1. HUMAN RESOURCES

2. Human Resources: THE AGE OLD GLASS CEILING QUESTIONS How and why do men and women’s career paths differ? Why are women paid differently? Do women have to perform better in order to get ahead? Why do the results fall short of expectations? Why is progress of women into senior leadership positions in banking (especially in traditional female areas) so painfully slow?

3. Human Resources: THE HISTORY Significant progress has been made in rectifying gender inequality in the banking industry in Australia in recent times. I have concentrated my research and presentation on women in professional jobs – well qualified, possess a high degree of technical know-how and often occupy positions of authority. Access to education and training has improved – it’s not enough. Energy has been applied to attitudinal and institutional discrimination.

4. Human Resources: THE HISTORY I believe that the obstacles are quite often rooted in the: –“boys club” and –challenges that face women trying to balance work and family commitments –the need to shift the thinking that extended work hours are required for recognition and promotion Banking in Australia is a victim of “vertical gender segregation” i.e greater female participation at the lower clerical levels and participation levels reducing dramatically as they get to senior management.

5. Human Resources: THE STATISTICS/TRENDS - KANGAROO LEAPING Globally, women hold 1% to 3% of top executive jobs in the largest corporations. In Australia it is 1.3% & in the US it is 5.1%. In Australia, the pay of females as a percentage of mens pay rose from 90% in 1990 to 93% in 1993. In Australia, the weekly income of female managers was 88% of male counterparts in 1998. This is high. Interestingly, Australia is flouting a world trend of male versus female graduate earnings – female graduates earn 96.8% of the salary of male graduates.

6. Human Resources: THE STATISTICS/TRENDS - KANGAROO LEAPING A similar statistic shows that in the US, the earnings differential is that men earn somewhere between 27% to 38% more than females. In 1998 in Australia, women comprised 27.3% of the managerial workforce compared with 17.2% in 1990. A survey of private-sector boards in Australia reports an increase in the number of women on these boards from 4% in 1996 to 7.6% in 1998 to 8.3% in 1999. In Australia women on average increased their share of senior management jobs from 8% in 1994 to 11% in 1996. In Australian banking and finance specific the trend for the proportion of females in senior management trends high.

7. Human Resources: THE ANSWERS The manageable cop out - women are exiting large organisations to work in or set up their own businesses – in Australia 35% of small business owners are female. Align women with profit - making women visible at the top can provide a competitive edge in selling services and products to women customers. Promote greater sharing of family responsibilities between men and women. Build women’s self confidence and competence. As an employer, constantly ask yourself the question: ”What would our employees expect of us if we were already an employer of choice?”

8. Human Resources: THE FACTS In Australia men & women spend the same amount of time on necessary activities (sleeping, eating, personal hygiene). However on average men spend twice as much time on work or education/training and women spend the commensurate amount of time on household work (childcare, shopping, cleaning). Statistics show it is easier for men to have both a career and a family. Pay differentials are a persistent form of gender inequality. Wage differences in managerial jobs stem from reality that when women hold management jobs they are often in lower-paying areas of the organisation which then leads to earnings gaps say in bonus payments where the male is in revenue generating arena that receives a bonus.

9. Human Resources: THE FACTS Earnings gaps reflect the differences in seniority and the concentration of women in low paid managerial groups. Women are typically “crowded” into a range of occupations where there is less responsibility and therefore lower pay. Women work part-time where there are fewer opportunities for advancement and promotion. Women managers tend to be younger on average, as most senior jobs are filled by older men. Discrimination seems to be greatest where the most power is exercised.

10. Human Resources: THE FACTS Periods away from the workplace to have and care for children are becoming shorter. Developments in job evaluation methodologies often show that jobs occupied by women are in fact the same as their higher paid male colleagues.

11. Human Resources: THE ANALYSIS Some personal HR war stories: The Rugby Shorts If You Work Full Time We Will Promote You to Director The Sloppy Dresser She’s 30, So Is She Going To Have A Baby?

12. Human Resources: WHAT WE DO AT JPMORGAN Flexible workplace practices and policies that support working mothers Paid maternity leave (8 weeks) – aside from the US, Australia is the only advanced industrial society to fail to provide general access to paid maternity leave (NB: International Labour Organisation’s standard is 14 weeks). This sends a really strong message to our employees and prospective employees our commitment to the careers of women in banking Diversity Council Practice what we preach

13. Human Resources: WHAT WE DO AT JPMORGAN Recruitment & promotion methods are fair and not single dimensional From the top - management buy-in Concentrate on “pipeline” females at junior & middle management levels Human Resources consultation 360 degree performance appraisal Promote the JP Morgan “Values” all the time