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Financial services missing ‘window of opportunity’ to support women’s progress

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women gender equality

Financial services (FS) is falling behind other sectors when it comes to supporting women’s progress into senior positions, according to a global report from PwC.

The report has found that 54% of women working in FS believe that their diversity status is a barrier to career progression in their organisation, compared to 45% in other industries. Nearly half (43%) of women working worldwide in FS have experienced inappropriate language, insults and bullying, compared to an average of 34% in other sectors.

The report also raises concerns about the impact of workplace policies intended to support working mothers. Nearly 60% of new mothers in FS believe they’ve been overlooked for career-advancing opportunities since returning to work. More than half think that while policies such as flexible working exist in their workplace, they are not readily available in practice (52%) or would have negative impacts if taken advantage of (51%).

Seeing Is Believing: clearing the barriers to women’s progress in financial services surveyed 290 professional women ages 28 to 40 who are working in FS globally. The FS sample forms part of a survey of 3,627 professional women from across all sectors worldwide

The report has also found encouraging signs of progress within the sector. More than 60% say they have negotiated a promotion in the past two years, compared to less than half of the participants of all industries. More than 80% of women working in FS are confident about their ability to lead and to fulfil their career ambitions.

Seeing Is Believing focuses on three key areas for business leaders to look at:

  1. The importance of transparency, dialogue and trust in convincing women they can succeed in an organisation, and helping them understand what they need to do to progress.
  2. The need for active management support to identify future leaders and ensure they acquire the necessary experience and access to networks to enhance their development.
  3. Creating an environment that enables women to balance their personal and professional aspirations in a culture that embraces rather than simply accepts flexible working.

Jon Terry, Global FS HR Consulting Leader at PwC, says,

‘This report emphasises that financial services globally is facing a watershed moment in terms of supporting gender diversity. Organisations are confronting a generational cohort who are more confident and ambitious regarding their leadership abilities than ever before.

‘Yet the perception is that many employers are failing to adapt to the challenge and take pro-active steps to reduce the barriers. While the earnings gap between men and women is relatively small until their late 20s, it starts to widen significantly by their forties. It is therefore vital to understand the needs and concerns of this group in particular so that organisations can take practical steps to address this shortcoming.

‘This generational change should be seen as a window of opportunity for gender equality in financial services: a chance to boost diversity and inclusion and reap the benefits. Yet if this window is not seized there could be serious challenges for the sector when it comes to attracting and retaining talent in the future.’

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Health & Wellness

Moderna vs. Pfizer: Two Recent Studies Show Moderna to Be The More Effective One

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The first study was published by medRxiv “The Preprint Server for Health Sciences” on August 9th, and compared (on 25,589 vaccinated v. 25,589 unvaccinated Minnesotans) “the effectiveness of two full-length Spike protein-encoding mRNA vaccines from Moderna (mRNA-1273) and Pfizer/BioNTech (BNT162b2) in the Mayo Clinic Health System in Minnesota over time from January to July 2021.” Moderna was 86% effective against the infection; Pfizer was 76% effective. In July (when the “Delta” variant first became dominant) Moderna was 91.6% effective against hospitalization; Pfizer was 85%. But during that month, effectiveness against the infection was 76% for Moderna v. 42% for Pfizer. Nationwide (including Mayo in MN, WI, AZ, FL, & IA), Moderna was about twice as effective “against breakthrough infection” v. Pfizer.

The second study was far smaller, published on September 10th by the CDC, and studied only 1,175 hospitalized U.S. veterans (93% male) at V.A. centers nationwide. Moderna was estimated at 91.6% effective, Pfizer at 83.4%. Since no non-hospitalized comparison-sample were studied, “Vaccine effectiveness … to prevent Covid-19-associated hospitalization was estimated by using multivariate logistic regression to compare the odds of full vaccination between case-patients and controls,” and so the reliability of this study was far less than in the Mayo Clinic study.

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Republic of Korea offers support for smallholder farmers in Mozambique

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The Korea International Cooperation Agency (KOICA) donated US$5.7 million through the World Food Programme (WFP) for a project to support smallholder farmers in Sofala Province, central Mozambique.

The project will improve food security and livelihoods with a focus on climate resilience for smallholder farmers and will be implemented from this year in the districts of Chemba, Maringue and Caia in Sofala province and will benefit 36,000 smallholder farmers and their families until 2025.

The programme will work with the Ministry of Land and Environment, the Ministry of Agriculture and Rural Development and the National Institute of Meteorology (INAM).

Mozambique is one of the most vulnerable countries to the impacts of climate change. Over the past three years, five tropical cyclones (Desmond, Idai, Kenneth, Chalane, Eloise and Guambe) have caused human and material damages mainly in central Mozambique.

H.E. Ambassador Sung Jun Yeo said that he expects the project is going to be successfully implemented and 36,000 smallholder farmers and their families will have the capacity to maintain a stable livelihood and secure food through the project. “We hope that the friendly relationship between the Government of Mozambique and that of the Republic of Korea is firmly established through various grant aids from the Korean Government via KOICA,” emphasized the Ambassador.

