How to use the Gender Maths formula to retain and attract top female talent
A significant challenge facing financial services is how to retain the talent that we have grown or recruited. With more transparency around gender pay gap reporting and targets for achieving greater gender balance at all levels of seniority, firms are under increasing pressure to identify, hire, and retain top female talent.
It is a virtuous circle, where the greater your gender balance, the more attractive your firm is to female talent.
But how do we get the ball rolling, when so many firms are starting from low rates of female representation, particularly at senior levels, as shown in the data published through the Women in Finance Charter?
I would like to suggest that the “gender maths” is fairly straightforward. But what is the formula for this, and how can we implement it?
We believe that it starts with recognising the talented people who are sitting next to us. Too often we look outside our organisations, instead of applying a “gender lens” to identify talent within our own firms. This would help us re-evaluate what we regard as talent and achievement, and move away from existing stereotypes.
Each year in June, I have the pleasure of seeing the results of this exercise. It is inspiring to see the breadth and depth of talent identified within those hidden gems or iconic leaders who are nominated for, and are winners of, the Women in Banking and Finance (WIBF) Annual Achievement Awards.
Part of the success of this process is derived from peers nominating colleagues, rather than the traditional approach of consulting with HR and senior leaders to consider the “talent list”, which can be subject to conscious and unconscious bias.
The next step is to celebrate talent through nomination for awards. We know the effect on an individual’s perception and impact within an organisation when they are recognised and celebrated for being shortlisted or winning an award — it is transformative.
Recognition and celebration of talent can lead to improved retention, which in turn creates a strong gender profile for a firm, attracting more female talent. Clearly, the gender maths works.
Recognising the right people at the right time in their professional and personal journeys can be the catalyst for unlocking high-impact achievements, and that is in everyone’s best interest. When we highlight successes, we create role models and inspire everyone around them.
Creating belief in the ability to change and succeed is a powerful tool for embedding a culture of inclusion and “can do” in an organisation.
At WIBF, we understood this. For over two decades, we have been recognising and celebrating the talent in the financial services sector in our annual WIBF Awards for Achievement. Through five award categories, we celebrate career achievement, champions for women, future leaders, team diversity, and technology stars.
Many of our award winners have leveraged their WIBF Award as a launchpad to be role models and leaders of change, which is transforming the business we do and how we do it. We have seen former award winners named in the annual honours list, and countless others go on to receive further accolades and awards.
Firms and recruiters often say that they struggle to find female top talent. To them I say: in 23 years we haven’t struggled. All modesty aside, we do seem to have an eye for spotting talent.
This year’s awards will be particularly special, as WIBF is celebrating its fortieth year of inspiring and connecting people with talent and a passion for diversity.
I encourage firms and managers to consider who is your talent, and to call it out. It is important, and can make all the difference. So make sure that you nominate outstanding colleagues to the WIBF Awards for Achievement. The deadline for nominations is Friday 28 February 2020.
Main image credit: Getty