Women in the financial industry – their number has increased over the past 15 years. But has their role also changed? Lamara von Albertini calls for the industry to reevaluate its approach, in an essay for finews.first.
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The available data as well as the self-portrayal and communication in the banking sector give the impression that the industry has changed and is now modern and open. If one takes a closer look, however, the structures have not really changed much. Therefore, it is not really surprising that last year only 7 percent of the top 100 companies in Switzerland were headed by women. Just 3 percent more than in 2006 (Source: Schilling Report).
Preservation of vested rights - here at a gender level - is a traditional phenomenon, which can probably only be changed disruptively. There are enough examples in history. Until recently, Swiss society lived a rather traditional and conservative family model. Other countries, such as Scandinavia, Great Britain or France, have already taken a significant step forward in reconciling family and career for career-oriented women.
«Men have probably never experienced such a question about their career»
The need to catch up at this point, is illustrated by an example from 2003. At that time, I had a one-year-old daughter and was in negotiations for various positions in Zurich. The headhunters had no doubts about my professional expertise, but they discussed with me who would look after my child during a 100 percent workload. Men have probably never experienced such a question about their family organization in their career.
Due to the increased influx of international specialists to Switzerland, who naturally worked full-time, as well as the general change in society, the encrusted structures were gradually broken up. More and more women now worked in the financial industry again, but of course, only as much as the prevailing conditions allowed. The management positions in banking remained, for the most part, a closed circle.
Of course, there were a few exceptions, and I, too, went further and filled various management positions in the industry. But basically, it was still a closed group of people, small and fine and of course male. My experience shows that men tend to promote men, women – if at all – are supported by their female mentors.
«Women often have too little confidence»
But from my point of view there is also a lack of women's power. When I started my own compliance consulting business a year ago, men naturally asked where my office in Zurich was. Women assumed that I was working from home. That still amazes me today. After all, 40 percent of entrepreneurs in Switzerland are women, whereas in corporate life the figure is only 9 percent. Why does this work here, but apparently not in the banking sector? Are therefore more flexible working hours for women (and of course also for men) the most urgent approach to increase the number of women in management positions?
In addition, women often still have too little confidence in themselves and sometimes shy away from professional responsibility, paired with the task of a family manager. Which brings us back to a traditional family image.
«There is at least one area within the industry that is certainly more open to female leadership»
There certainly is sporadic progress. The framework conditions for childcare and so forth are being improved, but ultimately, I would welcome a tough quota for women, not only at an administrative level but above all at C and management level, in order to pave the way for women into management positions. It is up to politicians and businesses, at this point, to provide the foundations. One area within the industry, that is certainly more open to female leadership expertise, is the fintechs. They have fewer hierarchical levels and integrate different skills for the benefit of their company.
But education, the openness of a society, is also an important pillar. Global certifications for gender equality such as EDGE «Economic Dividends for Gender Equality» (a foundation with female and male board members) or initiatives such as Advance, founded by female managers from leading companies operating, who advocate for more women in top positions, are promising examples of the path towards more women in the executive floors.
Lamara von Albertini is the founder of Von Albertini Compliance Services. Before she worked as Head Legal & Compliance for a private bank in Liechtenstein and used to be a Legal Counsel in the senior management of large financial institutes in Switzerland. She has 18 years of professional experience in Asset Management and Banking. She studied law at the University of Kiev and acquired a Ph.D. degree there with a dissertation in law. She speaks German, English, Russian and Ukrainian. She is a Swiss citizen.
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