Women in Finance - International Women's Day

Amidst the flurry of posts flooding our LinkedIn feeds this week, we are reminded of a global celebration honouring the profound social, economic, cultural, and political triumphs of women. Due to the nature of International Women’s Day and its theme ‘Inspire Inclusion,’ I want to shine a light on a handful of women who share their experiences within finance leadership roles across the third sector

Over the last 20 years, we have seen exponential growth in the representation of women leaders in the not-for-profit sector. The Charity Finance Directors Survey 2024, found that 38% of the finance directors at the UK’s largest 100 charities are women. This is an 18% growth on the year 2008. Although the statistics are encouraging, there is more work to be done to drive women forward. Pro Bono Economics released a report in November 2023 highlighting the importance of having women in leadership roles and at board level. This was highlighted further when it came to the changes in package, salary and benefits, with flexible working, leave arrangements, and fair pay included in this. It was argued, that whilst some charities can be perceived as predominantly female-focused in terms of their workforce, our job is still not done in supporting them. Across philanthropy, we are still seeing charities that predominantly focus on supporting women and girls are still being deprioritised and are chronically underfunded.

I was honoured to interview Olaide Olunloyo, Head of Finance at Jesus House, Nicola Ford, Group Director of Finance at Avenues Group and Stephanie Nicholson, Director of Finance at Hand in Hand International. Each individual gave their insights into how they got into the Third Sector, their biggest inspirations, and what they think the sector can do to encourage more female leadership in Finance.

What made you decide to work in Finance, specifically in the Not-For-Profit sector?

OO: Growing up, I had a natural inclination towards numbers and figures. When I was young, I would look at Annual records to gain further understanding of the calculations! In terms of my development into the Charity sector, it wasn't something I set out to do, however, I feel that Finance is a huge stakeholder in organisations, and as I developed my understanding, I felt that I had a sense of purpose and fulfilment. Working in the Charity sector means you are all working towards the same goal, it's collaborative, and that's what I enjoy about it.

NF: I always loved maths, I have a very logical and problem-solving brain. When I finished my A-Levels, I didn't want to go to University to study a non-relevant degree so decided to study ACA and achieve my qualifications by the age of 22. In terms of sector, I didn't start out thinking I would focus on Not-for-Profit, however as time went on, I worked in organisations such as The British Council and MSI Reproductive and enjoyed the fact that I was working in Finance but working for a charity where you can make a difference to people’s lives. This is what motivates me to work at Avenues Group.

SN: I started my career on a management consulting graduate scheme, in the corporate sector. Whilst there, I developed my skillset in financial managment and forecasting. The company I worked at had a charity scheme and I was able to work on two non-profit sector projects, which I found so much more interesting and fulfilling! I started looking at organisations that I could apply my knowledge to, and it went from there. I found that in the corporate sector, you are more likely to focus on your own development and personal goals, whereas, in the not-for-profit sector, you are collaborating with others to achieve your mission and make a positive impact as a team.

What do you think the main challenges are for women working in the sector?

NF: I wouldn't say that my gender has held me back particularly but when I started in my first role I was surrounded by males when working in audit but was supported by the female colleagues and leadership. I think the charity sector does better than some sectors to accommodate women in terms of progression prospects. I do think that it has developed over time - when I started in my current role, the executive team was male-dominated, and now we have more females than males in our executive team.

SN: In general, I do think the sector itself could lend itself to be more accommodating to individuals who have no previous Not-for-Profit experience. A lot of charities seek previous experience in similar roles, and it should be more accessible! Parental leave can be a challenge in the sector as well, and we’ve done a lot over the last few years to enhance our benefits in this area to support parents and those with care responsibilities.

OO: It has gotten a lot better. In my personal experience, I have seen things evolve. There is the issue of the gender pay gap, but this isn't limited to the Not-for-Profit sector. I think that women wear so many hats - Wife, Mother, and CEO. We need to encourage women to be 100% in every sense and I think we can undervalue what women do daily!

Do you think the landscape is changing in the NFP sector for female leadership?

SN: I work in an organisation that supports women's economic empowerment - and since I have been there, we have always had a female CEO, we now have a female Deputy CEO, and of course - Finance Director. The diversity of boards and trustees is adapting at a slower pace, and there should be further focus on women as well as diversity as a whole in trustee and board positions.

