Gender in Banking - What Matters Most to Female Millennials

Does gender matter in banking? We recently posed that question, and shared insights from some of the most powerful women in banking who say you’d better believe it matters, and today is just the beginning!

Female millennials are more highly educated and entering the workforce at greater rates than ever before. 

According to the White House Council of Economic Advisors, the U.S. Millennial generation is the most highly educated to date. A large share of that increase has come from the educational attainment of women – almost 40% of women in this demographic are attending college and attaining degrees. Currently, more females are in attendance at post-secondary schools than males, and the rate is increasing.

Let me be blunt, you need to make sure your bank has the right culture to empower women to succeed or you won’t attract and retain this valuable demographic.

More than half - 51% of millennial females express confidence that they can earn a senior position with their current employer. That’s an increase from previous generations. As an employer, you can look at this two ways: either millennials are more confident than previous generations; or you still have to convince the other 49% that they can pursue real opportunities with your bank.1

Both points are true, of course. Also consider this. Opportunity for progress in a position was ranked the most attractive employer trait.1 As an employer seeking talented young professionals, the ability to show how you train, retain and grow your team is crucial.

Don’t stop there. Opportunity for progress is not the only thing that attracts and retains this talented demographic. In fact, a strong record on diversity may be even more important. When deciding whether to work for an employer, 82% of young female professionals say an employer’s policy on diversity, equality, and workforce inclusion is important. 1

You may be saying, “we’ve got those covered.” Be sure you can back up the claim - 55% of millennials say that even though organizations talk about diversity and progress, opportunities are not necessarily equal.

Bottom line, you can’t just talk the talk; you have to walk the walk. What are you doing to create a culture of opportunity in your bank?

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1. http://www.pwc.com/gx/en/women-at-pwc/internationalwomensday/assets/next-generation-diversity-publication.pdf

Topics: Culture, Leadership

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