Flexible working ‘essential’ in helping women progress into senior positions

The accountancy sector has traditionally experienced challenges in gender disparities and while there has been progress in recent years, there is still much to be accomplished.

In October 2023, the UK’s Financial Reporting Council (FRC) released a study that delves into the gender imbalance among actuaries in the UK, shedding light on the enduring challenges women face in advancing within the profession.

The accounting watchdog also highlighted in October 2019 the gender disparity within the accounting industry, where just 17% of women held partner-level positions.

Maureen Penfold, managing partner at Moore Kingston Smith says flexible working is essential in helping women progress into more senior positions in the profession.

“You’ve got to create an environment where women have the flexibility to take time out and to balance other life responsibilities,” she says.

” Then you must nurture that environment, genuinely enabling people through hybrid and agile working principles to work in a way that works best for them, and to flex their hours.”

The possibility of hybrid working has helped Allee Bonnard, audit partner at Deloitte, balance family life as well as her work in audit.

“No one bats an eye when you aren’t available in the middle of the day because you want to go to your kid’s play or whatever it is,” she said.

“The feeling that you have to be at your desk constantly has completely gone. It’s about the quality of the work you deliver.”

Increasing the number of women in senior roles

Just five years ago, a mere 9% of FTSE 100 audits at Deloitte were approved by women. However, in 2023, it is anticipated this figure will rise to approximately 50%.

Penfold believes the lower figures for women in senior positions is due to the typical period when individuals take a break to start a family. To combat this, Moore Kingston Smith has introduced new policies to support women  further in their roles.

“We offer all our people who choose to have a family the option of six months’ full pay followed by four months’ half pay for maternity/main parent or adopter leave, with paternity/second parent or adopter leave comprising six weeks full pay, which can be taken flexibly in two-week blocks over a period of 18 months,” she says.

These changes by MKS are enhanced by extra support provided to parents and caregivers, which includes a toolkit and coaching. This support is offered to individuals taking leave as well as people managers, to help them better assist those taking leave and those returning from it.

“Many firms, including ours, have dedicated DE&I and Wellbeing committees in place, which help propel progression and meaningful change around the issues affecting our people, such as raising awareness around the Menopause and baby loss,” Penfold states.

Female role models are key   

Currently, 25% of MKS’ 80 partners are female, and Penfold believes having a strong female role model in her predecessor had a “significant” impact on her own career.

“We also have a number of women in other prominent roles, which is crucial in demonstrating to women across the firm at all levels that progression is achievable.”

This is echoed by Deloitte’s Bonnard who said she holds a sense of pride in being a role model for the upcoming talent in the industry.

“When I was working in New York I remember thinking to myself ‘I never want to be superwoman; I never want to be this person who’s juggling spending time with their kids and a full-on career.’ But there’s no way I would give up either now. I still have out-of-work activities, but I do them with my kids, like hiking and playing tennis with my daughters,” she said.

“If I can give people a bit of confidence that it’s possible that’s great.