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1、industries such as Wealth Management,Trust,Securities,Funds,Insurance,Private Equity and Futures.This demonstrated Shanghais determination to develop as a global financial center.In recent years,Shanghai launched the“3411”Financial Talent Project,in the purpose of build a robust industry.Three types
2、 of leaders have been attracted and cultivated,such as overseas financial professionals,leading financial talent and young financial talent.In 2021,the number of financial professionals in Shanghai exceeded 470,000.Additionally,Shanghai is blessed with abundant higher education resources.By the end
3、of 2020,the city boasts 63 universities and colleges,with 540,700 current students and 135,600 graduates.Shanghai also vigorously promotes talent system reform,proactively provides financial service incentives to attract institutions and talent in the industry.When looking at the financial professio
4、nals from a gender perspective in Shanghai,men account for about 51%,and women account for about 49%,with the latter number slightly higher than the national average for women working in the financial sector.Despite the growing female power in the financial industry,women are still underrepresented
5、in capital market senior positions,and there exists a gender pay gap.Utilizing big data,the“Report on the Living Conditions of Women in Chinas Financial Sector”analyzed the gender distribution of mutual fund managers,securities analysts,as well as directors,supervisors and senior managers of listed
6、companies.Results show that there are fewer women in elevated roles,and the average income of female executives is also lower than their male counterparts.It is obvious that women still face challenges of gender and pay,if they want to achieve development equality in the financial sector.It has been
7、 a priority of Shanghai municipality to ensure that womens rights to equal development is fully guaranteed.In July 2021,the Shanghai Municipal Government issued the“14th Five-Year Plan for the Development of Women and Children”,setting 33 indicators for the priority development of women in six areas
8、,including economic participation,physical and mental health,marriage and family,and rights protection,etc.The hope is that by 2025,the development level of women and children in Shanghai will remain“leading domestically and advanced internationally”.The plan pointed out,“we should attach importance
9、 to the womens development and improve womens impact on economic and social progression;we should take into account of Shanghais industrial transformation and strategies,attract and support more women to find employment in emerging industries,and guide women to become part of the integrated developm
10、ent of the Yangtze River Delta”.The financial industry belongs to the catalog of“Strategic Emerging Industries Classification(2018)”issued by the National Bureau of Statistics.The plans implementation provides policy support and rights protection for female professionals of the industry.As a leading
11、 public-interest organization for womens personal and professional development in China,Lean In China has been exploring leadership in women and is committed to building an ecosystem that encourages more Chinese women to“lean in”.Through data research,talent education and tech entrepreneurship,we ha
12、ve established 100+women communities across the country.In 2022,Lean In China,together with Zhaopin,a leading human capital platform in Asia,jointly released“2022 Women,Work and Happiness:Report on the Development of Women in the Asset Management Industry in Shanghai”,which hopes to inspire policyma
13、kers,employers,professionals and job seekers in the financial sector.This report is also the first gender research project driven by data on the asset management industry in China.ForewordShanghai,one of the most dynamic cities in the world,has demonstrated excellence in many aspects,including econo
14、mic diversity,cultural inclusion and broad-mindedness.In 2021,Shanghais GDP exceeded the four-trillion-RMB threshold,an increase of 8.1%compared to the previous year.In the same year,“The Global Top 500 Cities”report measured the brand value of major cities in various countries from different dimens
15、ions,including economy,governance and talent,etc.Shanghai was ranked in the top 10 for the first time,and surpassed Hong Kong to become the most valuable city in Greater China.The financial sector is one pillar of Shanghais economic growth.In 2020,the added value of Shanghais financial sector reache
16、d 716.63 billion RMB,accounting for 18.5%of the citys GDP and 8.5%of the added value of the countrys financial sector.The annual turnover of the financial market was 2,274.83 trillion,17.6%higher than the previous year.The total market value of companies listed on the Shanghai Stock Exchange exceede
17、d 45.53 trillion RMB at the end of the year,ranking#1 in total equity financing in the world.In addition,the Shanghai Gold Exchange ranked 1st among all countries in spot gold trading volume,the Interbank Bond Market ranked 2nd in the world in size of assets under custody,and the trading volume of m
18、ore than 10 types of futures at the Shanghai Futures Exchange all ranked 1st globally.The“Global Financial Centers Index Report 2021”evaluated major financial centers in the world from varied indicators:business environment,development of the financial sector,infrastructure,human capital and other f
19、actors.Shanghai ranked the third globally in the report,following New York and London.According to a report from a government commissioned research team on building Shanghai as an international financial center,efforts should be made during the 14th Five-Year Plan period to build and upgrade Shangha
20、i as an International Financial Center.In the next 5-15 years or even 30 years,Shanghais general target is to transitioning from an“international financial center”to a“global financial center”,creating a new pattern of“tripartite confrontation”made up of New York,London and Shanghai.Shanghai has the
21、 highest concentration of domestic and foreign financial institutions in China,and the number of asset management companies located in Shanghai ranks 1st in the nation.Shanghai has accepted over 1,600 licensed financial institutions,of which foreign financial institutions account for 1/3.As of Q4 20
22、20,among the 33 wholly foreign-owned and joint-venture private equity registered at the Asset Management Association of China(AMAC),most are located in Shanghai.Shanghai has become the first choice that foreign financial institutions to open business in China.In addition,Shanghai is home to 2,295 eq
23、uity investment companies.The size of insurance asset management and mutual funds in Shanghai accounts for over 30%of the countrys total.Till the end of June 2021,among the 152 mutual funds in China,71 mutual funds had their address registered in Shanghai,accounting for almost half of the total.Amon
24、g these companies,24 were wholly foreign-owned and Sino-foreign joint venture,accounting for more than 50%of all joint venture fund companies in the country.For private equity,in the same period,38 of the 86 private equity firms with 10 billion RMB of private placement are located in Shanghai,accoun
25、ting for 44%of the national total.Also,Shanghai ranks first in China in both size and number of funds under management.2021 was the key year for China to speed up financial opening-up and implement new regulations on asset management.In 2021,the General Office of Shanghai Municipal Government issued
26、“Certain Opinions on Accelerating the Construction of Shanghai as a Global Asset Management Center”,which is the first such document issued by a provincial government in China,systematically supporting the development of the broad asset management 020509505151I.About the ReportII.Executive SummaryII
27、I.Findings References Acknowledgments Team Industry OverviewWorkplace EnvironmentCareer DevelopmentStress and Motivations09142541Contents2Objectives1.To promote gender equality and womens professional development in the financial sector,and inspire more women to move up the career ladder2.To underst
28、and obstacles and real needs for women by data in the Industry,and advocate creating a more diverse,equal,and inclusive working environment3.To unleash the potential of female talent,encourage them towards greater career achievements,and mobilize their active participation in Shanghais inspirations
29、as a global financial centerSample and MethodologyThrough the recruitment platform of Z,the report team obtained a data pool of asset management companies(AMCs)in Shanghai(i.e.,funds,securities,futures and investment)from January 1 to December 31,2021,which covers approximately 80,000 people(mobilit
30、y within the sample exists,but the total number remains constant),and used it as a basic sample for observation and analysis.Meanwhile,an“Online Survey on Asset Management Professionals in Shanghai”was distributed into the data pool.Valid samples collected made up 2%of big data samples.Female respon
31、dents accounted for 50.3%,while male respondents constituted 49.7%.All respondents were requested to answer anonymously to ensure the objectivity of the survey.Main Sources of Respondents1.Age groups of 31-35(30.3%),26-30(24.6%)and 36-40(17%)2.Bachelor degree and above(90.6%)3.Married with children(
32、56.7%)and unmarried without children(38.8%)4.Pre-tax monthly pay between 10,001-40,000 RMB(55.8%)5.Employers evenly distributed among securities companies(22.1%),private equity(19.1%),insurance companies(18.5%),banks(17.6%)and mutual funds(17.3%)“2022 Women,Work and Happiness:Report on the Developme
33、nt of Women in the Asset Management Industry in Shanghai”is designed to understand the asset management industry(hereinafter referred to as“the Industry”)from a gender perspective,through combining big data and the online survey at Zhaopins recruitment platform.By selecting funds,securities,futures
34、and investment as four sub-sectors,the Report objectively showcases the development status of the Industry with an in-depth analysis of different aspects,such as workplace environment,career development,stress and motivations.The Report is based on“Women,Work and Happiness”,the first data-driven res
35、earch project on working women in China since 2016 created by Lean In China.Leveraging its brand impact through years of expertise on women for its professional research team,the Report evaluates womens contribution in the Industry,understand the value of womens leadership in the social development,
36、and showcases the potential of“womenomics”in Shanghai.I.About the Report32022 WOMENWORK AND HAPPINESSDemographicsPre-tax monthly pay(RMB)13.64%14.85%5.15%5.46%2.42%1.82%27.27%13.33%9.39%6.67%80,001-100,000Over 100,000Under 5,0005,001-10,00010,001-20,00020,001-30,00060,001-80,00050,001-60,00040,001-5
37、0,00030,001-40,000Rank at work18.48%12.73%7.88%3.33%30.61%1.21%25.76%First-line employeeFirst-line managerMiddle managerSenior managerC-suiteOthersBoard memberMarriage and maternity/paternity1.21%2.42%8.49%45.76%38.79%2.12%1.21%Unmarried without children Married with two childrenDivorced without chi
38、ldrenDivorced with children Married without childrenMarried with one child Married with three childrenLevels of education9.39%58.18%25.76%6.67%Associates degree and below(e.g.,junior college and high school diploma,etc.)Masters degreeBachelors degreeDoctoral degreeGender 50.3%49.7%MenWomenAge16.97%1
39、0.3%3.33%13.34%30.3%1.21%24.55%18-2536-4031-3526-3050 above46-5041-454Nature of employer 29.7%21.82%1.21%45.76%1.51%Private companiesIndustry associations/non-profit organizationsState-owned enterprisesGovernment agencies/public institutionsForeign companies/joint venturesYears of work experience15.
