Women’s Advancement in Banking in Emerging South Asian Countries FINDINGS AND RECOMMENDATIONS FOR NEPAL ABOUT IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org. ABOUT DALBERG Dalberg’s vision is a more sustainable planet and inclusive societies where all people can thrive. As a diverse, purpose-driven community of professionals, it works in collaboration with local communities and global networks to create bold and equitable solutions and develop the next generation of impact leaders. Dalberg brings together strategy and management consulting, equity-centred community design, data, research, implementation, and communications to achieve its mission of solving the most pressing challenges of our time through systemic change. For more information, visit www.dalberg.com. DISCLAIMER © International Finance Corporation 2024. All rights reserved. 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 www.ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. 2| ABOUT THIS REPORT Global evidence is mounting that more gender diversity in banking, including having more women in leadership, leads to better outcomes for organizations, their employees, and investors. There is increasing recognition of the importance of workforce diversity and equity along various dimensions, including gender. Besides social and moral imperatives, there is a compelling business case for improving gender diversity in commercial banks. Globally, commercial banks with more women in senior manager roles command up to 33 percent higher return on equity.1 Further, banks with more women in senior or leadership roles, especially in risk-related functions (for example, audit and risk committees of the bank’s boards) demonstrate better risk management compared to their peers.2 Having more women leaders can also allow banks to retain talent better, boost creativity, and tap new markets.3 While this insight is global, the barriers and pathways to achieving greater women’s representation in leadership vary by country and region. In 2022-23, the International Finance Corporation (IFC) initiated a multi- country research study focusing on women’s advancement in private commercial banking in South Asia. The study covered three countries: Bangladesh, Nepal, and Sri Lanka.4 It initiated this study—among the first of its kind in the region—to identify opportunities that can help achieve more equitable work outcomes for women employees in the industry. Specifically, the study examines the following aspects: • Current representation of women in commercial banks’ workforce, especially in leadership. • Specific barriers that female employees face in advancing within the industry and how their experience compares to their male counterparts. • Policies, processes, and mechanisms that commercial banks and other organizations in the industry (for example, banks’ associations) have in place to support women reaching leadership positions. • Solutions that banks and other actors (for example, industry bodies and regulators) should pursue to create an environment that supports women’s advancement. While the insights and recommendations of the wider study are compiled in a multi-country report, this edition is a complementary country brief focused on Nepal. It spotlights the key findings that emerged from the country and is based on an employee survey covering 2054 employees (1101 women, 953 men) across six private commercial banks and an organization survey filled by the human resource departments of five of these banks. This brief is intended to help industry actors—C-suite leaders in commercial banks, policymakers, industry bodies, and investors—direct their efforts toward increasing the representation of women in the industry’s leadership. |3 4| ACKNOWLEDGMENTS This first-of-its-kind report is a collaborative effort between IFC’s Gender and Economic Inclusion Department and Dalberg Advisors. The project was led by IFC under the overall guidance of Shalaka Joshi and Prapti Sherchan. We are grateful to Shabnam Hameed, Disha Pandey and Sarah Twigg for their invaluable inputs and research direction. The report was developed under editorial guidance from Tanya Thomas and designed by We Are Designers, Sri Lanka. The research for the Nepal report took place through 2022 and 2023. We would like to thank Dalberg Advisors’ market research team, Convergent for developing the online version of the survey tools and managing the technology infrastructure underpinning this research, and the International Development Institute for supporting the survey rollout and qualitative research in Nepal. For peer review, the team is grateful to the following IFC financial inclusion experts and peer reviewers: Natalia Kaur Bhatia, Ravikant Agrawal, and Rajendra Luitel. We are grateful to Imad Fakhoury, IFC’s Regional Director for South Asia, Martin Holtmann, IFC’s Country Manager for Bangladesh, Bhutan, and Nepal, and Babacar S. Faye, IFC’s Country Representative in Nepal, for championing our research in Nepal. For her encouragement and feedback throughout, the team would also like to acknowledge Nathalie Kouassi Akon Gabala, Global Director at IFC’s Gender and Economic Inclusion Department. Thank you to also our colleagues Sammar Essmat, Heather Mae Kipnis, and Amy Luinstra for their consistent support and advice. Finally, the team extends its warmest gratitude to the individuals and organizations who kindly shared their time, experience, and knowledge with IFC. Our research was enriched by the generous participation of Laxmi Sunrise Bank, Machhapuchchhre Bank, NMB Bank, Prabhu Bank, Siddhartha Bank, and Standard Chartered—Nepal in our surveys and interviews and their deep insights into Nepal’s banking industry. |5 6| ACRONYMS DEI Diversity, Equity and Inclusion ILO International Labour Organization WFH Work From Home |7 KEY FINDINGS FROM NEPAL – AT A GLANCE Representation & Aspiration 42% 23% 79% Women’s share in commercial Women’s representation of female employees banks’ workforce in senior management want to move to senior roles roles Navigating hurdles <45% 18% 75% of women have access to of women feel housework of women believe they do coaching or mentoring impacts their career not receive fair evaluations 14% 38% 54% of women experience of women feel their of men believe having more bullying in their organization companies do not have women leaders does not adequate safety measures have business benefits Industry action 4/5 2/5 1/5 banks have banks provide banks have DEI policies anti-bias training dedicated resources or DEI is part to managers for DEI efforts of business strategy 8| Executive Summary The International Finance Corporation is dedicated to advancing in Bangladesh.6 Nepal also has a legal framework to promote diversity, equity, and inclusion in developing countries’ private markets. women’s economic participation that is more comprehensive Focusing on South Asian commercial banks, this study examines than its neighbors in South Asia. Dedicated laws like those that opportunities to increase gender diversity by improving women’s guarantee parental leave for both women and men and prohibit representation in leadership. As highlighted in the multi-country workplace discrimination based on a person’s sex are in effect report, research shows that more women in banks’ leadership increases and have created a strong foundation for women to participate innovation and improves performance on business metrics. This brief and contribute to the industry. Nepal also requires companies, provides salient findings and recommendations for Nepal based on the including banks, to have at least one female board member.7 research conducted among six private commercial banks in the country. Nearly all banks have also instituted policies aimed at improving women’s representation in their workforce. Nepal’s banking industry is a leader in