Are you looking to hire more women in finance and capital markets but struggling to find the right talent?
Attracting and retaining more women in finance is not only the right thing to do, but it also makes good business sense. Studies have shown that diverse teams are more innovative, productive, and better positioned to serve a diverse customer base. Here are ten strategies you can implement to attract and retain more women in your organization:
- Check and re-check your job postings to ensure they are not unnecessarily restrictive. Are the academic and professional qualifications you require wide enough to encourage women to apply? Consider transferable skills that can apply to the vacant position and use them to widen your net for candidates.
- Reward managers who attract, sponsor, and advance women in the organization. This could be through monetary incentives or other forms of recognition.
- Train managers and recruiters on how to recognize and overcome unconscious bias. Unconscious bias can often prevent women from being considered for leadership roles, and it’s essential to address these biases to create a more inclusive workplace.
- Create opportunities for sponsorship and mentoring of women in your organization. This can help women build networks, gain valuable skills, and experience, and feel supported in their career progression.
- Offer work-life balance and flexible working arrangements in your workplace and promote these values both inside and outside your organization. Employees often juggle multiple roles, and flexible arrangements can help them balance work and family life while still contributing to your organization.
- Promote the profiles of women role models in your organization, both internally and on social media. Highlight their achievements and contributions and showcase how they have been successful in finance and capital markets. This can help inspire other women and promote diversity and inclusivity within your organization.
- Consider hiring “promotable” women who have the potential to fill roles that you currently have. Women often don’t apply for roles unless they feel they meet all the criteria, so hiring “promotable” women can help you fill your pipeline with talented candidates who may not have applied otherwise.
- Provide comprehensive support to women, including leadership training, networking opportunities, mentoring, and coaching. Studies have shown that women may be less likely to self-promote than their male colleagues, which can hinder their career advancement. By offering training and support in this area, women can gain confidence and learn how to effectively promote their achievements, ultimately leading to greater success in their careers.
- Partner with organizations that focus on empowering and advancing women in finance and capital markets, such as La Gouvernance au Féminin – Women in Governance, Catalyst Inc., AFFQ – Association des femmes en finance du Québec and WCM. These organizations can provide resources, networking opportunities, and support for women in finance.
- Create a diverse and inclusive workplace culture that values and respects difference. Ensure that policies and procedures are in place to prevent discrimination and that all employees feel included and valued. This can help promote a positive work environment and attract diverse talent to your organization.
To ensure the effectiveness of your strategies in attracting and retaining more women in the organization, it’s important to track and measure progress. Conduct surveys, focus groups, and analyze metrics such as employee turnover and diversity ratios to identify areas for improvement. Additionally, fostering a culture of openness and communication within your organization is crucial. Encourage feedback from employees and create opportunities for dialogue and collaboration to create a more inclusive and diverse workplace that benefits everyone.
What are your thoughts on these strategies? Do you have other tips to attract, advance, and retain more women in the finance profession? Share your ideas in the comments below!
