A new Australian study has revealed some alarming gender inequalities in the financial industry, including the fact that women need to ask for promotions more regularly than their male counterparts in order to be given managerial roles

The study, which was overseen by investment firm Ardea Investment Management and the Australian National University, interviewed two thousand industry professionals

Bronwen Whiting, lecturer in applied statistics at ANU and one of the researchers in the study, said the pressure could not be put on women alone to fix things in the industry

She told Bloomberg that the results “provide evidence of this culture that things come to men without asking,” and underscores the institutional gender bias that has historically disadvantaged women in the financial world

The survey found that 76 percent of men were offered a transport at least once without asking for it, compared to 57 percent of women

“One of the arguments why women are paid less is that we agree,” said Laura Ryan, head of research at Ardea Investment Management, in an interview with Bloomberg. “Looks like we’re confident but if we aren’t we are definitely missing out. Gender is a very important factor in determining salary ”

The study also found that women asked for salary increases and promotions at the same rate as men However, there was no difference between men and women in terms of likelihood of receiving it. Nonetheless, the gap between the likelihood of receiving it arose when companies took action to offer promotions

Laura Ryan believes that one of the setbacks it causes for women is that we often get to a later point in our careers and have fewer retirement savings compared to men

“It’s not something we can talk about once a year on International Women’s Day and then forget about it,” said Ryan on the subject

“While there is all of this unconscious bias training and everyone seems to think the problem is fixed, the results show that it is definitely not fixed and we still have a long way to go,” she said

The results of the study show continuous gaps in the workforce, including the trend that male fund managers, on average, earn more than twice as much as female managers

Based on data collected over the past 24 months, male analysts for quantitative research get 43 percent more than women, and men in compliance roles earned an additional 76 percent compared to women in compliance roles, despite these daunting results Australia many other countries when it comes to reducing gender inequality in the workplace

In March, consulting firm Kearney released the results of a study that found Australia to be a key market for achieving gender equality in the workplace, outperforming the UK, US and India

Australia has eighty-four female MPs, accounting for 37 percent of female representation in parliament – numbers that overshadow female representation in the UK, which currently has 34 percent women According to an analysis of government data, the financial services gap in the UK is wide Over 20 Percent Research by KPMG in September 2019 on the economic value of a more balanced workforce in Australia showed that developing an equal workforce by increasing the participation of women can bring GDP benefits of up to $ 60 billion

The German government has agreed to introduce a mandatory quota for women in management positions in the country’s listed companies

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World News – AU – Women ask for promotions, men get them: New study on the financial sector is breathtaking

Source: https://womensagenda.com.au/latest/women-ask-for-promotions-men-get-them-new-study-of-finance-sector-is-staggering/