Hong Kong — Far fewer women than men are promoted in the finance industry unless they first ask for seniority, a sign of institutional gender bias, according to a new study in Australia.
Australia is among the countries that can claim some success in tackling gender inequality. For example, a report by consultancy Kearney in 2020 showed Australia tops the UK, US and India for the proportion of female parliamentarians and women board members in its top 100 firms. Yet the latest survey’s results show ongoing gaps, including the fact that male fund managers on average earn more than twice as much as female counterparts.
“One of the arguments put forward as to why women are paid less is that we are too agreeable,” Laura Ryan, head of research at Sydney-based Ardea, said in an interview. “Looks like we are being assertive, but if we are not we definitely miss out. Gender is a strongly significant factor in determining salary.”