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Young women seek out employers with strong diversity records, according to a report by PwC, as another report shows the UK comes in 18th out of 27 OECD countries on gender parity at work.
The report Next generation diversity – Developing tomorrow’s female leaders identifies six key themes which are integral to the successful attraction, retention and development of the female millennial.
The report says:
– Female millennials matter because they are more highly educated and are entering the workforce in larger numbers than any of their previous generations.
– The millennial woman is more confident than any female generation before her and highly rated opportunities for career progression.
– Female millennials seek out employers with a strong record on diversity.
– The millennial generation can be expected to drive unprecedented work life organisational culture shifts.
– The female millennial expects regular feedback and despite being extremely tech-savvy, prefers important feedback discussions to take place face-to-face.
– International experience is in high demand from this generation of women.
– An employer or sectors image and reputation matters to the female millennial.
Dennis Nally, Chairman of PricewaterhouseCoopers International, says: “Diversity is a key issue for us, which is why we were keen to focus on female millennials. We recruit a rich diversity of talent every year from schools across the world, including thousands of very talented millennial women. We want to think about the environment that will help those women succeed now so that they’re primed for leadership in the future.”
Agnes Hussherr, Global Diversity and Inclusion Leader, PricewaterhouseCoopers International, adds: “To achieve sustainable change, a focus on women in leadership is not enough. We must tackle diversity at a leadership level but also focus efforts on our workforce from day one. But to get this right, we must first better understand how to attract, develop, and retain millennial women.”
PwC has also released a report showing the UK is still behind other OECD countries in terms of gender pay, mainly because of the high number of part-time roles fulfilled by women. The UK ranks 18th out of 27 OECD counties for female participation and pay in the Women in Work Index. The index ranks countries on five key indicators of female economic empowerment: the equality of earnings with men; the proportion of women in work, both in absolute terms and relative to men; the female unemployment rate; and the proportion of women in full-time employment.
The Nordic countries continue to lead the Index, with Norway still taking pole position, followed by Denmark and Sweden. Norway leads the way due to its low levels of female unemployment and low gender pay gap. The Netherlands and Ireland have made the biggest progress on the Index since last year, with both countries moving up five positions, due in large part to narrower gender wage gaps.