Female UK leaders and mentoring and the underrepresentation of women in leadership roles in the UK financial sector.

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Elizabeth Babafemi This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5458893/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Background: Despite the efforts of governments and organizations, there remains a severe problem with the underrepresentation of women in UK finance. There are several structural barriers to female career progression in the sector. Mentoring is among the strategies that may help females secure more senior roles. This study examines if the current practice of mentoring is beneficial to women. It is a qualitative study based on the views of current female finance leaders who have been both mentors and mentees. Methodology: This qualitative study used semi-structured interviews to collect primary data from a sample of 14 women. The primary data was analyzed using thematic analysis. Findings. The findings included that any type of mentoring was beneficial and that both males and females could successfully support women who aspired to financial leadership roles. However, some women could not secure mentors. There was a perceived shortage of mentors in some sectors and a need for access to this support. No preference was found for male or female mentors. Discussions: The study found that women were in favour of mentoring. However, mentoring was limited and inflexible. Many women needed the support they needed, and the provision of mentoring needed to be uniform in UK finance. Many female mentors focused on performances that unintentionally reinforced barriers to women. Moreover, mentors expected females to accept male working styles and practices that many would find unacceptable. Conclusion: Mentoring was found to be important and helped women advance their careers. However, the provision of this support and the way it was provided were not helpful enough for women and perpetuated their representation in UK Finance. The study recommends further research and changes to workplace practices. Gender Studies Other Business International Business Finance mentor mentoring female leaders female underrepresentation Introduction Gender equality has made gradual and uneven progress over time, with persistent disparities between men and women across various metrics, especially the underrepresentation of females in leadership roles. While gender inequality in leadership roles in business has diminished, it remains a challenge. There has been notable progress in the UK's finance sector, with women occupying significant roles, signalling a departure from the past (Irvine et al, 2022). However, despite efforts to present the financial industry as diverse, women remain underrepresented, a crucial pillar of the UK economy. While the number of women in the financial workforce has increased over the years, only a tiny percentage have reached vital leadership positions, such as finance directors who drive financial strategies (Irvine et al., 2022; Office of National Statistics, 2022). Despite commitments from companies and government policies, the reality is that women hold only 24% of leadership positions in Finance, which is seen as a negative aspect of the sector (Rogish et al., 2021). The overrepresentation of men in leadership roles has even been linked to the financial crisis that led to the 'Great Recession' from 2007 to 2009. This situation calls for urgent action to increase the number of women in leadership roles, particularly finance directors. Government research highlights a 'pyramid model,' where the proportion of female leaders decreases as one moves up the hierarchy (Gadhia, 2016 ). The path to leadership roles in Finance appears narrower compared to other sectors like HR and marketing (Gadhia, 2016 ). Despite decades of legislation and company policies, gender imbalance persists, with implications for overall gender equality (Alvesson & Spicer, 2019). Human Resource departments are increasingly expected to draft strategies to make organizations more amenable to female career progression and the creation of inclusive workplaces (Gadhia, 2016 ). However, some women secure senior roles, including finance directors, and contribute significantly to their organizations. Previous research has shown that organizations can introduce several initiatives to support women as they progress up the corporate career ladder. These include quotas and training programs. Increasingly popular is the use of mentoring programs. Mentoring is widely seen as helping junior colleagues to fulfil their potential. It is widely seen as helping women overcome barriers and become leaders. There is little research on how mentoring impacts women's career progress, especially from a female leader's point of view. This is a significant gap in the literature, leading to the development of the research question. Among the main issues that are discussed are the shortage of female mentors, the availability of mentors, and whether females or male are better mentors. There is also a detailed discussion of the female leaders’ views on mentors and mentoring. Methodology The intricate challenges and elusive characteristics of the glass ceiling issue require a qualitative approach, enabling the exploration of novel insights. Given the power dynamics affecting women in conventional workplaces, this research design empowers women to share information and assert their 'voice' in Finance. This approach also allowed an under-researched area to be explored based on the participants' experiences. It also leads to new recommendations on the barriers and opportunities that are faced by women trying to progress their careers in Finance. The sample comprised fourteen successful women in various industries who were finance directors or had related roles. While qualitative sample sizes are flexible, fourteen participants provide sufficient data saturation and diverse representation (Townsend, 2016). All of the women have been mentors in Finance or have been mentored by others in Finance, which gave them a unique perspective on the research question. This study employed a purposive sampling strategy guided by predefined inclusion criteria. This approach aimed to identify individuals who could provide insightful information about the barriers and opportunities women encounter on their journey to leadership roles in Finance. The sampling process was designed to be deliberate and selective in identifying suitable candidates (Birkinshaw et al., 2011). The primary data collection method centred around semi-structured interviews, utilizing open-ended and structured questions to encourage participants to elaborate on their perspectives. This data collection tool was selected because of its flexibility and ability to collect a rich data set. The structured questions in the tool enhance the reliability of the information collected (Birkinshaw et al., 2011). The researcher facilitated these interviews, fostering a conversational environment between the researcher and interviewees. Throughout the interviews, a collaborative atmosphere was fostered, allowing both the interviewees and the interviewer to jointly explore the factors contributing to success and the challenges faced by women. This approach also facilitated a comparison of experiences