The insurance industry is the least popular financial services employer with young women due to a perceived lack of career progression causing many females to leave their jobs or putting them off joining the sector in the first place, according to research by PwC.
PwC’s report ‘Female millennials in financial services: strategies for a new era of talent’ reveals that limited opportunities for career progression is the number one reason female millennials (born between 1980 and 1995) leave their job in financial services.
Among the report’s key findings:
- 13% of women who took park in the survey said they wouldn’t work in insurance because of its image
- 64% of female millennials in insurance say their employer isn’t doing enough to encourage diversity
- 80% of female millennials globally believe insurance firms talk about diversity, but opportunities are not equal for all
Jonathan Howe, PwC’s UK insurance leader, said: "At a time when the insurance industry needs to focus on developing brand reputation and delivering customer-centric product offerings and communication channels, attracting and retaining more women at all levels of the organisation could provide the catalyst needed for a real shift in attitudes and consumer engagement."
Jon Terry, PwC’s financial services HR consulting leader, said: "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 will simply be put off joining or will vote with their feet and leave. Within this highly networked generation, poor perceptions of current staff can quickly spread and discourage potential recruits."