In light of International Women’s Day on Saturday, Hazel Keating, head of HR for EMEA at State Street, offers the bank’s approach to female representation in the workplace.
There are many studies which confirm that women on boards, in leadership positions and teams is positive for the bottom line and sustainability of institutions including financial ones; and although women make up 60% of the global workforce across the financial services industry, only 14% hold board seats(1).
In 2012 State Street’s CEO, Jay Hooley made gender diversity a business imperative by setting organisational performance goals to increase representation of women at senior management level by five percentage points within the next three years.
Globally State Street exceeded this goal within two years and within EMEA has seen an 8% increase in the representation of women at the senior management level. The EMEA executive board has grown from 11% to 39% female representation, working across a spectrum of different areas from trading to corporate functions. In addition to this more than half (58%) of senior management promotions in EMEA this year were women.
As well as the three-year goal set out in 2012, State Street has also put long-term business structures in place to ensure diversity is here to stay. For example, launching a mentoring program, ‘Leading Women’ across EMEA to support women at the managing director/vice president level who in turn ‘Pay it Forward’ with more junior women complementing efforts to build and strengthen the female pipeline.
A combination of firm commitment from the top down, a rich tapestry of talent and a culture committed to engaging staff from all backgrounds has helped us achieved bottom line results so far. We want to extend the success we’ve had so far to ensure we are encouraging all kinds of diversity and helping everyone achieve their fullest potential.
1) World Economic Forum, The Corporate Gender Gap Report 2010, by Saadia Zahidi, World Economic Forum and Herminia Ibarra, INSEAD
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