ANALYSIS: WOMEN IN BANKING Banks offer flexiwork, mentor programmes to uplift women’s careers

On International Women’s Day, Asian Banking & Finance spoke with Singapore’s industry experts on how they are helping close the gender gap in their workforces.

Asia has come a long way in closing the gender gap. According to a 2022 report by the World Economic Forum, the East Asia and Pacific region— which includes Southeast Asian countries–has closed 69% of the gap. But even with 13 of the 19 countries improving their performances, it will still take 168 years to fully close the gap at its current pace.

In the banking sector, a 2021 report by Deloitte observed “divergent numbers and uneven progress” when it came to the share of women working in the financial services industry. Notably, Singapore bucked the trend and is expected to reach parity in next-generation roles by the end of the decade.

Despite this, Deloitte estimates a reduction in the share of women in C-Suite roles by the end of the decade: from 20.8% of all current C-Suite positions as of 2021, to 15.3% by 2030. Meanwhile, the share of women occupying senior roles is estimated to remain unchanged at almost one in every four roles, or 24.5%.

Role models

The three banks—DBS, OCBC, and UOB—that Asian Banking & Finance spoke with all performed well in various diversity metrics.

Female directors make up four out of nine of OCBC’s board, or 40%, the bank shared. This is 15% higher than the Council of Board Diversity’s target of 25% by 2025 for Singapore’s top 100 listed companies. Representation in OCBC is also at 40% (nine out of 23).

DBS’s Hong Kong branch touted its even split in gender with 52% of its staff being female, whilst 45% of its management team in the city is made up of female leaders.

UOB meanwhile highlighted the contribution of women to its revenue, noting that nearly 60% of its revenue-producing colleagues are women. In terms of new hires, over 55% were women, the bank said.

Having women in senior leadership positions is important to foster more women to enter the financial industry, a reality echoed by Lareina Wang, ED, head of digital & innovation, Institutional Banking Group of DBS Bank Hong Kong.

“I have been fortunate enough to have had many female senior leaders that I look up to and learn from, they all have different backgrounds, different styles and different personal life setups, which is brilliant because that sends a strong message that success comes in many different formats and shapes,” Wang said.

In a separate statement, DBS Hong Kong said that the bank embraces gender and cultural diversity, which the bank believes is key to a conducive working environment where individuals are respected, supported, and included.

“We hire based on merit, competencies, and organisational fit, regardless of gender, race, religion, or physical attributes. This allows us to tap into a wider talent pool and have a multiplicity of views and perspectives,” a DBS spokesperson said.

DBS Hong Kong further shared that it achieved a high engagement score of 95% for diversity and inclusion in its annual engagement survey. “Our people find DBS is a workplace accepting diverse backgrounds and ways of thinking,” the spokesperson said.

Return-to-work

A key issue faced by women in the banking industry–echoed by both WEF and Deloitte—is the struggle to return to work full-time, especially after the pandemic.

“Women bankers may face the challenge of transitioning back into full-time work whilst juggling their personal commitments, such as parental care or elderly caregiving duties,” Dean Tong, head of Group Human Resources, UOB, told Asian Banking & Finance.

UOB has permanently implemented flexible working arrangements. It offers staggered working hours and Flexi-2, where employees can take 2 hours off each month to tend to their personal matters, Tong shared.

OCBC’s Lee Hwee Boon, head of Group Human Resources also shared their various initiatives to bring awareness to the importance of gender diversity.

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