across different sectors. All the interviews took place at a location selected by the interviewees, and each took approximately one hour. The interviews were recorded to ensure accuracy and later transcribed with the assistance of a research assistant. This meticulous transcription process was undertaken to support subsequent analysis. A thematic analysis was performed on the primary data, aiming to uncover recurring patterns and themes within the information provided by the participants. This approach was chosen for its systematic nature and recognized rigour in data examination. Shared ideas, patterns, and keywords were identified and coded. These, at first, were quite specific and based on one recurring similarity. These codes based on similarities were combined and developed into overarching themes through multiple data reviews. Additionally, as the analysis progressed, sub-themes were identified through further review. An independent research assistant evaluated the emerging themes to enhance the validity of the findings. This step was taken to ensure that the participants' viewpoints were accurately represented and that the analysis did not solely rely on the researcher's subjective interpretation of the data. This rigorous validation process contributed to the robustness of the study's conclusions. Findings Views on mentors and mentoring. All of the participants approved of mentoring and saw benefits for mentees, including support, advice, and encouragement. This was in part because of the performance-driven nature of Finance, which was widely viewed as highly competitive for both males and females. Mentoring gave females the resilience and knowledge that they needed. Female leaders believed that younger leaders needed to be mentored for their career development. All of the participants were supportive of mentoring, both formal and informal. Several respondents are mentors and believe it is essential for developing younger colleagues. This was usually based on their own positive experiences. 'I have only ever been a mentor once. Yes, they have a mentoring scheme at my company now; I just don't know if it is particularly successful. I have not been formally mentored, but it is essential to being a leader. The sample was divided about the quality of mentoring and its ability to support women in their organizations. Some participants who were not mentored regretted it. ‘A coach or Mentor would have helped my career development. I would have got there quicker. A view was expressed that mentors are more critical in Finance for women because of the lack of female leaders in the sector. A good relationship between the Mentor and mentee was meaningful. Indeed, according to one of the female participants, even after the mentoring ends, the mentor can continue to informally support the mentee. ‘I also mentor a lot of people. I always say to them at the very start, we need to ensure that there is chemistry between us, so let us have a coffee. If it works, I will stay in touch; if it does not, that's fine, too. Interestingly, despite the broad support for mentoring, all of the female leaders in the samples seemed sympathetic to the 'agency myth'. That is, females had to use their talents to ultimately progress in their careers. Several of the women stated that there was both formal and informal mentoring in their organization. They believed that both informal and formal mentoring were helpful and could complement each other. Some of the women expressed satisfaction with networks that offered mentoring opportunities, which were seen as beneficial. Some, however, expressed the view that informal mentoring was better and networks were not that helpful. At the same time, a small number expressed a desire for a formal mentoring program. The participants did not show any awareness of reciprocal mentoring, and in general, they conceived of the practice in the traditional way, where an experienced individual instructed and supported a younger colleague. Many of the women have worked in Finance for a long time. At the time, they could not avail themselves of formal mentoring; they depended on informal mentoring. ‘ different people that I have worked with have helped over the years but I have never had a former mentor as you do you have conversations about about a real and your line manager but not a formal mentor. They have been encouraging and instrumental in my success. Some of the women worked for companies that only offered informal mentoring. ‘we are small- we do what we can do on a small level, knowing we have to grow our young people’. One female leader said she had organized informal mentoring for females, especially younger colleagues. ‘It's not a mentoring scheme, but I actively encourage coaching in my department. When we have someone come in from school, the person who learned the job last year is the one who coaches them. I actively encourage all girls to coach each other. In general, smaller companies needed more opportunities for formal or informal mentoring. As a result, several of the women complained of lacking support. However, they noted the existence of networks that could offer support. One participant complained that she felt isolated and unsupported because she did not have a mentor. There was no preference for internal or external mentors, and any form of mentoring the female participants considered beneficial. Male v Females The women expressed no preference regarding the gender of their Mentor. No preference was also the case regarding formal and informal mentoring. Again, the quality of the relationship between the mentor and the mentee was important. Both women and men could be mentors. Several who had male mentors became mentors themselves. Several of the women expressed no preference for a male or a female when it comes to a mentor. Some of the women interviewed had male mentees. It is noteworthy that some women had experience with group mentors. One woman states that in her organization. 'There is a network where people receive mentoring. We decided to have a balanced gender approach, and therefore, women can be mentored by both men and women. This is considered to be the best approach. This view was backed by another female leader whose mentoring network increasingly utilized the skills and knowledge of male mentors. Shortage of female mentors All the participants agreed that female mentors are important role models. However, there was also an agreement that male leaders could also be excellent mentors. Some females preferred males to females, but it appears that female mentors were preferred in general. ‘ I don't think it matters if your Mentor is female or male. Mentoring is definitely particularly helpful, and yes, I agree with that. I haven't particularly used it, and I think what is more useful is shared experience. I think it is more useful for women to share their faces as they problem-solve’. However, opinions were divided about whether there needed to be more female mentors. Some felt there were, but many thought there were not enough female mentors. Many of the women liked gender-balanced networks because they allowed them to be mentored by both males and females. At times, some women prefer to have a female mentor. This was the case for one woman who had a male mentor, which was a success. When she came back from having a child, she found that