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Human Resources: THE AGE OLD GLASS CEILING QUESTIONS • How and why do men and women’s career paths differ? • Why are women paid differently? • Do women have to perform better in order to get ahead? • Why do the results fall short of expectations? • Why is progress of women into senior leadership positions in banking (especially in traditional female areas) so painfully slow?
Human Resources: THE HISTORY • Significant progress has been made in rectifying gender inequality in the banking industry in Australia in recent times. • I have concentrated my research and presentation on women in professional jobs – well qualified, possess a high degree of technical know-how and often occupy positions of authority. • Access to education and training has improved – it’s not enough. • Energy has been applied to attitudinal and institutional discrimination.
Human Resources: THE HISTORY • I believe that the obstacles are quite often rooted in the: – “boys club” and – challenges that face women trying to balance work and family commitments – the need to shift the thinking that extended work hours are required for recognition and promotion • Banking in Australia is a victim of “vertical gender segregation” i. e greater female participation at the lower clerical levels and participation levels reducing dramatically as they get to senior management.
Human Resources: THE STATISTICS/TRENDS - KANGAROO LEAPING • Globally, women hold 1% to 3% of top executive jobs in the largest corporations. • In Australia it is 1. 3% & in the US it is 5. 1%. • In Australia, the pay of females as a percentage of mens pay rose from 90% in 1990 to 93% in 1993. • In Australia, the weekly income of female managers was 88% of male counterparts in 1998. This is high. • Interestingly, Australia is flouting a world trend of male versus female graduate earnings – female graduates earn 96. 8% of the salary of male graduates.
Human Resources: THE STATISTICS/TRENDS - KANGAROO LEAPING • A similar statistic shows that in the US, the earnings differential is that men earn somewhere between 27% to 38% more than females. • In 1998 in Australia, women comprised 27. 3% of the managerial workforce compared with 17. 2% in 1990. • A survey of private-sector boards in Australia reports an increase in the number of women on these boards from 4% in 1996 to 7. 6% in 1998 to 8. 3% in 1999. • In Australia women on average increased their share of senior management jobs from 8% in 1994 to 11% in 1996. • In Australian banking and finance specific the trend for the proportion of females in senior management trends high.
Human Resources: THE ANSWERS • The manageable cop out - women are exiting large organisations to work in or set up their own businesses – in Australia 35% of small business owners are female. • Align women with profit - making women visible at the top can provide a competitive edge in selling services and products to women customers. • Promote greater sharing of family responsibilities between men and women. • Build women’s self confidence and competence. • As an employer, constantly ask yourself the question: ”What would our employees expect of us if we were already an employer of choice? ”
Human Resources: THE FACTS • In Australia men & women spend the same amount of time on necessary activities (sleeping, eating, personal hygiene). However on average men spend twice as much time on work or education/training and women spend the commensurate amount of time on household work (childcare, shopping, cleaning). • Statistics show it is easier for men to have both a career and a family. • Pay differentials are a persistent form of gender inequality. • Wage differences in managerial jobs stem from reality that when women hold management jobs they are often in lower-paying areas of the organisation which then leads to earnings gaps say in bonus payments where the male is in revenue generating arena that receives a bonus.
Human Resources: THE FACTS • Earnings gaps reflect the differences in seniority and the concentration of women in low paid managerial groups. • Women are typically “crowded” into a range of occupations where there is less responsibility and therefore lower pay. • Women work part-time where there are fewer opportunities for advancement and promotion. • Women managers tend to be younger on average, as most senior jobs are filled by older men. • Discrimination seems to be greatest where the most power is exercised.
Human Resources: THE FACTS • Periods away from the workplace to have and care for children are becoming shorter. • Developments in job evaluation methodologies often show that jobs occupied by women are in fact the same as their higher paid male colleagues.
Human Resources: THE ANALYSIS Some personal HR war stories: • The Rugby Shorts • If You Work Full Time We Will Promote You to Director • The Sloppy Dresser • She’s 30, So Is She Going To Have A Baby?
Human Resources: WHAT WE DO AT JPMORGAN • Flexible workplace practices and policies that support working mothers • Paid maternity leave (8 weeks) – aside from the US, Australia is the only advanced industrial society to fail to provide general access to paid maternity leave (NB: International Labour Organisation’s standard is 14 weeks). This sends a really strong message to our employees and prospective employees our commitment to the careers of women in banking • Diversity Council • Practice what we preach
Human Resources: WHAT WE DO AT JPMORGAN • Recruitment & promotion methods are fair and not single dimensional • From the top - management buy-in • Concentrate on “pipeline” females at junior & middle management levels • Human Resources consultation • 360 degree performance appraisal • Promote the JP Morgan “Values” all the time