Females struggle to break free from gender uniformity
According to a new PwC report, common misconceptions that men are more likely than women to want to work abroad is creating barriers for women working in financial services.
The reported misonception greatly contrasts with data that suggests that men in financial services are more likely than women to prefer international assignments before starting a family. In addition, only 17 per cent of women said concern over the wellbeing and education of their children dissuaded them from international asignments where as 22 per cent of men claimed this was the case.
Jon Terry is PwC's financial services HR consulting leader. He says the failure of corporations to widen their talent pool has serious risks.
“International mobility should be a key strategic priority for financial firms, helping to bridge skills gaps and develop future leaders," Terry said. "In an ever more globalised financial marketplace, international mobility can improve firms’ ability to reach into fast growth markets and forge the global mind-set needed by today’s business leaders.
“To their detriment, firms are choosing international assignees from a talent pool that is far narrower than necessary. Moreover, the lack of transparency in highlighting mobility opportunities is likely to reinforce barriers to the inclusion of underrepresented talent groups, including women."
PwC's report says that "lack of transparency in highlighting mobility opportunites" is leaving more than half (52 per cent) of women working in finance feeling as though there are not enough role models within their organization's pool of international assignees. Only 32 per cent of men claim the same.
Ultimately, Terry says firms must challenge biases and stereotypes as well as promote mobility as a part of it's talent brand if they are to meet increasing demands for diversity and financial success.
“The CEOs of today and of the future are expected to possess significant international experience," Terry said. "Financial firms need to broaden the pool of talent from which their international workforce is drawn or they risk continuing the industry’s lack of diversity in top roles."