40、76%20.6%2.42%3.64%18.18%9.7%29.7%Under 1 year6-9 years1-2 years3-5 years10-15 yearsOver 20 years16-20 yearsTypes of investment11.52%5.76%7.27%11.82%25.15%38.48%StocksDerivativesBondsAlternative InvestmentsForeign exchangeOthersTotal assets under management(RMB)16.97%3.94%0.91%4.85%22.42%9.7%10.91%30
41、.3%Under 1 million10-100 million1-5 million5-10 million100 million to 1 billion1-10 billionOver 10 billion Do not manage assetsTypes of position 7.25%9.27%16.52%7.25%3.19%8.98%24.35%23.19%InvestmentManagementSalesTradingRisk management/complianceResearchTechnologyOthersTypes of employer19.09%17.58%5
42、.45%18.49%17.27%22.12%Securities companiesPrivate equity firmsInsurance companiesBanksMutual fundsOthers52022 WOMENWORK AND HAPPINESSIndustry OverviewII.Executive Summary2.From the survey“Promotion and pay rise”are closely related in the Industry.The longer the professional experience respondents ha
43、ve,the higher the seniority and pay.The best 3 paying employers for women are mutual funds,private equity,and securities companies.The best 3 paid positions are research,management,and risk management/compliance.Over 92%of men manage assets,while the number of women not entitled to capital allocatio
44、n roles is 1.46 times than men.In the Industry,the proportion of unmarried men without children is higher than that of women.These in management positions have the most children(2-3).1.From the big data poolThe proportion of women in the Industry is slightly lower than that of men,but the female emp
45、loyment ratio has increased in the past three years.Nearly 60%of female professionals are under the age of 30.Women who hold a masters degree or above are higher than that of men.The proportion of women working in functional roles is higher than that of men,while women in senior management and busin
46、ess positions are respectively 30%lower than men.A gender pay gap does exist in the Industry.Womens monthly pay is nearly 25%lower than mens in 2021,but their pay increases slightly higher than that of men.Asset management professionals prefer“looking for the next job”in the same industry.Internet/e
47、-commerce is the commonly desired industry for career shifts for both genders.6Workplace Environment1.Gender ratioOver half of AMCs hire more men,and 81%of top positions are taken by men.The data reveals women encounter more challenges in reaching to the top.The better the gender ratio in management
48、 level,the more likely gender equality is achieved throughout the organizaiton.Maternity and ageism are the biggest challenges for women in the employment.More than 80%of respondents agree that women encounter gender discrimination.The higher the level of education and seniority are held by responde
49、nts,the more likely for them to perceive the severity of workplace discrimination against women.3.Workplace challenges4.Workplace safety More than 60%of respondents say sexual harassment exists in their workplace,but younger female employees are less aware of this.The higher the level of education a
50、nd seniority are held by respondents,the stronger their awareness of workplace sexual harassment.Case study:Shanghais first legal case on“workplace sexual harassment”after the implementation of The Civil Code of China in 2021,to mandate employers obligations to prevent and stop this issue.2.Workplac
51、e environmentRespondents value recognition and respect most in the workplace.Women desire for transparent competition and equal promotion opportunities.Respondents who are aged 50+and who have three children value financial rewards,while Millennials and Generation Z are most eager to be recognized a
52、nd respected.5.Gender stereotypes“Men are better at strategy and leadership,while women are more patient and persuasive.”Womens ability in sales is acknowledged while mens capacity in fundraising is recognized.The Industry needs to break stereotypes and occupational gender segregation.72022 WOMENWOR
53、K AND HAPPINESSCareer Development1.Pay satisfactionNearly 70%of respondents are satisfied with their pay.Women have higher pay satisfaction than men in general.Women in C-suite positions are most satisfied with their pay,and 80%of female respondents aged 31-35 are content with it.Employees of foreig
54、n companies,joint ventures and state-owned enterprises have the highest pay satisfaction,with an average salary of over 30,000 RMB per month.Salary is no longer the only criteria,with respondents also valuing culture and environment in the workplace.4.Industry prospectsAlmost 80%of respondents are o
55、ptimistic about the industrys future.Women believe its promising opportunities than men.Mutual fund employees show the greatest optimism about industry prospects,while insurance companies seem less able to retain employees on a long-term basis.Respondents investing in foreign exchange,bonds and stoc
56、ks are the most confident about industry prospects,while 25%of alternative asset investors intend to switch careers.Over 80%of respondents recognize the importance of ESG to the future development of AMCs.Chief executives and risk management/compliance positions value ESG the most.2.PromotionOver 90
57、%of respondents hope to get promotion.Women show a stronger desire for progression to senior management level.Although female respondents show greater desire to advance their career,they are also aware that their prospects are limited.Age discrimination is the biggest obstacle to promotion for both
58、genders.Women have significantly less opportunities for progression after giving birth.3.Job hopping More than 70%of respondents have changed jobs at least once within the Industry.Women have higher job stability compared to men.Over 40%of private equity employees have changed jobs at least twice wi
59、thin the sector.Respondents in investment position are most likely to look for new opportunities in the same industry.The top reason for respondents to change jobs is their personal career plan not being aligned with the organizations development.Women leave because of no promotion opportunities.8St
60、ress and Motivations2.Working hoursThe higher the senority of respondents,the longer the daily hours they worked.Female board members work the longest daily hours.Employees in banks and private equity are under greatest pressure,with the latter daily working at 9.34 hours per day.1.Stress levelsThe
61、stress level of board members is the highest,chief executives and senior managers are less stressed than first-line employees.The more assets respondents manage,the more likely they feel stressed.The asset management industry is not“super stressful”,but there still are nearly 40%of respondents feel
62、high stress.3.Sleep statusMore than 86%of respondents sleep under 8 hours per day,and 40%sleep 6 to 7 hours.Chief executives and first-line employees are the most sleep-deprived.Employees in mutual funds are not getting enough sleep compared to those from other AMCs.5.Career motivationsMost responde
63、nts work for“career achievement and money”.Women comparatively are driven by passion or interest,while men are more motivated by status or reputation.For work motivation,the importance of money decreases with seniority.More than 70%of board members are driven by the desire for power.4.Career success
64、To achieve career success in the Industry,nearly 40%of respondents primarily need support from their bosses.Over 40%of Generation Z value supportive policies offered by organizations.Women expect more support from their partners at home.92022 WOMENWORK AND HAPPINESSIndustry Overview1.From the big da
65、ta poolThe section analyzes gender ratio,employment,employees salary,marriage and maternity/paternity of the Industry in Shanghai.It represents the status quo of the whole sector through big data and the survey.According to the big data pool,the ratio of male versus female in the asset management se
66、ctor was 1.12:1 in 2021.The proportion of female increased by 1.3 percentage points from 45.9%in 2019 to 47.2%in 2021.The age distribution shows women under the age of 30 accounting for nearly 60%,10%higher than men in the same age group.In terms of education level,the proportion of women with a bac
67、helors degree is only 1.8 percentage points lower than that of men,while the proportion of women with a masters degree and above is 30%,which is 3.5%higher than that of men.According to position shifting in the Industry,from 2019 to 2021,the proportion of women in functional roles(such as human reso
68、urces,finance,administration)was much higher,exceeding 70%over the three-year period.However,womens proportion in senior management positions and business positions(such as securities,futures,investment management,professional services)is nearly 30%respectively lower than that of men.However,in the
69、latter two types of positions,women numbers have been increasing year by year,with 3.2 and 4.4 percentage points each in 2021 compared to 2019.III.FindingsDistribution of gender and positions(2019-2021)Women201920202021MenSenior management31.58%68.42%32.29%67.71%34.79%65.21%Securities/Futures/Invest
70、ment management/Professional Services33.62%66.38%35.78%64.22%38.05%61.95%Administration/Logistics/Secretary80.35%19.65%79.05%20.95%74.37%25.63%Finance/Audit/Tax75.53%24.47%75.64%24.36%76.87%23.13%Human resources77.73%22.27%78.56%21.44%78.33%21.67%The proportion of women in the Industry is slightly l
71、ower than that of men,but the female employment ratio has increased in the past three years.Nearly 60%of female professionals are under the age of 30.Women who hold a masters degree or above are higher than that of men.The proportion of women working in functional roles is higher than that of men,wh
72、ile women in senior management and business positions are respectively 30%lower than men.Proportion of women(2019-2021)45.9%46%0.1%47.2%202120202019Levels of EducationWomenMenMasters degree and aboveBachelors degreeJunior college and below26.2%29.7%44.3%46.1%29.4%24.3%1.2%10In 2021,womens average mo
73、nthly pay was 11,049 RMB in the Industry,while men were paid 14,495 RMB.The data means womens average monthly income was only 76.23%of men.If the annual remuneration is calculated on a 12-month basis,womens income was at least 40,000 RMB less than that of men.In the same year,womens monthly pay incr
74、eased by 8.5%over the previous year,1.8 percentage points higher than that of men.For both genders,changing jobs within the financial industry is still preferred.Men are more willing to seek new opportunities in the same industry than women.More than 40%of men hope to work in the Industry(i.e.,funds
75、/securities/futures/investment)when they shift jobs,while womens desire to stay in the industry is 13.5 percentage points lower than that of men.Outside of the financial sector,women prefer industries such as internet/e-commerce,and consulting/professional services;their desire to seek jobs in these
76、 two areas is 6.3%and 5%,respectively.Men intend to find opportunities in computer software(5.3%)and internet/e-commerce(5.1%).A gender pay gap does exist in the Industry.Womens monthly pay is nearly 25%lower than mens in 2021,but their pay increases slightly higher than that of men.Asset management
77、 professionals prefer“looking for the next job”in the same industry.Internet/e-commerce is the commonly desired industry for career shifts for both genders.Top 10 desired industries where women want to change careers 2.6%2.7%3.6%3.6%3.6%4.8%5%6.3%16.9%30.6%Funds/securities/futures/investmentEducatio
78、n/training/universities&collegesBanksReal estate/construction/building materials/engineeringInternet/e-commerceTrust/guarantee/auction/pawnConsulting/professional servicesTrading/import&exportComputer softwareInsuranceTop 10 desired industries where men want to change careers1.5%1.8%2.4%2.4%2.8%4%5.
