Collective Bank Report
Empowerment of women in banking industry
Assignment: Collective Bank Assignment number: AE2 Course: Public Relations and Communication Faculty: FCIS Unit title: Management Communications Unit code: CCA 503 Level: 5 Unit leader: Dominic Walters Student: Oana Stefancu Student number: Q79842525
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Abstract For those who may have thought that the UK had made any progress towards producing a society in which discrimination on the basis of gender was a historical problem, and that equality and opportunity for women and men was at least approaching realization, this report demonstrates wrong. The report investigates the issue regarding the lack of women in senior management in the banking industry on behalf of Collective Bank. The theoretical review of the report identifies a wide range of influential factors upon women career development. Following, four relevant topics have been analysed in the literature review such as: the influence of gendered environments and stereotypes upon women’s behaviour, the concept of skill in job descriptions, the glass ceiling and the need to mother. The report presents a wide range of investigation methods using both primary and secondary research. In the results section a presentation of all the findings is made. The market research was based on questionnaires to business students, future potential managers, and an interview to Carmella Fontana, a senior manager in an Italian bank that used to work in the English banking sector. Secondary research aims to investigate the matter more in depth using online sources such as: surveys, online newspapers, blogs and websites. The report presents a critical discussion in order to evaluate both theory and research. As a result, areas of improvement have been highlighted. Based on these findings, a strategy has been proposed in the recommendation chapter, regarding areas on which women empowerment program should focus.
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Contents
Abstract ............................................................................................................................................................ 2 List of illustrations ........................................................................................................................................... 4 Introduction ...................................................................................................................................................... 5 Terms of reference ......................................................................................................................................... 6 Literature Review ............................................................................................................................................ 7 Women in a ‘masculine’ reality and stereotypes .................................................................................... 7 The importance of skills in the suitability of job descriptions................................................................ 9 Glass ceiling ................................................................................................................................................ 9 Motherhood ................................................................................................................................................ 10 Methodology .................................................................................................................................................. 11 Results ............................................................................................................................................................ 12 Discussion ...................................................................................................................................................... 14 How women perceive ‘masculine’ realities and stereotypes .............................................................. 14 Do women feel their skills are suitable for managerial job descriptions? ........................................ 15 The glass ceiling ....................................................................................................................................... 16 The need to mother .................................................................................................................................. 17 Conclusion ..................................................................................................................................................... 19 Recommendations ........................................................................................................................................ 20 Reference....................................................................................................................................................... 21 Books .......................................................................................................................................................... 21 Websites..................................................................................................................................................... 21 Appendix ........................................................................................................................................................ 23
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List of illustrations Illustration 1. Influential factors upon a women’s career..................................................6 Illustration 2. Top empowerment programs ....................................................................12 Illustration 3. How well organisational climate supports the development of women......14 Illustration 4. Focus on women empowerment through programs ..................................16
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Introduction The report aims to examine the issue regarding the lack of women in senior management in the Collective Bank as it is implemented and perceived by organizations and society. Using an understanding of the relationship between main influential factors, a critical and interpretive framework will be provided. This report will be particularly looking out for ways in which gender relations become subsumed into the presumed objectivity of managerial practices. “The competence framework make an explicit connection between ‘best performance’ and ‘managerial behaviours’ thus constructing a picture of what a successful ‘competent manager’ would look and behave like” (Bronwen, 2003 : 55). The report will further examine the implications of these frameworks upon women’s career development. The theoretical approach will be then compared with a market research in banking industry. Following, a critical discussion will be provided in order to propose an appropriate strategy that will increase the number of women in banking senior management.