South Asia when However, these positives have yet to result in increased it comes to women’s representation in commercial banks’ representation in leadership roles despite most women workforce. Women constitute 45 percent of employees in wanting to progress. Among women employees, 79 percent of the financial services industry in Nepal. Among South Asian respondents indicate that they want to progress to a senior role in countries, only Bhutan—where women occupy 46 percent of the industry, but very few women advance to such roles.8 positions in financial services—has a better representation of Their share in the surveyed banks falls from 46 percent at the women.5 In commercial banks too, representation of women entry-level to 27 percent at middle-level management and 23 in the workforce is better than other regional peers; in Nepal, percent at senior-level management.9 women occupy 42 percent of all roles in surveyed commercial banks compared to 38 percent in Sri Lanka and 18 percent Barriers: Challenges Holding Women from Progressing to Leadership in Commercial Banks in Nepal Multiple interwoven barriers constrain their progression. men in terms of work or professional outcomes, but also create a Women bankers in Nepal encounter multiple challenges sub-optimal daily experience at work. While these challenges are throughout their professional journeys that constrain their covered in detail in the multi-country report, Figure 1 lays out advancement at work. These challenges start emerging from the indicatively how these challenges could affect the career journey beginning of their careers and manifest at different points of their of a female bank employee in Nepal. professional journeys to not only disadvantage them compared to |9 Figure 1: Illustrative journey of a typical female bank employee’s career challenges in Nepal 1. ENTRY After completing her MBA, Devna applied 34% for jobs in the banking industry and found an exciting role! The interview had turned a little uncomfortable, however, when her of women respondents do not prospective manager asked about her plans believe that women have the same for marriage and motherhood. opportunity as men to be hired. 2. PROFESSIONAL DEVELOPMENT She was assigned to a branch and started learning the ropes. She immersed herself in the training but remained unsure of what opportunities to seek, how 88% 44% to network, and whom to ask for advice. 3. of women respondents seek mentorship, but few can access it. SOCIO-CULTURAL CONSTRAINTS In the beginning, Devna lived alone and spent long hours at work. She felt her work-life balance was not ideal and she was also concerned for her safety when traveling late. However, her life as an ambitious young banker kept her motivated. After marriage, she moved in with her in-laws and her ability to work late changed drastically. 18% She now rushed home after the close of business to be with her daughter, care for her ageing in-laws and manage household tasks. of women respondents On some days, Devna wanted to take time off to be with feel having household her daughter, finish pending chores, and relax. But her responsibilities has manager was reluctant to approve these short breaks. impacted their careers. Many colleagues warned her that taking leave would make her seem “less committed” than peers. She soldiered on, even when she was burnt out. 4. WORKPLACE INTERACTIONS She was eventually promoted to middle management – years behind her male peers. New challenges soon emerged. 24% Previously, she was interrupted when speaking during team meetings. Now, she also felt disrespected by her subordinates. of women 5. respondents report being frequently interrupted when speaking. EVALUATION OF PERFORMANCE 25% Devna’s work continued to be impeccable. However, the lack of support from colleagues and increasing chores at home affected her morale. She was unable to travel often as her daughter was still young. This affected her annual appraisal. Additionally, unclear and inadequate feedback meant she could not improve. of women respondents feel they receive fair evaluations at work. 10 | In particular, three key challenges stand out for Nepal: 1. Sociocultural constraints: Extant social norms and social While banks have initiated efforts to address some of the expectations place a disproportionate burden of unpaid care work above challenges, limited buy-in among the managerial and (such as managing work at home and childcare responsibilities) leadership cadre is adversely affecting the success of these on women. A workplace culture that discourages employees efforts. Most banks have introduced policies to increase women’s from using paid leave and emphasizes visibility at work makes representation. They have initiated specific steps to improve it more challenging for women to navigate this dual role. This women’s experience and representation in the workforce (for compromises employees’ ability to take time off from work or example, by targeted recruitment drives, and specific leadership balance other responsibilities alongside work. Moreover, it development programs for women employees). However, most disadvantages women who prefer to leave their workplace on time banks do not currently monitor how these efforts are faring. to be able to manage responsibilities at home. Managers often Existing efforts are also undermined by a lack of buy-in from leaders tend to see these women as “less hardworking” compared to male and managers. In fact, nearly 57 percent of men in middle and senior colleagues who do not have such constraints. management roles who responded to the survey do not believe that having more women leaders can help their organizations become 2. more competitive. Without securing their support, efforts to bring about any cultural or process shifts to better support women are likely to have limited success. Lack of fair evaluations: Few respondents—especially women—believe they receive fair performance evaluations. Feedback for them tends to be vague or influenced by affinity bias, wherein managers value traits they associate in leaders— predominantly male—whom they have observed while overlooking other leadership traits that a female candidate may have. 3. Non-conducive work environment: Many women face microaggressions at work, such as being interrupted while speaking. For women in managerial roles, this extends into a feeling of not being respected by their subordinates. Ultimately, this impacts women’s daily experience at work and can also influence the overall perception that their colleagues and managers have about them (for example, whether they are confident or assertive enough). | 11 Recommendations: Three-dimensional Approach to Increasing Women’s Leadership in Commercial Banking Across the studied countries, driving the advancement of Fostering an industry ecosystem that can hold banks more women to leadership roles requires targeted efforts in accountable and ramp up the pressure to accelerate change. three directions. First, banks must lay out clear organizational Regulators, industry bodies, and investors can build and sustain commitments for gender diversity and to support women in reaching momentum within the ecosystem by helping banks set ambitious leadership positions. This should be complemented by creating goals and priorities for increasing women’s representation as well buy-in and incentives for senior leadership within banks to own and as holding the actors accountable to such goals (for example, by deliver on these commitments. Second, banks should make efforts publishing data on women’s representation and progress against to create a safe and equitable environment at work that enables all these targets). employees—especially women—to thrive at work. Finally, industry actors must support banks in undertaking this transition and hold them accountable. Detailed opportunities