Financial services struggle to recruit women due to perceived lack of career progression, according to a new PwC report.
The new report issued by the professional services company, PwC, has shown that two thirds of women working in the sector believe they won’t be able to progress into a senior level, resulting in a lack of female applicants as well as more women leaving their jobs.
Through interviewing 8,000 female millennials, the report outlines the financial services’ struggle with attracting and retaining this particular group. The research found that one in five of this demographic would chose not to work in the sector due to its supposed image.
Jon Terry, PwC’s financial services HR Consulting Leader, suggests that: “At a time when financial services firms are finding it difficult to root our aspects of their culture which could lead to excessive risk-taking or regulatory breaches, attracting more women at all levels of the organisation could provide the catalyst needed for a real shift in attitudes and behaviours.
“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 with simply be put off joining or will vote with their feet and leave.”
Also in the research, PwC found six in ten female millennials consider the financial services sector to have a distinct lack of diversity, with seven in ten also claiming that employers will discuss diversity but opportunities are not always equal.
As more female millennials enter into work, a high number of expectations are anticipated as women determine whether or not to work for an organisation, however PwC’s report shows that financial services firms are falling short in women’s perceptions.
Terry concludes by saying: “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 function where women can thrive and not be stifled.
“Having visible female role models at all levels of an organisation will be an important step to show employees and potential employees that leadership positions are achievable for all.”