BAKU, Azerbaijan, February 15. The survey conducted by the Central Bank of Azerbaijan (CBA) shows that women constitute 42 percent of the labor force in the financial sector among 49 financial institutions, including 12 investment companies, 21 banks and 16 insurance companies., Trend reports.
The Central Bank highlighted that 37 percent of new hires in the past twelve months were women.
The data noted that women make up 39 percent of the total workforce in the banking sector, and 34 percent of those hired in the last twelve months. In comparison, women represented 38 percent of the total workforce in 2024. However, the representation of women in leadership roles is lower, with 21 percent of department and division heads being women, and 9 percent and 11 percent representation on the Supervisory Board (SB) and Board of Directors (BoD), respectively. This indicates the need for additional steps to promote gender equality at leadership levels, as only 8 banks have included internal gender diversity requirements in their documentation.
Currently, in investment companies, women comprise 44 percent of the workforce, and 32 percent of new hires last year. However, their representation in senior management roles is even lower. Women hold 25 percent of department and division manager positions, but these numbers drop significantly at higher management levels, with 4 percent representation on SBs and 12 percent on BoDs.
"In the insurance sector, women make up 43 percent of the total workforce, and 47 percent of new hires in the past twelve months, reflecting a positive trend towards gender equality in this segment. Additionally, 31 percent of department and division heads in the insurance sector are women, with 14 percent and 23 percent representation on SBs and BoDs, respectively, which is considered a more satisfactory figure compared to other sectors in finance," the report said.
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