and solutions across each of the three directions are listed in the multi-country report. The above list is not an exhaustive set of recommendations but lays out the most pivotal areas where the industry should Based on the specific challenges observed in Nepal, solutions across all pay attention to advance more women bankers. Ultimately, three areas remain relevant but need to be contextualized. Along each concerted efforts in these areas can help the industry in Nepal of these directions, it would be crucial to focus on areas that address capitalize on the head start it has over its neighbors in South Asia the most prominent barriers observed in the country: and serve as an example for them. In addition, these efforts can also contribute to the financial performance of banks and thereby, to Building a committed leadership that can embrace the the greater economic growth and prosperity of the nation. The rest value of women’s increased representation, embed positive of the brief lays down the key findings and recommendations for workplace norms, and act as role models for the rest of the Nepal. Please refer to the multi-country report for more details on staff. The starting point should be to work with senior leadership, the comparative findings and more detailed recommendations. for example, the Chief Human Resources Officer, to deconstruct inherent notions around women’s representation in leadership and offer training to counter unconscious biases. In addition, leaders should play an active role in moving to a culture that normalizes taking leave and shifts the emphasis away from “being seen in the office beyond work hours” to more objective metrics of performance. Creating a safe and equitable work environment for all employees, especially with respect to professional development support and allowing flexible work. In addition to the above, an environment that provides employees with adequate support for professional development (for example, via mentorship) can help them—especially women—build relevant skills and pursue the right career opportunities. Introducing and normalizing measures that allow flexible work (for example, flexible hours, work from home) can help women and other employees strike the right balance between work and their personal lives to enhance their productivity. This would need to be accompanied by measures that reorient managers to this new norm of flexible working and that ensure employees receive fair evaluations. Finally, creating a more inclusive workplace—such as by engaging male colleagues as allies—can help employees counter microaggressions and speak up against incidents of bullying and harassment. 12 | TABLE OF CONTENTS 1. STATUS QUO : Where Are Women In The Industry Today? 14 2. BARRIERS TO PROGRESS : What Is Holding Women Back? 16 3. HEADWINDS : What Is Preventing Change? 26 4. TAKING ACTION : What Can The Industry Do To Advance More Women to Leadership? 28 ANNEXURE | LIST OF PARTICIPATING BANKS IN NEPAL 34 PHOTO CREDITS PeopleImages.com - Yuri A / Shutterstock 4 Photographielove / Shutterstock 6 Thongden Studio / Shutterstock 18 Michele Pevide / iStock 22 Ankit Sah / iStock 27 PicZania / Shutterstock 29 David Gyung / Shutterstock 33 Realpictures / iStock 35 | 13 1. STATUS QUO : WHERE ARE WOMEN IN THE INDUSTRY TODAY? NEPAL IS IN A UNIQUE POSITION TO DRIVE MORE DESPITE THESE POSITIVES, WOMEN’S PARTICIPATION AND INCLUSION OF WOMEN IN REPRESENTATION IN LEADERSHIP ROLES IN COMMERCIAL BANKING. COMPARED TO OTHER COMMERCIAL BANKS REMAINS LOW AND THE COUNTRIES IN SOUTH ASIA. IT HAS AMONG THE COUNTRY MUST SUPPORT WOMEN IN NAVIGATING HIGHEST REPRESENTATION OF WOMEN IN THE EXTERNAL CHALLENGES. FINANCIAL SERVICES INDUSTRY OVERALL, AND IN COMMERCIAL BANKS. THIS IS MATCHED BY A HIRING RATE THAT IS ENCOURAGING, THOUGH NOT YET AT PARITY WITH MEN. Nepal has among the highest participation rates of By contrast, the female labor force participation rate women in the financial services industry in South in Nepal is 29 percent. In South Asia, only Bhutan— Asia. Women constitute 45 percent of the workforce in where 46 percent of employees are women—has the financial services sector in Nepal against a regional better female representation in the industry than average of 20 percent (refer Figure 2). Nepal (refer Figure 2).10,11 Figure 2: Share of Women in Financial Services Industry’s Workforce Across South Asian Nations South Asia Average - 20 Global Average - 43 14 | In commercial banks too, Nepal leads its neighbors Nepal is ahead of its neighbors in terms of in women’s overall representation in the workforce. representation in leadership roles as well, but has yet Women constitute 42 percent of the workforce in the to catch up to the global average. Women occupy 23 surveyed commercial banks in Nepal.12 By comparison, percent of senior management positions in the surveyed women constitute 18 percent employees in surveyed banks in Nepal. In comparison, women constitute 20 commercial banks in Bangladesh and 38 percent of the percent of senior management roles in Sri Lanka and 12 workforce in surveyed commercial banks in Sri Lanka.13 percent of the same in Bangladesh.16 Nepal also requires In terms of hiring, while Nepal is not the leader in the companies, including banks, to have at least one female region, women constitute more than one-third of new board member. However, many class-A (commercial) banks recruitments into the industry. In 2022, across the banks do not have female representation on their boards.17 The that were surveyed in Nepal, 39 percent of all entry-level country has yet to catch up to the global average. Globally, hires were women, as opposed to 46 percent and 22 women constitute 28 percent of the senior leadership roles percent for Sri Lanka and Bangladesh, respectively.14,15 in commercial banks.18 The gulf is wider when compared to high-income countries like the United Kingdom where women form 36 percent of the senior leadership in banks.19 Figure 3: Breakdown of Employees at Various Levels by Gender (%) Women’s overall representation in the workforce (%) MEMBER OF BOARD 80% 20% Nepal 42% SENIOR MANAGEMENT 77% 23% Bangladesh 18% MIDDLE MANAGEMENT 73% 27% Sri Lanka ENTRY 54% 38% LEVEL 46% Men Women Female bankers in Nepal stop progressing, but not A total of 79 percent of female respondents and 84 percent owing to lack of ambition. Limited representation in senior of male respondents indicate that they want to move to a roles and the decline in proportion of women from entry-level more senior role with greater responsibility in future.20 The to senior-level roles in Nepal (refer Figure 3) indicates fewer low representation in leadership despite the strong aspiration women are progressing to leadership roles when compared among women indicates that their progression is restricted by to men. However, Nepali women and men employed in the extrinsic challenges. banking sector hold similar aspirations in career advancement. | 15 2. BARRIERS TO PROGRESS : WHAT IS HOLDING WOMEN BACK? BARRIERS THAT PREVENT WOMEN’S ADVANCEMENT EXAMPLE, PREVALENT SOCIAL NORMS AND LACK IN COMMERCIAL BANKS SPAN THEIR ENTIRE OF WORKPLACE FLEXIBILITY MAKE IT CHALLENGING PROFESSIONAL JOURNEY—RIGHT FROM THE TIME FOR WOMEN ACROSS THE THREE COUNTRIES THEY SEEK TO ENTER THE INDUSTRY. TO STRIKE A BALANCE BETWEEN PROFESSIONAL RESPONSIBILITIES AND UNPAID CARE WORK WOMEN FACE FIVE KEY BARRIERS THAT IMPACT EXPECTATIONS (FOR EXAMPLE, MANAGING THEIR PROFESSIONAL GROWTH IN BANKING. HOUSEWORK). HOWEVER, A WORKPLACE CULTURE FIGURE 4 LAYS DOWN THESE BARRIERS. FEMALE THAT DISCOURAGES TAKING LEAVE MAKES IT MORE BANKERS ACROSS BANGLADESH, NEPAL, AND CHALLENGING FOR FEMALE BANKERS IN NEPAL TO SRI LANKA FACE MANY OF THESE COMMON NAVIGATE THE DUAL RESPONSIBILITIES. BARRIERS, BUT THERE ARE KEY DIFFERENCES. FOR The challenges women face are interlinked and front implies