Let’s be honest, finance still has a big gender problem

Representation of women at senior leadership levels remains too low and even for those who do secure top positions, challenges persist, writes Natasha Frangos

At the International Women’s Day reception at No 10 this week, we heard from women’s minister Maria Caulfield about this year’s theme, ‘Inspire Inclusion.’ Of course, inclusion is essential, but for many women, particularly in the financial sector, it is not always a reality of working life.

Through my 25 years career in accountancy, I have seen a marked improvement in the situation for women. When I joined Haysmacintyre (then Macintyre & Co) as a graduate in 2000, the leadership landscape at city firms, accountancy or otherwise, was overwhelmingly male.

We have come a long way since then in terms of representation in leadership. The 2024 FTSE Women Leaders Review has revealed that the UK now ranks second globally in terms of the percentage of women on boards and more than 40 per cent of board roles at FTSE 350 companies are now held by women, up from 9.5 per cent in 2011.

The progress made is commendable but there is still so much more to be done. Representation of women at senior leadership levels remains too low and even for those like me who do secure top positions, challenges persist. There have been too many occasions during my 20 plus years career where I have felt the difference of being a woman in a way I shouldn’t have, either through an interaction, a comment or judgement being made, including instances where new acquaintances assume that I am not in a leadership or fee earning role, which mirrors the experiences of other female business leaders I speak to.

The gender gap is something I am working hard to change for my peers and the next generation of female leaders and executives. I am really proud of the number of senior women we have in our firm: 39 per cent of our female team members hold senior manager, director and partner titles, 63 per cent of our sector heads are female and 44 per cent of our management team is female. This journey is ongoing and requires active work. Our focus on championing diversity and talent development is a testament to that commitment, including revising our early talent recruitment strategy to ensure recruitment from all socio-economic backgrounds. This has resulted in an increased number of applications from ethnic minorities but there’s still much more to be done.

It’s also important to understand that the case for inclusion is not just a moral imperative, it’s an economic one. The 2023 McKinsey Diversity Matters Report found that leadership diversity is associated with holistic growth ambitions, greater social impact, and more satisfied workforces. Similarly, according to the 2023 Rose Review, when it comes to entrepreneurship, a staggering £250bn could be added to the UK economy if women in the UK matched men in starting and scaling businesses.

We need to start removing the barriers that women in business face. At Haysmacintyre, we have tried to do exactly that by implementing policies that empower women, such as extending our maternity leave policy to partners and introducing a menopause policy on International Women’s Day in 2022. FemNET, our internal mentorship network for the incredible women at Haysmacintyre, also actively supports the future generation of our firm’s leaders.

The highlight of my career so far has been becoming the firm’s first female managing partner of Haysmacintyre. It’s a privilege to hold this position, and not one I take lightly. This role has given me the opportunity to drive change, not only with respect to diversity and inclusion, but also to lead by example in identifying new directions for the business to find success.

This International Women’s Day, regardless of our gender or stage in our careers, let us commit to inspiring inclusion. It’s not just a celebration of the progress made but a call to action for the journey that lies ahead. By embracing diversity, equity and inclusion as essential elements of our professional landscape, we contribute not only to the empowerment of individuals but to the resilience and prosperity.