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Terms of reference The report seeks to achieve the following terms of reference:
To present the matter from a theoretical point of view, researching the main influential factors
To conduct a primary and secondary research regarding the barriers of women career development
To identify the actual situation of women working in banking industry through the critical evaluation of theory and market research
To establish the improvements that Collective Bank can make in order to increase the number of women interested in a senior management career
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Literature Review Women situation in workplace was always considered an important topic by many academics. Theories related to the issue identify several factors that can positively or negatively influence a women’s career development, as seen in the illustration below. Illustration 1. Influential factors upon a women’s career
The report seeks to examine four of the most influential factors that are relevant to this report:
Women in a ‘masculine reality’ and stereotypes
The importance of skills in the suitability of job descriptions
Glass ceiling
Motherhood
Women in a ‘masculine’ reality and stereotypes Misinterpretation between sex and gender led, during the history, to the creation of gendered environments and stereotypes *(Appendix 1). The theoretical understandings are unorthodox “since the debates are set within a paradigm which assumes one form of ‘masculine’ reality; as a result the argument is gendered from the start” (Bronwen, 2003 : 2). 7
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In organizations, men do not seem to be aware of their actions as expressions of masculine power. Often they see only humour and teasing when women perceive “competition, harassment, intimidation and misogyny; men in organizations often seem unaware of the gendered nature of their actions and their consequences” (Collinsons and Hean, 1994 : 3). The generalization of this beliefs on behalf of the society also lead to the creation of stereotypes influencing the general perception about men and women. Since 1950s the research has reached three main points: content of stereotypes, association degree of men and women characteristics and pervasiveness of stereotypes. Ashmore and Del Boca (1986) have identified, there are three main themes *(Appendix 2).
The sex stereotypes which can be: sex-role stereotypes based on the appropriateness of a men or women in certain roles and sex-trait stereotypes regarding the psychological characteristics (lesser or greater degree sex on the other).
The favourability of gender is associated with feminine traits such as integrativeexpressive and emotional while men traits are adaptive instrumental reflecting a competence theme (Williams and Bennett, 1975 as seen in Cleveland et al. 2000 : 22).
The cross - cultural pervasiveness of the stereotypes have been demonstrated in 1990, when Best and Williams carried out a research in 25 countries where women resulted to be considered sentimental and submissive while men were perceived as independent and strong.
Furthermore, gender role stereotypes have a main impact “not only on the selection but also on the promotion and evaluation of managerial performance” (Vinkenburg et al. 2000 cited in Davidson and Burke, 2004 : 106). In companies where there is a focus on sex stereotypes, the ‘women’ is seen as a problem as they do not fit in a ‘masculine world’. They are not evaluated based on their skills but on their incapacity or capacity to ‘fit’ into the standard of a masculine organizational life. “For many women, the sense of alienation arising from working in a masculine environment...meant that in order to succeed they had to behave in an entirely ‘unnatural’ way”. (Davidson and Cooper, 1993 : 23).
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The importance of skills in the suitability of job descriptions Skill is not a fixed identity as it is defined by those in position of power in organizations. As Dev (1988) affirms, skill can be considered a social construction. Generally, skill definitions are saturated by sexual bias *(Appendix 3). A women’s work is habitually considered inferior because is the women who does it. Women in career are defined by their status of subordinate individuals influencing the perception of the value of their work. “Far from being an objective economic fact, skill is often an ideological category imposed on certain types of work by nature of the sex and power of the workers who perform it” (Philips and Taylor, 1980 : 79). This perception of skill influenced the redefinition of jobs as skilled or unskilled mechanisms “which subordinates women both in the wider context of labour force, and at a more micro level in the way in which organizations structure their jobs at senior management level” (Browen, 2003 : 18). The association of gender and skill lead to women’s disadvantage in organizations.
Glass ceiling Men and women face different career obstacles, but among women there is a wider range of influential factors such as: societal, cultural and psychological (Cleveland et al. 2000 : 260).
The sociological approach focuses on how institutions and social practices contribute to discrimination between men and women. In this case women’s life choices are attributed to roles, policies and social conditions. (Gallos, 1989 cited in Cleveland et al. 2000 : 260)
The cultural approach focuses on how cultural images of men and women are shaped by life choices at home, at work and in marriage (Yanklevich, 1981 cited in Cleveland et al. 2000 : 260)
The psychological approach focuses on gender-specific ways in which men and women examine and make sense out of work. This theory is related with the
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concept of ‘masculine’ reality presented in the first point of the literature review. (Badwick, 1980 cited in Cleveland et al. 2000 : 260) Despite this barriers, there was an increase of women in management positions; however, they still remain absent among the high managerial positions in powerful companies. This phenomenon is called ‘glass ceiling’ and described as a “barrier so subtle that it is transparent, yet so strong that it prevents women and minorities from moving up the managerial hierarchy” (Morrison and Von Glinow cited in Cleveland et al. 2000 : 260). However, the equal opportunities legislation of 1975 requires that no applicant job is denied equal opportunity because of ‘sex, religious orientation, disability, colour or race”. Despite this, women are still asked questions about plans for a family or childcare arrangements (Iles and Robertson, 1988 cited in Davidson and Cooper 1993 : 32).
