Women’s presence was stronger than ever in this year’s Account Managers’ Report Card survey, in which almost half the 245 respondents were female. That’s a giant leap from the Brokerage and the Planners’ Report Cards, in which women accounted for a paltry 15% of respondents.
Whether they are working up from entry-level teller positions or coming straight from a competing bank, women are figuring heavily in the Canadian banking scene. It is a trend that is showing up not only in Investment Executive‘s research: according to the most recent statistics from the Canadian Bankers Association in Toronto, Canada’s six largest banks employ almost 120,000 women. They account for 51.5% of middle-management positions and 27.5% of senior management positions. Furthermore, last year, almost 60% of middle-management promotions went to women.
So, what exactly is it about the banks — and the account manager position in particular — that make them a pull for women?
Some might say it’s because of the law.
Canadian banks became subject to the Employment Equity Act in 1986, which sets employment targets for women, visible minorities, the disabled and aboriginal people.
Still, the act alone doesn’t fully explain the strong female presence in banks.
“Canadian banks have never blocked women,” says Marie Muldowney, executive director of the Montreal-based Institute of Canadian Bankers. “They’ve always had women coming in, so when the act came into effect, it wasn’t an issue.”
Most of the banks and credit unions IE surveyed insist they are making no special efforts to attract women employees. Still, they are doing something right. Account managers this year gave a solid average rating of 7.9 in the corporate culture category, which includes factors such as workplace equality and treatment of women.
Muldowney says work schedule flexibility may be a reason why banks attract women.
“Because you can start in the bank full-time
or part-time, a lot of women start out as part-time customer service representatives, get 15, 20 or 30 hours a week — and can still keep a family going,” she says. “When the children grow up, many women decide to work full-time.”
Heavily weighted toward women
At Royal Bank of Canada, 77% of account managers are women. “Our tellers and our customer service reps have been traditionally heavily weighted toward women, so we’ve drawn from our customer service rep pool,” says Anne Lockie, head of sales for personal and business clients at RBC Financial Group. “Over time, a large number of people move up to be personal bankers and account managers.” Royal Bank’s external recruitment strategy typically attracts a more balanced mix of men and women, she adds.
Asked why women may find the position more appealing, Lockie says: “It’s a great job. You can get into all these stereotypes about women liking
relationship-management roles, and that may be part of it. But there are lots of men who are great in those relationship roles, too.”
Opportunity for advancement is another reason for a strong female presence in the banks, Muldowney says. Because banks invest heavily in training, even those starting in part-time customer service positions can move up the corporate ladder as they gain experience.
“Everyone has an opportunity to learn the job,” Muldowney says. “The bank has already seen them in action and they can move up in the ranks.” The advantage is twofold: the banks win by retaining experienced employees, and employees win by advancing their careers.
Like Royal Bank, Bank of Nova Scotia doesn’t make exceptional efforts to attract women. “We’re completely committed to making this a great place to work for everybody, male or female,” says Wendy Hannam, executive vice president of domestic branch banking in Toronto. She cites the bank’s employee-geared environment and strong customer focus for its appeal to men and women alike. “I think we market ourselves as an employer of choice for anyone.”
Convenient location is another reason banks appeal to women — and some men — Muldowney says. “Banks are local; they’re all over the place,” she says. “So, in terms of getting from home to your branch, they can be easy places to get to. You’re not necessarily going to a head office downtown.”
At the credit unions, women account for 51% of those surveyed for the Report Card. The number is a fairly accurate representation of the female presence in the credit unions, says Don Rolfe, president and CEO of Vancouver-based Credential Financial Inc.
@page_break@Work/home balance
“I would say it is fairly evenly split between men and women,” says Rolfe, adding that brokerages tend to lean toward men.
He, too, says credit unions aren’t going to great lengths to attract women, but rather are striving to create a workplace that caters to interests outside the institution — a factor that women who plan to start families may find appealing.
“I think credit unions do a better job of creating balance that’s needed from a family perspective,” he says. “That would certainly appeal to most women because they can have a good work/home balance.”
IE