The challenge women face starting a young family as their careers are taking off is well-documented. Statistically, women disproportionately carry the domestic burden at a time when work intensification is accelerating. Generous parental leave and support, flexible working and flexible careers, and family-friendly workplace cultures are examples of the policies and practices that help women manage their domestic responsibilities.
Anecdotally, we hear women are more likely than men to leave senior roles in the industry to spend more time with family, even when the organisation has generous support arrangements in place.
Make no mistake – this does not mean funds should stop their efforts to keep these women. Rather the industry needs to do more to support women through the pipeline so there are enough staying in the industry to offset those who will unavoidably leave.
We note the recent launch of independent workplace ombudsman Ombpoint can have a role here by acting asa reference point to help employees manage difficult conversations before they turn into conflict or cause someone to leave.
Retaining women
Creating a culture where people feel valued and included and have access to development opportunities is key to retaining all talent, including female investors. The Financial Services Council (FSC) guidance note, Improving Gender Balance within Investment Management Teams, provides a detailed list of the various actions, policies and programs leaders and organisations can and are taking with this end in mind. Larger super funds and fund managers could tick off everything on the list. Smaller funds don’t have the capacity, and in some cases the requirement, given their size.
In our experience, the funds having the most success have done the work to cultivate a deep leadership commitment to enabling diverse talent. That commitment is established and nurtured one conversation at a time, invariably led by fearless and persistent women leaders. The FSC recognises formal sponsorship programs that pair senior leaders with aspiring leaders is the most effective program to facilitate these conversations.
Because there are so few women in these teams, identifying and addressing their specific needs is key. Our white paper, ‘Where are all the women’ provides some guidance to leaders on what they can do to retain women in their investment teams, including providing support with juggling family responsibilities. If you would like to have a confidential conversation about the situation in your team, book in a time that suits you for chat.
Laila has a rich marketing background with 17 years’ experience across a variety of industries to create meaningful, long-term connections between brands and their customers. At Future IM/Pact, Laila is responsible for all aspects of program delivery and industry partner management.
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