she needed a female who would have understood her more. What was more important was the ability of the Mentor. A male with the right communication skills was acceptable. A mentor or coach can guide and direct you, and it really should be someone with some people skills, such as communication skills. The chemistry between the Mentor and the mentee is seen as important. On balance, women were more likely to communicate and relate to females posiitvely. This seems to suggest that female mentors and mentees are more likely to develop a good relationship on a one-to-one basis. A number of women preferred external mentors after the ones the company gave them proved disappointing. Some women disliked having to approach the company for a mentor. ‘The company believes mentors are the right thing to do, and if one is requested, you'll be formally given a mentor. If I had said I wanted a mentor, I would have been found one. However, the company could not provide them with the funds from their training budget for external mentors. ‘so I was looking for a mentoring programme; I looked at the 30% programme, and what I found is that the cost in terms of money and commitment resources from the organization is difficult. In a small organization or charity as we are talking about thousands of pounds – this is our training budget, and I thought I couldn't ask for this help, so I think there is a real barrier. Some of these things have become money-making instead of being something for the good of women’. Interestingly, most of the women expressed the belief that mentoring was for younger women. One mother believed that her daughter should be mentored at school to prepare her for a career in Finance. I would love to mentor more women; we should start with girls at school. My daughter is in sixth form, and I keep saying to her, "You should go into Finance. Discussion The female participants all confirmed that mentoring was a positive good for women. All of the women appeared willing to be informal and formal mentors, which suggests that in Finance, women are somewhat supportive of junior female colleagues. The women saw mentoring as a personal relationship with the mentees. A good personal relationship is necessary for a mentor-mentee relationship to succeed. The women impart knowledge to the mentees, and this knowledge-sharing helped them succeed. Having someone who had succeeded and supported them helped women navigate the world of Finance (Peterson & Ramsay, 2021 ). The women were all aware that the need to achieve targets was crucial for success, and mentoring was seen as helping younger women understand this and perform at a higher level. Women often feel isolated in the workplace, especially in Finance. Mentoring, both formal and informal, was seen as beneficial. Some of the women preferred informal mentoring, while others preferred formal mentoring, as in Susanto & Sawitri ( 2022 ). This was based on the woman's personality and the resources available in an organization devoted to mentoring (Reed et al., 2020). Also, there was no preference for either external or internal mentoring. Some women preferred mentoring networks. When it came to female or male mentors in general, the gender of the Mentor was not seen as important (Reed et al., 2020; Derks et al., 2009 ). It can help create a more inclusive working environment, support female career progression, and increase the retention rate among women in Finance. In mentoring networks, there was a belief that a gender balance between males and females was the best way forward. Some of the samples believed that a mixture of men and women is the best way forward, which is not fully addressed in the literature (Rink et al., 2019 ; Bowles et al., 2018 ; Coleman, 2020 ; Peterson & Ramsay, 2021). Interestingly, there was no fundamental understanding of reciprocal mentoring, and it was not apparently employed in the participant's organizations (Peterson & Ramsay, 2021). This is potentially a shortcoming in the mentoring programs of the UK finance sector. In general, this form of mentoring is popular with young women and members of minorities. This form of mentoring could help females become leaders in UK banks, etc. (Peterson & Ramsay, 2021). Mentoring of any kind was seen as helpful for women in sectors such as Finance as in other sectors (Dawson, 2018 ). There was even enthusiasm for mentoring among some. Many believed that all women should have access to mentoring. Indeed, it should begin at an early age and in school, and this needs to be addressed in the literature (Reed, 2020; Coleman, 2020 ). Many female leaders continued supporting their mentees after the official program had finished, which is not addressed by Gipson (2017) or Greenacre et al. (2014). This could be crucial for women who are a minority in finance leadership roles. On-going mentoring should be considered, and these mentors could transition to become advocates for individual women, allowing them to overcome barriers. Despite its growing popularity, there was little evidence of reciprocal mentoring in the UK finance sector (Peterson & Ramsay, 2021). Based on the primary data, it appears that much of the mentoring is carried out in UK finance. It is left to the Mentor and mentee. There is little evidence of training for the Mentor or that their support is aligned with best practice, which is recommended by Susanto (et al., 2022). Among the practical barriers to getting mentors is that women have to ask for them, and many organizations, especially those that are smaller in scale, need mentoring programs. Then, the programs need to be more flexible and respond to the changing needs of the women. For example, a woman returning from maternity leave may need a female mentor who understands her needs and her new outlook on her career. Many mentoring programs may not be helpful as the quality of the relationship between Mentor and mentee is not satisfactory. As a result, females may feel unsupported, isolated, and even disillusioned with Finance (Peterson & Anderson, 2021). There are shortcomings in some mentoring programs in Finance, contributing to the underrepresentation of women at leadership levels, such as in finance director roles (Susanto et al., 2022; Dougherty et al., 2020). According to the participants, mentoring also enabled women to adopt the most suitable leadership style. Women can acquire the qualities and behaviours needed to be accepted by their male colleagues and be effective in the workplace. Meeting targets is essential in the finance industry, and all the participants agreed that mentoring could help women achieve this, and as a result, they can ascend the career ladder (Bowles et al., 2018 ). However, mentoring has some negative consequences, in that the mentors all accepted that performance was vital. In this way, they were not challenging the culture that performance was everything in Finance (Dawson, 2018 ). Many women dislike this form of work; they dislike its presenteeism, pressures and negative impact on their work-life balance. Mentoring, even by females, inadvertently reinforces gendered work practices and an emphasis on performance goals that are not acceptable to women (Rink et al., 2019 ). As a result, they leave positions or refuse to seek promotions, which all have implications for the representation of women at the leadership level in