79、1%5.3%14.9%44.1%Real estate/construction/building materials/engineeringFunds/securities/futures/investmentBanksProfessional services/consultingComputer softwareInsuranceInternet/e-commerceEducation/training/universities&collegesTrust/guarantee/auction/pawnIt services(systems/data/maintenance)Average
80、 monthly pay(2019-2021)(unit:RMB)202010,18713,58811,04914,495202120199,82913,309WomenMen2.1%6.7%8.5%7.1%3.6%2.6%MoM growth in 2020MoM growth in 2021 MenWomenOverall112022 WOMENWORK AND HAPPINESSIn the Industry,employees promotion and pay rise are positively correlated.Specifically,first-line employe
81、es get 60.5%pay rise on average when they are promoted to first-line managers,56.63%while being promoted to middle management.Senior managers will not get such a high pay rise once promoted to C-suite,but the rate is still close to 20%.In addition,the chart below shows as years of experience grow,in
82、comes getting higher.The average pay with working experience at 6 to 9 years is almost 3.6 times of an employees starting salary.The average salary of first-line employees is 2.23 times compared to their salary after they have worked for 3 to 5 years.From a gender perspective,women working for over
83、20 years receive the highest average pay of 73,125 RMB per month.While being promoted to the middle management,their monthly salary is generally on the same level as that of men.Womens pay reaches the peak of 76,667 RMB per month after they progress to board level,but their counterparts are obviousl
84、y outpacing them with a monthly pay of 81,000 RMB.1According to the survey findings,the average pay of respondents in the Industry is generally higher than that of big data from Zhaopins platform,which covers a wider range of data.There are reasonable differences of pay levels obtained from these tw
85、o sources.This part and the following sections are generally based on data from survey respondents.“Promotion and pay rise”are closely related in the Industry.The longer the professional experience respondents have,the higher the seniority and pay.2.From the survey1Average monthly pay by rankFirst-l
86、ine employeesBoard membersC-suite Senior managersMiddle managers First-line managers35,865.3835,50035,655.7451,315.7938695.6544,404.7676,666.6781,00078,636.3660,00049,062.553,269.2321,187.522,764.7124,166.6711,854.8417,884.6214,183.17WomenMenOverall(unit:RMB)12The average monthly pay of employees in
87、 private equity is up to 40,992 RMB,followed by those in mutual funds at 33,114 RMB.Respondents hired by securities,insurance and banks are paid over 30,000 RMB.From a gender perspective,women working in mutual funds(34,821 RMB),private equity(33,750 RMB),and securities companies(26,857 RMB)receive
88、the highest pay per month.The gender pay gap is the largest in private equity,with men being paid more than 36%higher than women.The number of women employed by mutual funds and securities is slightly lower than that of men,but womens pay per month is relatively higher than that of men.Specifically,
89、the male-female pay ratio is 0.9:1 in mutual funds and 0.93:1 in securities firms.Based on respondents of the survey,the highest paid positions in the Industry are research(44,800 RMB),management(35,625 RMB),and risk management/compliance(33,500 RMB).Women are paid more than men in technology,tradin
90、g,sales,and research positions.Specifically,womens pay in technological positions is 1.4 times than mens,while men in investment and management positions is paid higher,with 1.18 times and 1.14 times than that of women.The best 3 paying employers for women are mutual funds,private equity,and securit
91、ies companies.The best 3 paid positions are research,management,and risk management/compliance.Average monthly pay offered by different AMCs(unit:RMB)Private equity33,75046,081.0840,992.06Mutual funds34,821.4331,465.5233,114.04Insurance companies25,00026,285.7125,737.7Securities companies26,857.1424
92、,934.2125,856.16Others22,291.6712,50019,027.78WomenWomenMenMenOverallOverallAverage monthly pay by position(unit:RMB)Management33,312.537,937.535,625Risk management/compliance33,541.6733,461.5433,500Investment 27,847.2232,812.530,684.52Trading26,470.5922,50024,609.38Sales21,642.8617,045.4519,868.42T
93、echnology21,00015,00017,727.27Others8,958.3320,62511,875Research45,555.544,37544,800Banks21,987.1829,605.2624,482.75132022 WOMENWORK AND HAPPINESSWhile looking at individual total assets under management(AUM),more than 30%of respondents manage assets of 5-10 million RMB,followed by 1 million RMB and
94、 10-100 million RMB managed by respondents of around 22%and 17%,respectively.Only do 9.7%respondents manage assets over 100 million RMB.In terms of gender distribution,over 92%of male respondents manage certain amount of assets,while the number of women who do not manage assets is 1.46 times than th
95、at of men.Among those asset managers,womens number is higher than mens in only two AUM rangesunder 1 million and between 10 and 100 million RMB,and lower in all other AUM ranges.Over 92%of men manage assets,while the number of women not entitled to capital allocation roles is 1.46 times than men.As
96、mentioned earlier,“married with one child”(56.7%)and“unmarried without children”(38.8%)are the main status of respondents in the Industry.In terms of position,employees in research,technology and trading have the maximum number(all exceeding 50%)of unmarried without children.Risk management/complian
97、ce,investment,and sales are roles with the highest proportion of employees who are married with one child,respectively at 64%,55%and 54%.These in management positions have the most children(2-3),at 22.5%among all other positions.In the Industry,the proportion of unmarried men without children is hig
98、her than that of women.These in management positions have the most children(2-3).1-10 billion0.6%1.22%0.91%Over 10 billion4.82%4.88%4.85%100 million-1 billion0.6%7.32%3.94%10-100 million19.28%14.63%16.97%5-10 million28.31%32.32%30.3%1-5 million8.43%13.41%10.91%No assets under management11.45%7.93%9.
99、7%under 1 million26.51%18.29%22.42%Individual total AUM(unit:RMB)WomenWomenMenMenOverallOverallUnmarried without childrenMarried without childrenMarried with one childMarried with two childrenMarried with three childrenDivorced with childrenDivorced without children30.12%47.56%38.79%2.41%1.83%2.12%5
100、1.2%40.24%45.76%9.04%7.93%8.48%3.61%1.22%2.42%2.41%1.21%0%1.2%1.22%1.21%Marriage and maternity/paternity 14Workplace Environment1.Gender ratioThe section presents the workplace and gender equality.Through the research,readers will have an understanding of the gender ratio in different AMCs.It later
101、explores major challenges encountered by women when they seek jobs,and reasons behind it.Respondents are also given a chance to evaluate their work environment.The aim of the section is to deliver employee feedback to policymakers and employers in the Industry,to advocate for a more equal,safe,diver
102、se and inclusive workplace.Among all AMCs surveyed,51.5%of institutions employ more men,while 26.5%employ more women.Only do 22%of AMCs have similar staff number of women and men.In terms of the leadership role(i.e.,top management position),there are 81%of AMCs hiring more male leaders;10%have simil
103、ar number of male and female leaders;only do 9%employ more female leaders.This reveals it is more difficult for women to obtain senior leadership positions in the Industry.Over half of AMCs hire more men,and 81%of top positions are taken by men.The data reveals women encounter more challenges in rea
104、ching to the top.Gender ratio of employees and leaderships in AMCsWith regard to AMCs,women working in securities and insurance companies face the most challenging situation in being promoted to the top management.The proportion of female executives in these two types of institutions are merely 2.5%
105、and 7.9%,respectively,which is much lower than that of private equity and banks.As mentioned above,although the number of female employees in AMCs is less than that of men in Shanghai,it has been gradually increasing over the past three years.For example,in the fund industry,the latest data released
106、 by Shanghai Asset Management Association on March 8,2022 shows that there were 47%women working in mutual funds and their subsidiaries;in private equity and fund sales institutions,the number hit 48%and 60%respectively.It is clear that female professionals have held up“half the sky”in Shanghais fun
107、d industry.Proportion of female leaders in different AMCsPrivate equity Mutual fundsInsurance companies Securities companiesBanks More female leadersMore female employeesMore male leadersMore male employeesSimilar proportion of male and female leadersSimilar proportion of male and female employees9%
108、26.5%81%51.5%10%22%10.26%9.52%7.89%2.5%13.16%152022 WOMENWORK AND HAPPINESSThe survey further found that AMCs with uneven gender ratios in leadership positions lead to more significant gender gaps among employees.Among organizations with more male leaders,over 53%take up a higher proportion of men a
109、nd 25%have more women.For AMCs hiring more female leaders,none of them has similar proportion of male and female employees.In addition,over 61%have more men and nearly 39%have more women.It does not help for AMCs in Shanghai can achieve gender balance of employees even they have higher proportion of
110、 female executives.However,among institutions with a similar proportion of male and female leaders,the gender ratio of employees is more likely to be balanced(up to 50%).The data indicates that the better the gender ratio in management level,the more likely gender equality is achieved throughout the
111、 organization.The survey also presents the ratio of male and female leaders in the government agencies/public institutions is numerically equal,with 50%achieving gender balance in the leadership,while the big difference occurs in foreign companies/joint ventures and private enterprises,with only 6%a
112、nd 8.3%each reaching gender balance in the leadership positions.The better the gender ratio in management level,the more likely gender equality is achieved throughout the organizaiton.Gender ratio of leaderships vs.employees in AMCsSimilar proportion of male and female employees More male employeesM
113、ore female employeesMore male leaders20.99%53.7%25.31%Similar proportion of male and female leaders50%25%25%More female leaders61.11%38.89%0%162.Workplace environmentThrough the survey,it is noted that the most valued factor by professionals of AMCs is“recognition and respect in the workplace”(57%),
114、followed by“healthy culture and values”(40%)and“transparent competitions and equal opportunities for promotion”(39%).Womens most favored three factors are the same,while men place“pay at or above the market rate”(44.5%)as the third cause.The big differences of both genders include women think highly
115、 of“working with excellent colleagues”and“diversity,equality and inclusion(DEI)policies”(such as anti-harassment and diverse hiring),which are 11.8%and 9%higher than men separately.Men are more concerned about“pay”and“rapid promotion opportunities”than women,with 12%and 11.8%higher,respectively.Resp
116、ondents value recognition and respect most in the workplace.Women desire for transparent competition and equal promotion opportunities.The chart above represents the real needs of employees in AMCs,offering insights to employers on how they can take competitive advantages to recruit and retain best
117、talent in an ever-changing business environment.In this regard,member companies of the Bloomberg Gender-Equality Index(GEI)have been providing best practices and setting examples.In 2022,GEI included 418 companies from 45 countries and regions,measuring gender equality of enterprises in five dimensi
118、ons:female leadership and talent pipeline,equal pay for equal work and gender pay parity,inclusive culture,anti-sexual harassment policies,and pro-female brands.It is positively seen that more enterprises in China have begun to work on improving gender-related indicators,creating more opportunities
119、for women and diverse talent,and taking on the mission of leading important changes.Workplace factors most valued by respondentsRecognition and respect in the workplaceTransparent competition and equal opportunities for promotion Healthy culture and valuesWorking with excellent colleaguesPay at or a
120、bove the market rate Flexible working policies(e.g.,telework,flexible working hours,etc.)Rapid promotion opportunitiesDiversity,Equality and Inclusion(DEI)policies(e.g.,anti-harassment and diversity hiring,etc.)Supportive workplace environment(e.g.,support from bosses and colleagues,constructive fee
121、dback,etc.)Appropriate and regular training(e.g.,on-the-job training,mentorship programs,etc.)Employee wellness facilities(e.g.,gym,relaxation area,air purifiers,etc.)Facilities and services for employees and their babies(e.g.,mother-and-baby rooms,nursery services,etc.)Other benefits(e.g.,the healt
122、h checkup,individual insurance,etc.)7.2%3.7%5%7.2%5.5%6%10.2%11%11%15.1%7.9%12%17.5%8.5%13%18.7%30.5%25%22.9%17.7%20%32.5%44.5%38%33.1%21.3%27%34.9%44.5%40%37.3%41.5%39%56.6%57.3%57%6.6%6.1%6%WomenMen Overall172022 WOMENWORK AND HAPPINESSBased on the analysis of age and maternity/paternity,responden
123、ts who are 50+(75%)and who have three children(50%)tend to regard“pay”as the most important factor in the workplace,while the younger generations desire to gain recognition and respect at work.In the latter group,over 65%of respondents between age 18-25 and nearly 60%between age 26-30 value recognit
124、ion and respect the most,respectively 6.8%and 19.8%higher than those value pay the most.This illustrates the younger generation of employees watch more on“value and identity”in the workplace.As stated in the“2021 Chinas Best Employer of the Year Report”,the young blood in the workplace has showed in
125、dividuality.The relationship between employers and employees is likely in the form of“co-existence”,based on value recognition.It suggests that employers need to rethink when recruiting and retaining young talent,taking into account non-economic incentives such as promoting employees sense of value
126、and happiness.Respondents who are aged 50+and who have three children value financial rewards,while Millennials and Generation Z are most eager to be recognized and respected.Workplace factors most valued by different age groups65.91%59.26%59%48.21%50%50%54.55%59.09%39.51%42%19.64%26.47%75%36.36%29.
