Headlines:
- Most firms survey their staff every 1-2 years but cannot really identify if their staff are engaged or not.
- People join with high expectations, especially those with degrees. They expect a lot very early in their career and are often disappointed and then leave.
- How do we stop hiring individuals in our own light as these will not be the kind of people we need going forward? If we don’t change this approach, the culture will not change. Strong male dominated boards could be part of the issue
- Share options/profit share viewed to be a very good way of retaining senior/key staff but care has to be taken how these are put in place. Culture is key in this area as well.
- Remuneration is still a key part of the role and the more senior you become it is not just about the figures but what the total ‘tool kit’ looks like.
Key Challenges:
- Not enough women in senior roles. Is this a recruitment or retention issue? Viewed to be a mixture of both.
- Regarding the number of women within this industry we compare badly to the legal and accounting professions.
- Interview process needs to change to manage expectations especially those with good CVs whose expectations are unrealistic.
- Having a mentor/sponsor system within the business is viewed very favourably but not all firms are able to do this. This was seen as key in helping retain women within the business.
- The male/female split of staff does not mirror the male/female split of clients and this is a worry.
Conclusions/solutions:
- The industry needs to address why it is not attracting and retaining enough women in all roles as the status quo is not acceptable.
- In order to change how the industry looks and feels, recruitment needs to change and move away from recruiting individuals that simply mirror the status quo.
- At the moment it does not feel that there is a burning desire to change and this might only change when it starts to impact the bottom line.
Expert: Chris Morgan, Vice President, UK Wealth Management, and Martyn Chappell, Vice President, Dimensional Fund Advisors
Facilitator: Martyn Laverick, Managing Director, Soprano
