GENDER DIVERSITY IN TODAY’S FINANCIAL SERVICES INDUSTRY | 09 One factor is lower promotion rates: At nearly every step in of color often enter financial careers at an inherent disad- the pipeline, women of color in financial services are pro- vantage; facing compounded bias due to both their race moted at lower rates than both men and white women. Attri- and their gender, they must work doubly hard to prove tion rates for women of color are also higher than those for themselves. “You come in on probation at a deficit and white women in entry-level and middle management roles. needing to prove your worth more than your counterparts These trends are especially perplexing considering that versus coming in with support and the belief that there’s more women of color express an ambition to make it to the a reason you’re at the table. If you can stand with confi- top than their white female peers. Thirty-six percent of en- dence, and believe in your abilities, you earn your way out try-level women of color desire to become a senior execu- of the deficit, so to speak. It’s a very tight range at which tive—a proportion nearing that of their male peers–versus you have to figure out the game, how to play it, and how to 22 percent of white women. deliver,” she notes. Women of color face unique challenges and often feel that Sponsorship is one way to address some of these chal- they are held to a higher standard. Senior-level women of lenges. When reflecting on their careers, senior-level color are more likely to view any failure, big or small, as women of color in financial services are much more likely having jeopardized their success. Moreover, they are more to cite a manager or leader as critical to achieving their likely to view “playing the game” and being well-liked as promotion (55 percent versus 44 percent for white women). critical to success (Exhibit A). Yet, across all industries, women of color—and in particular black and Latina women—receive lower levels of support As a woman of color, Beverly Anderson, head of cards * from managers. and retail services at Wells Fargo, observes that women Exhibit A Senior-level women of color face unique challenges. Perceptions of success factors for senior-level leaders in financial services, % agreeing Women White White of color women men Knowing how to play the game is critical to my success 73 66 60 Being well liked is critical to my success 43 30 38 Any failure, big or small, will jeopardize my success 30 24 23 Source: Women in the workplace 2017, a joint report from LeanIn.org and McKinsey, 2017, womenintheworkplace.com * Alexis Krivkovich, Kelsey Robinson, Irina Starikova, Rachel Valentino, and Lareina Yee, “Women in the Workplace 2017,” October 2017, McKinsey.com.