127、55%34.57%42%44.64%44.12%75%45.45%25%34.57%49%37.5%41.18%25%54.55%Recognition and respect in the workplacePay at or above the market rate Healthy culture and valuesTransparent competition and equal opportunities for promotion 18-2541-4550 above31-3536-4026-3046-5018Respondents further rated the sever
128、ity of gender discrimination encountered by women in four dimensions.The data shows 80.6%of respondents believe that women face gender discrimination during job seeking and recruitment,including 10%reporting“very serious”and over 1/3 considering“serious”.By comparing the attitude of both genders,wom
129、en have a stronger awareness of gender equality in the workplace than men.For example,nearly 38%of women believe gender discrimination is“serious”,more than 5%higher than men;over 12%of women chose“very serious”,compared with only 7.9%chosen by men.Men are 11%more likely than women to respond that g
130、ender discrimination is“not existing”.Even today,gender is still regarded as the“original sin”for women to encounter injustice in the workplace,stated by Zhaopin.In order to understand the reasons of discrimination faced by women during the employment in the Industry,the survey incorporates multiple
131、 indicators listed in the diagram below.The result shows that both genders consider maternity(76.7%)and age(66.7%)as primary sources of discrimination.Gender ranks the third,chosen by 56.4%of respondents.When taking into consideration of most other indicators,such as age group,marital status,income
132、level,years of experience,position and type of organization,both women and men agree that maternity is the biggest challenge for women who encounter discrimination in the workplace.Zhaopin pointed out“2021 Womens Workplace Status Survey Report”that 55.8%of females were“asked about their marriage and
133、 maternity during the job application”,more than twice that of men;there were 7.8%of women suffered from replacement and a pay cut during marriage and giving birth,and only did 4.1%females have enjoyed the paid leave.Therefore,this report makes a comment that“women still lag behind by factors like c
134、hildbirth in their career development.”Maternity and ageism are the biggest challenges for women in the employment.More than 80%of respondents agree that women encounter gender discrimination.Reasons why women encounter discrimination in the employment of AMCsMaternity76.7%Age66.7%Gender56.4%Educati
135、on28.2%Region24.5%Social status20.6%Family background20%Others7%Severity of gender discrimination against women in the employment of AMCsNot existing13.86%25%19.39%Less serious36.14%34.15%35.15%Serious37.95%32.93%35.45%Very serious12.05%7.93%10%Women Men Overall3.Workplace challenges192022 WOMENWORK
136、 AND HAPPINESSThe survey found that there is a positive correlation between education and gender awareness.The better educated a woman is,the more likely she is to believe that women suffer from gender discrimination in the workplace.Among them,over 50%with doctoral and masters degrees report that w
137、omen suffered from“very serious”and“serious”discrimination because of her gender.The number is higher than women who graduated from junior college and below(50%)and who hold a bachelors degree(48%).In terms of the opposite sex,men with a bachelors degree or above has a deeper perception of discrimin
138、ation against women than the same gender group at a lower level of education.About 40%of male respondents with doctoral,masters and bachelors degrees believe that discrimination against women is“very serious”and“serious”.However,zero percent is stated“very serious”to those with associates degrees an
139、d below.The higher the level of education and seniority are held by respondents,the more likely for them to perceive the severity of workplace discrimination against women.Both Women and men have a deeper understanding of gender discrimination with seniority.Specifically,70%of female executives(20%h
140、igher than men at the same level)and over 63%of female senior managers(24%higher than men of the same rank)believe that gender discrimination is“very serious”and“serious”.Although men have a lower degree of recognition than women,among male leaders,for instance,nearly 50%of C-suite and 40%of board m
141、embers believe that gender discrimination is“very serious”and“serious”in the workplace.Severity of gender discrimination against women in the workplace evaluated by women at different levels of educationDoctoral degree33.33%22.22%11.11%33.33%Masters degree10.26%43.59%43.59%2.56%Bachelors degree10%38
142、%36%16%Associates degree and below(e.g.,junior college and high school diploma,etc.)16.67%33.33%33.33%16.67%Very seriousSeriousLess seriousNot existingSeverity of gender discrimination against women in the workplace evaluated by men at different levels of educationBachelors degree8.7%33.7%34.78%22.8
143、3%Masters degree4.35%39.13%34.78%21.74%Doctoral degree23.08%15.38%7.69%53.85%23.08%53.85%23.08%Very seriousSeriousLess seriousNot existingAssociates degree and below(e.g.,junior college and high school diploma,etc.)204.Workplace safetyIn 2021,“A Guidebook for Prevention and Control of Sexual Harassm
144、ent in the Workplace”compiled by the Department of Rights at the All-China Womens Federation(ACWF),it clearly pointed out sexual harassment in the workplace is behaviors relevant to sex against the will of employees in the form of physical behaviors,languages,texts,images,electronic messages,etc.Whe
145、n asked whether there exists sexual harassment in their workplace,nearly 7%of respondents say it is“very serious”and 15%report “serious”.The proportion of respondents who chose“less serious”is around 40%,and the rest feel sexual harassment is“not existing”.This indicates that more than 60%of AMC emp
146、loyees believe that sexual harassment exists in their workplace,and over 20%of them regard it“very serious”and“serious”.From a gender perspective,mens response to sexual harassment at work is polarized as both“not existing”and“very serious”.Specifically,42.7%of men say that there is no sexual harass
147、ment in their workplace(8.3%higher than women);over 8.5%of them believe that sexual harassment is“very serious”(3.7%higher than women).In comparison with men,the proportion of women who chose“serious”and“less serious”is higher.However,in terms of age,over 53%of women aged 18-25 believe no sexual har
148、assment in their workplace,which is 22.3%higher than that of men in the same age group.One assumption on the finding is younger female employees,due to limited years of work experience,are less awareness of sexual harassment and the way to identify such behaviors.More than 60%of respondents say sexu
149、al harassment exists in their workplace,but younger female employees are less aware of this.Severity of sexual harassment in the workplaceVery seriousSeriousLess seriousNot existing4.82%8.54%6.67%15.66%14.63%15.15%45.18%34.15%39.7%34.34%42.68%38.48%WomenMenOverall212022 WOMENWORK AND HAPPINESSThe su
150、rvey further found that respondents in the Industry with higher levels of education and seniority tend to identify that sexual harassment is more serious in the workplace.In particular,half of respondents with a doctoral degree believe that sexual harassment is“very serious”and“serious”at work,while
151、 those with masters,bachelors and lower degrees who support the opinion progressively decrease,accounting for 23.5%,18.8%and 16.1%,respectively.With regard to the type of AMCs,employees from banks(36.4%)and mutual funds(27.3%)have the strongest feedback on the severity of sexual harassment,who repor
152、t“very serious”of sexual harassment in their workplace,while 28%of private equity staff believe the behavior is“serious”.The higher the level of education and seniority are held by respondents,the stronger their awareness of workplace sexual harassment.In terms of rank,54.6%of board members,34.6%of
153、chief executives and 33.3%of senior managers believe that sexual harassment is“very serious”and“serious”,compared with those at the lower level of positions.The data continue to show that organizations with balanced gender ratio of employees and leaderships score“zero”for the option of“very serious”
154、on both gender discrimination and sexual harassment.This suggests that AMCs in Shanghai with a more balanced gender ratio are doing better in building an equal and safe workplace.Severity of sexual harassment in the workplace evaluated by respondents at different levels of education Very seriousSeri
155、ousLess seriousNot existing36.46%44.79%16.15%2.6%36.47%40%18.82%4.71%27.27%22.73%9.09%40.91%64.52%19.35%3.23%12.9%Associates degree and below(e.g.,junior college and high school diploma,etc.)Bachelors degreeMasters degreeDoctoral degreeSeverity of sexual harassment in the workplace evaluated by resp
156、ondents in different positionsVery seriousSeriousLess seriousNot existing54.55%36.36%9.09%50%50%2.97%11.88%43.56%41.58%2.35%16.47%43.53%37.65%6.56%13.11%37.7%42.62%7.14%26.19%26.19%40.48%15.38%19.23%38.46%26.92%First-line employeesOthersBoard membersC-suiteSenior managersMiddle managersFirst-line ma
157、nagers22Case studyOn March 8,2021,Peoples Court of Yangpu District in Shanghai issued a verdict on a case on sexual harassment,which is the first civil case on sexual harassment in the workplace in Shanghai after the implementation of the Civil Code of the Peoples Republic of China.The defendant Mr.
