Sexism in the City -Avyse insights - learning from experiences to drive change.

As a young woman entering the financial sector, the Treasury’s recent Sexism in the City Inquiry into women’s status in the financial industry has deeply impacted me and resonated with me, fuelling both disappointment and determination.  In this blog, I will be bridging insights from our previous exploration of the findings and recommendations of the Inquiry (Sexism in the City: time for change — Avyse Partners and City Lights and Gender Rights: A practical guide to tackling Sexism in the City — Avyse Partners) with encounters and experiences from my colleagues, highlighting how those of the Inquiry intersect with colleagues lived experiences in the sector.  

Embarking on my career I thought that barriers were a problem of the past, but the findings from the Inquiry show that despite some progress, there still is a lot of work to do. As such, I wanted to ask my colleagues if and how the Inquiry resonated with them, and how they think we can tackle the challenges highlighted by the report.  

At the beginning of your career have you felt safe and protected to disclose or report an allegation of misconduct?  

Jenny, Principal: My honest answer would have to be no. Having witnessed and been subject to instances of non-financial misconduct in several organisations throughout my career, I would not have had the confidence nor trust in the system at the time to report without fear of adverse repercussions for my professional progression. Do I feel it has changed? Well, whilst I do think that things are improving and behaviours previously tolerated are generally perceived as no longer acceptable, I also think the industry still has a way to go to gain the trust of those on the receiving end of such misconduct, instil confidence that reports will be taken seriously, and see perpetrators penalised.  

Jenny’s response highlights the difficulty in reporting any form of misconduct particularly in the presence of misogynistic work cultures, despite established structures. From a cultural perspective, it is evident that companies need to develop and integrate a zero-tolerance work culture top down and bottom up. This is further emphasized by delving into an even more sensitive issue as the report alarmingly highlights instances of misconduct. 

From a sexual harassment point of view, what do you think has changed since starting to work in the financial industry? 

Magali, Principal: When I joined the City in 2006, I and every women I know, didn’t realise that some behaviours and comments were not acceptable. We were expected to simply deal with it as it was part of the package of working in the finance industry. It is comforting that the Treasury report shows without any ambiguity that sexual harassment is systemic and therefore a problem to tackle at industry level and not at individual level. I hope by increasing regulation and developing awareness, no women in the financial industry will ever again feel isolated, trapped and powerless when stating professional and personal boundaries. I have no doubt that this level of safety will positively impact women’s career as they will be able to focus on business instead of protective strategies.   

It is undoubtedly the company’s mandate and obligation to establish a safe environment where women’s boundaries are honoured and respected.  

Even in the absence of abuse, the caregiving responsibilities typically assigned to women by society can pose challenges in balancing personal and professional life. We asked Rebecca how she navigated the demands of raising a young family while advancing her career. 

How do you think the report would have supported you in your career if it had been addressed earlier?  

Rebecca, Principal: I think that women should always be made to feel secure and supported to take the maternity leave they want from an ethical perspective and business point of view. Then, on returning to work, women should feel empowered to make informed choices regarding how they work. Phased returns to work alongside flexible and hybrid working has benefitted me. It has enabled me to balance my parental responsibilities and the demands of a client-facing and leadership role at Avyse. All employees have the legal right to request flexible working and job descriptions should always advertise this. Further, I’d love to see more employers and employees celebrate the skills learned and honed through parenting – the ability to multi-task, organise, communicate, negotiate, and stay calm on 5-hours sleep is no mean feat and good for business!  

While I acknowledge some positive shifts in culture experienced by women in the industry, it is important to recognise the significant challenges and trade-offs women have to make to juggle career and caregiving responsibilities, and the driving force that they are. To delve deeper and explore women’s perceived impact on men’s current position in the field, I reached out to some of my male colleagues at Avyse for their perspectives. 

Do you think culture change is threatening your own progress? 

Ade, Consultant: Women in both my personal and professional life have been an inspiration to myself – particularly in my career where I’ve had the benefit of being supported by management that are women. Fortunately for me I’ve had the privilege of working in diverse organisations, enabling me to reap the benefit in the diverse thought and leadership traits that I actively apply to my own people management skills. Embracing diversity not only enhances my personal growth but also drives my business performance by challenging conventional approaches with creative solutions. Safe to say, I do not feel the culture change has been threatening to my career and a shift in culture is one that I personally hope we continue progress in. 

Appreciating the positive embrace of diversity and inclusion progress in the workplace, I’ve taken another step forward by exploring the topic of transparency, seeking insights from Ramon.  

How comfortable would you feel to disclose your salary to improve equality in the workplace?  

Ramon, Associate: I would feel comfortable sharing my salary, as I understand that lack of transparency can only be detrimental to employees, especially women. I respect that some may consider this a private matter, yet discussing topics such as salary in the open can help women in the workplace secure equal pay. I believe that employers should also bear responsibility for making salaries transparent and am glad to see that the Inquiry makes this recommendation to firms. 

Building on the discussions with my colleagues about women in the workplace, I wanted to explore how companies can approach this culture shift, so I asked one of our founders, Richard.  

How does The Treasury report align with Avyse gender-inclusion culture? 

Richard, Partner: We are very proud of our family first policy which has been particularly well received, especially for working parents and carers, because it gives them confidence in our flexibility around when and how you do your work. 

Furthermore, our salaries are all based on role and are flat for that role to avoid people being paid unfairly because of who they are, where they’ve come from. We also publish salaries on our job adverts to be totally transparent about what the role pays. A person's ability to do the job is the key determinant in our hiring process – and ultimately what grade we will offer them. We think this works because we attract highly qualified senior women, in fact 57% of our management team are women. Many of our staff work flexibly, be that location, contracted hours or working patterns. 

All of that said, there’s no standing still and we are constantly learning how to model the right behaviours from top to bottom in the firm and ensure an inclusive and diverse workplace. 

Even with the best intentions, we also need to consider how our working practices may unintentionally impact people such as through the types of social activities we do, as well as when and where we work etc. 

It is important to also stress that as part of our culture, we always back staff when in toxic situations, even if it means having difficult conversations or even losing business. 

It is time for companies to take concrete actions to build safe, fair, transparent work cultures, and to promote an inclusive environment that recognises and supports needs and circumstances of every employee.  

I have been relieved to hear there have been some changes in the industry, and from conversations with my colleagues, it is evident that there is a shared appetite for progress. However, these changes won’t occur solely through individual efforts. Businesses must pull up their bootstraps, take responsibility and make proactive steps to drive change. Merely holding good intentions and maintaining the status quo are not enough to dismantle misogyny and address the gender biases that remain in Financial Services.  

I hope this call to action will empower the financial industry to lead the way towards making more inclusive workplaces.  

We have worked with firms of all shapes and sizes and at all stages in their D&I development. We can provide you with practical bite-size changes that can help you shift the dial at your firm.  Whilst we know the FCA’s Policy Statement on D&I and non-financial misconduct is upcoming, we can help you prepare and make progress now - not just to comply, but to improve the lived experience of women in your workforce and ensure you’re not missing out on or losing your female talent. Yes, there is an FCA angle – but the more compelling angle is that it’s good for business. 

If you don’t know where to start, please reach out to me eimear.helly@avyse.co.uk