Finance. Mentoring in Finance focuses on performance, and the study participants believed that women could achieve success by meeting goals. This attitude to mentoring reinforces the agency myth, and mentors let their female mentees know that they are alone and responsible for their success or failure. This type of mentoring corresponds to the concept of the 'agency myth', which, according to the literature, can lead to the persistence of practices that disadvantage women, and this can contribute to their underrepresentation at the leadership level (Carian & Johnson, 2019 ). The agency myth can explain the persistence of indirect and direct discrimination, as outlined by Dawson ( 2018 ). Moreover, female mentors in Finance have adapted to the prevailing organizational culture, which often discriminates against women (Carian & Johnson, 2019 ; Coleman, 2020 ). This means that they are promoting organizational norms such as a focus on performance (Moen & Shin-Gap, 2009 ; Neck, 2015 ). Mentors are not challenging the prevailing culture in the UK and, indeed, are telling women that they must adapt to the organizational culture to succeed, which is not acceptable to many women, and as a result, they may leave the sector altogether (Susanto et al., 2022: Carian and Johnson, 2019 ). Conclusion Mentoring is essential support for women entering Finance in the UK. It can help them acquire the skills and knowledge they need to succeed and provide them with support that can allow them to overcome the very real gendered barriers that still exist in Finance. Mentors can help women become resilient, thrive in Finance, and become leaders. A range of mentoring programs, including formal and informal mentoring, are seen as helpful (Coleman, 2020 ; Bowles et al., 2018 ). Women found that it can especially boost the worth of women to companies, as in Ross-Smith & Huppatz ( 2010 ). The study found no real preferences for male or female mentors but that networks with both male and female mentors could be helpful. Despite this, mentoring in Finance is fine. Some women have issues accessing it, and it often does not meet their needs (Coleman, 2020 ). Then, the nature and practice of mentoring in Finance could be more suitable and reinforce barriers to the advancement of women (Rink et al., 2019 ; Coleman, 2020 ). Female mentors should be more focused on achieving performance goals, and this is a style of work that could deter women from staying or seeking advances in the UK financial sector. Women who mentor other females often reinforce and promote a workplace culture focused on targets. This approach by some women mentors tends to perpetuate working environments that are unacceptable to some women and leads to fewer of them in senior roles such as finance director. Mentoring in Finance needs to be more accessible and flexible. It needs to focus more on the needs of the females and the organization's needs. A mixture of formal and informal mentoring could be helpful. More support is needed to help women get the mentoring they need, and this may include greater choice when it comes to selecting mentors and possibly help with securing external mentors. More training is required for mentors so that they do not reinforce practices that reinforce barriers to female career progression. Human Resource departments in UK finance need to provide more formal programmes or involve more external mentors. There is a need to ensure that females are mentored in ways that do not perpetuate norms that reinforce a male-orientated organizational culture. Reciprocal mentoring may be something that needs to be introduced to allow women to progress in their careers. Mentoring may need to be based on the needs of women, and HR departments need to conduct surveys on this issue. The feedback can be used to design suitable mentorship programmes. More research is needed on whether male and female mentoring networks are the best approach and how to develop programs that do not unintentionally reinforce gendered practices that hinder women from climbing the career ladder. Declarations I confirm that all participants involved in this study provided informed consent to participate and for their data to be included in this research. This consent was obtained in accordance with the ethical guidelines approved by the ethics committee overseeing this study. References Alvesson M, Spicer A (2012) Critical leadership studies: The case for critical performativity. Hum Relat 65(3):367–390 Block BA, Tietjen-Smith T (2016) The case for women mentoring women. Quest 68(3):306–315 Bowles HR, Thomason B, Bear JB (2018) Reconceptualizing what and how women negotiate for career advancement. 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Deloitte. https://www2.deloitte.com/uk/en/insights/industry/financial-services/women-in-the-finance-industry.html [Accessed 24/08/2024] Rink F, Stoker JI, Ryan MK, Steffens NK, Pieterse N, A (2019) Gender differences in how leaders determine succession potential: The role of interpersonal fit with followers. Front Psychol 10:740–752 Susanto PC, Sawitri NN (2022) Coaching, mentoring, leadership transformation and employee engagement: A review of the literature. Dinasti Int J Educ Manage Social Sci 4(2):297–308 Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. 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While gender inequality in leadership roles in business has diminished, it remains a challenge. There has been notable progress in the UK's finance sector, with women occupying significant roles, signalling a departure from the past (Irvine et al, 2022). However, despite efforts to present the financial industry as diverse, women remain underrepresented, a crucial pillar of the UK economy.\u003c/p\u003e \u003cp\u003eWhile the number of women in the financial workforce has increased over the years, only a tiny percentage have reached vital leadership positions, such as finance directors who drive financial strategies (Irvine et al., 2022; Office of National Statistics, 2022). Despite commitments from companies and government policies, the reality is that women hold only 24% of leadership positions in Finance, which is seen as a negative aspect of the sector (Rogish et al., 2021). The overrepresentation of men in leadership roles has even been linked to the financial crisis that led to the 'Great Recession' from 2007 to 2009. This situation calls for urgent action to increase the number of women in leadership roles, particularly finance directors. Government research highlights a 'pyramid model,' where the proportion of female leaders decreases as one moves up the hierarchy (Gadhia, \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). The path to leadership roles in Finance appears narrower compared to other sectors like HR and marketing (Gadhia, \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). Despite decades of legislation and company policies, gender imbalance persists, with implications for overall gender equality (Alvesson \u0026amp; Spicer, 2019). Human Resource departments are increasingly expected to draft strategies to make organizations more amenable to female career progression and the creation of inclusive workplaces (Gadhia, \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2016\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eHowever, some women secure senior roles, including finance directors, and contribute significantly to their organizations. Previous research has shown that organizations can introduce several initiatives to support women as they progress up the corporate career ladder. These include quotas and training programs. Increasingly popular is the use of mentoring programs. Mentoring is widely seen as helping junior colleagues to fulfil their potential. It is widely seen as helping women overcome barriers and become leaders. There is little research on how mentoring impacts women's career progress, especially from a female leader's point of view. This is a significant gap in the literature, leading to the development of the research question.