Career progression is not a women’s issue: Bank of England COO

Speaking at the second annual Women in Finance Summit last week, Place argued that "career progression is not a women’s issue, it is a talent management one".

She believes "it is inclusiveness that unlocks the true value of an organisation’s diversity" and believes that signing up to the Women in Finance Charter which requires accountability which "comes with transparency".

Place explained: "The Charter requires a much more specific, public and accountable pledge than previous initiatives, making us – the Bank’s senior managers - and other financial executives more accountable for the progress and outcomes.

"I believe in the accountability message to senior management and in one that cascades down through management layers in the organisations. This expectation should be supported with training such as unconscious bias and inclusive events that encourage networking and building relationships across the organisation."

As part of its Charter commitments, the Bank is currently targeting an increase in the proportions of female colleagues in senior roles to 35% by 2020, and across the remainder of the Bank to 50%.

Place said the targets have "helped focus minds and energy at the Bank in recent years, and have had a number of positive effects".

But when discussing whether opportunities are enough, she concluded "not at the moment".

Place added: "In order to move to gender balance, opportunities are necessary but not sufficient. We need to make sure that not only are the opportunities there, but that they can and will, be taken and that the full benefit of those opportunities can be realised.

"To ensure that, we need interventions to encourage, promote and support gender balance at all points in the HR lifecycle – we need a range of role models and a culture that ensures women feel supported and are confident in taking steps towards advancing their career.

"Overall we are striving for an inclusive culture that will help every person to reach their potential, ensuring that the Bank as a whole reaches its collective potential. And gender balance is a significant component of that."