Bosses in the financial services (FS) industry should work on enhancing their career progression strategies if they won’t wish to lose their female Millennials.
According to a new report by PricewaterhouseCoopers (PwC), 60% of female Millennials in FS see opportunities for career progression as the most important attribute in an employer.
However, a lack of such opportunities is the number one reason why women millennials in FS left their last job. More than three out of 10 (34%) also cited it among the top three reasons for quitting.
Polling over 8,000 female millennials across twelve industries, the report found that only 35% feel they can rise to senior levels within their current organisation.
Worryingly, this percentage was half of that cited by male employees who are working within the sector.
The report also highlighted a lack of focus on diversity was also discouraging female Millennials from working in the industry.
More than four-fifths of respondents (87%) aid an employer’s policy on diversity, equality and inclusiveness is important when choosing whether to work for them.
However, 61% of female Millennials said their employer currently isn’t doing enough to encourage diversity.
“There is clearly a danger that if expectations aren’t met, women will simply be put off joining the financial services sector or vote with their feet and leave,” said Karen Loon, PwC Singapore’s Banking and capital markets leader and diversity leader.”
“Within this highly networked generation, the poor perceptions of current staff can quickly spread and discourage potential recruits.
The report added more could also be done with regards to providing female Millennials overseas opportunities and enabling them to work flexibly.
More than two-thirds of Millennial women (68%) stated they would like to work outside their home country and 55% believe they need to gain international experience to further their career.
However, 22% felt women are given fewer opportunities to undertake international assignments than men.
Similarly, while 30% of female Millennials cited flexible working arrangements as an attraction, 53% believed taking advantage of flexibility and work-life balance programmes would have negative consequences for their careers.
“At a time when 70% of FS CEOs see the limited availability of key skills as a threat to their growth prospects, it clearly is vital to make the most of all the available talent, including women,” Loon added.