MADISON, WI (March 9, 2015) -- With support from the World Council of Credit Unions and Global Women's Leadership Network, Filene Research Institute has released a report on the status of women's leadership within the credit union industry.
The report found that women are more likely to begin working in low-level industry positions and—despite similar stated ambition—are less likely to achieve executive-level status than men. The survey assessed demographic characteristics, self-perceived leadership styles, impressions of male versus female leadership attributes, various credit union climates and family responsibilities.
Surveys conducted in the United States, Canada, and Mexico showed men and women alike report little to no blatant discrimination in the workplace. Instead, several challenges seem to prevent women from career advancement in credit unions.
The five most pressing challenges found include:
Pipeline problem: Women start working in lower-level roles and departments that do not directly lead to the executive suite.
Leadership style and perception: Across credit union asset size, women are perceived to use slightly more authoritarian leadership styles.
Leadership climate: Employees with female CEOs perceive themselves differently than those managed by men.
Ambition and motivation: Mentors and mentees often group toward their own gender. With men more likely to hold senior credit union positions, women have a harder time getting a hand up.
Family concerns: Men and women did not report family as a career inhibitor; but at the senior level, men are more likely to have children. Women more often seem to make tradeoffs between career and family.
Bottom line: gender matters. Men and women are affected differently by gender nuances in the workplace.
"The research is not done," said Filene CEO Mark Meyer. "This collaboration with the World Council shows us the challenges we face in credit unions, especially matching sponsors early on. The real work will come when leaders, men and women alike, take these challenges personally and resolve to overcome them."
"We need the credit union movement to step forward and unlock the leadership potential of women. This is at the heart of what we do through the Global Women's Leadership Network," said Calyn Ostrowski, Executive Director, Worldwide Foundation for Credit Unions.
The full report and downloadable infographic slides are available on Filene's website.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.