“This generous donation from the people of Korea through KOICA will help change the lives of Mozambicans most affected by climate change“, said Antonella D’Aprile, WFP Mozambique Country Director. “By supporting smallholder farmers to become climate resilient, we are also protecting their livelihoods and food security of their families and communities. We thank KOICA on behalf of the people that we serve“.

The Korea International Cooperation Agency (KOICA) was established as a governmental agency dedicated to providing grand aid programs of the Korean government in 1991. KOICA endeavors to combat poverty and support the sustainable socioeconomic growth of partner countries. By doing so, KOICA establishes and strengthen friendly ties with developing countries.

The United Nations World Food Programme (WFP) is the 2020 Nobel Peace Prize laureate. WFP is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

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Global Plastic Action Partnership Making an Impact in Fighting Plastic Pollution

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The Global Plastic Action Partnership (GPAP) released its second annual impact report, which highlights strides made over the last two years in building coalitions, extending global reach, and helping nations make a difference by confronting plastic waste.

“Plastic pollution was already a global emergency, and with the pandemic-induced explosion in packaged goods, as well as increased of use of single-use plastics through masks, gloves and other PPE, it has become a global disaster,” said Kristin Hughes, GPAP Director and a member of the World Economic Forum Executive Committee. “The good news is that our GPAP 2021 impact report proves that what we’re doing works, and if we act together now, we can halt the plastic pollution crisis in its tracks.”

On the heels of a challenging year dominated by the COVID pandemic, GPAP and its partner governments have met critical milestones, including:

– Ghana, Nigeria, Indonesia, and Viet Nam came together as early adopters in the Forum’s Global Plastic Action Partnership

– Viet Nam pledged to reduce marine plastics by 75% by 2030

– Ghana committed to a 100% circular economy for plastics

– Indonesia’s action and investment roadmap is poised to prevent 16 million tonnes of plastic leakage into the ocean; Create 150,000 jobs; and Generate $10 billion in annual revenues.

Taking collaborative action to tackle plastic pollution

“The Forum’s platform approach aligns various stakeholders from public and private organisations, works toward common objectives, and creates outcomes far greater than could be achieved by any nation or organization acting alone,” said Hughes. “It’s a great honor to lead the GPAP platform, and to see what we can accomplish through the convening power and influence that the Forum brings to bear. Our second annual report shows what can be done and, now more than ever, what needs to be done.”

In the face of global disruption and re-set, GPAP’s initiatives are performing and moving the needle on climate change by promoting a circular economy for plastics. The report outlines key progress in the following impact areas:

Transforming behaviour – GPAP amplified initiatives that help citizens and consumers form more sustainable relationships with plastics

– Raised awareness of the COVID-19 impact on the plastic ecosystem through public town hall communications

– 14 solutions to address plastic waste and pollution were developed in collaboration between government, business, and media influencers on the GPAP platform

– 116 recycling points were identified in Ghana’s capital city of Accra, up from just 10 before the National Plastic Action Partnership was initiated

Unlocking financing – GPAP engaged stakeholders to promote investments that tackle plastic waste and pollution

– $196.7 million was committed by GPAP members to National Plastic Action Partnership countries

– 13 financial institutions engage in GPAP finance events and task forces

– 140,000 people will be reached through financing committed by GPAP partner, the Alliance to End Plastic Waste in Indonesia

– GPAP collaborated with HRH The Prince of Wales Sustainable Markets Initiative to host a Roundtable on Financing Plastic Action in Emerging Markets to unlock opportunities for investing in plastic action

Informing policy – Supporting the collaboration of policy makers with stakeholders to confront plastic pollution, GPAP has established National Plastic Action Partnerships (NPAPs) in Indonesia, Ghana, Viet Nam, and Nigeria

– 57% of GPAP’s members have been involved in government policy consultations; 53% report being involved in corporate policy decisions

– GPAP’s National Action Roadmaps offer a suite of solutions for policy makers to consider when developing plans to address plastic pollution.

Boosting innovation – GPAP created opportunities for high-potential innovators to access partners who are helping to scale their ideas

– Established a platform for connecting innovators, experts, and investors through the Global Plastic Innovation Network in partnership with UpLink where 70+ solutions are now showcased

– Crowdsourced plastic waste solutions in Indonesia and produced videos of innovators engaged in the plastic space, which reached 1.75 million views on social media

Harmonizing metrics – GPAP has facilitated evidence-based, country-level analysis and action planning to create consistent, best-practice frameworks for measuring plastic waste reduction

– Forum research determined that almost 50% of ocean waste can be prevented by reusing only 10% of plastic products (see The Future of Reusable Consumption Models Report)

– Baseline assessments and scenario analyses were completed with Indonesia, Ghana, and Viet Nam to give governments clear evidence and inform action roadmaps

Promoting inclusivity – GPAP maintained its commitment to ensure that diverse voices and inclusive perspectives are integrated across all partnerships

– Established gender-responsive principles for plastic action through GPAP’s Guide to Ensure Gender-Responsive Action in Eliminating Plastic Pollution

– Conducted a ground-breaking Gender Analysis of the Plastics Sector in Ghana

– Brought together key youth leaders through the inaugural Plastic Action Champions cohort

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