State of Gender Diversity: Year-in-review
As an award-winning and leading funds management and superannuation recruitment firm, Kaizen Recruitment fully supports diversity and inclusion, including gender diversity.
Our placements of female candidates have risen over the years and have been close to parity in some years. For the years 2023 and 2024 collectively, 45% of the candidates placed were female. A significant majority of whom i.e. ranging between 79-85.5% for the years 2022 through 2024, emanating from our extensive database and networks.
This closely aligns with our typical sources of placements overall as well; directly correlating to our ethos of relationship-based recruitment and consultative approach.
Given the nature of the employment market post-pandemic, there have been fewer contract positions overall with permanent positions being preferred. There was a near-even distribution of female and male candidates placed in permanent roles with 48% being female.
Analysing salaries paid, it was interesting to note that considering both the median and average, the numbers were close compared to the overall pay gap in financial services according to the Workplace Gender Equality Agency (WGEA).
The median of salaries paid to women was $147.5K vs $155K to men, against an overall median of $150K (figures including superannuation). Albeit averages tend to skew numbers with anomalies on the tail ends, analysis for satiating curiosity yielded a lesser variation in contrast to the median.
ESG/Responsible Investments
This area consistently has seen a significant number of candidates placed who identify as female, albeit with a dip of 9.5% in the past year to 61.5%, it is the strongest segment of female candidates within our client base spanning funds management and superannuation clients. This data is aligned with market interest being strongest amongst female candidates.
Client Services, Relationship Management and Business Development
These positions also have consistently fared well in female candidates with a majority of 58% of the candidates placed being female.
Risk, Compliance, Assurance and Legal
Female representation within our placements in the Risk, Compliance, Assurance and Legal functions was also above the halfway mark at 53.5% of female placements, which has seen growth since 2022.
Finance, Investment and Fund Accounting
Finance positions placed across levels of seniority interestingly saw parity, which differs from the specialised functions of investment and fund accounting, which in turn was a 40-60 split. The latter area however does denote empirical improvement.
Investments
Investments, which is largely an area in which clients look for better female representation, were also close to parity with 48% across all levels of seniority of investment roles being female placements.
There was largely an even balance across investment operations and investment administration positions, financial advice and business administration positions with female placements being in the 25-35% bracket, albeit with a slightly lower record, yet achieving the minimum thresholds desirable by most clients.
The numbers across the types of roles reflect only a part of the story, however.
There are intangible and softer sides to our role in improving diversity within the industry. For example, we have on numerous occasions noticed female candidates self-deselecting themselves, especially for either senior or newly created and cross-functional positions on the premise of not meeting all or majority of the criteria required. Whereas, as consultants, based on an understanding of clients’ requirements and culture, as well as candidates’ skills we know they will be a good fit. Here is where relationship-based recruitment, which we are propagators of, comes into the picture in exercising a level of influence to at least bring them to the table.
Kaizen Recruitment’s purpose is to “align our clients’ needs with our candidates’ aspirations” and ultimately it is about finding the right candidate for the role, with the most suited skillsets, aptitude, and cultural fit to the organisation. Certain areas continue to face a higher demand for female candidates than the depth in the talent pools. The increase in diversity initiatives is heartening, with ample room to further enhance and build robust policies across a broader spectrum of diversity issues.
None of our clients will hire someone only with the purpose of meeting quotas, as quotas alone do not support inclusion. And as recruitment partners, we facilitate better diversity at the table, but this needs to be backed with internal policies to educate and imbibe, above the celebration of diversity.
So what role can recruitment play in increasing diversity in financial services?
Check out part 1, A Diverse Workforce Starts With Diversity In Recruitment, where we share what initiatives we’re seeing adopted to tackle diversity challenges.
It is Kaizen Recruitment’s assurance that all qualified applicants receive consideration for job opportunities without regard to gender, race, colour, religion, age, disability, sexual orientation, gender identity or expression, genetic predisposition or career status, veteran, marital status, or any other status protected by law.
*This article focuses on gender as a standalone diversity lens owing to the nature of data, with endeavours to analyse other diversity facets and intersectionality as an ongoing aim and path of discovery.
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Based in Melbourne and Sydney, Kaizen Recruitment specialises in financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. If you’d like to discuss candidate career drivers and the current state of the market within the financial services recruitment landscape, feel free to reach out to us with your details below.
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