that women often avoid long hours at play out in complex ways. For example, women often work. These factors merge with deep-seated notions face microaggressions at work, where their opinions managers have about women’s abilities, leading to often remain unheard or are shot down. This can lead performance evaluations that do not reflect women to a perception of less contribution to team goals and bankers’ performance or leadership potential. influence senior leaders’ view of their competence. Similarly, managing social expectations on the home 16 | Figure 4: Typical Barriers Women Face in Their Career Journeys in Banking BARRIERS IMPACTING WOMEN’S PARTICIPATION, EXPERIENCE, AND ADVANCEMENT IN BANKING 1 Inequitable 2 Inadequate professional 3 Socio-cultural 4 Lack of fair 5 Non-conducive work hiring development constraints evaluations environment Women are often Lack of access to Constraints arising due to Women receive biased Interactions at work disadvantaged at the very appropriate professional prevalent socio-cultural feedback even if they disadvantage women first step - i.e., gaining a development support norms, such as managing are high performers. further. Many women are foothold in the industry prevents women from housework and providing Managers tend to view frequently interrupted - as many recruiters developing the right suite care, impact women’s all employees from past when they speak, face hold unconscious biases. of skills or gaining the work-life balance. examples of male-dominated bullying (as do men) and Women taking career right opportunities that Lack of employer support leadership they have seen. have to also contend with breaks also find it difficult can help them showcase to navigate these Other unconscious biases issues of workplace safety. to resume work. their leadership potential. (e.g., with childcare) (e.g., male affinity, being exacerbates the situation. seen in office) also impact evaluation. lives. In the prime working age group (25–54 years), labor force participation rate for single women in Nepal is 56 2.1 INEQUITABLE HIRING percent, but drops to 36 percent for married women.22 It further drops to 34 percent for women with at least one young child.23 Even for women living with extended Most employees believe men and women have an equal family but having at least one young child, labor force chance of being hired, though hiring gaps remain for participation rate is 30 percent, indicating that care senior roles. responsibilities may not decrease despite the presence of In total, 66 percent of female and 87 percent of male other family members to support with childcare.24,25 respondents believe that women have the same chance of In-depth interviews indicate that such national trends are being hired as men in their organizations. The difference also relevant to women in the banking industry. in the perceptions of men and women could be fueled by limited hiring of women, especially for senior roles. Women constitute 39 percent of entry-level hires across surveyed banks, which drops to 17 percent of new hires at middle and senior–management levels. Unpaid care work and parenthood could be leading to The dual responsibility that women have women opting for a career break. to carry is the main factor that holds them back. If a woman wants to rise, she • Women constitute 46 percent of entry-level, 27 has to give more than her 100 percent. percent of middle management, and 23 percent of senior After office hours, women are also management roles.21 expected to do household chores.” • Many women opt for career breaks owing to challenges in balancing social expectations around unpaid - Senior female banker, Nepal care work (for example, childcare) and their professional | 17 Even though most banks have initiated steps to support working or expecting parents, negative perceptions around taking parental leave and the lack of dedicated recruitment drives for women “Even at the top, the feeling is that if returning after career breaks leads to a thin pipeline you take more leave, that means you of women leaders. are not loyal or not dedicated or not hardworking. Even though you are • To support employees experiencing parenthood and taking leave within your yearly calendar, to drive retention, all the five surveyed banks provide still you are seen as someone not as maternity and paternity leave to employees. Paternity leave dedicated [as a male counterpart]. Not is typically very low, at 14 days or less for men. Additionally, because of performance, just because many employees—especially men—are unable to access you are taking leave.” this leave because of a culture that discourages it. The inability of men to take time off could exacerbate the care - Senior female banker, Nepal burden on women, eventually resulting in their exit from the organization.26 • Four out of five banks provide support with upskilling and training programs for women who return after career Even though I was allotted 15 days of breaks. However, none of the surveyed banks have dedicated paternal leave, I was only able to take 3.” recruitment drives for such women. As a result, the pool of women managers who can be promoted to senior roles - Male middle manager, Nepal remains comparatively small. 18 | 2.2 INADEQUATE PROFESSIONAL DEVELOPMENT Women and men cite professional development work.27 Even though men and women have similar access, support as important, though access to such support is women face additional challenges in accessing some forms much below demand. of support as described below. • More than 70 percent of female and male respondents consider training, mentorship, coaching, critical projects, and sponsorship as crucial factors for their professional development. Access to such support is important for all Luckily, I had a female mentor who employees, especially women, to advance in their careers. supported me in moving ahead in my career. The initial phase is the most • Many employees do not have access to such challenging, and having a female mentor professional development support at work, though it is gives you emotional support and helps similar for women and men (refer Figure 5). For example, you manage time.” more than 80 percent of women and men rate mentorship as crucial. By comparison, 44 percent of women and 51 - Senior female banker, Nepal percent of men report having access to mentorship at Figure 5: Employee Access to Professional Development Support (%)28 MEN (n=953) (n=1101) WOMEN 96 96 TRAINING 69 64 76 83 COACHING 35 31 85 88 MENTORSHIP 51 44 72 72 SPONSORSHIP 24 19 87 CRITICAL 81 ASSIGNMENTS 24 21 Rate as crucial Report they have access | 19 Most banks offer technical training including specific Lack of sponsorship and limited access to critical programs to cater to the needs of women employees. work assignments further impact women employees’ professional development. • All five surveyed banks have dedicated training programs for the staff, including in the form of leadership • Fewer than one in four employees who responded development programs. The design of these programs is to the survey have access to critical projects. Women and based on needs assessment exercises each bank conducts men report similar levels of access to such assignments to understand the development needs of employees. (refer Figure 5). Not being able to work on critical assignments can impact the visibility of an employee at • Three out of the five surveyed banks have put in work and prevent them from showcasing their readiness place professional development programs for female staff. to be promoted. One out of the five banks that responded to the survey also has a management trainee program specifically for • In Nepal, only one of the surveyed banks has a women employees. sponsorship program for potential candidates in succession planning. Lack of such programs can