London’s banking industry needs to change its approach to recruiting and retaining women if it’s to meet its diversity targets according to research carried out by global banking and finance recruitment specialists Huxley Associates.
Although companies are increasingly recognising the importance of diverse teams, Huxley found this can be hindered by the approach many recruiters take to recruiting women.
Their research found that women on the whole tend not to apply for jobs unless they have 80% of the skills listed, as opposed to men who apply with only 40%. But the research also showed skills matching in this way does have a much better result for women as they are 38% more likely to secure a job than men when both apply for the same job.
Huxley found women on the whole also tend to take a much more structured and considered approach to their career, and the perception of a company and the people, has a major impact on their willingness to move. They found that women tend to be more loyal, worry about resigning more, and factor in the supposed risks associated with moving jobs.
Clare Russell, Business Manager at Huxley in the City said, 'As an established employee women have already built the support networks, and developed trust and credibility within their current role. This is a key factor in their happiness at work and plays a major part in their deciding whether to move elsewhere'.
The research also shows women generally tend to be more loyal and need more convincing to move jobs than men, and as a result potential employers and recruiters need to have a much longer term view when looking to recruit women. Unlike men, women do not typically engage with recruiters to help them find a new job. Instead recruiters on the whole have to engage with women over longer periods of time and they may have to wait 6 months before they feel ready and willing to consider other opportunities.
Russell said: 'The City has for a long time recognised the value women bring to their workforce but for too long employers, and recruiters alike, have adopted the same recruitment style for men and women which is having a negative impact on their ability to recruit a more gender balanced workforce.
'Over recent months we’ve been working with banks across the City to help redefine and design their proposition to deliver gender diverse recruitment strategies. Through better targeting and more focused communications programmes the results have shown significant improvements in female engagement. However, if employers are looking to increase their female intake over the next 12 months, then work needs to start now and it needs to start in earnest'.