Joslin Rowe has revealed that women working within investment banking and investment management jobs are closer to reaching parity in terms of the percentage of job offers they’re receiving versus men, thanks to the longer and more rigorous interview processes put in place by City firms as a consequence of the recession.
Lack of budget for head count in 2009 has ensured that when hiring for financial services jobs does take place, candidates are subjected to a more rigorous and lengthy interview process to guarantee the very best candidate is hired. This appears to have weeded out gender prejudices, whether passive or active.
Joslin Rowe, the financial services City recruitment specialist, analysed 1,244 City job offers across accountancy jobs, risk and finance jobs, banking operations jobs, compliance jobs and investment management jobs. Between May 2007 & May 2008 (when the recruitment process was typically 3 weeks) men received 55.1% of all financial services job offers compared to 44.9% for women.
Fast forward to May 2008/May 2009, when interview times jumped to over 6 weeks and more interview stages were introduced, and women now receive 48.4% of all financial services job offers – with men receiving 51.6%. In the year 2000, just 41.1% of financial job offers went to women compared to the 58.9% received by men.
Tara Ricks, managing director of Joslin Rowe, the City of London recruitment consultancy, explained: “Today’s interview process has become one of the most intense we’ve ever witnessed. With so many candidates to choose f r o m, and the need to justify every single hire, interviews are involving many more hiring managers and assessment stages. City firms have always been incredibly selective but now only ‘exact match’ candidates can expect to tick all the boxes on each financial services job spec and receive that job offer.”
“Of course there may be other factors at work behind these increases,” added Ms Ricks. “For example, many City firms have been working hard for years to ensure an improved diversity and equal opportunity culture and you can see that f r o m the progressive figures we’ve witnessed since the start of the Millennium.”
Ms Ricks concluded: “The recession may actually prove good news for women. According to a CIPD report, entitled ‘Women in the Boardroom’, female executives interviewed said the traditional rewards and trappings of a higher career status, such as huge bonuses, money and bigger cars, were geared towards a male perspective of success. What they wanted was more time and greater flexibility, something that may be more, rather than less, likely in the post hyper-bonus world.”
According to Joslin Rowe research 50.5% of job interviews are with women and 49.5% are with men. This means that although women are slightly more successful at gaining interviews this marginal advantage does not actually translate into job offers.
About Joslin Rowe:
Established in 1982, Joslin Rowe is one of the leading UK financial services recruitment firms in the UK. Joslin Rowe consultants, candidates and clients work together to achieve the best employment opportunities and long term relationships. Joslin Rowe recruits for accountancy jobs and banking jobs along with other financial services roles across London, Edinburgh and Glasgow including long-term contracts, temporary and permanent positions. Joslin Rowe is a Randstad company – the second largest HR services group globally.