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Female millennials are set to play a critical part in the future growth of financial services, according to a PwC report on “Strategies for a new era of talent.”
The report found that financial services firms that do not possess the attributes these discerning women (born between 1980 and 1995) seek or, offer a clear path of career progression, will struggle to tap into this pool of talent and retain it and risk losing out to competitors.
PwC surveyed more than 8,000 female millennials across 12 industries, of which 596 are working in the financial services sector (banking and capital markets, insurance and asset management), uncovering the perceptions, aspirations and characteristics of women in financial services in order to help businesses define and refine strategies for recruitment, retention and career development.
The report underlines that the increased presence of women in the sector can improve the ability to build relationships and engender trust, giving firms an edge. Women can also bring new perspectives to strategy and leadership – research by Lehigh University of over 90,000 companies in 35 countries, shows a clear link between the level of female board representation and market performance. This is most marked where women have a strong presence across all levels of leadership.
The PwC survey shows 60% of female millennials see opportunities for career progression as the most important attribute in an employer. A lack of them is also the number one reason why they left their last job.
Additionally, only a third (35%) feel they can rise to senior levels within their current organisation, half the proportion of men working within the sector.
At 57%, pay is just behind career progression as the most important attribute in an employer. Good benefits packages including pensions and healthcare is next on the list (36%).
More than four-fifths of female millennials in financial services (87%) say an employer’s policy on diversity, equality and inclusiveness is important when choosing whether to work for them. Yet, 61% say their employer isn’t doing enough to encourage diversity (in insurance this is an even higher 64%), and 73% believe FS firms talk about diversity, but opportunities are not equal for all (80% in insurance). Half believe promotion is biased towards men.
About 30% of female millennials cite flexible working arrangements as an attraction and almost all see work-life balance as important. However, more than half (53%) believe taking advantage of flexibility and work-life balance programmes would have negative consequences for their careers.
More than two-thirds of female millennials in financial services (68%) would like to work outside their home country and 55% believe they need to gain international experience to further their career. However, 22% feel women are given fewer opportunities to undertake international assignments than men.
