Lack of opportunities for career progression was the top reason (34%) female millennials in financial services say they left their last employer, according to a new study from PricewaterhouseCoopers (PwC). No room for growth ranked above “I found a job that paid more elsewhere” and “The work was not as interesting and meaningful as I would like,” each which was cited by 29% of the sample. Just 4% said they left to start families.
The study, “Female Millennials in Financial Services: Strategies for a new era of talent,” seeks to assess “perceptions, aspirations and characteristics” of young women in financial services (banking and capital markets, insurance and asset management). PwC surveyed 8,000 women born between 1980 and 1995, of which 600 were working in financial services (percentages here are of those women in financial careers). The survey finds that these young women want to climb ladders: 60% say opportunities to progress are the most important attribute in an employer. And if those opportunities aren’t present or sufficient, these women are likely to go elsewhere.
Pay is almost as important as opportunity. The women surveyed expect to be paid well and receive strong benefits packages (the No. 3 requirement from an employer). They want a workplace that displays corporate commitment to diversity, equality and inclusiveness. Most of the women (61%) say their employer doesn’t do enough to encourage diversity.
Equality also is found lacking. Half of the women surveyed (50%) say their employers are biased toward men when it comes to promotions. Many (36%) say that bias extends to developing employees; 29% say men are favored in hiring.
Nearly half (47%) of the women say their employers have flexibility or work-life balance programs in place, which 30% say is important. However, more than half of the young women surveyed (53%) believe that taking advantage of these programs would have a negative impact on their career development.
Go here to read the complete report, including a section on “Making your business more attractive to female millennials.” Share your reactions, experiences and opinions on GlassCeiling.com. Join the conversation.