Crunch Time for Sexism in the City?

• Longer, more in-depth interview stages benefit female job seekers
• Smaller headcount budgets ensure City firms hire the very best candidate in the process - regardless of gender

 Women working within investment banking and investment management are closer to reaching parity in terms of the percentage of job offers they're receiving versus men, thanks to the longer and more rigorous interview processes put in place by City firms as a consequence of the recession.

 Lack of budget for headcount in 2009 has ensured that when hiring does take place, candidates are subjected to a more rigorous and lengthy interview process to guarantee the very best candidate is hired. This appears to have weeded out gender prejudices - whether passive or active.

 Joslin Rowe, the financial services City recruitment specialist, analysed 1,244 City job offers within accountancy, finance & risk, banking operations, compliance and investment management. Between May 2007 & May 2008 (when the recruitment process was typically 3 weeks[1]) men received 55.1% of all job offers compared to 44.9% for women.

 Fast forward to May 2008/May 2009 (when interview times jumped to over 6 weeks and more interview stages were introduced) and women now receive 48.4% of all job offers - with men receiving 51.6%. In the year 2000, 41.1% of job offers went to women compared to the 58.9% received by men.

 Tara Ricks, managing director of Joslin Rowe, the City of London recruitment consultancy explains:

"Today's interview process has become one of the most intense we've ever witnessed. With so many candidates to choose from, and the need to justify every single hire, interviews are involving many more hiring managers and assessment stages. City firms have always been incredibly selective but now only 'exact match' candidates can expect to tick all the boxes on each job spec and receive that job offer.

Banks and investment managers know that securing top talent is vital to drive their businesses forward through the recession. Nothing else matters bar the skills a candidate can bring to the table. "

Research from Joslin Rowe's sister firm, Martin Ward Anderson, which additionally places finance professionals in blue chip corporates, public sector and professional services firms across the country, echoes the developments in London's financial services sector. Martin Ward Anderson has also witnessed a 4 percentage point increase in the number of jobs going to women (from 36% to 40%) since the more rigorous interview processes.

 "Of course there may be other factors at work behind these increases," agrees Ms Ricks. "For example, many City firms have been working hard for years to ensure an improved diversity and equal opportunity culture and you can see that from the progressive  figures we've witnessed since the start of the Millennium."

 "But history also tells us that extreme periods of change usually speed up social transformations already underway. Other ramifications highlighted by the credit crunch, such as the massive ongoing outcry around inflated City bonuses, may also enhance rather than hinder diversity progress. With voices clamouring for a cap on bonuses, other benefits will  undoubtedly start to gain precedence. This is good news for women. According to a CIPD report, entitled 'Women in the Boardroom[2],' many of the female executives interviewed said the traditional rewards and trappings of a higher career status, such as huge bonuses, money and bigger cars, were geared towards a male perspective of success. What they wanted was more time and greater flexibility. Something that may be more, rather than less, likely in the post hyper-bonus world."

ENDS

Notes to Editors

According to Joslin Rowe  research 50.5% of job interviews are with women and 49.5% are with men. This means that although women are slightly more successful at gaining interviews this marginal advantage does not actually translate into job offers.

 For further information please contact:

 Belinda Walmsley                                    Associate Director, Joslin Rowe

belindawalmsley@joslinrowe.com         0207 786 6907

[1] Figure 1: Selection Process Table

[2] Page 14: http://www.cipd.co.uk/subjects/dvsequl/general/womeninboardrm.htm