According to a study conducted by Deloitte, the share of women in leadership roles is 24.5% in Singapore, compared to 18.5% in Asia. The analysis, consolidated into a report titled 'Advancing more women leaders in financial services: A Singapore perspective', presents the key findings and baseline analysis of women in leadership roles across financial institutions in Singapore with the intention of sparking conversations and stimulating ideas on the actions the industry can take to increase women’s share across leadership roles.
Report highlights:
- Singapore is expected to make significant progress in its next generation roles in financial institutions (50.4% share by 2030), projected growth appears to be relatively slower or on the decline at higher echelons.
- Specifically, the share of women in senior leadership roles is expected to remain constant at 24.5% through 2030, and the share of women in C-suite roles is projected to reduce to 15.3% by 2030.
- Despite this, Singapore’s projected 2030 numbers for C-suite and senior leadership roles remain close to the regional averages for Asia – forecasted at 15.9% and 20.5% respectively.
- Still, the decline in share of women in C-suite roles is a matter of concern, because a 15.3% representation implies that Singapore will only be at the halfway mark in its journey towards the 30% threshold for the share of women in C-suite roles, which is often considered to be the tipping point for enacting substantive change across an organisation.
Commenting on the findings, THIO Tse Gan, Financial Services Industry Leader, Deloitte Southeast Asia said, “Historically, a lack of flexible working arrangements has been an impediment for women seeking to progress in the workplace, and for financial institutions seeking to retain them. But this is quickly changing: as one of the leading FinTech powerhouses globally, Singapore’s financial services industry has rapidly embraced flexible working hours; technology-enabled remote work; mentoring, allyship, and sponsorship programs; and innovative cultures – all of which have been shown to improve outcomes for women.”