\u003c/p\u003e \u003cp\u003eAmong the main issues that are discussed are the shortage of female mentors, the availability of mentors, and whether females or male are better mentors. There is also a detailed discussion of the female leaders\u0026rsquo; views on mentors and mentoring.\u003c/p\u003e"},{"header":"Methodology","content":"\u003cp\u003eThe intricate challenges and elusive characteristics of the glass ceiling issue require a qualitative approach, enabling the exploration of novel insights. Given the power dynamics affecting women in conventional workplaces, this research design empowers women to share information and assert their 'voice' in Finance. This approach also allowed an under-researched area to be explored based on the participants' experiences. It also leads to new recommendations on the barriers and opportunities that are faced by women trying to progress their careers in Finance.\u003c/p\u003e \u003cp\u003eThe sample comprised fourteen successful women in various industries who were finance directors or had related roles. While qualitative sample sizes are flexible, fourteen participants provide sufficient data saturation and diverse representation (Townsend, 2016). All of the women have been mentors in Finance or have been mentored by others in Finance, which gave them a unique perspective on the research question.\u003c/p\u003e \u003cp\u003eThis study employed a purposive sampling strategy guided by predefined inclusion criteria. This approach aimed to identify individuals who could provide insightful information about the barriers and opportunities women encounter on their journey to leadership roles in Finance. The sampling process was designed to be deliberate and selective in identifying suitable candidates (Birkinshaw et al., 2011).\u003c/p\u003e \u003cp\u003e The primary data collection method centred around semi-structured interviews, utilizing open-ended and structured questions to encourage participants to elaborate on their perspectives. This data collection tool was selected because of its flexibility and ability to collect a rich data set. The structured questions in the tool enhance the reliability of the information collected (Birkinshaw et al., 2011). The researcher facilitated these interviews, fostering a conversational environment between the researcher and interviewees.\u003c/p\u003e \u003cp\u003eThroughout the interviews, a collaborative atmosphere was fostered, allowing both the interviewees and the interviewer to jointly explore the factors contributing to success and the challenges faced by women. This approach also facilitated a comparison of experiences across different sectors. All the interviews took place at a location selected by the interviewees, and each took approximately one hour. The interviews were recorded to ensure accuracy and later transcribed with the assistance of a research assistant. This meticulous transcription process was undertaken to support subsequent analysis.\u003c/p\u003e \u003cp\u003eA thematic analysis was performed on the primary data, aiming to uncover recurring patterns and themes within the information provided by the participants. This approach was chosen for its systematic nature and recognized rigour in data examination. Shared ideas, patterns, and keywords were identified and coded. These, at first, were quite specific and based on one recurring similarity. These codes based on similarities were combined and developed into overarching themes through multiple data reviews.\u003c/p\u003e \u003cp\u003eAdditionally, as the analysis progressed, sub-themes were identified through further review. An independent research assistant evaluated the emerging themes to enhance the validity of the findings. This step was taken to ensure that the participants' viewpoints were accurately represented and that the analysis did not solely rely on the researcher's subjective interpretation of the data. This rigorous validation process contributed to the robustness of the study's conclusions.\u003c/p\u003e "},{"header":"Findings","content":"\u003cp\u003eViews on mentors and mentoring.\u003c/p\u003e \u003cp\u003eAll of the participants approved of mentoring and saw benefits for mentees, including support, advice, and encouragement. This was in part because of the performance-driven nature of Finance, which was widely viewed as highly competitive for both males and females. Mentoring gave females the resilience and knowledge that they needed.\u003c/p\u003e \u003cp\u003eFemale leaders believed that younger leaders needed to be mentored for their career development. All of the participants were supportive of mentoring, both formal and informal. Several respondents are mentors and believe it is essential for developing younger colleagues. This was usually based on their own positive experiences.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e'I have only ever been a mentor once. Yes, they have a mentoring scheme at my company now; I just don't know if it is particularly successful. I have not been formally mentored, but it is essential to being a leader.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eThe sample was divided about the quality of mentoring and its ability to support women in their organizations. Some participants who were not mentored regretted it.\u003c/p\u003e \u003cp\u003e\u0026lsquo;A coach or Mentor would have helped my career development. I would have got there quicker.\u003c/p\u003e \u003cp\u003eA view was expressed that mentors are more critical in Finance for women because of the lack of female leaders in the sector.\u003c/p\u003e \u003cp\u003eA good relationship between the Mentor and mentee was meaningful. Indeed, according to one of the female participants, even after the mentoring ends, the mentor can continue to informally support the mentee.\u003c/p\u003e \u003cp\u003e\u0026lsquo;I also mentor a lot of people. I always say to them at the very start, we need to ensure that there is chemistry between us, so let us have a coffee. If it works, I will stay in touch; if it does not, that's fine, too.\u003c/p\u003e \u003cp\u003eInterestingly, despite the broad support for mentoring, all of the female leaders in the samples seemed sympathetic to the 'agency myth'. That is, females had to use their talents to ultimately progress in their careers.