The financial services industry’s senior executive level and board appointments are lacking women’s touch, according to two independent reviews.

Recruitment specialist Hays Insurance says a survey last month shows two out of three Australian employees believe organisations aren’t doing enough to help women into senior management.

Hays Senior Regional Director Jane McNeil says many women tend to look for new jobs because of inadequate career development and progression opportunities.

“A program to assist women into senior management will not only expand the pool of talent internally with leadership potential, but it can also help improve retention rates,” she said.

She says companies need to support the uptake of women in senior management through programs such as active mentoring to allow for succession planning.

“Engagement is also critical, but of course you need to create a workplace culture in which female employees are supported and encouraged,” Ms McNeil told insuranceNEWS.com.au. “Otherwise your steps to improve engagement levels will prove fruitless.”

According to the Financial Services Institute of Australasia (Finsia) report on gender equity, the financial and insurance industries are currently well below the workforce average of 11% of women in senior executive level roles with just 4% recorded in CEO-level positions in 2010.

“With less than 20% of board positions in financial services held by women, there is a strong opportunity to develop talent to take up such positions,” the report says.

Finsia has highlighted the need for member organisations to report the proportion of women in senior executive level positions, companies’ recruitment practices and career progression and development methods.

It’s also seeking comment on its suggestion that companies should report on pay equity, flexible work arrangements and paternity leave as well as their ability to demonstrate a gender-equitable workplace culture.

Companies have until Thursday to comment on Finsia’s proposed “principals to address gender inequity”.