Motherhood Wives are usually more willing to accommodate than husbands, so marriage has different effects on their career possibilities. If they decide to have a family and maintaining their career, new issues will arise. As stated by Persons (1952, cited in Cleveland et al. 2000 : 312), this is very difficult for a woman as usually subordinates perceive a pregnant manager in a negative way describing her in terms of sick-role model. They expect her to be nurturing and passive and they are usually surprised if she is authoritative. People perceive a mother as a care-based reasoning manager while men as a justice-based reasoning manager. This leads to even less career development opportunities for women. As Davidson and Cooper (1992 : 133) state, various cross-cultural studies have shown that female managers are less likely to be married and have children than men. This is due to the fact that married male managers tend to be considered an asset while a married female manager as a liability.
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Methodology A wide range of methods have been used in order to research the issue from different perspectives. A market research was conducted based on questionnaires and an interview. The questionnaire was created to investigate how potential future male/female managers think about the issue *(Appendix 4) while the interview focused on which difficulties a woman working in banking had to face during her career development *(Appendix 5). In order to have a more in depth understanding about the problem a secondary research was conducted. This focused on sources as: MERCER surveys. Mercer is a leading global provider of consulting, outsourcing and investment services. ‘The Guardian’ Fortune 500 Financial Times’ blog, ‘Women at the top’ United Nations Entity for Gender Equality and the Empowerment of Women website
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Results Firstly, the market research focused on a survey on potential recruits. Six business students from Southampton Solent University answered the questionnaire and the results showed that:
Women are much more worried about their future career than man (on a level from one to five the average is four).
Men think that women will have the same opportunities in finding a job and developing their career (on a level from one to five the average is three).
Women are more willing to accept an out-of-role job at the beginning of their career (on a level from one to five the average is four) while men will not accept a job that is not in theme with their degree (on a level from one to five the average is four).
Women are slightly more willing to slow down their career in order to have a family (on a level from one to five the average is three)
Women showed more interest in a mentor (on a level from one to five the average is four) than men (on a level from one to five the average is two).
Secondly, an interview was conducted to Carmella Fontana, a Senior Manager in the sector of small and medium enterprises loans at UNI Credit Banca di Roma that used to work in an English Bank, in Birmingham. The results illustrate the difficulties she had to face in the development on her career: discrimination in job interviews and in the workplace, behaviour misunderstandings, choice between family or career and changing country in order to reach the top levels of management in banking. These findings will be further analysed in the following chapter of the report. The secondary research lead to interesting results regarding the not only the issue in UK but also globally.
According to a Mercer survey
in combination with Talent Management and
Diversity Management magazines, organisations do not offer any program or activity for developing women for high roles. Within more that 1,800 human resources from North America, Europe, Middle East, Africa and Asia Pacific showed that 47% of employers indicate that their organizations do not any kind of support and only 6% of this are planning to add any in the future. Within the organizations 12
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that have programmes, the top ones were considered to be as seen in the illustration. Illustration 2. Top empowerment programs
According to data from 70 countries worldwide, women held only 27% of positions classified as having “status, influence power and decision-making authorities” (UN Entity for Gender Equity and the Empowerment of Women). The matter was addressed by the Fortune magazine as well. It indicated that only 2.5% of Fortune 500 corporate officers were women.
Regarding the banking industry recent proposals have been made by Michel Barnier, the European commissioner for internal markets, regarding the fact the Europe’s banks should have at least one-third women on their boards* (Appendix 6).
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Discussion The critical discussion is going to follow four main themes. Each topic will be analysed relating to theories and facts arisen from the research. Based on the data that will emerge, advice will be provided.
How women perceive ‘masculine’ realities and stereotypes
The ‘gendered environments’ are a reality and not just a theory. As Carmella Fontana stated in the interview, women have to work in an environment where the majority of their colleagues and especially their superiors are males. Also, as the United Nations entity for Gender Equity and the Empowerment of Women Association showed in a recent survey, only 27% of the high level positions are occupied by women. This positions include power and decision-making jobs. Due to the fact that women have to work in a workplace surrounded by men they feel that they have to behave in a certain way in order to ‘fit’ in the organizational environment. The way in which an individual relates through gender is one of the most important ways in building up unique personalities. Secondary research showed that this gendered environments do not support the development of women manager, as seen in illustration 3.