\u003c/p\u003e \u003cp\u003eSeveral of the women stated that there was both formal and informal mentoring in their organization. They believed that both informal and formal mentoring were helpful and could complement each other. Some of the women expressed satisfaction with networks that offered mentoring opportunities, which were seen as beneficial. Some, however, expressed the view that informal mentoring was better and networks were not that helpful. At the same time, a small number expressed a desire for a formal mentoring program. The participants did not show any awareness of reciprocal mentoring, and in general, they conceived of the practice in the traditional way, where an experienced individual instructed and supported a younger colleague.\u003c/p\u003e \u003cp\u003eMany of the women have worked in Finance for a long time. At the time, they could not avail themselves of formal mentoring; they depended on informal mentoring.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e\u0026lsquo; different people that I have worked with have helped over the years but I have never had a former mentor as you do you have conversations about about a real and your line manager but not a formal mentor. They have been encouraging and instrumental in my success.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eSome of the women worked for companies that only offered informal mentoring.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e\u0026lsquo;we are small- we do what we can do on a small level, knowing we have to grow our young people\u0026rsquo;.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eOne female leader said she had organized informal mentoring for females, especially younger colleagues.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e\u0026lsquo;It's not a mentoring scheme, but I actively encourage coaching in my department. When we have someone come in from school, the person who learned the job last year is the one who coaches them. I actively encourage all girls to coach each other.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eIn general, smaller companies needed more opportunities for formal or informal mentoring. As a result, several of the women complained of lacking support. However, they noted the existence of networks that could offer support. One participant complained that she felt isolated and unsupported because she did not have a mentor.\u003c/p\u003e \u003cp\u003eThere was no preference for internal or external mentors, and any form of mentoring the female participants considered beneficial.\u003c/p\u003e \u003cp\u003eMale v Females\u003c/p\u003e \u003cp\u003eThe women expressed no preference regarding the gender of their Mentor. No preference was also the case regarding formal and informal mentoring. Again, the quality of the relationship between the mentor and the mentee was important. Both women and men could be mentors. Several who had male mentors became mentors themselves. Several of the women expressed no preference for a male or a female when it comes to a mentor. Some of the women interviewed had male mentees. It is noteworthy that some women had experience with group mentors. One woman states that in her organization.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e'There is a network where people receive mentoring. We decided to have a balanced gender approach, and therefore, women can be mentored by both men and women. This is considered to be the best approach.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eThis view was backed by another female leader whose mentoring network increasingly utilized the skills and knowledge of male mentors.\u003c/p\u003e \u003cp\u003eShortage of female mentors\u003c/p\u003e \u003cp\u003eAll the participants agreed that female mentors are important role models. However, there was also an agreement that male leaders could also be excellent mentors. Some females preferred males to females, but it appears that female mentors were preferred in general.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e\u0026lsquo; I don't think it matters if your Mentor is female or male. Mentoring is definitely particularly helpful, and yes, I agree with that. I haven't particularly used it, and I think what is more useful is shared experience. I think it is more useful for women to share their faces as they problem-solve\u0026rsquo;.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eHowever, opinions were divided about whether there needed to be more female mentors.\u003c/p\u003e \u003cp\u003eSome felt there were, but many thought there were not enough female mentors.\u003c/p\u003e \u003cp\u003eMany of the women liked gender-balanced networks because they allowed them to be mentored by both males and females.\u003c/p\u003e \u003cp\u003eAt times, some women prefer to have a female mentor. This was the case for one woman who had a male mentor, which was a success. When she came back from having a child, she found that she needed a female who would have understood her more.\u003c/p\u003e \u003cp\u003eWhat was more important was the ability of the Mentor. A male with the right communication skills was acceptable.\u003c/p\u003e \u003cp\u003eA mentor or coach can guide and direct you, and it really should be someone with some people skills, such as communication skills.\u003c/p\u003e \u003cp\u003eThe chemistry between the Mentor and the mentee is seen as important. On balance, women were more likely to communicate and relate to females posiitvely. This seems to suggest that female mentors and mentees are more likely to develop a good relationship on a one-to-one basis.\u003c/p\u003e \u003cp\u003eA number of women preferred external mentors after the ones the company gave them proved disappointing.\u003c/p\u003e \u003cp\u003eSome women disliked having to approach the company for a mentor.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e\u0026lsquo;The company believes mentors are the right thing to do, and if one is requested, you'll be formally given a mentor. If I had said I wanted a mentor, I would have been found one.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eHowever, the company could not provide them with the funds from their training budget for external mentors.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003e\u0026lsquo;so I was looking for a mentoring programme; I looked at the 30% programme, and what I found is that the cost in terms of money and commitment resources from the organization is difficult. In a small organization or charity as we are talking about thousands of pounds \u0026ndash; this is our training budget, and I thought I couldn't ask for this help, so I think there is a real barrier. Some of these things have become money-making instead of being something for the good of women\u0026rsquo;.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003eInterestingly, most of the women expressed the belief that mentoring was for younger women. One mother believed that her daughter should be mentored at school to prepare her for a career in Finance.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003eI would love to mentor more women; we should start with girls at school. My daughter is in sixth form, and I keep saying to her, \"You should go into Finance.