This International Women’s Day, Lloyds Banking Group protection director Rose St Louis speaks to Health & Protection about why training for people managers to rid the sector of bias is vital, the importance of both male and female mentors to attract women into protection, and why there is a need for advocates for change across all of financial services.
The financial services industry is making painfully slow progress on achieving gender equality in senior positions. Do you believe the protection insurance sector is better at it than the wider industry?
Last year the Women in Finance Charter, of which the group was one of the first signatories, said that it will take almost 30 years to reach gender equality at the highest levels within financial services. I think this demonstrates how big the disparity is across the industry and we all need to challenge ourselves to be advocates for change.
I recognise there is still more to do, but with continued awareness, ongoing debate and encouraging bold action we can all steer the industry in the right direction.
What needs to happen in the short-term to get more women in the sector into senior roles?
Positive role models and mentors, both male and female, are absolutely vital to help attract female talent into the business. This helps develop confidence and nurture the talent we already have within to drive career progression and take up new challenges and opportunities.
Ultimately, good leadership, openness and transparency will drive the right kind of culture we want to see in our workplaces.
What long-term processes need to be put in place so we are not having the same conversations in 10 years’ time?
I think inclusivity by design springs to mind here, whether we are talking about how we attract talent to how we create products for our customers. Diversity of thought and background will enable us to understand and appreciate difference, face discomfort and unblock barriers. We need diverse minds and backgrounds to really understand the barriers our people face and help find solutions to unblock them.
There needs to be fair and transparent processes for pay and promotion, as well as flexible and agile working to allow both men and women to lean in and to be their best within their home and work lives.
And probably most importantly, we need to provide sufficient training to all people managers that leaves no room for bias or lack of understanding of the culture we all want to help create.
How important are women mentors? Who was your most important mentor over your career and why?
Mentors are extremely important. Women who are successful can be truly inspirational for other women looking to progress in their career and offer great advice on how to navigate a career path.
I’ve also has some impactful male mentors and sponsors in my career, the insight gained by these men has been invaluable as I’ve navigated a predominantly male industry.