158、Xu Qiang(pseudonym)and the plaintiff Ms.Wang Li(pseudonym)were colleagues and worked in the same department for many years.Since August 2019,Xu was constantly sending vulgar,obscene and violent text messages and WeChat messages to Wang almost every day,and even sexually harassed Wang by leering and
159、stalking her.From March to May 2020,Wang reported this to the company twice.Xu wrote a letter of guarantee on promising to stop the behavior at the request of leadership.However,faced with Xus repeated harassment,Wang fell into depression,and could only stay at home and stop work.With the support of
160、 her family,she sought psychiatrists help and reported this to the police.In June 2020,the local Public Security Bureau issued a written decision of administrative punishment.This put Xu on administrative detention for 7 days and a fine of 200 RMB.At the end of 2020,Wang also filed a civil lawsuit w
161、ith the Peoples Court through her attorney.In the end,when addressing the case,the court made it clear that inappropriate words and text messages could also consolidate sexual assault,so as to order the defendant to compensate the plaintiff for all expenses and mental injury suffered totaling more t
162、han 98,000 RMB,and to write a written apology to the plaintiff.In response to the case,the judge said sexual harassment in recent years has become more frequent in the workplace,where women often choose to tolerate it because the harasser is normally her boss or a colleague,and the behavior has not
163、yet become indecent assault or rape,or because of a sense of shame.However,if one unfortunately suffers from sexual harassment,the person should actively seek help,try to gather and preserve evidence,because the Civil Code,which came into effect on January 1st,2021,clarifies the civil liability of s
164、exual harassers,and mandate obligations of employers to prevent and stop sexual harassment.Shanghai keeps strengthening the protection of womens rights and interests by advancing legal definitions of a safe work environment.Earlier in the year of 2006,Shanghai refined the provisions on sexual harass
165、ment through the“Law on the Protection of the Rights and Interests of Women”,and defined five forms of sexual harassment,including language,text,image,electronic message and physical behavior.In 2021,Shanghai Bar Association was entrusted by Shanghai Womens Federation to conduct a research project o
166、n“Construction and Exploration of the System for Prevention and Control of Sexual Harassment in the workplace”in the city.Shanghais first legal case on“workplace sexual harassment”after the implementation of The Civil Code of China in 2021,to mandate employers obligations to prevent and stop this is
167、sue.232022 WOMENWORK AND HAPPINESS5.Gender stereotypesFor the purpose of testing whether the Industry has gender stereotypes,the research team designed an evaluation for respondents identifying the professional strength of their opposite sex.From mens perspective,the top strength of women is“patient
168、 and approachable”(47.6%),“communicative and persuasive”(41.5%),and“sales”(41.5%);from the view of women,the top strength of men is“strategic planning”(55.4%),“risk-taking and innovative”(51.2%),and“leadership”(51.2%).Interestingly,when comparing the evaluation from the same gender,the result is alm
169、ost identical to those of the opposite sex.It reflects a certain gender stereotype,that is,men are better at“leadership and strategy”,while women are more“patient and persuasive”.This probably echo the above-mentioned fact that the higher proportion of women working in functional roles,the lower num
170、ber of them are engaged in senior management and business roles than that of men in AMCs.“Men are better at strategy and leadership,while women are more patient and persuasive.”Professional strength evaluated by the opposite sex Womens strength from mens perspectiveMens strength from womens perspect
171、iveRisk-taking and innovative4.88%51.2%Consciousness of being considerate for others9.76%3.01%Leadership28.05%51.2%Fundraising30.49%28.31%Empathy andcompassion20.12%6.63%Teamwork21.34%6.63%Sales41.46%26.51%Meticulous and rigorous35.98%13.86%Communicative and persuasive41.46%19.28%Patient and approac
172、hable47.56%14.46%Strategic planning14.63%55.42%Others4.27%6.63%24Womens ability in sales is acknowledged while mens capacity in fundraising is recognized.The Industry needs to break stereotypes and occupational gender segregation.According to the data,there are over 41%of men and 30%of women believe
173、 that womens ability in sales is acknowledged.It is widely recognized by the private equity(43.6%),mutual funds(42.1%),insurance companies(37.7%),banks(36.2%)and securities companies(28.8%).They all believe that“sales”is the top professional“advantage”of women.In addition,45.5%of board members,30.8%
174、of chief executives,42.9%of senior managers and 42.4%of first-line managers recognize womens strong competency in sales.Compared to women,mens capacity in fundraising is recognized,which is believed by 23.8%of the same sex and 28.3%of their female counterparts.It reaches a consensus by 31.6%of mutua
175、l funds,28.8%of securities companies,28.6%of private equity,24.1%of banks and 14.8%of insurance companies,respectively.Furthermore,C-suite(35.7%),senior managers(34.6%)and board members(27.3%)also come to an agreement of the conclusion.Professional strength of women and men evaluated in AMCsWomenMen
176、In fact,the gender division of labor,such as“breadwinning men and homemaking women”is transferred as gender stereotypes to the labor market,making it easier to shape occupational gender segregation.It shapes women designated for“jobs suitable for women”(such as service industries and functional posi
177、tions),so make it difficult for women to get jobs considered“suitable for men”(such as highly-skilled professions and higher-level positions).Under the circumstance,men naturally gather in higher-rank,better-paying and more socially valued occupations,while women are segregated to choose lower-rank,
178、lower-paying and less decent professions.In short,concentrating different genders in different industries and positions is regarded as one main pattern of sexism in the labor market.In the workplace,employers should not consider the gender division of labor in terms of biological sex,but focus on th
179、e behavioral performance of both genders and embrace different types of leadership.McKinsey has pointed out in a correlated research that different leadership styles create organizational culture or individuality,which in turn affects the organizations efficacy and profitability.Based on this,this s
180、tudy illustrates 9 types of leadership behaviors,of which the following five are more commonly used by women than men.Participative decision making by seeking team participationRole modeling that builds respectInspiring employees by presenting a compelling visionDefining expectations clearly and rew
181、arding achievementPeople development,or spending time teaching and mentoring team Salesboard membersinsurancecompaniesmutual fundssecurities companiesf irst-linemanagersbanksprivateequitysenior managersC-suitesenior managersFundraising boardmembersinsurancecompaniesmutual fundssecuritiesbanksprivate
182、equitycompaniesC-suite252022 WOMENWORK AND HAPPINESSCareer Development1.Pay SatisfactionThe section analyzes career development of asset management professionals in Shanghai from four dimensions:income,promotion,job-hopping,and industry prospects,interpreting their real needs and challenges.It also
183、provides data to stakeholders in the Industry,who can use it as a reference to create a supporting system for employees at all levels.In addition,it tries to present an unbiased picture of working in AMCs for those who want to start a career in the sector.The survey is conducted on pay satisfaction
184、in the Industry.Respondents assess their monthly pay at four levels from“very satisfied”to“not at all satisfied”.In general,nearly 70%of them are satisfied with their current pay.Among the group,almost 12%report their complete satisfaction,with the averagely highest monthly pay of 42,756 RMB.More th
185、an 55%of respondents paid by 30,508 RMB say they feel satisfied.Additionally,nearly 25%of employees are“less satisfied”,and the data shows a large pay gap of over 23,000 RMB existing between this group and the“very satisfied”group.As mentioned above,there is a pay gap between males and females in th
186、e Industry.In 2021,women earned 25%less than what men earned.However,in terms of pay satisfaction,the number of women who chose“satisfied”is 3.55%higher than that of men.Only do over 30%of females report“not at all satisfied”and“less satisfied”with their pay and the number is almost 3%lower than tha
187、t of men.This indicates that women are more pleased with their incomes,in contrast to the fact that womens average pay per month is lower than mens in the Industry.Nearly 70%of respondents are satisfied with their pay.Women have higher pay satisfaction than men in general.Pay satisfaction by genderV
188、ery satisfiedSatisfiedLess satisfiedNot at all satisfiedWomenMen6.02%7.93%24.1%25%11.45%12.2%54.88%58.43%Pay satisfaction by average monthly payVery satisfiedsatisfiedLess satisfiedNot at all satisfied11.82%55.67%24.55%6.97%(unit:RMB)31,413.0419,691.3630,508.0242,756.4126Women in C-suite positions a
189、re most satisfied with their pay,and 80%of female respondents aged 31-35 are content with it.The chart below indicates women executives of AMCs are mostly happy with their pay(60,000 RMB per month on average),with 90%being“satisfied”and 10%being“very satisfied”.For female board members,the data demo
190、nstrate 2/3 of them are“very satisfied”and“satisfied”,since their average salary exceeds 76,000 RMB by month.Compared to women,men in senior management have the highest level of satisfaction(87%),with an average monthly pay of 38,695 RMB.Upon being promoted to the executive level,their pay satisfact
191、ion drops to 75%and further declines to 60%after they start serving the board.However,the averages monthly salary for men in the latter two positions keeps increasing to 49,062 RMB and 81,000 RMB,respectively.Pay satisfaction of senior management level and aboveSenior managersC-suiteBoard members10%
192、90%15.79%73.68%5.26%5.26%33.33%33.33%33.33%Very SatisfiedSatisfiedMenWomen Less satisfiedNot at all satisfied25%50%18.75%6.25%13.04%73.91%4.35%8.7%40%20%20%20%272022 WOMENWORK AND HAPPINESSIn terms of age,female at the 31-35 shows the highest pay satisfaction(refers to proportion of“very satisfied”a
193、nd“satisfied”),hitting a peak of 82.9%,with an average income of 27,500 RMB by month.The degree of womens satisfaction by age 36 to 50 remains at 75%to 80%,and their average monthly pay is nearly 43,000 RMB.From the opposite sex,salary satisfaction reaches 56%for men at the age of 18-25 and it peaks
194、 100%in the 46-50 age group,with the highest average monthly pay of 85,000 RMB.Pay satisfaction by age group and average monthly payMenWomen 18-2556.25%50%24,196.4325,625.0026-3065.12%63.16%18,684.2118,779.0731-3570.77%82.85%27,500.0034,269.2336-4064.29%78.57%26,250.0037,410.7141-4577.78%80%363,00.0
195、040,000.0046-50100%77.77%41,111.1185,000.00(unit:RMB)28Employees of foreign companies,joint ventures and state-owned enterprises have the highest pay satisfaction,with an average salary of over 30,000 RMB per month.The Report suggests a positive correlation between the amount of pay and level of pay
196、 satisfaction in the Industry.To look at the nature of AMCs,the highest degree of salary satisfaction(76.4%)is rated by respondents who work in foreign companies/joint ventures(here refers to the proportion of“very satisfied”+“satisfied”).They offer attractive pay packages to employees reaching the
197、highest at 34,549 RMB.It closely follows with state-owned enterprises(74.5%)and private companies(62.3%).Their employees get paid 31,352 RMB and 25,563 RMB each.Although industry associations and government agencies rank lower in this dimension,their employees satisfaction of pay still maintains 50%
198、and 40%,respectively.Top 3 AMCs with the highest pay satisfaction Pay satisfactionAverage salaryForeign companies/Joint ventures State-owned enterprisesPrivate companies9.72%66.67%14.29%60.2%11.26%50.99%22,534.7228,322.7825,562.9131,201.9231,521.7431,352.0435,785.7133,378.3834,548.61Very satisfiedSa
199、tisfiedWomenMen Overall292022 WOMENWORK AND HAPPINESSBy examining a correlation between pay satisfaction and factors that employees value the most in the workplace,the result shows“pay at or above the market rate”is ranked the first by overall respondents.Who feel“very satisfied”with their salary pl
200、aces“recognition and respect”and“pay”on an equal important position,both accounting for 62.5%.The“satisfied”group is also most concerned about“recognition and respect”(64.3%),but“pay”drops to the fourth(35.7%)among peoples most valued characteristics in the workplace.Those making a complaint about p
201、ay(“less satisfied”)only put it in the third place.They prioritize“transparent competition and equal opportunity in promotion”(58.3%).Even employees are least satisfied with their pay put emphasis on“other benefits”offered by the organization(100%),such as health checkups and individual insurance.Th
