Wednesday, April 26, 2006
Tweet[IWS] EEOC: DIVERSITY IN THE FINANCE INDUSTRY [26 April 2006]
IWS Documented News Service
_______________________________
Institute for Workplace Studies Professor Samuel B. Bacharach
School of Industrial & Labor Relations Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor Stuart Basefsky
New York, NY 10016 Director, IWS News Bureau
________________________________________________________________________
EEOC
DIVERSITY IN THE FINANCE INDUSTRY [26 April 2006]
http://www.eeoc.gov/stats/reports/finance/index.html
or
http://www.eeoc.gov/stats/reports/finance/finance.pdf
[full-text, 19 pages]
Includes numerous TABLES and CHARTS.....
EXECUTIVE SUMMARY
The Finance Industry is an important aspect of the economy including banking, credit, securities and insurance activities. It offers many well-paying jobs, and is expected to see growth in the coming years. This report examines the Finance Industry with respect to the employment of women, African Americans, Hispanics, Asians and American Indians/Alaskan Natives. Of particular interest is the status of these groups in management positions. EEO-1 data is utilized to examine the subsectors of the Finance Industry.
* The percentage of women officials and managers is highest in the Banking/Credit subsector (48.6 percent) and their lowest percentage is in the Securities subsector (33.8 percent). The percentage of women officials and managers in each of the subsectors falls below the percentage of women employed as professionals, which might be considered a source for management jobs.
* Similar disparities between the percentage of African American officials and managers and the percentage of African American professionals are also observed. Among the Financial Industry subsectors, the percentage of African American officials and managers is highest in the Banking/Credit subsector (7.0 percent) and lowest in the Securities subsector (4.4 percent).
* The percentage of Hispanic officials and managers is highest in the Central Banking subsector (5.1 percent) and lowest in the Securities subsector (2.9 percent). In all subsectors, the percentage of Hispanic officials and managers is less that the percentage of Hispanic professionals.
* The highest percentage of Asian officials and managers is in the Securities subsector (6.4 percent) and the lowest percentage of Asian officials and managers is in Central Banking and Insurance (2.8 percent). Like the other groups examined, the percentage of Asian officials and managers falls below the percentage of Asian professionals in each subsector.
* Employment as officials and managers is examined in more detail for each of these groups by determining their chance of being officials and managers in contrast to professionals and sales workers. This shows that each subsector has a large portion of establishments where such chances are unfavorable to women, African Americans, Hispanics and Asians when compared to white males. Entry into management may be a particular concern for Asians.
* While the relative chance of being an official or manager is better in the Securities subsector for each of the groups analyzed, the low proportion of women and African American professionals in this subsector may be partly responsible for these results.
Press Release
DEFICIT IN MANAGEMENT DIVERSITY FOR MANY IN FINANCE INDUSTRY, EEOC STUDY FINDS [26 April 2006]
http://www.eeoc.gov/press/4-26-06.html
WASHINGTON -- The U.S. Equal Employment Opportunity Commission (EEOC) has released a report showing women, African Americans, Hispanics, Asians and American Indians /Alaskan Natives are still lagging behind as managers in a large share of finance industry firms.
EEOC Chair Cari M. Dominguez unveiled the report, "< http://www.eeoc.gov/press/../stats/reports/finance/index.html> Diversity in the Finance Industry," in San Francisco Tuesday during a presentation to the Financial Women's Association, which is observing its 50th anniversary.
"This report shows that we still have some ways to go," Chair Dominguez said. "The report found that women of all races and backgrounds advance more slowly as they climb up the career ladder.
"By issuing this report, we hope to spur action to level a key playing field. Because the finance industry offers many well-paying jobs, and is expected to see growth in the coming years, we must continue to mentor professional women and people of color," Chair Dominguez told the Financial Women's Association.
The finance industry study examined the banking, credit, securities and insurance sectors, with particular attention to the status of women and members of diverse groups in management positions. The EEOC's report is based upon EEO-1 data required of private sector employers with a minimum of 100 employees, listing percentages of women and others in broad job categories. Among the report's findings:
* "Throughout the finance industry, a large portion of establishments reported much lower ratios of officials and managers to professionals and sales workers for women and African Americans, Hispanics and Asians. On the other hand, this suggests that there are a number of firms that have been able to present opportunities for female and minority employees to enter management ranks.
* "The percentage of women officials and managers is highest in Banking/Credit (48.6 percent) and lowest in Securities (33.8 percent).
* "The percentage of African American officials and managers is highest in Banking/Credit (7.0 percent) and lowest in Securities (4.4 percent).
* "The percentage of Hispanic officials and managers is highest in Central Banking (5.1 percent) and lowest in Securities (2.9 percent).
* "The highest percentage of Asian officials and managers is in Securities (6.4 percent) and the lowest percentage of Asian officials and managers is in Central Banking and Insurance (2.8 percent). Like the other groups examined, the percentage of Asian officials and managers falls below the percentage of Asian professionals in each sector of the finance industry.
The finance report is the newest in a series of special reports by the EEOC examining equal employment opportunity in various industries. Previous reports have addressed the distribution centers and high-end department stores in the retail industry, law firms, and media industries. These reports can be found at < http://www.eeoc.gov/stats/reports/index.html>
The EEOC enforces the nation's laws in the private and federal sectors prohibiting employment discrimination based on race, color, gender, religion, national origin, age and disability. These statutes include Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, sections of the Rehabilitation Act of 1973, the Equal Pay Act of 1963, Title I of the Americans with Disabilities Act of 1990, and sections of the Civil Rights Act of 1991. Further information about the Commission is available online at http://www.eeoc.gov/.