impact how assignments are distributed among employees. Majority of women and men do not have access to coaching and mentoring despite dedicated programs • Some women are also unable to pursue such projects offered by banks. if they are in remote regions. The requirement of travelling (associated with some critical projects) to remote areas • Three out of the five surveyed banks offer mentoring or areas away from the Kathmandu valley in Nepal can and/or coaching programs for their employees. However, prevent women employees from taking them up. within formal programs, employees suggest that their designated mentors and coaches do not have the time or incentives to offer them the required support. • Overall, 69 percent of female respondents and 65 percent of male respondents report that they do not have access to coaching in their organizations.29 While access Critical projects are inaccessible; it takes is relatively better at middle management levels, more than a lot of effort and time. The projects are 50 percent of middle management employees also lack in remote areas and require travel and access to coaching in their organizations. being out for a week. Most women opt out because of this.” - Senior female banker, Nepal 20 | 2.3 SOCIO-CULTURAL CONSTRAINTS Expectations around managing care responsibilities from work and prevent them from capitalizing on impact women’s ability to balance their work and opportunities for advancement. personal lives, which can result in stepping back Figure 6: Adverse Impact of Social Constraints on Career Progression Percentage of employees reporting negative impact of household Percentage of employees reporting negative impact of childcare responsibilities on their career opportunities responsibilities on their career opportunities ENTRY MIDDLE ENTRY MIDDLE OVERALL OVERALL LEVEL MANAGEMENT LEVEL MANAGEMENT WOMEN WOMEN (n=1101) (n=1101) 18% 19% 11% 17% 17% 14% MEN MEN (n=953) (n=953) 12% 15% 12% 7% 9% 6% • Women bear a disproportionate burden of the care The ability to manage professional and personal lives work at home, which often conflicts with their professional is adversely impacted by strong perceptions around responsibilities. Compared to 12 percent of male respondents, taking leave in commercial banks. 18 percent of women feel that family expectations around • Opting for leave to undertake care-related managing housework have impacted or can adversely impact responsibilities can help employees strike a better work–life their careers.30 Similarly, 17 percent of women and 7 percent of balance. However, many women and men are unwilling men feel that their careers have been impacted by or will be to or discouraged from taking leave even within their impacted if they have children (refer Figure 6). allocated quota as it is perceived to indicate less dedication • The resulting challenges in striking a balance between towards work. work and personal lives can adversely impact progression for employees. Care responsibilities limit the time that women are able to spend in office and can also impact their productivity. It decreases their visibility among their Once you reach the manager level, male counterparts are ‘seen’ more by the supervisors who take presence at work as a sign of a supervisors and they are able to give more hardworking and loyal employee. This emerges as a latent time to the organization. That’s where factor in performance evaluation for employees. women are disadvantaged. Women are said to be less dedicated or loyal because they • Similarly, the resulting time poverty leaves women might take more leave.” with limited time to keep up with industry developments and network effectively. - Senior female banker, Nepal | 21 Many employees who have children indicate that 18 percent of employees who have children (23 percent of flexible working arrangements and other support with women and 16 percent of men) believe that better flexible caregiving can help them to better manage their work working arrangements are needed. and personal lives. • Overall, 34 percent of working mothers who responded • Flexible working arrangements (such as WFH options) to the survey also express a need for other support with can help employees, especially working parents, manage care caregiving (such as on-site childcare). Only one of the five responsibilities alongside work. surveyed banks offers such support, even though Nepal’s central bank, the Nepal Rastra Bank, allows commercial banks • Current arrangements offered by banks are helpful for to use their corporate social responsibility funds to create many employees: 45 percent of employees who have children such facilities.31 (35 percent of women and 50 percent of men) report that the current arrangements support their needs. However, 22 | 2.4 LACK OF OBJECTIVE EVALUATIONS Managers’ biases in performance evaluation and Some banks are taking steps to bring more objectivity providing feedback to employees often disadvantage to employees’ performance evaluations, but more women in their career progression. comprehensive reforms are needed. • Fewer women than men believe they receive fair • One of the five surveyed banks has revised its performance evaluations. Compared to 38 percent of male performance evaluation criteria and set clear metrics to respondents, only 25 percent of female respondents believe assess performance. so. Further, less than half of the women believe that they • Two of the five surveyed banks have introduced receive clear inputs on goals and expectations from their training for managers to reduce gender-related bias in managers. conducting evaluations. These banks have also introduced • Women often tend to receive feedback from their processes such as 360-degree evaluations to corroborate managers that does not provide them a clear direction feedback from multiple sources to ensure fairness in on what they need to improve on to build and showcase evaluations. their readiness for advancement.32 Such feedback may • Reforms that acknowledge the presence of such biases be affected by pre-conceived notions of leadership and aim to weed them out by bringing more transparency held by managers, while not acknowledging effective and accountability in appraisal processes can help banks leadership traits that their high-potential women reduce discrimination and ensure that the most deserving employees may have.33,34,35 employees are recommended for advancement. In the long term, this can help banks become more equitable and set a performance-oriented culture. | 23 2.5 NON-CONDUCIVE WORK ENVIRONMENT Many women continue to face microaggressions Employees—men and women—report facing at work. bullying and sexual harassment at work, indicating that banks have a long way to go • More than half of the female respondents (51 percent) to become zero-incident workplaces. report that they do not feel confident in contributing in team settings. Many cite microaggressions at work as a • In total, 14 percent of female respondents and 13 driving factor: percent of male respondents report facing bullying at their workplace.36 Majority of them report experiencing bullying - Overall, 24 percent of female respondents who do from male as well as female colleagues (refer Figure 7). not feel confident in team settings report that they are often interrupted, or others speak over them. • Of the respondents, four percent of women and two percent of men report having experienced sexual - A total of 12 percent of female respondents at the entry level and 11 percent of female respondents at harassment at work. As in previous studies, it is plausible the middle management level who do not feel that the incidence of sexual harassment at work may be confident report that they fear being judged harshly underreported in this survey (refer Figure 7).37 if they are wrong. - Fewer than half of the surveyed women