202、is reflects that pay is no longer the most significant factor that employees value in todays workplace.Non-financial factors,including culture and environment are of great concern to them.Salary is no longer the only criteria,with respondents also valuing culture and environment in the workplace.Top
203、 4 workplace factors valued by respondents with different pay satisfactionRecognition and respect in the workplaceAppropriate and regular training(e.g.,on-the-job training,mentorship programs,etc.)Health and wellness facilities(e.g.,gym,relaxation area,air purifier,etc.)Other benefits(e.g.,the healt
204、h checkup,individual insurance,etc.)100%50%50%50%Recognition and respect in the workplacePay at or above the market rateHealthy culture and valuesTransparent competition and equal opportunities for promotion58.33%33.33%33.33%41.67%Recognition and respect in the workplacePay at or above the market ra
205、teRapid promotion opportunitiesTransparent competition and equal opportunities for promotion42.86%42.86%35.71%64.29%Very satisfiedSatisfiedLess satisfiedNot at all satisfiedRecognition and respect in the workplacePay at or above the market rateHealthy culture and valuesRapid promotion opportunities3
206、7.5%50%62.5%62.5%302.PromotionAs a keyword of career development,“promotion”suggests bigger space for career development and higher financial returns.The survey is to assess respondents desire for promotion in the Industry.The data shows that over 91%of respondents explicitly express their desire fo
207、r progression.Among them,almost 40%want to be“promoted to a higher position beyond the next level”,followed by 34.9%willing to get progression to senior management,and another 17.9%hope to be promoted to the next level.From a gender perspective,nearly 93%of female respondents want to be promoted,alm
208、ost 2%higher than their male counterparts.There are nearly 40%of women who are expecting progression to senior management,with nearly 9%higher than men.Men are most looking forward to get promotion to higher positions beyond the next level,accounting for 39.6%.It may imply women in Shanghai AMCs sho
209、w bigger ambition and more confidence than men moving up to higher positions.Over 90%of respondents hope to get promotion.Women show a stronger desire for progression to senior management level.When inquired about the opportunity for a woman being promoted to senior management in their organization,
210、only do 5.15%of respondents believe the chance will exceed 70%;more than 1/3 of respondents consider the possibility is between 10%to 25%.Nearly 90%of them believe women have less than half chance.Females outnumber males by 4.38%to support the judgement,indicating that women are more pessimistic abo
211、ut the gap between their expectation of progression and the reality of“leaning in”to senior management roles in the Industry.Although female respondents show greater desire to advance their career,they are also aware that their prospects are limited.Desire for promotionPromotion to the next levelPro
212、motion to a higher position beyond the next levelPromotion to senior managementOthers15.06%20.73%17.88%38.55%39.63%39.09%39.16%30.49%34.85%7.23%9.15%8.18%The opportunity of women being promoted to senior management level in AMCs10-25%36.14%36.59%36.36%25-50%38.55%29.27%33.94%50-70%6.02%8.54%7.27%Ove
213、r 70%4.22%6.1%5.15%Under 10%15.06%19.51%17.27%Women MenOverallWomenMenOverall312022 WOMENWORK AND HAPPINESS“What prevent women from leaning in the workplace?”The question has been a key subject of Lean In Chinas research projects over the years.Through the Report,it is found that 42%of respondents r
214、egardless of gender consider“age discrimination”is the biggest obstacle to promotion in the Industry,followed by“lack of professional networks and social connections”and“lack of educational background/academic qualification/certification(e.g.,MBA,CFA,CPA,etc.)”,with the latter two factors accounting
215、 for 39%and 38%,respectively.It reveals Chinas job market is undergoing a change of headcount particularly under the regular epidemic prevention and control.“35-Year-Old Crisis”,simply denotes people in the workplace have to face a crisis at their age of 35 because the China market prevalently offer
216、s job posts under 35.It has raised a heated discussion in recent year on the symptom of a midlife crisis earlier by a time of panic and self-doubt suffer by even 20s and 30s.By a comparative analysis of women and men as shown in the bar chart above,women(12 percentage points more than men)respond th
217、at their promotion opportunities are much lower because of“pregnancy discrimination”,while 33%of men(11%more than women)say that their organization offers less opportunities for promotion.The influence of pregnancy on progression peaks(60%)among the group of women who had their second child.However,
218、for working mothers who have three children,age discrimination is back as the biggest barrier to promotion at 66.7%.Age discrimination is the biggest obstacle to promotion for both genders.Women have significantly less opportunities for progression after giving birth.Obstacles to promotion Enjoying
219、what I do now,not seeking promotion3%7%5%Lack of confidence10%8%9%Nepotism and office politics12%20%16%Lack of support from bosses and colleagues14%16%15%Gender discrimination16%12%14%Need to take on more family responsibilities16%13%15%Lack of skill sets required for promotion18%15%17%Less promotio
220、n opportunities offered by the organization22%33%28%Lack of professional qualifications and experience29%30%31%Pregnancy discrimination34%22%28%Lack of professional networks and social connections39%39%39%Lack of educational background/academic qualifications/certification(e.g.,MBA,CFA,CPA,etc.)40%3
221、7%38%Age discrimination(e.g.,job applicants are required to be under the age of 35)42%41%42%Others 2%7%5%WomenMenOverall32In addition,from the perspective of academic background,the higher the educational level of respondents,the more critical they perceive age discrimination.There are 50%of PhDs an
222、d over 40%of masters degree holders believe that age makes it difficult to“lean in”in AMCs,while 43.2%respondents with bachelors degrees are“fearless of age”.Their biggest promotion challenge comes from the lack of professional networks and social connections.Top 5 barriers to promotion of working m
223、othersWith one childWith two childrenWith three childrenPregnancy discrimination35.29%60%33.33%Lack of educational background/academic qualifications/certification(e.g.,MBA,CFA,CPA,etc.)42.35%40%33.33%Age discrimination(e.g.,job applicants are required to be under the age of 35)41.18%40%66.67%Lack o
224、f professional qualifications and experience27.06%20%33.33%lack of professional networks and social connections42.35%33.33%16.67%Top 5 barriers to promotion evaluated by respondents at different levels of educationLack of educational background/academic qualifications/certification(e.g.,MBA,CFA,CPA,
225、etc.)Lack of professional qualifications and experienceAge discrimination(e.g.,job applicants must be under the age of 35)Lack of professional networks and social connectionsPregnancy discriminationDoctoral degreeMasters degreeBachelors degreeAssociates degree and below 36.36%29.41%26.56%25.81%37.65
226、%22.73%43.23%29.03%50%43.53%40.63%35.48%27.27%24.71%31.77%38.71%31.82%23.53%42.19%61.29%332022 WOMENWORK AND HAPPINESS3.Job hopping The data shows that over 70%respondents have changed job at least once within the Industry,but fewer women have done so.Specifically,the average number of job hops with
227、in AMCs for women is 1.2 times,compared to 1.39 times for men.Women outnumber men by 8.7%in those who have switched jobs once,while men outnumber women by 9%in those who changed jobs twice or more.By reviewing all respondents years of experience in the AMCs,men change jobs at an average of 1.31 time
228、s in 1 to 2 years.Once they serving the Industry for 16 to 20 years,the frequency of job hopping increases to 3.5 times.Women switch jobs at an average of 1.21 times in 3 to 5 years,with 1.52 times in 10 to 15 years.Their job shifting is only 1.69 times even they had 20 years experience in the secto
229、r,compared to male respondents of the same seniority at 2.38 times.Overall,women generally change jobs less frequently than men,and their job stability is higher.It suggests women may consider the risk of job hopping than men,or the market offers fewer jobs for women.More than 70%of respondents have
230、 changed jobs at least once within the Industry.Women have higher job stability than men.The number of job hopping within the Industry by respondents years of experience1.041.211.171.521.081.690.953.51.311.111.32.022.380.95The number of job hopping within the Industry6.63%7.93%7.27%28.31%33.54%30.91
231、%37.35%28.66%33.03%27.11%26.83%26.97%0.6%3.05%1.82%WomenWomenMenMenOverallOverall1.921.691.771.261.161.150.95Zero1 time2 times3-4 times5 times or aboveOver 20 years16-20 years10-15 years6-9 years3-5 years1-2 years under 1 year34In terms of position,the data indicates that employees in research and t
232、echnology are the most stable,with1.18 times of job switch averagely within the sector.By contrast,investment roles are the most active in job hopping at 1.44 times.The frequency of job changes varies between two genders in different positions.Men who are in technology,investment and management role
233、s tend to switch jobs at the averagely highest number of 1.67,1.58 and 1.39 times,respectively,while employees in risk management/compliance positions are not likely to change their work status,with the lowest job hopping at only 1.15 times in the Industry.Women in risk management/compliance roles h
234、ave the highest frequency of job switch,but only at 1.29 times,followed by positions of sales and trading at 1.27 and 1.26 times each.Women in tech roles are the most stable,with a job hop at only 0.6 times on average.Employees of private equity have the highest average frequency of job hopping,with
235、 over 46%employees saying that they have changed jobs twice or more in the same sector.Among them,the average number of job hops for women and men is 1.37 and 1.55 times,respectively.However,when looking at data of job-hopping 3 times or above,securities companies account for more at 11%,which is 1.
236、44%higher than that of private equity.Mutual funds have the biggest gap in the average number of job-hopping between the two genders,1.48 times for men and 1.09 times for women.The number in banks shows a gender balance,at 1.11 and 1.14 times averagely between male and female employees in the number
237、 of job changes,respectively.Over 40%of private equity employees have changed jobs at least twice within the sector.Respondents in investment position are most likely to look for new opportunities in the same industry.Personal values not being aligned with the organizational culture and valuesThe nu
238、mber of job hopping within the Industry by respondents in different AMCs Private equity1.371.551.48Mutual funds1.091.481.29Securities companies1.311.181.25Insurance companies1.041.311.2Banks1.141.111.13Women MenOverall352022 WOMENWORK AND HAPPINESSThe survey indicates that only 7.88%of respondents i
239、n AMCs do not consider changing their job.Among the group considering job hopping,the top reason is“personal career plans not being aligned with the organizations development”(42.7%).Women and men have varied top reasons for switching jobs.Women decide to leave due to no promotion opportunities(42.8
240、%),while men,besides the top general cause,are not happy with their pay and benefits(43.3%).To analyse from factors of the biggest gender difference,women prioritize“health”and“work-life balance”,with 8.95%and 6.99%higher than that of men,while men feel difficult getting to the top and unhappy with
241、the remuneration,with 10.7%and 8.95%higher than that of women,respectively.The top reason for respondents to change jobs is their personal career plan not being aligned with the organizations development.Women leave because of no promotion opportunities.Reasons for job hoppingNo promotion opportunit
242、ies42.77%40.24%41.52%Personal career plans not being aligned with the organizations development42.17%43.29%42.73%Dissatisfaction with pay and benefits34.34%43.29%38.79%Unable to get promoted to the top managem27.71%38.41%33.03%Unable to achieve work-life balance27.11%20.12%23.64%Inadequate learning
243、and training opportunities25.3%29.88%27.58%Unhappy interpersonal relationship22.89%20.12%21.52%Less optimistic aboutthe organizations prospects22.29%20.12%20%Personal values not being aligned with the organizational culture and values18.07%21.95%21.21%In consideration of personal health15.66%6.71%11
244、.21%No considering changing jobs9.04%6.71%7.88%Sex discrimination or harassment9.04%6.1%7.58%Others3.61%3.05%3.33%Women MenOverall36In terms of age,to employees aged18-30,the top common reason for switching jobs is“dissatisfaction with pay and benefits”.In particular,nearly 2/3 of workplace new come
245、rs(aged 18-25)hold the opinion.Employees over 50 years old are also affected by this reason and consider changing jobs.For age groups of 31-35 and 41-45,“promotion”becomes the key challenge.Over 40%of respondents indicate they decide to leave because of being unable to get promoted to the top level.