OO: The landscape is changing - but there is more to be done. In a recent Chief Executive survey, a third of CEO's are women. However, my question is, when you look at the top 100 CEO's in the Not-for-Profit sector, why are we not seeing more women? I think it may be that women are not as bold and forthright as men are, whether it is down to how we are raised or due to imposter syndrome, but we need an environment where we can push women further.

NF: I believe that the introduction of flexible working was a real change for women in leadership roles. Hybrid working has helped work/life balance and I find in my organisation that it works well. It's important to consider that while there is a job to be done, there's also a home life to live.

How can women be better supported to develop in leadership roles?

OO: I am a real advocate for lifting up and supporting other women, I think that it is all well and good having a system or process in place that supports women in their organisation, but it's important to consider and understand the challenges they face. An inclusive environment must be in place where women can vocalise their thoughts and opinions. It must also be a conscious effort - we speak about this but it's another thing entirely to actively create spaces for change.

SN: I think the most important way we can support women is through professional development plans, outlining what someone can do to progress. Keeping in mind, that most charities in the UK are small and sometimes there is nowhere for the individual to progress to - we must be more accepting of people wanting to move on to progress further in their careers. I also think that having dedicated study days in place for those pursuing further education would help, as it can be tough working a full-time job and studying.

Do you think it’s more challenging to express your achievements?

SN: I agree with this - when I got promoted, I felt uncomfortable posting about it despite being encouraged by my friends and family, it almost felt like I was bragging!

NF: I don't have to express them - my team shouts about my achievements for me! Be proud of your achievements, know your worth, and believe in yourself!

OO: I have seen women overcome this over time, we are still learning. But I think that women need to learn how to own their successes. As data-focused individuals in finance, use the data from the work you have done and build a portfolio, this helped show me truly how valuable I am in the workplace.

Who inspires you?

NF: My mum. At a young age, she was not given the opportunity to study and pursue a career, but she encouraged me in my studies and career path. She has also instilled in me a strong "keep going" mentality which I apply to my life and career. I wouldn't be where I am without her!

SN: My fiancée and my friends. My fiancée has such a strong work ethic and passion for his work, which really pushed me to think "I want that!", and I have some amazing who friends are all strong, successful women working in various fields- we all lift each other and inspire each other when we need it.

OO: My family and friends truly inspire me and challenge me to go on especially as I am surrounded by so many strong women doing amazing things. I am also deeply inspired by Cherie Blair. She is such a big advocate for women, children, and empowerment. She has spoken on so many issues facing women, such as how you can balance your work and home life - she is so outspoken about not having to trade off work or home, you can have it all. I love her courage and resilience.

What advice would you give to women at the start of their career in Finance?

SN: Establish good relationships with the different areas of the organisation you are working with, and talk about what they need. Being able to communicate the data to other non-finance colleagues is essential, and being confident in your knowledge and skill set. I would also say that taking up any training opportunities or mentorship to guide you through your journey is important.

NF: I would say, "Go out there and be the best you can be. Work hard, and take any opportunity that appeals to you." Build your network, reach out to a potential mentor, and most of all - be resilient. There will be knockbacks, and ups and downs, but keep going!!

OO: I would say to my younger self that networking is key in the finance industry. I tend to be quite reserved, but it's about realising that you do have a voice, and irrespective of where you are in your career you do have something to bring to the table, so be confident in that knowledge. Build strong relationships and attend industry events. Have a training plan, and create milestones that you want to reach in your career. Look at women in leadership - do your research, where did they start? Let that inspire you! You deserve a seat at the table, you are the woman for the job.

As these remarkable leaders have acknowledged, we must continue to make steps to inspire inclusion, but we are always reminded of the progress yet to be made. As the dynamics evolve within the not-for-profit domain, it's important to welcome women of various abilities, ethnicities, beliefs, ages, and gender identities in our executive teams and our boards. Through initiatives including mentorship opportunities, workshops, and networking, we can foster a more inclusive environment, giving women from every walk of life the opportunity to feel empowered and thrive within the not-for-profit sector. If you would like to discuss how you can promote #InspireInclusion please do not hesitate to reach out.

I want to say a massive thank you to Olaide Olunloyo, Nicola Ford, and Stephanie Nicholson, for your valuable time, insightful answers, and for making this article possible!