While the retirement industry has made substantial gains in diversity and equity, gaps remain between women and men in terms of their workplace experiences, new research from WE Inspire. Promote. Network. (WIPN) shows.
Among other things, WIPN’s “The Gaps That Threaten Diversity” survey of 855 women and 424 men working in retirement-focused financial service roles found that women experience more barriers to advancement—and the gaps are even starker in many respects for women of color.
When asked about specific barriers, like company culture or the availability of opportunities, men and women often gave similar answers. But there were certain categories—like workplace politics or lack of relationship with decision-makers—where women were much more likely to experience a barrier, the white paper notes. In this case, 38% of men said they do not face any barriers to success in the workplace, but only 25% of white women and 22% of women of color said the same.
Similarly, when women pursued a raise, they were more likely to receive a promotion without a pay increase. Here, WIPN found that this was the case for 10% of white women and 20% for women of color, compared with only 6% of men.
Leadership and Decision-making
Additional findings show that more women (40%) believe there are too few women in leadership in their department compared to one quarter of men.
At the same time, men and women are equally likely to say they feel respected when contributing ideas, but fewer women say they have a voice in decision-making for the direction a company takes. Moreover, women of color are much more likely to say they face problems when speaking up and they are reluctant to bring up issues out of fear that it will affect their chances at promotion, the paper notes.
While both men and women are likely to say they got their current job through a networking connection, more women than men say they used a “cold” lead, like an online job site or a social media site. “That implies women are working harder to get in the door, and that they walk into work environments with fewer supportive connections,” the paper observes.
Similarly, sponsorship does not have the same impact on women as it does for men, particularly for women of color. In this case, WIPN found that 44% of men and 42% of white women say they have a sponsor who advises on areas where they can improve, yet only 31% women of color said the same.
Men are also more likely to say their sponsor is a friend or someone they trust, and that their sponsor gives them actionable feedback.
The caregiving gap also still looms large between genders, as 57% of white women and 74% of women of color are a caregiver to a child, spouse or parent, compared with 49% of men.
Parity in Reach
Notably, there were instances where women and men reported similar perspectives, showing how much closer they have come to parity though these gaps remain, the paper observes.
For instance, pay data from the survey shows that male and female respondents are close together on pay, with men’s pay higher than women’s in the aggregate, but Gen X women and women of color report higher pay than male counterparts.
Men and women are also equally likely to say they are satisfied with their industry experience, career role performance and personal lifestyle, the paper notes.
“Overall, the results are trending favorably since our 2021 survey, “The Story of Us”—but there are a few notable areas where the retirement industry can improve for women, especially when it comes to leadership roles, opportunity for advancement, sponsorship, caregiving, compensation and pay transparency,” stated WIPN President Lisa Smith. “We hope our findings can further a dialogue for pay equity and more opportunities for women in the retirement industry.”
WIPN is a nonprofit retirement industry organization that seeks to advance equity and opportunity for women in the retirement industry. Fielding for the survey was conducted between December 2021 and February 2022 by research partner Escalent, with the support from sponsors, Columbia Threadneedle Investments, CUNA Mutual Group, OneDigital, Fidelity Investments and PAYCHEX, and collaborating sponsor DCIIA.
