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Breaking Barriers: EdgeRed’s insights into FINSIA's Gender Divide Survey

EdgeRed x FINSIA x WGEA x Gender Equality

At EdgeRed, we believe in the power of data to inform, transform, and create a fairer workplace for all. It was with great privilege that we collaborated with the Financial Services Institute of Australasia (FINSIA) to leverage data analytics in producing the insights underpinning the 2020 FINSIA Gender Divide Survey.


Since its inception in 2010, FINSIA’s Gender Divide Survey has been instrumental in assessing perceptions and realities surrounding gender equality in the financial services sector. However, the latest findings from the 2020 survey prompt us to reflect: Are we collectively aligned on gender equality within our industry? Are we equally committed to the necessary steps for a more inclusive and successful sector?


Moreover, the FINSIA survey data was cross-referenced with publicly available data from the Workplace Gender Equality Agency (WGEA). As an Australian Government statutory agency, the WGEA collects data on workplace gender equality to provide benchmarks and drive improvements across various industries.


Narrowing the Gap: Bridging the Divide Between Perception and Practice


While there are signs of progress, the survey reveals stark contrasts in the lived experiences of men and women in the financial sector. The disconnect between organisational rhetoric and tangible actions is concerning, particularly with women significantly less likely to perceive genuine commitment to gender equality in their workplaces.


“47% of female respondents either disagreed or strongly disagreed that companies have taken significant steps to address structural disadvantages in the financial services industry, so women now have the same opportunities as men.”

The impact of COVID on flexibility and gender equality


It seems that COVID-19 pandemic has reshaped perceptions around workforce flexibility with strong agreement from both women (86%) and men (88%). However, despite this shift, flexible working arrangements haven't been perceived to significantly impact female respondents' careers.



Very low number of respondents (both female and male) has agreed that COVID-19 had a greater impact in helping female careers because it normalised flexible working. These findings underscore the necessity for a comprehensive approach involving policy reforms, cultural shifts, and targeted interventions to effect meaningful change."


Concluding Remarks


As we navigate the findings of the FINSIA Gender Divide Survey, it becomes clear that while progress has been made, there is still much work to be done to achieve true gender equality.


By translating these insights into tangible actions, we can create workplaces where meritocracy reigns supreme, opportunities are equitable, and success knows no gender. At EdgeRed, we stand ready to collaborate with organisations and industry partners to turn these aspirations into reality.


Together, let us forge ahead on the path toward a financial sector that truly reflects the values of inclusivity, fairness, and prosperity for all.


 

About EdgeRed


​EdgeRed is an Australian boutique consultancy specialising in data and analytics. We draw value and insights through data science and artificial intelligence to help companies make faster and smarter decisions.


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