Homework Question on Financial services
Literature on the financial services industry, its culture, and employer attitudes about marriage specifically.
Homework Answer on Financial services
There are very few pieces of literature discussing the financial services industry, its culture, and employer attitudes about marriage. However, the few available pieces of literature indicate that the industry has established a culture of hiring majorly female gender. According to an empirical study by Strong, DeVault and Cohen (2011), more than half of the employees are female, majority of them working in back office, front office, as tellers and call centre operators.
The industry has an outstanding culture of maintaining female gender at the lower and middle positions while male gender dominate the top ranking positions of the firm. For instance, in most financial services across the world, female gender constitutes less 13% of the executive committee members while the rest is dominated by men. According to a recent empirical survey conducted by Bowen and Finegan (2010), only 4% of Chief Executive Officers on leading financial service companies are women.
Looking at the trend in the industry, this culture is likely to remain unchanged in the financial industry for some time. Chorafas (2011) argued that lack of employee diversity at the senior level is bad for customer service, shareholder return as well as employee morale.A growing body of literature and research studies indicates that gender diversity is beneficial for making better decisions, especially at the senior management levels.