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003c/div\u003e"},{"header":"Discussion","content":"\u003cp\u003e The female participants all confirmed that mentoring was a positive good for women. All of the women appeared willing to be informal and formal mentors, which suggests that in Finance, women are somewhat supportive of junior female colleagues. The women saw mentoring as a personal relationship with the mentees. A good personal relationship is necessary for a mentor-mentee relationship to succeed. The women impart knowledge to the mentees, and this knowledge-sharing helped them succeed. Having someone who had succeeded and supported them helped women navigate the world of Finance (Peterson \u0026amp; Ramsay, 2021 ). The women were all aware that the need to achieve targets was crucial for success, and mentoring was seen as helping younger women understand this and perform at a higher level. Women often feel isolated in the workplace, especially in Finance. Mentoring, both formal and informal, was seen as beneficial. Some of the women preferred informal mentoring, while others preferred formal mentoring, as in Susanto \u0026amp; Sawitri (\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). This was based on the woman's personality and the resources available in an organization devoted to mentoring (Reed et al., 2020). Also, there was no preference for either external or internal mentoring. Some women preferred mentoring networks. When it came to female or male mentors in general, the gender of the Mentor was not seen as important (Reed et al., 2020; Derks et al., \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2009\u003c/span\u003e). It can help create a more inclusive working environment, support female career progression, and increase the retention rate among women in Finance.\u003c/p\u003e \u003cp\u003eIn mentoring networks, there was a belief that a gender balance between males and females was the best way forward. Some of the samples believed that a mixture of men and women is the best way forward, which is not fully addressed in the literature (Rink et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Bowles et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2018\u003c/span\u003e; Coleman, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Peterson \u0026amp; Ramsay, 2021). Interestingly, there was no fundamental understanding of reciprocal mentoring, and it was not apparently employed in the participant's organizations (Peterson \u0026amp; Ramsay, 2021). This is potentially a shortcoming in the mentoring programs of the UK finance sector. In general, this form of mentoring is popular with young women and members of minorities. This form of mentoring could help females become leaders in UK banks, etc. (Peterson \u0026amp; Ramsay, 2021).\u003c/p\u003e \u003cp\u003eMentoring of any kind was seen as helpful for women in sectors such as Finance as in other sectors (Dawson, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). There was even enthusiasm for mentoring among some. Many believed that all women should have access to mentoring. Indeed, it should begin at an early age and in school, and this needs to be addressed in the literature (Reed, 2020; Coleman, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Many female leaders continued supporting their mentees after the official program had finished, which is not addressed by Gipson (2017) or Greenacre et al. (2014). This could be crucial for women who are a minority in finance leadership roles. On-going mentoring should be considered, and these mentors could transition to become advocates for individual women, allowing them to overcome barriers. Despite its growing popularity, there was little evidence of reciprocal mentoring in the UK finance sector (Peterson \u0026amp; Ramsay, 2021). Based on the primary data, it appears that much of the mentoring is carried out in UK finance. It is left to the Mentor and mentee. There is little evidence of training for the Mentor or that their support is aligned with best practice, which is recommended by Susanto (et al., 2022).\u003c/p\u003e \u003cp\u003eAmong the practical barriers to getting mentors is that women have to ask for them, and many organizations, especially those that are smaller in scale, need mentoring programs. Then, the programs need to be more flexible and respond to the changing needs of the women. For example, a woman returning from maternity leave may need a female mentor who understands her needs and her new outlook on her career. Many mentoring programs may not be helpful as the quality of the relationship between Mentor and mentee is not satisfactory. As a result, females may feel unsupported, isolated, and even disillusioned with Finance (Peterson \u0026amp; Anderson, 2021). There are shortcomings in some mentoring programs in Finance, contributing to the underrepresentation of women at leadership levels, such as in finance director roles (Susanto et al., 2022; Dougherty et al., 2020).\u003c/p\u003e \u003cp\u003eAccording to the participants, mentoring also enabled women to adopt the most suitable leadership style. Women can acquire the qualities and behaviours needed to be accepted by their male colleagues and be effective in the workplace. Meeting targets is essential in the finance industry, and all the participants agreed that mentoring could help women achieve this, and as a result, they can ascend the career ladder (Bowles et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2018\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eHowever, mentoring has some negative consequences, in that the mentors all accepted that performance was vital. In this way, they were not challenging the culture that performance was everything in Finance (Dawson, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Many women dislike this form of work; they dislike its presenteeism, pressures and negative impact on their work-life balance. Mentoring, even by females, inadvertently reinforces gendered work practices and an emphasis on performance goals that are not acceptable to women (Rink et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). As a result, they leave positions or refuse to seek promotions, which all have implications for the representation of women at the leadership level in Finance. Mentoring in Finance focuses on performance, and the study participants believed that women could achieve success by meeting goals.\u003c/p\u003e \u003cp\u003eThis attitude to mentoring reinforces the agency myth, and mentors let their female mentees know that they are alone and responsible for their success or failure. This type of mentoring corresponds to the concept of the 'agency myth', which, according to the literature, can lead to the persistence of practices that disadvantage women, and this can contribute to their underrepresentation at the leadership level (Carian \u0026amp; Johnson, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). The agency myth can explain the persistence of indirect and direct discrimination, as outlined by Dawson (\u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Moreover, female mentors in Finance have adapted to the prevailing organizational culture, which often discriminates against women (Carian \u0026amp; Johnson, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Coleman, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). This means that they are promoting organizational norms such as a focus on performance (Moen \u0026amp; Shin-Gap, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2009\u003c/span\u003e; Neck, \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2015\u003c/span\u003e). Mentors are not challenging the prevailing culture in the UK and, indeed, are telling women that they must adapt to the