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky *
Director, IWS News Bureau *
Institute for Workplace Studies *
Cornell/ILR School *
16 E. 34th Street, 4th Floor *
New York, NY 10016 *
*
Telephone: (607) 255-2703 *
Fax: (607) 255-9641 *
E-mail: smb6@cornell.edu *
****************************************
_______________________________
Institute for Workplace Studies
School of Industrial & Labor Relations
Cornell University
16 East 34th Street, 4th floor
New York, NY 10016
________________________________________________________________________
EEOC
DIVERSITY IN THE FINANCE INDUSTRY [26 April 2006]
http://www.eeoc.gov/stats/reports/finance/index.html
or
http://www.eeoc.gov/stats/reports/finance/finance.pdf
[full-text, 19 pages]
Includes numerous TABLES and CHARTS.....
EXECUTIVE SUMMARY
The Finance Industry is an important aspect of the economy including banking, credit, securities and insurance activities. It offers many well-paying jobs, and is expected to see growth in the coming years. This report examines the Finance Industry with respect to the employment of women, African Americans, Hispanics, Asians and American Indians/Alaskan Natives. Of particular interest is the status of these groups in management positions. EEO-1 data is utilized to examine the subsectors of the Finance Industry.
* The percentage of women officials and managers is highest in the Banking/Credit subsector (48.6 percent) and their lowest percentage is in the Securities subsector (33.8 percent). The percentage of women officials and managers in each of the subsectors falls below the percentage of women employed as professionals, which might be considered a source for management jobs.
* Similar disparities between the percentage of African American officials and managers and the percentage of African American professionals are also observed. Among the Financial Industry subsectors, the percentage of African American officials and managers is highest in the Banking/Credit subsector (7.0 percent) and lowest in the Securities subsector (4.4 percent).
* The percentage of Hispanic officials and managers is highest in the Central Banking subsector (5.1 percent) and lowest in the Securities subsector (2.9 percent). In all subsectors, the percentage of Hispanic officials and managers is less that the percentage of Hispanic professionals.
* The highest percentage of Asian officials and managers is in the Securities subsector (6.4 percent) and the lowest percentage of Asian officials and managers is in Central Banking and Insurance (2.8 percent). Like the other groups examined, the percentage of Asian officials and managers falls below the percentage of Asian professionals in each subsector.
* Employment as officials and managers is examined in more detail for each of these groups by determining their chance of being officials and managers in contrast to professionals and sales workers. This shows that each subsector has a large portion of establishments where such chances are unfavorable to women, African Americans, Hispanics and Asians when compared to white males. Entry into management may be a particular concern for Asians.
* While the relative chance of being an official or manager is better in the Securities subsector for each of the groups analyzed, the low proportion of women and African American professionals in this subsector may be partly responsible for these results.
Press Release
DEFICIT IN MANAGEMENT DIVERSITY FOR MANY IN FINANCE INDUSTRY, EEOC STUDY FINDS [26 April 2006]
http://www.eeoc.gov/press/4-26-06.html
WASHINGTON -- The U.S. Equal Employment Opportunity Commission (EEOC) has released a report showing women, African Americans, Hispanics, Asians and American Indians /Alaskan Natives are still lagging behind as managers in a large share of finance industry firms.
EEOC Chair Cari M. Dominguez unveiled the report, "< http://www.eeoc.gov/press/../stats/reports/finance/index.html> Diversity in the Finance Industry," in San Francisco Tuesday during a presentation to the Financial Women's Association, which is observing its 50th anniversary.
"This report shows that we still have some ways to go," Chair Dominguez said. "The report found that women of all races and backgrounds advance more slowly as they climb up the career ladder.
"By issuing this report, we hope to spur action to level a key playing field. Because the finance industry offers many well-paying jobs, and is expected to see growth in the coming years, we must continue to mentor professional women and people of color," Chair Dominguez told the Financial Women's Association.
The finance industry study examined the banking, credit, securities and insurance sectors, with particular attention to the status of women and members of diverse groups in management positions. The EEOC's report is based upon EEO-1 data required of private sector employers with a minimum of 100 employees, listing percentages of women and others in broad job categories. Among the report's findings:
* "Throughout the finance industry, a large portion of establishments reported much lower ratios of officials and managers to professionals and sales workers for women and African Americans, Hispanics and Asians. On the other hand, this suggests that there are a number of firms that have been able to present opportunities for female and minority employees to enter management ranks.
* "The percentage of women officials and managers is highest in Banking/Credit (48.6 percent) and lowest in Securities (33.8 percent).
* "The percentage of African American officials and managers is highest in Banking/Credit (7.0 percent) and lowest in Securities (4.4 percent).
* "The percentage of Hispanic officials and managers is highest in Central Banking (5.1 percent) and lowest in Securities (2.9 percent).
* "The highest percentage of Asian officials and managers is in Securities (6.4 percent) and the lowest percentage of Asian officials and managers is in Central Banking and Insurance (2.8 percent). Like the other groups examined, the percentage of Asian officials and managers falls below the percentage of Asian professionals in each sector of the finance industry.
The finance report is the newest in a series of special reports by the EEOC examining equal employment opportunity in various industries. Previous reports have addressed the distribution centers and high-end department stores in the retail industry, law firms, and media industries. These reports can be found at < http://www.eeoc.gov/stats/reports/index.html>
The EEOC enforces the nation's laws in the private and federal sectors prohibiting employment discrimination based on race, color, gender, religion, national origin, age and disability. These statutes include Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, sections of the Rehabilitation Act of 1973, the Equal Pay Act of 1963, Title I of the Americans with Disabilities Act of 1990, and sections of the Civil Rights Act of 1991. Further information about the Commission is available online at http://www.eeoc.gov/.
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 5:01 PM
