ABU DHABI, UAE — In the rapidly evolving world of finance, diversity and inclusion aren’t merely buzzwords. They are vital components of a robust and resilient industry. Research consistently shows that diverse teams result in better decision-making, innovation, and financial performance.
However, despite significant progress in recent years, women remain underrepresented in the banking and finance industry, especially in leadership roles. This underrepresentation is a global issue: women hold only 10 percent of chief executive roles in Fortune 500 companies, and a mere 5 percent of CEOs in financial services are women. Focusing on the United Arab Emirates (UAE), only 12 percent of senior management roles in banking are occupied by women, as reported by the global staffing company, Huxley.
Yet, the UAE is leading the charge to change this narrative. Emirati women constitute an impressive 70 percent of the nationals employed in the UAE banking sector. They also represent 31 percent of the total workforce in the finance, banking, and insurance sectors, according to the Federal Competitiveness and Statistics Center in the UAE.
To pave the way for a more inclusive future, we must explore strategies that motivate more women to pursue careers in banking and financial services. While setting quotas for women is one method, a more sustainable and effective solution lies in fostering a positive and inclusive work culture. This culture should recognize and value the contributions of women and prioritize their growth and development. By highlighting successful women as role models and offering mentorship and learning opportunities, we can dismantle barriers and empower women to thrive in this industry.
The recent introduction of Mashreq’s ‘Reignite’ program is a testament to this dedication. Created for female professionals looking to reenter their careers after a break, this global initiative provides career counseling, custom development plans, workshops, and comprehensive on-the-job training. Whether the hiatus was due to maternity leave, elder care, family obligations, or personal endeavors, Mashreq’s program is designed to ensure that women are not only reintegrated but also empowered to excel.
Understanding the Challenges Women Face in Finance
In the pursuit of gender equality in the financial sector, it’s vital to recognize and address the distinct challenges women encounter when seeking careers in finance. One of the most prevalent challenges is gender bias. This bias can appear in various forms, from hiring decisions to opportunities for career advancement. Another hurdle arises from the lack of female role models in senior roles. This scarcity can foster a belief that such positions are out of reach for women, further diminishing their aspirations in the industry. Networking, a key driver of career progression, often offers fewer opportunities for women than for men. This disparity limits their ability to establish meaningful connections and access opportunities that would further their growth in the field.
Yet, these challenges can be overcome. With the right strategies and support, organizations can foster an environment that not only welcomes but actively encourages women to pursue and excel in finance careers.
Education and Training
Education and training serve as potent tools for empowerment, benefiting not only women but also the overall well-being of employees. It’s heartening to see this emphasis in the UAE’s financial sector. For example, at the Emirates Institute for Banking and Financial Studies (EIBFS), Emirati women made up 32 percent of the participants in the institute’s training courses and workshops in 2021. This statistic underscores the encouragement women receive to engage in educational and training courses that significantly contribute to their growth and development.
By ensuring women have access to educational resources, financial institutions can demonstrate their support for women and their dedication to fostering knowledge and skill development throughout the organization. This commitment helps narrow the gender disparity in the workplace. These resources can span from online courses to workshops and networking events, equipping women with the practical skills and knowledge necessary to thrive in finance.
Mentorship and Role Models
Mentorship programs and female role models play a crucial role in creating an inclusive environment in the industry. By showcasing accomplished women as mentors, organizations empower the upcoming generation of female professionals, making leadership positions more accessible. Mentorship offers invaluable insights and hands-on advice, assisting women in navigating the intricacies of the finance sector and fast-tracking their professional development. Thus, pairing emerging women with experienced mentors not only offers essential guidance but also paves the way for their long-term success.
Cultivating a Supportive Workplace Culture
Organizations, including Mashreq, bear a significant responsibility in shaping a workplace culture that prioritizes gender diversity from the get-go. This involves setting clear, quantifiable goals for recruiting and retaining women. Beyond mere numbers, the foundation of an inclusive workplace in today’s world lies in flexibility—providing options like remote work and flexible hours, which are especially advantageous for women juggling life responsibilities. At Mashreq, we’ve achieved a 34 percent gender diversity rate worldwide, partly attributed to targeted initiatives like our “Reignite” program. This program assists women in rejoining the workforce, offering training and support over a six-month span. Such a comprehensive approach not only fosters loyalty, productivity, and job satisfaction but also plays a pivotal role in retaining a diverse and empowered female workforce.
Equal Pay and Promotion Opportunities
Empowering women in finance isn’t merely about fairness; it’s a strategic imperative for both the sector and the wider economy. Realizing this goal demands a multi-pronged strategy: setting transparent procedures for equitable pay and promotions, providing mentorship and educational opportunities, and nurturing an inclusive workplace environment. By collaboratively addressing these facets, we can diminish gender imbalances, access a more extensive talent reservoir, and benefit from novel viewpoints. This all-encompassing strategy results in a mutually beneficial situation, allowing women to surmount obstacles and excel in their professions, while simultaneously enhancing the financial industry and stimulating the economy.