The theme of this year’s campaign is Accelerate Action, meaning as well as celebrating the achievements of women and advocating for progress with issues that affect women, there is also a focus on how to speed up the rate of change and work towards a more inclusive, equal society.
Here, we speak with Sue Hayes, chief executive of Nottingham Building Society.
Who are you and where do you work?
Sue Hayes, chief executive at Nottingham Building Society.
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How long have you been working in the sector?
I’ve been working in financial services for over 25 years, in both retail and business banking. My particular love is mortgages, though. They are always facing a lot of challenges, including competition and market conditions, but no one is loved universally for the service they provide. That is what we see as a real opportunity to make the change.
Have you always worked in financial services?
Yes, apart from a brief spell when I worked as a trainee legal executive for a criminal and litigation law firm. That put me in good stead to understand people from all walks of life and with all sorts of stresses. Money can be just as stressful.
When did you realise financial services would be a career for you?
I am not sure I ever thought that until more recently. I think we can really make a difference in people’s lives, not just functionally in terms of money but emotionally, in terms of what it can do. I find that and all the facets of people’s opportunities and challenges and whether you can help them utterly fascinating.
Do you feel like you worked harder than male counterparts to get where you are?
No. It’s an interesting question but there are an awful lot of people in financial services who work really hard, and it doesn’t matter whether you are male or female. You must be prepared to be where you are needed and when.
In what ways do you try to support women already in the sector or those wanting to join?
Ensuring women succeed in financial services is really important. Many (but definitely not all) are less confident in their abilities. For me, it is about helping to build confidence and being honest about what it takes. It is also about giving people opportunities and the space to be heard.
One of the biggest ways we can make a difference is by encouraging young people to consider a career in the sector. It’s important to start this process early, by engaging with students at schools and universities to help them understand the breadth of opportunities available within financial services. By speaking at events, participating in career fairs, and mentoring young people, we can show them that this is an industry where they can thrive, regardless of gender. The earlier we introduce these opportunities, the more we can inspire and build the next generation of talent, ensuring it’s diverse and inclusive from the start.
At Nottingham Building Society, we focus on fostering an inclusive culture where talent is recognised based on merit alone. I also advocate for workplace policies that support career progression for all, such as leadership development programmes. Encouraging everyone to pursue careers in financial services starts with visibility – making sure they see role models in senior positions and know that they, too, can aspire to leadership.
The theme of IWD this year is ‘Accelerate Action,’ highlighting that there is still a long way to go until we reach genuine gender parity. Do you feel like the financial services sector is progressing at a satisfactory pace?
Given the importance of our sector and the opportunity that we have to positively impact people’s lives, it’s essential that achieving gender and overall parity is a priority for all of us.
We’ve made great progress, but there is more for us all to do. Alongside others, Nottingham Building Society signed the Women in Finance Charter in 2016 and committed to setting measurable diversity targets. Our original target of 30% female representation in leadership roles has since increased to 35% in 2020, and we aim to improve this further, with incremental goals each year, to achieve diversity and get the very best people for the job.
It’s crucial that the initiatives we have seen emerge in the sector, designed to promote gender equality, are supported by meaningful actions – such as ensuring diverse hiring panels – to ensure positive outcomes.
We also need to create a cultural shift. Financial services must move away from outdated structures that hold back anyone’s career development, particularly at key life stages like starting a family. Our shared goal should be to create an environment where talented individuals, no matter their gender or background, can succeed and reach their full potential.
What more can be done?
It’s not enough to simply offer advice or guidance; everyone needs senior leaders who actively advocate for their career advancement and provide opportunities to help them grow.
We also need to encourage people from more diverse backgrounds to consider financial services from an early stage, working with schools, universities, and entry-level programmes to demonstrate that this is a sector where they can thrive and succeed.
When it comes to gender equality, where do you think financial services has done well?
There’s been a clear shift in recognising the importance of gender and overall diversity in leadership, and we’re seeing more businesses commit to change. Initiatives such as gender pay gap reporting have helped bring these issues to the forefront, and there is growing recognition of the benefits that diverse leadership teams bring to business performance.
Firms are also making progress with flexible working policies, family-friendly benefits, and networking groups to support women. Many organisations are also focusing on inclusive recruitment and making sure hiring panels are diverse to reduce unconscious bias.
While these steps are encouraging, they need to lead to lasting, meaningful change. Things are improving, but we must renew our efforts to ensure gender equality becomes a reality at every level of our industry.