246、With regard to the group aged 36-40 and 46-50,the biggest factor for job hopping turns to“personal career plans not being aligned with the organizations development”.It implies that younger generations watch more on financial incentives when entering the Industry.The age of 31-50 is speculated as th
247、e rising period for asset management professionals to strategize career advancement.46-50 54.55%Personal career plans not being aligned with the organizations development41-4544.12%Unable to get promoted to the top management63.64%Dissatisfaction with pay and benefits18-2541.98%Dissatisfaction with
248、pay and benefits26-3046%unable to get promoted to the top management31-3551.79%Personal career plans not being aligned with the organizations development36-40The top reason for job hopping of different age groups50 above50%Dissatisfaction with pay and benefits372022 WOMENWORK AND HAPPINESSThe chart
249、below depicts that nearly 80%of respondents in Shanghai AMCs desire for a long-term career in the industry.Specifically,over 48%of them feel optimistic about opportunities offered by the sector;nearly 20%say“I love my work and the industry”and 12%is because of the sectors stability.By contrast,nearl
250、y 15%of respondents diametrically opposed to a long-term career in AMCs.Among them,around 10%suggest that they would change industry if given a proper opportunity,and 4.2%report there is no work-life balance.Additionally,more than 5%of respondents decide to“wait and see”how the industry develops.Fro
251、m a gender perspective,more than half of women(54.2%)feel hopeful about opportunities in the sector,approximately 12%more than that of their counterparts.Almost 80%of respondents are optimistic about the industrys future.Women believe its promising opportunities than men.4.Industry prospectsIn terms
252、 of rank,first-line employees make up the highest proportion(17%)among all levels who tend to change industry if given a proper chance for both women and men.There are more than 16%of female board members,who account for the highest percentage of being reluctant to stay because of no work-life balan
253、ce in the Industry,followed by the first-line employees(7.69%of men and 6.45%of women).Women at middle management(65.4%)and men at C-suite(62.5%)show their greatest optimism about the sector.Furthermore,female executives(50%)and male senior managers(34.78%)are also keen to stay longer because they e
254、njoy working in the industry.WomenMenOverNo,because of no work-life balanceNo,because of no work-life balanceNo.I would consider changing industry if I had a proper chanceNo.I would consider changing industry if I had a proper chanceYes.I feel optimistic about opportunities of the industryYes.I feel
255、 optimistic about opportunities of the industryYes.I love both my work and the industryYes.I love both my work and the industryYes,because of stability of the industryYes,because of stability of the industryI still wait and seeI still wait and see54.22%16.87%7.83%/4.82%12.05%/4.22%42.68%21.95%16.46%
256、/3.66%9.15%/6.1%48.48%19.39%12.12%/4.24%10.61%/5.15%65.38%15.38%3.85%/3.85%11.54%/47.37%26.32%15.79%/33.33%50%/33.33%50%/16.67%50%50%/56.45%9.68%4.84%/6.45%17.74%/4.84%55%12.5%15%/2.5%10%/5%First-line employeesFirst-line managersMiddle managersC-suiteBoard membersSenior managersProportion of respond
257、ents desire to pursue a long-term career in the Industry Proportion of womens desire to pursue a long-term career in the Industry by rank38Among respondents who exhibit optimism for the industrys prospects,employees from mutual funds rank the first(89.5%),followed by those working in securities comp
258、anies(86.3%)and private equity(84.1%).However,insurance companies seem less able to retain employees on a long-term basis,with the lowest desire of respondents to choose“no”(27.9%)and have the“wait-and-see attitude”(13.1%)among all types of AMCs surveyed.Furthermore,employees in investment position
259、are the most confident about prospects of the sector,with over 90%enjoying the long-term career in AMCs,followed by those in management(88.8%)and trading positions(81.2%).On the contrary,respondents of technology and sales roles express their strongest undesire to serve the Industry for a long time,
260、with 45.5%and 22.8%,respectively.Mutual fund employees show the greatest optimism about industry prospects,while insurance companies seem less able to retain employees on a long-term basis.Mutual funds54.39%24.56%10.53%/8.77%1.75%Securities companies57.53%17.81%10.96%/9.59%4.11%Insurance companies8.
261、2%19.67%/36.07%13.11%9.84%/13.11%Private equity50.79%22.22%11.11%/3.17%7.94%/4.76%Banks44.83%15.52%22.41%/8.62%6.9%/1.72%Others38.89%33.33%/11.11%11.11%/5.56%Proportion of mens desire to pursue a long-term career in the Industry by rankFirst-line employeesFirst-line managersMiddle managersC-suiteBoa
262、rd membersSenior managers62.5%6.25%18.75%/6.25%6.25%80%20%43.48%34.78%/4.35%17.39%30.77%20.51%15.38%/7.69%7.69%17.95%/48.89%24.44%13.33%/2.22%6.67%4.44%/45.71%20%22.86%/5.71%2.86%2.86%/Proportion of respondents desire to pursue a long-term career in different AMCsNo,because of no work-life balanceNo
263、.I would consider changing industry if I had a proper chanceYes.I feel optimistic about opportunities of the industryYes.I love both my work and the industryYes,because of stability of the industryI still wait and seeNo,because of no work-life balanceNo.I would consider changing industry if I had a
264、proper chanceYes.I feel optimistic about opportunities of the industryYes.I love both my work and the industryYes,because of stability of the industryI still wait and see392022 WOMENWORK AND HAPPINESSThe survey further interviews asset investors,who invest in foreign exchange(60.5%),bonds(59%),and s
265、tocks(51.2%)demonstrate their highest passion of working in the Industry for a long time.Their optimism suggests a positive attitude towards investing these three asset classes.However,only do 36.8%and 25%of respondents invest in derivatives and alternative assets hold the same opinion.Technically,a
266、lternative investors feel negatively about long-term employment in AMCs,with 25%of respondents considering to change industry once they get a proper chance,and a further 20.8%reporting their work and life not balanced.Respondents investing in foreign exchange,bonds and stocks are the most confident
267、about industry prospects,while 25%of alternative asset investors intend to switch careers.Proportion of respondents desire to pursue a long-term career in the Industry by positionTechnology18.18%27.27%/18.18%27.27%9.09%/Research48%20%12%/12%8%/Management46.25%23.75%18.75%/7.5%3.75%Investment59.52%21
268、.43%10.71%/4.76%3.75%Trading53.13%18.75%9.38%/3.13%9.38%/6.25%Sales10.53%12.28%/47.37%10.53%8.77%/10.53%Risk management/compliance4%12%/48%20%12%/4%Foreign exchange60.53%13.16%15.79%/5.26%2.63%2.63%/Stocks51.18%18.9%14.96%/3.15%1.57%10.24%/Derivatives36.84%21.05%10.53%/5.26%5.26%21.05%/Alternative I
269、nvestments25%12.5%8.33%/8.33%20.83%25%/Others25.64%20.51%5.13%/17.95%10.26%20.51%/Bonds59.04%24.1%10.84%/1.2%1.2%3.61%/Proportion of respondents desire to pursue a long-term career in the Industry by different types of investmentNo,because of no work-life balanceNo.I would consider changing industry
270、 if I had a proper chanceYes.I feel optimistic about opportunities of the industryYes.I love both my work and the industryYes,because of stability of the industryI still wait and seeNo,because of no work-life balanceNo.I would consider changing industry if I had a proper chanceYes.I feel optimistic
271、about opportunities of the industryYes.I love both my work and the industryYes,because of stability of the industryI still wait and see40China aims to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060,President Xi said at the General Debate of the 75th Session of the UN G
272、eneral Assembly.It is expected to accelerate Chinas transition to green and low-carbon development.With the ambitious climate target,ESG(Environmental,Social,and Governance)investment by Chinese asset managers has increased significantly,with the number of sustainable investing companies increasing
273、to 37 in just one year.If we look at the customer mix of ESG offerings,domestic institutional investors contribute almost 90%of the demand.Since 2021,both the Insurance Asset Management Association of China and the Asset Management Association of China have established ESG-related committees.A numbe
274、r of domestic funds began to take action in sustainable investment.As of the end of June 2021,a total of 74 ESG wealth management products were issued in the domestic market,with a cumulative issue size of 46.7 billion RMB.The survey collected respondents feedback on ESG and its importance to AMCs f
275、uture.The result from the chart below shows nearly 85%of them believe that ESG is“very important”and“important”,and over 80%across an age range from 26 to 50 agree that ESG is significant for the industrys future.From a gender perspective,nearly 90%of women surveyed believe that ESG has an important
276、 impact on AMCs in the future,exceeding that of men by 10.5 percentage points.The proportion of women who chose ESG“unimportant”is zero(men is about 2%).By looking at the rank,over 96%of chief executives recognize ESGs significant impact on the growing industry.Since ESG has changed the way energy i
277、s priced,ESG has been integrated into the standard of valuation and performance evaluation,which is also reflected in the result of the survey,for example,the most relevant positions,including risk management/compliance(96%),management(91.3%)and investment(86.9%)value ESG the most.Over 80%of respond
278、ents recognize the importance of ESG to the future development of AMCs.Chief executives and risk management/compliance positions value ESG the most.ESGs importance to the future development of AMCs51.81%39.63%45.76%Important7.23%14.63%10.91%Neutral1.83%0.91%Unimportant37.95%39.63%38.79%Very importan
279、t3.01%4.27%3.64%Know little about ESGWomen MenOverallESG412022 WOMENWORK AND HAPPINESSAccording to The Report on Stress in Chinas Workplace 2021,Shanghai tops the list of domestic cities at the highest level of stress.To study whether a“high-paying”industry also being as a“stressful”industry,profess
280、ionals of AMCs in Shanghai are asked to rate their stress on a scale of 1 to 5(i.e.,the lowest to the highest stress level).The result shows that 38.4%of respondents rate their stress level as 4(high),followed by the group with a stress level of 3(medium),accounting for 34%.Furthermore,nearly 23%of
281、respondents believe that they are“overwhelmed by stress”(level of 5).There is no significant correlation between stress and gender.The number of women with a stress level of 4 is more than that of men,at 40%approximately,while the number of women with stress level of 3 and 5 is less than that of men
282、.By evaluating employees stress level,working hours,sleep status and motivation to work,the section intends to gain an in-depth understanding of their work and life.Employers of AMCs are encouraged to make relevant policies to improve employees health and happiness,so as to retain top talent.Stress
283、and Motivations1.Stress levelsThe asset management industry is not“super stressful”,but there still are nearly 40%of respondents feel high stress.The report team calculates average stress scores of the overall samples,the result is 3.57.In terms of rank,the average stress score of board members reac
284、hes a peak of 4.82(close to“the most stressed”),which echoes a quote of“uneasylies thehead that wearsa crown”.However,the data shows interestingly that the average stress score of first-line employees(3.69)is higher than that of chief executives(3.42)and senior managers(3.17).In addition,to investig
285、ate respondents who manage assets,the data found the more assets they manage,the more likely they feel stressful.When assets under their management increase from 5-10 million RMB to 1-10 billion RMB,they rate their stress level as 5 soaring from 7%to 66.7%.The stress level of board members is the hi
286、ghest,chief executives and senior managers are less stressed than first-line employees.The more assets respondents manage,the more likely they feel stressed.Stress levels by rankFirst-line employeesFirst-line managersMiddle managersC-suiteBoard membersOthersSenior managers3.693.463.593.173.424.824St
287、ress levelsWomenMenOverall5432119.49%26.41%22.94%42.71%34.07%38.4%32.54%34.75%33.64%0.17%0.34%0.25%5.08%4.43%4.76%42Working hours are used as one indicator to further explore how it results in professionals stress in AMCs.Specifically,most respondents(34.9%)work 8 to 9 hours per day,followed by thos
288、e who work 9 to10 hours(31.8%).Furthermore,there is over 14%of respondents report they keep working over 10 hours a day.Among them,more than 5%work over 12 hours.Women and men are almost“equal”in terms of working hours,with no significant gender difference in the point.The survey further reveals a c
289、ertain positive correlation between monthly pay and average working hours.The chart below illustrates the higher the pay,the longer hours respondents work.For instance,employees paid by 5,001-10,000 RMB per month frequently work 8.8 hours a day,but when their daily work extents to 9.75 hours on an a
290、verage,their monthly pay is raised between 80,000 to 100,000 RMB above.2.Working hoursThe higher the senority of respondents,the longer the daily hours they worked.Female board members work the longest daily hours.Under 88-99-1010-11Women MenOverall11-12 Over 125.42%5.49%5.45%2.41%4.88%3.64%4.22%5.4
291、9%4.85%33.13%30.49%31.82%15.06%23.78%19.39%Daily working hours29.88%34.85%39.76%9.28.88.99.29.29.39.499.89.7Under 5,0005,001-10,00010,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001-80,000 80,001-100,000 Over100,000 Daily working hours by average monthly pay(unit:hour/RMB)(
292、unit:hour)432022 WOMENWORK AND HAPPINESSWomen MenOverallIn terms of rank,the higher the level of respondents,the longer hours they work averagely.The daily work time of middle managers,senior managers and chief executives is 9.05,9.13 and 9.31 hours,respectively,while board members work an average o
293、f 10.31 hours a day.Regarding to genders,female board members(10.5 hours)work almost 1 hour than their male counterparts(9.6 hours)per day.It suggests women do spend more time than the opposite sex to break through the glass ceiling and get to the top.Employees in banks and private equity share the
294、similar highest stress score at 3.71 and 3.68,respectively,followed by insurance companies(3.62),mutual funds(3.46)and securities companies(3.36).To make a further analysis,respondents employed by private equity keep the longest working hours of 9.34 among all AMCs surveyed.From a gender perspective
295、,men working for private equity and insurance companies have longer average daily working hours at 9.45 and 9.26 separately,while women hired by banks and mutual funds keep longer time for working at 9.24 and 9.21 hours each.In fact,male employees from private equity suffer relatively higher job str
296、ess(score of 3.84)and longer working time(9.45 hours per day).Employees in banks and private equity are under greatest pressure,with the latter daily working at 9.34 hours per day.A correlation between stress levels and working hours by different types of AMCsFemales working hoursMales working hours
297、Males stress level Females stress level Overall stress levelBanks8.769.093.713.673.79Private equity9.459.343.683.843.46Insurance companies9.269.143.623.693.57Mutual funds9.059.133.463.293.62Securities companies8.888.93.363.513.21Daily working hours by rank(unit:hour)9.079.19.08First-line employees9.
