risk adverse hiring market , like the one that we are in , many end up choosing proven Board experience over and above stepping up talent . It is widely publicised that there are more men in those roles than there are women , and so the balance is again not restored , further facilitating the lack of Board experienced women .
Cristina Catania Unfortunately , this underrepresentation of women in senior roles isn ’ t exclusive to finance – it ’ s a similar picture in business management and strategy . But , prior to COVID , concentrated efforts were making some gains . Across all industries , we ’ ve seen women ’ s representation in the C-suite increase by 24 % since 2015 , including some notable appointments in the financial sector , like Jane Fraser at Citi . There is , however , a broken rung at the very bottom of the corporate ladder that is stalling progress .
Our annual Women in the Workplace study of women in North America shows that for every 100 men , just 72 women are promoted and hired to manager . Women get stuck at the entry level and fewer become managers . Not
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