The insurance industry surpasses other financial service sectors in its representation of women in senior positions, but sounds minorities in senior positions, according to the US Government Accountability Office.
The insurance sector consistently had the highest proportion of women in senior positions, followed by banks and other credit institutions, according to written testimony of Daniel Garcia-Diaz, GAO director, financial markets and community investment, sent to the Diversity Subcommittee and the United States Subcommittee: s representative financial services committee. The proportion of women in management declined in each sector except for the insurance sector, where it increased by 1
However, while minorities represent increased in all four sectors of the financial industry – banks and other credit institutions, securities and other businesses, insurance and funds and trust – minority representation was lowest in the insurance sector of 19.2%, according to the report.
A There are many challenges to recruiting a versatile workforce for the financial services sector, including "negative perceptions of the financial sector that can counter potential candidates and lack of awareness of career paths in the industry," GAO said.
The agency identified several methods that believed or found to be effective for the recruitment of women and racial / ethnic minorities while conducting its research, including recruiting students from a broad group of schools and academic disciplines and offering programs to raise awareness of careers. within financial services.
"Financial companies and other sources also noted challenges for maintaining women and racial / ethnic minorities" the report states. "For example, some financial corporations representatives noted that workers' resistance, especially from middle management, poses a challenge to multifaceted efforts. In addition, officials from some organizations we interviewed have noted that unconscious prejudices can negatively affect women and minorities."
GAO identified practices can help improve the retention of women and racial / ethnic minorities, including establishing responsibility at the administrative level and possibly keeping the management accountable for labor market diversity goals through a "diversity scorecard", which is a set of goals and actions derived from a company's overall business strategy and to its versatility strategy. Tying managers' remuneration to diversity targets has also been an effective practice for retaining women and minorities, according to GAO.