Combatting Bias, Driving Inclusion: Gender Diversity in Asia Pacific Financial Services

To advance Asian women leaders within financial services in Asia Pacific (APAC), firms must focus on autonomy, empowerment, sponsorship, and potential. In a recent survey of over 1,600 leaders globally, Russell Reynolds Associates discovered a concerning trend among financial services firms in APAC. Leaders in this region are more likely than their global counterparts to believe that:

• It is easier for men to get promoted
• Senior leaders show bias for employees with background or characteristics similar to their own
• Race, ethnicity and gender affect chances of advancement with one’s organization

These findings are disheartening, especially as Diversity, Equity and Inclusion (DE&I) continues to gain traction among companies in the APAC region. Gender diversity among financial services (FS) leadership is a proven differentiator, as banks with higher shares of women board members perform better, with higher capital buffers, lower percentage of nonperforming loans, and higher stress resistance. As such, attracting and retaining Asian women leaders is a major focus for firms looking to enhance their talent bench and leadership ranks.

However, despite the proven benefits of a diverse workforce, the findings above highlight that the industry still fares poorly when it comes to female representation and leadership opportunities, especially in APAC. To understand how these biases are affecting women leaders in the region, RRA interviewed a group of top performing Asian women in the FS industry, focusing on their personal experience in the workplace, the hurdles they face, and the success factors they are measured against. This allowed us to develop the following recommendations for FS firms in APAC looking to attract and retain top Asian women leaders:

• Provide explicit opportunity for autonomy and empowerment to nurture independence and build confidence
• Appoint proactive sponsors to women leaders to integrate and provide exposure to significant opportunities
• Encourage women leaders to focus on potential—rather than their existing skill sets—as they consider career progression