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Illustration 3. How well organisational climate supports the development of women
(www.mercer.com) When a woman works in masculine reality, she is often stereotyped. As Ashmore and Del Boca (1986) affirmed, there are different gender stereotypes that influence the way colleagues perceive women in workplace. The most often encountered themes are the sex-role stereotypes and the favourability of gender. As also highlighted by the questionnaire results, female are more preoccupied than male in finding a job as they feel that women are often discriminated on a sexual basis. As Carmella Fontana also affirmed, there is a continuous feel of inappropriateness of women and favourability for men colleagues. The feel of non suitability in the workplace is based also in the lack of confidence in own skills.
Do women feel their skills are suitable for managerial job descriptions?
This differentiation between men and women in workplace is not based on skills evaluation as nowadays half of all students studying Business and Administration in the UK are female and the proportion of women taking MBA courses has also risen around 40%. (www.guardian.cu.uk). Despite the increase of women level in education, they hold only
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24% of all management positions in the UK (Institute of Management and Remuneration Economics, 2001). It is difficult to define if women have certain skills or not as often the measurements of their capabilities are set in gendered constructs such as leadership, power, motivation and so on. As Philips and Taylor (1980) affirmed, the skill is defined by those people who have the decisional power in an organization. This is a consequence of the ‘gendered’ environments discussed in the previous point. Gender discrimination is verified in recruitment techniques and selection interviews as women seem never to be suitable to a managerial role. As demonstrated by the market research, more that 60% of women will rather apply for a out-of-role job at the beginning of their career.
The glass ceiling As Bowen (2003) affirmed, the glass ceiling in a company is often so hidden that “is easier to deny, harder to detect, more difficult to study and more difficult to address”. It is difficult for a women to reach to top levels of management as so many barriers are imposed to them. However, the research showed that women are responsible for knowing and developing themselves in the workplace but the organization is also responsible in partnering with the individual, especially in the achievement of organizationally related goals. As shown in the Mercer survey, 41% of the organizations studied do not offer any programs related to the empowerment of women, as shown in the illustration below.
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Collective Bank Report Illustration 4. Focus on women empowerment through programs
(www.mercer.com) In order to overcome the organisational glass ceiling, mentoring was considered a very effective solution. The primary research showed that women will feel more confident if associated to a mentor. A mentor can create opportunities for women to operate outside organizational norms and set high standard of performance. Women who are mentored report increased self-confidence and greater awareness and use of skills. This will lead to an improvement of the second matter discussed by the report, the perception of skills. Furthermore, this will also help women to behave appropriately in a ‘masculine’ environment; all critical things to women career development.
The need to mother As demonstrated by Cleveland’s (2000) theory, presented in the literature review, the presence of children is negatively associated with career aspirations. As Carmella Fontana admits, often women need to choose between having a career or a family. In the job interviews there is always gender discrimination as women are always asked if they are willing to get married or have children in the near future. Those statements are the reflection of the organization’s lack of intention to ‘equalize’ its workforce. If Collective
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Bank aims to recruit more women, this is not the right approach to take as women will feel discriminated. It is important to acknowledge that not all the women feel the need to mother and not all of them are ‘maternal’ or ‘nurturing’. However, if a women decides to have children, the bank should offer programs that prevent her as a manager to be viewed as a sick-model manager (see Pearsons, 1952, in literature review chapter).
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Conclusion The report considers its terms of reference fulfilled as:
Presented the matter from a theoretical point of view. The literature review is based on theory of important academics such as: Rees B. (2003), Cleveland N. (2000), Davidson M. and Burke R. (2004), Davidson M. and Cooper L. (1992, 1993). The report has identified a wide range of influential factors and focused on the most relevant four aspects. The literature review focuses on ‘masculine’ realities and sex stereotypes, skills and job suitability, the glass ceiling and motherhood.
A primary (market investigation) and a secondary research was conducted in order to understand the issue from a business students’ point of view, a senior manager in banking point of view and globally.
An identification of the actual situation of women in banking has been made by critically discussing the theory and the research findings. This highlighted possible opportunities for women empowerment.
A strategy has been identified as a result of the critical discussion.