organizational culture to succeed, which is not acceptable to many women, and as a result, they may leave the sector altogether (Susanto et al., 2022: Carian and Johnson, \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e"},{"header":"Conclusion","content":"\u003cp\u003eMentoring is essential support for women entering Finance in the UK. It can help them acquire the skills and knowledge they need to succeed and provide them with support that can allow them to overcome the very real gendered barriers that still exist in Finance. Mentors can help women become resilient, thrive in Finance, and become leaders. A range of mentoring programs, including formal and informal mentoring, are seen as helpful (Coleman, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Bowles et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Women found that it can especially boost the worth of women to companies, as in Ross-Smith \u0026amp; Huppatz (\u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2010\u003c/span\u003e). The study found no real preferences for male or female mentors but that networks with both male and female mentors could be helpful.\u003c/p\u003e \u003cp\u003eDespite this, mentoring in Finance is fine. Some women have issues accessing it, and it often does not meet their needs (Coleman, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Then, the nature and practice of mentoring in Finance could be more suitable and reinforce barriers to the advancement of women (Rink et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Coleman, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Female mentors should be more focused on achieving performance goals, and this is a style of work that could deter women from staying or seeking advances in the UK financial sector. Women who mentor other females often reinforce and promote a workplace culture focused on targets. This approach by some women mentors tends to perpetuate working environments that are unacceptable to some women and leads to fewer of them in senior roles such as finance director.\u003c/p\u003e \u003cp\u003eMentoring in Finance needs to be more accessible and flexible. It needs to focus more on the needs of the females and the organization's needs. A mixture of formal and informal mentoring could be helpful. More support is needed to help women get the mentoring they need, and this may include greater choice when it comes to selecting mentors and possibly help with securing external mentors. More training is required for mentors so that they do not reinforce practices that reinforce barriers to female career progression. Human Resource departments in UK finance need to provide more formal programmes or involve more external mentors. There is a need to ensure that females are mentored in ways that do not perpetuate norms that reinforce a male-orientated organizational culture. Reciprocal mentoring may be something that needs to be introduced to allow women to progress in their careers. Mentoring may need to be based on the needs of women, and HR departments need to conduct surveys on this issue. The feedback can be used to design suitable mentorship programmes. More research is needed on whether male and female mentoring networks are the best approach and how to develop programs that do not unintentionally reinforce gendered practices that hinder women from climbing the career ladder.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003eI confirm that all participants involved in this study provided informed consent to participate and for their data to be included in this research. This consent was obtained in accordance with the ethical guidelines approved by the ethics committee overseeing this study.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAlvesson M, Spicer A (2012) Critical leadership studies: The case for critical performativity. Hum Relat 65(3):367\u0026ndash;390\u003c/span\u003e\u003c/li\u003e \u003cli\u003e\u003cspan\u003eBlock BA, Tietjen-Smith T (2016) The case for women mentoring women. 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Dinasti Int J Educ Manage Social Sci 4(2):297\u0026ndash;308\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"University of Exeter","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"mentor, mentoring, female leaders, female underrepresentation","lastPublishedDoi":"10.21203/rs.3.rs-5458893/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5458893/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eBackground: Despite the efforts of governments and organizations, there remains a severe problem with the underrepresentation of women in UK finance. There are several structural barriers to female career progression in the sector. Mentoring is among the strategies that may help females secure more senior roles. This study examines if the current practice of mentoring is beneficial to women. It is a qualitative study based on the views of current female finance leaders who have been both mentors and mentees.\u003c/p\u003e\n\u003cp\u003eMethodology: This qualitative study used semi-structured interviews to collect primary data from a sample of 14 women. The primary data was analyzed using thematic analysis.\u003c/p\u003e\n\u003cp\u003eFindings. The findings included that any type of mentoring was beneficial and that both males and females could successfully support women who aspired to financial leadership roles. However, some women could not secure mentors. There was a perceived shortage of mentors in some sectors and a need for access to this support. No preference was found for male or female mentors.\u003c/p\u003e\n\u003cp\u003eDiscussions: The study found that women were in favour of mentoring. However, mentoring was limited and inflexible. Many women needed the support they needed, and the provision of mentoring needed to be uniform in UK finance. Many female mentors focused on performances that unintentionally reinforced barriers to women. Moreover, mentors expected females to accept male working styles and practices that many would find unacceptable.\u003c/p\u003e\n\u003cp\u003eConclusion: Mentoring was found to be important and helped women advance their careers. However, the provision of this support and the way it was provided were not helpful enough for women and perpetuated their representation in UK Finance. The study recommends further research and changes to workplace practices.\u003c/p\u003e","manuscriptTitle":"Female UK leaders and mentoring and the underrepresentation of women in leadership roles in the UK financial sector.","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-11-21 06:43:27","doi":"10.21203/rs.3.rs-5458893/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"cd69fb42-7af5-4bdf-a9fa-51f88b0cf87a","owner":[],"postedDate":"November 21st, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":40549681,"name":"Gender Studies"},{"id":40549682,"name":"Other Business"},{"id":40549683,"name":"International Business"},{"id":40549684,"name":"Finance"}],"tags":[],"updatedAt":"2024-11-21T06:43:27+00:00","versionOfRecord":[],"versionCreatedAt":"2024-11-21 06:43:27","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-5458893","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5458893","identity":"rs-5458893","version":["v1"]},"buildId":"qtupq5eGEP_6zYnWcrvyt","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}