feel respected by their subordinates. • Such microaggressions not only affect women’s workplace experience but compound the challenge around receiving fair evaluations. Being frequently interrupted and lacking confidence can reflect in the perceptions managers form around women’s contribution at work, and this is reflected in their performance evaluations. Figure 7: Prevalence of Incidents of Bullying and Sexual Harassment in the Organization38 PERCENTAGE OF EMPLOYEES WHO FACED PERCENTAGE OF EMPLOYEES WHO FACED BULLYING AT WORK SEXUAL HARRASMENT AT WORK FROM ALL FROM MEN BUT FROM WOMEN FROM ALL FROM MEN BUT FROM WOMEN GENDERS NOT WOMEN BUT NOT MEN GENDERS NOT WOMEN BUT NOT MEN WOMEN WOMEN (n=1101) (n=1101) 8% 4% 2% 1% 3% 0% MEN MEN (n=953) (n=953) 9% 3% 1% 1% 1% 0% 24 | Most banks have instituted policies and systems to • Despite these policies and mechanisms, many female ensure employee safety; yet many women do not have employees do not believe that their organization has confidence that their organizations have adequate adequate measures to act on sexual harassment or bullying measures in place to effectively deal with incidents of complaints (refer Figure 8): bullying and sexual harassment. - Nearly half of the female respondents do not • Four of the five surveyed banks report that they believe that appropriate action will be taken by have dedicated policies to prohibit and address incidents their organization if they report a sexual harassment of sexual harassment. These banks have also instituted or bullying incident. channels to anonymously report such incidents and - Action around complaints may get suppressed introduced other provisions, such as late-night transport, to owing to a lack of male allyship in the workplace, as male employees may be reluctant to speak up ensure the safety of employees. against colleagues or seniors.39 • Three out of five surveyed banks report that they have policies that explicitly prohibit bullying, including cyber-bullying. Figure 8: Employee Trust in Organization’s Response to Sexual Harassment and Bullying Complaints EMPLOYEE PERCEPTION OF ADEQUACY OF MEASURES AND ORGANIZATIONAL RESPONSE TO A SEXUAL HARASSMENT/BULLYING COMPLAINT (n = 2045) % OF MEN AND WOMEN EMPLOYEES 64 62 53 50 5 5 5 2 1 4 3 0 The organization An appropriate No action There will be I will not be There are no has adequate action would would be retaliation/ believed if I channels to measures to act be taken by the taken by the negative reported report such on the complaint organization organization consequences the issue incidents for me Women Men There was a huge fiasco about harassment [around a particular incident] and most of the men didn’t want to take action. They would rather have it subside and make sure it doesn’t blow into a big thing. I stood up against supervisors; made sure the person was nailed down. [Speaking up] was actually a black mark for my record; so I doubt people would take the same action for women employees.” - Senior female banker, Nepal* *Quote has been lightly edited for clarity. | 25 3. HEADWINDS: What Is Preventing Change? A MAJORITY OF THE SURVEYED BANKS IN NEPAL MAKING SOMEONE ACCOUNTABLE FOR PROGRESS, HAVE CLEARLY ARTICULATED GENDER DIVERSITY AND HAVING DEDICATED STAFF AND RESOURCES TO AND INCLUSION POLICIES. THEY HAVE ALSO SET IMPLEMENT THESE PROGRAMS. LIMITED BUY-IN AND GENDER BALANCE TARGETS FOR THE WORKFORCE. ATTENTION FROM LEADERSHIP RESULTS IN SUBPAR HOWEVER, MAJOR GAPS STILL EXIST IN TERMS IMPLEMENTATION AND LIMITED SUCCESS FOR OF MONITORING PROGRESS ON THESE POLICIES, EXISTING EFFORTS. Nearly one in two male respondents do not believe • The perception among men is starkly different. it is crucial to have more women in leadership for More than 50 percent of male employees do not fully the business to be competitive. believe that more women in leadership leads to a more competitive organization. Men at all levels within the • Nearly three in four female respondents strongly organization hold this view. believe that having more women in their organization’s leadership can help it become more competitive (refer Figure 9). Figure 9: Employee Perception of the Positive Impact of More Women Leaders on the Company40 EMPLOYEES RESPONDING “STRONGLY AGREE” TO THE STATEMENT “I BELIEVE HAVING MORE WOMEN IN LEADERSHIP ROLES IS IMPORTANT FOR THE COMPANY TO BE COMPETITIVE” n = 2054 % OF MEN AND WOMEN EMPLOYEES OVERALL ENTRY LEVEL MIDDLE SENIOR MANAGEMENT MANAGEMENT 72% 46% 72% 47% 75% 43% 66% 43% 26 | Lack of comprehensive policies to improve women’s representation and their weak implementation could be driving factors for these prevalent attitudes. • Three out of five surveyed banks report that they have • Only one out of five surveyed banks reports assigning clearly articulated gender diversity and inclusion policies. accountability for adherence to the gender diversity However, only one bank periodically monitors progress and inclusion policy and progress against it to a senior against these policies. Similarly, only one surveyed bank leadership member. has allocated dedicated resources, staff, and budgets to implement these programs. | 27 4. TAKING ACTION: WHAT CAN THE INDUSTRY DO TO ADVANCE MORE WOMEN TO LEADERSHIP? EVEN THOUGH NEPAL IS AHEAD OF ITS PEER ACCORDINGLY, BANKS AND INDUSTRY ACTORS NATIONS IN SOUTH ASIA IN TERMS OF WOMEN’S WOULD NEED TO DIRECT THEIR EFFORTS ALONG REPRESENTATION IN THE WORKFORCE, MORE THREE DIRECTIONS: BUILDING A COMMITTED TARGETED EFFORTS ARE NEEDED TO SUPPORT LEADERSHIP, CREATING A SAFE AND EQUITABLE WOMEN IN ADVANCING TO LEADERSHIP ROLES. WORKPLACE FOR WOMEN, AND FOSTERING AN ISOLATED SOLUTIONS TO ADDRESS ONE OR ENGAGED ECOSYSTEM. THIS CHAPTER LAYS OUT THE FEW BARRIERS ARE UNLIKELY TO TACKLE THE KEY RECOMMENDATIONS FOR BANKS AND OTHER MULTITUDE OF CHALLENGES THAT WOMEN INDUSTRY ACTORS (SUCH AS REGULATORS AND EMPLOYEES FACE. WHILE THE SOLUTIONS STILL INDUSTRY BODIES) IN NEPAL TO BETTER SUPPORT NEED TO BE NUANCED TO TACKLE EACH BARRIER, WOMEN’S PARTICIPATION AND ADVANCEMENT IN SEVERAL KEY BARRIERS NEED TO BE ADDRESSED COMMERCIAL BANKING. SIMULTANEOUSLY. To advance more women to leadership, banks and against each, and detailed recommendations are industry actors will need holistic efforts across highlighted in the multi-country report. Most of the three areas: committed leadership, safe and opportunity areas remain relevant for Nepal but the equitable workplaces, and an engaged industry recommendations need to be adapted for the country’s ecosystem. The three areas, specific opportunities context. These are described in the next page (refer Figure 10). 28 | Figure 10: Opportunity Areas for Nepal’s Banking Sector that Require More Focus A. Strong organizational commitment and accountability for equitable representation Committed leaders B. Promotion of positive work norms by leaders who act as role models OPPORTUNITY AREAS C. Inclusive hiring Equitable and safe and retention E. Re-evaluation D. Tailored professional development workplaces of performance to unleash employee potential evaluation G. Allyship and F. Equitable support safety in the for work-life balance workplace H. Ambitious goals for women’s representation and vision for the industry Engaged ecosystem I. Technical and financial support for banks to improve women’s representation J. Networks and support for emerging women leaders K. Industry-wide accountability for women’s representation Inadequate Lack of Non-conducive Limited Inequitable Socio-cultural professional objective work impetus hiring constraints development evaluations environment for change BARRIERS TO ADVANCEMENT Relative importance of barriers to Nepal less moderately highly some existing requires relevant relevant relevant momentum more focus | 29 5.1 RECOMMENDATIONS FOR BANKS TO DEVELOP MORE COMMITTED LEADERS 1. Strong organizational commitment and 2. Promotion of positive work norms by leaders who accountability for equitable representation: act as role models: Banks in Nepal should set clear and time-bound targets Inspire and incentivize Nepal’s banking leadership, which is for women’s representation in hiring and promotion, predominantly male, to engender a culture that establishes with a focus on improved middle management retention. positive working norms. Leaders should endeavor to Banks must complement this with adequate resources normalize employees taking leave when required to help to put policies into practice, and continuous monitoring them balance personal commitments. This can help drive to ensure the organization stays on course and adapts to the acceptability of such norms within the bank and what is working and not working. Currently, only one of increase their adoption. the five surveyed banks monitors progress on diversity and inclusion goals, and only two of the five banks have made someone accountable for adherence to these policies in their organization. 