Based on the findings presented above, the report states that women’s career development is slowed down by several barriers. This barriers can be both external, based on social and cultural aspects, and internal, based on organizational obstacles. There is a need of change in the way women are considered in the business world and Collective Bank can make the difference. The report considers that an appropriate empowerment programme will lead firstly, to an increased number of women working in banking and secondly, to more women climbing the managerial hierarchy, reaching to top levels. The main points of the strategy will be summarized in the recommendations chapter.
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Recommendations If Collective Banks aims to take its Corporate Social responsibility seriously and make a better use of its female resources, this situation requires consideration. There is a need of program implementation in order to make women consider a career in the Banking industry and further support during their career development. Based on the critical discussion previously presented in this report, a list of tactics have been identified:
Flexible working policy. This will increase the number of women interested in having a career in banking industry but also want children.
Family friendly policies. This will assist already existent employees in balancing their work and home responsibilities and will make potential new recruits more willing to choose Collective Bank for a career.
Childcare programs. Will attract working mothers to consider Collective Bank as a suitable place where to develop their career and will encourage managers to consider a family.
Tailored development programmes for already existent female employees will encourage more women to reach their full career potential.
Mentoring is fundamental in order to keep valuable women in the company. This will lead in an increased confidence in their own skills and better managerial aptitudes.
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Reference Books Ashmore D. R. and F. K. Del Boca, 1986. The Social psychology of female-male relations: a critical analysis of central concepts. Orlando: Academic Press, Inc Axtell R. E., 1997. Do’s and taboo’s around the world for women in business. England : John Wiley and Sons, Inc. Cleveland J. N., M. Stockdale and K. R. Murphy, 2000. Women and men in organizations. Sex, gender and issues at work. England : Lawrence Erlbaum Associates, Inc. Davidson M. J. and C. L. Cooper, 1992. Shattering the glass ceiling. London : Paul Chapman Publishing, Ltd. Davidosn M. J. and C. L. Cooper, 1993. European women in business and management. London : Paul Chapman Publishing, Ltd. Davidson M. J. and R. J. Burke, 2004. Women in management worldwide. Facts, figures and analysis. England : Ashgate Publishing Limited. Rees B. A., 2003. The construction of management. Competence and gender issues at work. London : Edward Edgar Publishing Limited. Riviera R., 2009. There’s no crying in business. How women can succeed in maledominated industries. England : Palgrave Macmillan.
Websites MERCER, 2011. Women’s leadership development survey [online] [viewed 20.11.2011] Available from: http://www.mercer.com/press-releases/1409145. Rachel Cook, 2011. ‘I think we need to get much angrier’ [online] [viewed 20.11.2011] Available
from:
http://www.guardian.co.uk/books/2011/nov/13/gloria-steinem-interview-
feminism. 21
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Women at the Top Blog, 2011. The bid for Europe-wide bank board quotas. [online] [viewed 20.11.2011]. Available from: http:// www.financialtimes.co.uk/blog/The bid for Europe-wide bank board quotas Women at the Top Blog on women’s achievements in business from the Financial Times – FT_com.mht United Nations Entity for Gender Equality and the Empowerment of Women, 2011. World Survey on the Role of Women in Development. [online] [viewed
20.11.2011]
Available from: http://www.unwomen.org/how-we-work/fund-for-gender-equality/
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Appendix Appendix 1. Difference between sex and gender Before the report starts the theory examination on the ways men and women progress and cooperate in organizations a consideration regarding sex and gender is necessarily. “The term sex is defined by biological differences in genetic composition and reproductive anatomy and function” (Unger and Crawford, 1992 : 67) while the “term gender reflects a society’s or culture’s interpretations of constructions based on the characteristics associated with biological sex” (Cleveland et al., 2000 : 19). Without distinguishing the two terms the misunderstanding that traits in men and women are biological and immutable is possible while this may actually be attributable to the society’s perception or culture *(add what is on the pages)
Appendix 2. Sex stereotypes Sex stereotypes are collective beliefs about the characteristics or traits of men and women in general that persuade the perceptions of individual men and women. Stereotypes of women usually include attributes such as: “emotional, warm, concerned about issues besides the material and concerned about social amenities” (McKee and Sheriffs, 1957citen in Cleveland 2000 : 45). Another description of women attributes has been made by Williams and Best (1990) describing women in terms of attractive, sexy and dreamy while men were considered realistic, aggressive and dominant.
