Early assumptions at the beginning of the COVID-19 pandemic said that women in business could go back ten years due to changes in the work environment. However, our recent research, Women in Business 2022, shows that in many ways, women in medium-sized organizations actually benefit from this new business. It seems that companies are finally taking advantage of the diversity and involvement of all employees more than ever before.

However, in the next few years it is necessary to maintain continuity and commit to further progress, especially in the financial services industry, where stakeholder pressure to achieve and maintain gender balance is growing. Due to the lack of manpower and talent, leaders are concerned about whether inclusion and equality will be maintained in every company.

Flexible work - a positive picture of progress

The Women in Business Survey of 2022 shows that COVID-19 had profound implications for women in the financial sectors, in addition to the benefits felt throughout the business. The vast majority of women and men, business leaders in our sample (82%), believe that new work practices benefited women during the pandemic, almost 20% more than the global average. An even higher percentage (85%) use new ways of working to create a more inclusive environment to attract women’s talent.

Due to a lack of flexibility, many women were forced to leave the company. The pandemic situation has shown how important this flexibility is and that time, manner and place of work can be managed. The opportunity to attend webinars or network online has also brought more opportunities for women to engage and learn outside of their work.

Promoting work-life balance

The growing competition from new start-ups and FinTech may be just one of the reasons why 81% of financial services organizations surveyed in our Women in Business survey saw stakeholder pressure to achieve or maintain an increase in gender balance as a result of the pandemic. Companies need to take care of their corporate culture. The workplace must be attractive, otherwise the workforce leaves and there is a risk of losing investors who are increasingly aware of this.

The Women in Business survey shows that financial service organizations are taking drastically more steps to ensure employee engagement and involvement, including promoting work-life balance and flexibility for employees.

The importance of improving and promoting gender balance

There is more evidence that the banking industry wants to show its progress while setting goals. Although the drivers of engagement and involvement in financial services are the same as for other sectors, one area is of greater importance for improving and maintaining gender balance.

Stakeholders want to see tangible actions and results. Thus, organizations and banks are beginning to understand the importance of gender balance, integrated reporting, and the benefits it brings. The focus on gender balance could also reflect the need for different talents in leadership.

The future of work in the financial industries

The pandemic has allowed workers to rethink their careers, working conditions and long-term goals, forcing them to look for work in organizations where they feel valued, listened to and where care is shown. Yet one of the drivers of engagement and involvement for financial services that our research has identified as lower than the global average is the importance of retaining existing talent.

While the representation of women in many positions has improved significantly, with a twofold increase in the human resources and marketing sectors, the number of women in leadership roles has fallen significantly. In a male-dominated world of banking, there are clear signs of progress. Organizations now have a gender-balanced workforce and recognize the strengths and talents that women can bring when they provide them with the flexibility and support to reach their full potential.

Data source: Grant Thornton Global