5.2 RECOMMENDATIONS FOR BANKS TO CREATE MORE EQUITABLE AND SAFE WORKPLACES 1. Tailored professional development to unleash 3. Allyship and safety in the workplace: employee potential: Inspire all employees, especially men, to actively confront Curate initiatives to ensure women have access to biases and discriminatory or unprofessional behavior in adequate professional development opportunities to their interpersonal interactions, and to intervene to address meet their unique needs. Focus on programs that can be it when they observe it among their peers. Given the low leveraged by women facing time poverty and that connect trust in adequacy of existing channels to report bullying or women with each other for engendering stronger networks. sexual harassment incidents, ensure these channels work as Provide requisite support to women to take up critical intended and take measures to build trust in their efficacy. assignments, especially those arising in remote areas. In Nepal, several critical projects are in remote areas, where the safety of employees is also a concern. Ensure the 2. Re-evaluation of performance evaluations: provision of safe travel and accommodation arrangements Ensure that the performance evaluation process in for employees when travelling to remote locations for the banking sector in Nepal is thorough and free from critical assignments. bias. Prevent subjective criteria, such as visibility in the workplace or leave taken, from impacting a robust performance assessment. 30 | 4. Equitable support for work–life balance: caregiving responsibilities. This, coupled with visibility being Banking in Nepal is characterized by long working hours a latent criterion in performance evaluations, makes it and a six-day work week. Most bankers are expected to difficult for bankers to strike a healthy work–life balance. report to the office in person because no bank provides unrestricted WFH flexibility and only one bank has on-site childcare. This puts additional pressure on employees with CASE STUDY 1 Standard Chartered Bank’s Suite of Initiatives Aims throughout the bank on the importance of equitable to Build a More Equitable Work Environment. representation of women and provides a forum for healthy dialogue about this topic. All line managers Standard Chartered Nepal has instituted many programs, are required to attend unconscious bias training from hiring to retention, to address the inequities and (called “When We All Are Included”). biases women employees face in the workplace. The bank achieved its overall representation targets (45 Lastly, the bank has enacted a host of policies to percent) and is looking to expand these targets further. prevent sexual harassment and create a safe and All job advertisements are gender-neutral to ensure conducive work environment for women.41 In case there is no subconscious association of gender with the of any grievance/dissatisfaction, including sexual role, and at least one female panel member sits on the harassment, employees have escalation channels interview panel. Hiring managers are also trained in available to them, like reporting to the Line Manager, gender-sensitive interview etiquette. to compliance/HR teams or confidential speak-up The bank has an active women-focused employee channels. This helps the bank maintain a safe work resource group that runs specific initiatives and environment. engagement programs. This sensitizes employees | 31 5.3 RECOMMENDATIONS FOR THE INDUSTRY TO BUILD A MORE ENGAGED ECOSYSTEM 1. Ambitious goals for women’s representation and vision for the industry: Setting an industry-wide CASE STUDY 2 mandatory target by the central bank for representation United Nations Women-led Training in Nepal to of women in Nepali banks’ workforce and supplementing Boost Gender Communications Across Agencies. it with necessary support can provide a runway for banks to accelerate and monitor their progress. Such actions can A cross-agency training on gender in communications also serve as inspiration for other related sectors such as was conducted as part of the Gender Equality insurance and fintech, leading to wider transformation in Scorecard Recommendations put forward by the the financial services industry. United Nations Country Team – System-Wide Action Plan. The two-day training brought together United Nations staff from 13 agencies in Nepal, providing participants 2. Networks and support for emerging women leaders: with a range of tools and skills to develop gender- Women in banking in Nepal indicate the need for stronger responsive communication materials in their respective networks and professional support to further their careers lines of work. The sessions covered principles of in the sector. Banks may be able to move the needle on gender-sensitive communication from several angles, these gaps to an extent, but ecosystem-level actors (for including the use of gender-inclusive language. The example, the regulator, banking associations) can create panel also discussed the challenges of incorporating greater impact by creating cross-organization connections. gender-responsive communications in daily work and ways to overcome these challenges.42 3. Industry-wide accountability for women’s representation: Creating a culture of public disclosure of women’s representation in the workforce by banks in Nepal will elevate their accountability to achieving these goals. This ensures that women’s representation goals are treated with the same importance as other key performance metrics. 32 | | 33 ANNEXURE LIST OF PARTICIPATING BANKS IN NEPAL S. NO. BANK NAME 1. Laxmi Bank* 2. Machhapuchchhre Bank (MBL) 3. NMB Bank 4. Prabhu Bank 5. Siddhartha Bank 6. Standard Chartered Bank - Nepal *Laxmi Bank participated in the survey prior to its consolidation with Sunrise Bank in 2023. 34 | | 35 ENDNOTES 1 Credit Suisse Research. 2016. “The CS Gender 3000: The Data based on workforce composition of surveyed banks in 12 Reward for Change.” https://www.credit-suisse.com/media/ Nepal as of December 31, 2022; A 2022 article not associated assets/corporate/docs/about-us/research/publications/csri- with this research indicated women’s representation in private gender-3000.pdf. commercial banks is 40 percent. Source: Pande, Sabin Jung, and Ayusha Chalise. 2022. “Women in Banking Leadership: A Grim 2 Yu, Bing. Mary Jane Lenard, E. Anne York, and Shengxiong Wu. Reality.” The Farsight. https://farsightnepal.com/news/65. (2015). “Women Leaders in Banking and Bank Risk.” In Proceedings of World Business Research Conference, Hotel Novotel Xin Qiao, Data based on workforce composition of surveyed banks in 13 Beijing, China, June 11-13, 2015. https://studylib.net/doc/13320687/ Bangladesh and Sri Lanka as of December 31, 2022. proceedings-of-world-business-research-conference. 