By: Wendy Myers, Head of Securities at PSG Wealth, Anet Ahern, CEO at PSG Asset Management and Karen Rimmer, Head of Distribution: PSG Insure
The World Economic Forum 2024 Global Gender Gap Report shows that globally, women’s representation in senior leadership roles across every industry has seen ‘modest improvements’ since 2016, with the financial services sector highlighted as one of the top four sectors in terms of improvement in these criteria from 27.5% to 29.7%.
While inroads have been made in certain areas of financial services, pockets of disparity still exist within particular sub-areas. According to a 2023 report commissioned by the Responsible Finance Initiative of the Gordon Institute of Business Science (GIBS) “Diversity in Asset Management”, women account for just 17.2% of portfolio management professionals in South Africa.
“If I reflect on my career in the financial services industry, the most significant challenge experienced so far has been to ‘crack the boys club’ where gender bias is a reality,” says Wendy Myers, Head of Securities at PSG Wealth. Myers says that women are expected to deliver more than their male counterparts and are treated differently as a result. “I have experienced instances where male managers have a more relaxed relationship with men that report to them, so engagement with women tended to be more formal leading to different expectations on performance where women are expected to do more than their male counterparts,” she explains.
Another significant challenge within the industry is the career trajectory for women. According to the World Economic Forum, financial services experience the second highest drop off rate in terms of female employees progressing to leadership roles, with a C-suite-to-entry-level ratio of 44%. For Myers, this was a very real experience. “When I expressed my desire to grow and develop into more senior and strategic roles, I was not supported by my manager at the time due to the need to retain me in my current role given my specialist knowledge.” Women tend to be typecast in roles that require attention to detail whereas men tend to dominate more in strategic roles. “I believe that women can easily transition across both skill sets when given the opportunity. Ironically, it was a woman who offered me my first opportunity into a strategic role and I haven’t looked back since,” says Myers.
PSG Asset Management CEO, Anet Ahern believes that despite its shortcomings in terms of the rate of change on gender parity, the local industry has also come a long way. To build on the momentum and grow more female leaders in financial services, she says that it is critical for women to use the gender bias argument thoughtfully and judiciously. “As women, we need to pick our battles.
Sometimes no reaction is the most powerful one. But define your line, and when it is crossed, act, escalate, deal with it and move on.”
For Ahern, resilience and being constructive in the face of difficulty is what ultimately creates success for female leaders. “My journey was not easy. Obtaining my CFA when I was still an administrative assistant in the trading office (with an honours degree) sent a strong signal and acknowledgement of my ambitions.”
She believes that taking on more responsibilities demonstrates skill and willingness, provided current tasks are being delivered well. “Taking on unpopular or menial tasks may win additional recognition, but these must be politely handed over once you have proven your willingness to help.”
The relinquishing of extra tasks is critical, as females in the workplace are widely believed to take on more than men – despite earning less on average. According to a 2024 study from research body Southern Africa – Toward Inclusive Economic Development (SA-TIED), new analysis of SA income data from 2008 to 2021 shows the gender pay gap has increased. In 2021, women in South Africa earned 78 cents for every rand earned by men, compared to 89 cents in 2008.
Despite pay disparities in certain areas, Karen Rimmer, Head of Distribution: PSG Insure, believes that excelling in one’s role will open the necessary doors. “My only strategy ever was to do my job really well. My knowledge, dedication and how I conducted myself was noticed and led to opportunities that I would not have even considered myself.”
Rimmer, who has often served in management teams where she was the only female, says she never felt that she had to compete with male colleagues or had to do something different or additional to be accepted. “It was always important to me to be the person that I am, but also to be a team player.”
Rimmer believes the environment is already inclusive. “Women must claim their space and not shy away from the opportunities available. Leaders are respected for their results and how they inspire their staff, these characteristics are not gender specific and as females, we may even have the competitive edge,” she concludes.
