PwC: Young women put off finance jobs for fear of poor career chances
Young women in financial services are just half as likely as men to feel they have a chance of rising to become senior managers, according to a study out today from PwC.
Just 35 per cent believe they stand a good chance of substantial career progression with their current employer, compared with more than 70 per cent of their male counterparts.
As 60 per cent of women born between 1980 and 1995 see career progression as the most important attribute in an employer, this is a serious obstacle to increasing the number of women in top jobs in the sector, PwC believes.
While insurance has a particularly poor reputation among the more than 8,000 women interviewed around the world as part of the survey, asset management is more popular and has more role models.
While half of women believe promotions are biased towards men, only 20 per cent of male staff believe this to be true.
However, in other areas women have made progress in the workplace – of those in financial services with a partner, 75 per cent earn the same or more than males.
“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,” said PwC’s Jon Terry.
“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.”
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