Appendix 3. Sexual harassment Williams and Best (1990), have conducted a multinational study on 25 countries regarding the perception of women stereotypes. In 22 of this countries women were described as sexy and attractive. These findings suggest that women are perceived in a more sexual way than men; this leading to potential sexual harassment. In most of the cases, men’s reaction to female power was described as “sincere horror as well as conscious attempt to control and diminish that power by defining it as illegitimate and unnatural and by making it sound ridiculous or offensive” (Garlick et al. 1992 : 210). 23
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Appendix 4. Questionnaire 1. From one to five, how many possibilities do you think you have to find a job as soon as you finish your degree? 2. From one to five, how equal do you think the possibilities of finding a job after the degree are?
3. From one to five, how willing will you be to accept an out-of role job after your degree? 4. From one to five, how willing will you be to slow down your career in order to have a family?
5. From one to five, how useful do you think a mentor will be in the development of your career?
Appendix 5. Interview An interview was conducted with Carmella Fontana. She is a senior manager in the sector of small and medium enterprises loans at UNI Credit Banca di Roma, one of the biggest Italian banks. She graduated in 1975 in Business Management. She worked in a Bank in Birmingham from 1997 till 2001 and then moved to Italy. 1. In the English bank you used to work, what was the amount of women employees? Women working in banks are usually in positions that involve interaction with the clients. They consider us more suitable in the interpersonal relations; as a result we are more patient are usually nicer to the public. The top managerial positions were mostly occupied by males. 2. Do you think there is any difference in the career development of a man/woman? Based on my experience I can affirm that I had to work hard in order to achieve my position today. I think that for women is harder as often they are unevaluated. You have to work double as hard as a man and you always have to demonstrate constant determination.
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3. Have you ever been concerned about your behaviour in your workplace? To know how to behave in workplace, especially in a really masculine environment as the banking top levels, is always tricky. If you are always really severe and critical, you will be the “bitch”. If you want to be kind and positive, they will call you soft . You always have to find the right balance. 4. Have you ever felt that you should behave as a man in the workplace? My man colleagues and superiors usually treat women in a more delicate way. They think that our decisions are lead by our emotions. However, when they will get to appreciate you, then they will treat you as a ‘manager’ and non as a ‘female manager’; but remember that it will take you a long time to reach that status. 5. When searching for a job, have you ever thought that the interviews were female discriminatory? Every time I had an interview for a managerial job I’ve always been asked which are my plans for the future. If I want to get married and/or have children in the following years. This is what makes you feel discriminated; because you know they will never ask this question to a man.
6. Do you think is necessary to choose between career and family or is it possible to have both things in life? I choose my career because is all I ever wanted and honestly I don’t think it is possible to have both. If you want to reach the managerial top levels you have to be concentrated 100% on your career. However, there are women who decide to have both things but most of time they finish either by keeping their job without further aspirations either not having enough time to spend with their children.
7. Have you ever worked in a place where the senior manager was a women? 90% of the times my superiors were all men. 8. Do you think is only the company’s fault due to the numerous barriers they set to women or women have a role in the career development as well? After 10 years of constant working for different companies and not reaching the level you want to reach I can assure you, you will sort of loose your determination.
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However, if a company is giving you opportunities to show your strengths, a women will always be ready to open the game again. 9. Do you think that a mentor in your workplace would have helped you? It would have been helpful in building trust in myself and a wise advice is always welcome. 10. Why did you choose to come back to Italy? I was at a dead point of my career when I was working in Birmingham. My superiors have always been happy with my job but they never showed willingness to promote me. When I sent my curriculum to an Italian bank, they appreciated the fact that I had experience abroad and they wanted somebody with new ideas to come on board.
Appendix 6. Need of more women in banking As ‘the Guardian’ released in a recent article the boards of both the bailed-out Royal Bank of Scotland and Lloyds Banking Group currently have less than 10 per cent women. Of 12 directors, Lloyds has just one female non-executive director (Anita Frew), and on RBS’s board of 11, there is also only one woman (Penny Hughes). HSBC leads the UK banking diversity table with 25 per cent, followed by Barclays (15 per cent) and Standard Chartered (13 per cent). The proposals form a small part of the 130-page European Commission capital requirements directive (CRD 4), and responses are invited by July. While Barnier’s push for mandatory board quotas will have some support in Brussels, history suggests opponents will succeed in ensuring the final directive does not go this far.
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