14 Data based on representation of women in new recruitments for 3 International Labour Organization (ILO). 2019. “The Business the year 2022 in surveyed banks for respective countries. Industry- Case for Change.” https://www.ilo.org/wcmsp5/groups/public/- level data were not available for this. --dgreports/---dcomm/---publ/documents/publication/ wcms_700953.pdf. 15 The India phase of the study focused on non-banking financial companies. Hence, comparisons here and throughout in this 4 The study simultaneously covered non-banking financial report do not include India, except where secondary data are companies in India, which are not covered by this report. available. For more details, please refer the Methodology section in the multi-country report. 5 ILO. Economic activity (International Standard Industrial Classification) 64 - Financial service activities, except insurance 16 Data based on workforce composition of the surveyed banks in and pension funding. respective countries as of December 31, 2022. 6 Data based on workforce composition of surveyed banks in Dhakal, Pabitra. (2021). “Board of Directors of 8 ‘A’ Class Banks 17 Nepal as of December 31, 2022; A 2022 article not associated Void of Women.” Nepal Press. https://english.nepalpress. with this research indicated women’s representation in private com/2021/03/26/board-of-directors-of-8-a-class-banks-lacking- commercial banks is 40 percent. Source: Pande, Sabin Jung, and women/ ; Data collated from official websites of all commercial Ayusha Chalise. 2022. “Women in Banking Leadership: A Grim banks listed on Central Bank’s website as of July 6, 2023. From our Reality.” The Farsight. https://farsightnepal.com/news/65. HR survey across 2020-22, two surveyed banks reported they had no women on their boards. Two other banks had one woman 7 Dhakal, Pabitra. (2021). “Board of Directors of 8 ‘A’ Class Banks each on their five and eleven-member boards respectively, while Void of Women.” Nepal Press. https://english.nepalpress. one bank had two women on their five-member board. com/2021/03/26/board-of-directors-of-8-a-class-banks-lacking- women/; Data collated from official websites of all commercial 18 Official Monetary and Financial Institutions Forum. 2022. banks listed on Central Bank’s website as of July 6, 2023. “Gender Balance Index 2022.” https://www.omfif.org/wp-content/ uploads/2022/04/GBI-2022.pdf. 8 All similar findings that report employee responses/perceptions are derived from the employee survey rolled out as part of the 19 Deloitte. 2022. “Within Reach – Achieving Gender Balance in research effort, unless specified otherwise. UK Banking Leadership.” https://www2.deloitte.com/us/en/ insights/industry/financial-services/women-in-financial-services- 9 Data based on workforce composition of the surveyed banks in leadership-roles.html. Nepal as of December 31, 2022; Women constitute 20 percent of middle management, 9 percent of senior management, and 16 20 Difference between men and women in terms of their percent of board-level positions in the banking sector in Nepal as aspiration in wanting to rise to a senior role is not statistically per an article published in 2022. Source: Pande, Sabin Jung, and significant. Ayusha Chalise. 2022. “Women in Banking Leadership: A Grim Reality.” The Farsight. https://farsightnepal.com/news/65. Data based on workforce composition of the surveyed banks in 21 Nepal as of December 31, 2022. 10 ILO. Economic activity (International Standard Industrial Classification) 64 - Financial service activities, except insurance ILO. 2021. “Labour Force Participation Rate by Sex, Age, and 22 and pension funding. Marital Status (percent).” https://www.ilo.org/shinyapps/ bulkexplorer25/?lang=en&id=EAP_DWAP_SEX_AGE_MTS_RT_A. Comparison based on ILO data available for latest year 11 (Bangladesh, Nepal: 2017; Maldives: 2019; Sri Lanka: 2020; India, 23 ibid. Bhutan: 2022). 24 ibid. 36 | ENDNOTES 25 Overall, 18 percent of female respondents indicate that their 37 Coyle, Daniel. 2014. ““Women’s Insecurities and the Workplace careers have been or will be impacted by childcare responsibilities. in Nepal.” https://www.files.ethz.ch/isn/177981/womens- This is covered in more detail in section 2.3. However, the survey insecurities-and-the-workplace-in-nepal-high-res.pdf. was only administered to current banking employees and did not cover individuals who may be on a career break and might have 38 The difference between responses of men and women is not quit the industry, and hence the figures might be underreported. statistically significant for a 95 percent confidence interval. 26 This also indicates the need for adequate paternity leave across 39 By definition, allies align themselves with disadvantaged or industries, so that women bankers whose partners are employed oppressed groups and recognize the need for further progress in other industries can benefit. This will also benefit women in the journey toward equality. For example, male allies actively professionals in other industries. The banking industry could lead confront inequality in interpersonal interactions and intervene to the way by being an exemplar for other sectors. address the structural and institutional dimensions of inequality. Crucially, allies recognize their roles in potentially perpetuating the 27 The difference between the responses of men and women is not status quo. Source: Nash, Meredith, Ruby Grant, Robyn Moore, statistically significant for a 95 percent confidence interval. Tania Winzenberg. 2021. “Male Allyship in Institutional STEMM Gender Equity Initiatives.” PLoS ONE 16, no. 3: e0248373. https:// 28 ibid. doi.org/10.1371/journal.pone.0248373. 29 ibid. 40 The difference between responses of men and women is not statistically significant for a 95 percent confidence interval at 30 As noted earlier in the report, the survey only captured senior-management level. responses from current employees. Individuals—especially women—who are on a career break or have quit the industry Interview with Zarin Daruwala, Chairperson of Standard 41 due to similar reasons (for example, care responsibilities) are not Chartered Nepal. Retrieved from The Kathmandu Post. captured by the survey. Thus, the actual extent of the challenge may be higher. 42 Abbas, Anam, Aino Efraimsson, and Ashma Shrestha. 2019. “UN Women-led Training Boosts Gender Communications Across In 2017, Nepal repealed a previous provision existing in the Labor 31 Agencies in Nepal.” UN Women. https://asiapacific.unwomen.org/ Act that mandated provision of on-site childcare. en/news-and-events/stories/2019/09/un-women-led-training- boosts-gender-communications-across-agencies-in-nepal 32 Correll, Shelley J., and Caroline Simard. 2016. “Research: Vague Feedback Is Holding Women Back.” https://hbr.org/2016/04/ research-vague-feedback-is-holding-women-back. 33 Fiske, Susan T., and Steven L. Neuberg. 1990. “A Continuum of Impression Formation, from Category-based to Individuating Processes: Influences of Information and Motivation on Attention and Interpretation.” Advances in Experimental Social Psychology 23: 1–74. https://www.sciencedirect.com/science/article/abs/pii/ S0065260108603172?via%3Dihub. 34 Higgins, E. Tory, and John A. Bargh. (1987). “Social Cognition and Social Perception.” Annual Review of Psychology 38:369–425. https://doi.org/10.1146/annurev.ps.38.020187.002101. 35 Schein, Virginia E. 1973. “The Relationship Between Sex Role Stereotypes and Requisite Management Characteristics.” Journal of Applied Psychology 57: 95–100. https://doi.org/10.1037/ h0037128. 36 Bullying behavior at work is when an individual intentionally uses aggressive or unreasonable behavior or comments to hurt or isolate an employee; for example, through hurtful jokes, teasing, scolding or rude dismissal, yelling, or shouting. | 37 IFC Nepal Country Office Yak & Yeti Hotel Complex, Durbar Marg, Kathmandu, Nepal www.ifc.org