The financial services sector is failing to attract young women to either begin or maintain a career in the industry, according to a report from PwC which says firms need to develop better strategies to overcome female concerns about lack of career progression, or risk losing out on a major source of talent
Female millennials (born between 1980 and 1995) are entering the workplace in larger numbers than ever before. However, PwC’s research found that one in five of this generation of women would not work in financial services solely due to the sector’s image.
Insurance is the least popular sector, while asset management fares better due to the higher number of positive senior female role models.
PwC’s report ‘Female millennials in financial services: strategies for a new era of talent’ reveals that limited opportunities for career progression is the number one reason this group of employees leave their job in financial services.
The outlook for those still working in the sector is not much better as two thirds of women working in financial services believe they will not be able to reach a senior level within their organisation. This compares to just three in 10 male millennials working in the same industry.
The report, which draws on interviews with over 8,000 female millennials globally, reveals that the financial services industry faces a number of hurdles in attracting and retaining this generation of women.
Six in ten female millennials said financial services firms are not doing enough to encourage diversity and seven in ten said their employer talks about diversity, but opportunities are not equal for all.
Jon Terry, PwC’s financial services HR consulting leader, said: ‘It is clear that financial services firms have a way to go to attract and keep hold of this new era of female talent. These women are ambitious and looking to progress and if these expectations aren’t met women will simply be put off joining or will vote with their feet and leave. Within this highly networked generation, poor perceptions of current staff can quickly spread and discourage potential recruits.
‘This should be a wake-up call for those in the financial services sector to bring their diversity policies to life, redefine their definition of what makes a leader, re-evaluate how they develop their people and create a structure where women can thrive and not be stifled.’
