Research reveals financial services require more female millennials for growth

executive-461653_640.jpgAccording to a recent report by PwC female millennials are set to play an important part in the future growth of financial services globally. Female millennials are entering the workplace in larger numbers than ever before and come with their own set of expectations and ambitions for their careers. This means that employers should really take a closer look at their talent management practices especially in terms of this generation. Females' views about diversity and inclusiveness in the work place seem to have reached a tipping point. No longer are they seen as 'soft' issues, but rather as crucial competitive capabilities.

There are several benefits to having women in your financial organization. Women bring a different perspective to issues and because diversity makes companies more representative of the world around them, it has profound implications for relationships with stakeholders. In addition, the research shows that there is 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.

Other key findings include:

Career development
A perceived lack of career progression is causing many women to leave their jobs in financial services or putting them off joining the sector in the first place. The report found that only 35% feel they can rise to senior levels within their current organisation. In order to tap into the female talent, it is clear that financial services employers need to change tact in terms of their career development and the progression opportunities they offer in order to become an employer of choice for these skilled females.

Remuneration and flexibility is key
Women have yet to close the wage gap, even when they have similar jobs to their male counterparts. Only a handful of new jobs offer comparable pay and flexible working, despite technology advances and significant changes in how and where people work. 30% of female millennials in financial services mentions flexible working arrangements as an attraction and almost all see work-life balance as important.

International exposure
As companies grow they spread across the globe, highlighting the importance to seamlessly operate across borders. Female millennials understands the importance to adapt to this trend and the study shows that more than two-thirds, (68%) would like to work outside their home country and 55% believe they need to gain international experience to further their career.

It is clear that female millennials have high expectations of their future financial services employers, they are ambitious and looking for career progression. If you want to attract this generation of skilled females to help your company grow, the need for well-thought out talent management strategies is essential.


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