298、679.59.26Others10.59.610.31Board members9.39.319.31C-suite9.348.969.13Senior managers8.989.19.05Middle managers8.819.168.99First-line managers44More than 86%of respondents sleep under 8 hours per day,and 40%sleep 6 to 7 hours.High-quality sleeping is the cornerstone of good health for everyone.In th
299、e survey,sleep status is measured among respondents of AMCs.The data shows over 86%of respondents sleep less than 8 hours per day,while 40%have 6 to 7 hours of sleep.Employees who sleep under 4 hours and over 9 hours a day,account for only 2.42%and 1.82%,respectively.There is no significant gap betw
300、een two genders who also sleep 6 to 7 hours per day.3.Sleep statusDaily hours of sleep Under 44-66-77-88-99-10Over 102.42%11.21%40%32.73%11.82%0.91%0.91%(unit:hour)452022 WOMENWORK AND HAPPINESSChief executives and first-line employees are the most sleep-deprived.Employees in mutual funds are not ge
301、tting enough sleep compared to those from other AMCs.With regard to rank,the data shows from first-line employees(6.73 hours)to senior managers(7.15 hours),the higher the rank,the longer average daily hours of sleep they have.For C-suite(6.45 hours)and board members(6.9 hours),neither of them sleep
302、over 7 hours.Chief executives are the most sleep-deprived of all ranks.By examining employees in different types of AMCs,the data reveals that people in the Industry normally sleep no more than 7 hours.Those hired by mutual Funds report explicitly“not getting enough sleep”,with an average sleeping t
303、ime of 6.81 hours,followed by who work in private equity and insurance companies(6.87 hours both).The report also surveys a correlation between sleep and pay.The graph below exhibits that the most sleep-deprived respondents are those with a monthly salary of under 5,000 RMB and 80,001-100,000 RMB,wh
304、o sleep 6.45 and 6.58 hours,respectively.It is not unexpected that professionals with the most decent pay(over 100,000 RMB per month)get the longer sleeping hours(7.25).Daily hours of sleep by rankFirst-line employeesFirst-line managersMiddle managerssenior managers C-suite Board members6.457.026.85
305、6.896.947.126.896.946.587.25Under5,000 5,001-10,00010,001-20,00020,001-30,00030,001-40,00040,001-50,00050,001-60,00060,001-80,00080,001-100,000Over100,000(unit:hour)(unit:hour/RMB)Daily hours of sleep by average monthly pay6.736.986.937.156.96.4546In 2019,Lean In China conducted a nationwide survey
306、to understand how success was defined by women and men in the workplace.The result showed that women value self-actualization the most,while men much focused on marriage and family.To further the study in the financial industry this year,the Report extend the topic.The findings include almost 40%of
307、respondents in AMCs need“support from their bosses”to achieve career success,followed by support from“policies”(21.2%)and“colleagues”(13.6%)in the organization.In addition,who need support from“partners”and“other family members”combined accounts for less than 15%.This suggests professionals need mor
308、e support from the organization than at home to succeed in the Industry.4.Career successTo achieve career success in the Industry,nearly 40%of respondents primarily need support from their bosses.Support from their bosses40.96%37.8%39.39%Support from clients 9.04%10.37%9.7%Others 1.2%1.22%1.21%Suppo
309、rt from other family members4.22%5.49%4.85%Support from partners12.65%7.32%10%Support from colleagues 10.84%16.46%13.64%Support from organizational policies(e.g.,flexible working,business travel allowance,etc.)21.08%21.34%21.21%Support needed to achieve career success in AMCsWomen MenOverall472022 W
310、OMENWORK AND HAPPINESSIn terms of age,Generation Z(aged 18-25)require supportive policies from their organization,accounting for 43.2%.The same support begins to decline along with an increase of the age,until it drops to 9.1%at the age of 46-50,who looks for a backup from their bosses(54.6%),with t
311、he same choice as the 31-35 age group(50%).Respondents over 50 hope to be propped up by policies and partners,both at 50%.As shown in the previous bar chart,women expect more support from their partners,5.33%higher than their counterparts,while men need support from colleagues,5.62%higher than women
312、.Women,Work and Happiness Report 2019-2020:Redefining“Her Success”found that women are less likely than men to have a supportive work environment.To pursue career success,women need support from society,workplace and family.Over 40%of Generation Z value supportive policies offered by organizations.W
313、omen expect more support from their partners at home.Support needed to achieve career success by different age groups18-2526-3031-3536-4041-4546-5050 aboveSupport from their bosses 40.91%54.55%24.69%50%41.07%38.24%Support from colleagues 14.71%4.55%11.11%21%14.29%Support from clients6.82%19.75%4%7.1
314、4%8.82%18.18%Support from other family members4.55%8.64%1%7.14%2.94%9.09%Others3.7%1.79%Support from partners9%9.09%50%12.5%8.64%20.59%Support from organizational policies(e.g.,flexible working,business travel allowance,etc.)50%23.46%43.18%15%16.07%14.71%9.09%485.Career motivationsThe survey is to u
315、se internal and external indicators to understand employees work motivation in the Industry.From a gender perspective,the top choice of both women and men is“professional achievement”(62%of women and 65.2%of men),followed by“money”(56.6%of women and 60.4%of men).For the third driving force,women wor
316、k for passion or interest”(40.4%),while men are driven by“social status or reputation”(42.7%).It implies women working in AMCs are more likely to“follow their heart”,and they expect to unleash potential and talent through work.Most respondents work for“career achievement and money”.Women comparative
317、ly are driven by passion or interest,while men are more motivated by status or reputation.Career motivationsMoney56.6%60.4%58.5%Others1.2%1.2%1.2%Passion or interest40.4%37.8%39.1%Self-actualization36.1%25%30.6%Family34.9%29.9%32.4%Social status or reputation24.1%42.7%33.3%Power23.5%28%25.8%Professi
318、onal achievement62%65.2%63.6%Social impact21.1%9.8%15.5%Women MenOverall492022 WOMENWORK AND HAPPINESSIn brief,we would like to restate the mission of Women,Work and Happiness:to make a better understanding of womens status quo and values in the society is the first step in upholding womens developm
319、ent,and this will help to provide more support for women to achieve their goals and aspirations in both work and life.The success of women,in turn,will powerfully boost economic and social growth.Through the Report,we look forward to working with partners to achieve a shared vision,to create a safe
320、space of diversity,equality and inclusion(DEI)for women,and support them to“lean in”in the workplace.The graph below depicts professional achievement is still the biggest driving force for most management levels in AMCs.First-line managers(67.1%)and middle managers(54.1%)both value“money”the first,w
321、hile senior managers give priority to“status or reputation”(47.6%).Chief executives are driven by“passion or interest”(46.2%).To board members,“power”(72.7%)becomes the overwhelming desire for their career.This trend suggests that the proportion of management levels are driven by money declines as t
322、hey move up the professional ladder,and non-monetary rewards begin to take hold.For work motivation,the importance of money decreases with seniority.More than 70%of board members are driven by the desire for power.First-line managersMiddle managers Senior managersC-suite Board membersPassionor inter
323、est31.76%40.98%38.1%46.15%9.09%Money67.06%54.1%38.1%23.08%54.55%Power20%26.23%30.95%30.77%72.73%Professional achievement78.82%68.85%66.67%76.92%36.36%Social status or reputation24.71%44.26%47.62%38.46%36.36%Career motivations of management levels501.Bloomberg L.P.(2022).2022 Bloomberg GenderEquality
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332、onomic Performance in 2020.Shanghai Municipal Peoples Government,Shanghai Municipal Financial Regulatory Bureau.http:/ State Council Information Office of the Peoples Republic of China.(2021,October 27).Chinas Policies and Actions to Address Climate Change.The State Council of the Peoples Republic o
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