How to Recruit and Retain More Women Executives in Banking
How to Recruit and Retain More Women Executives in Banking
The banking industry is evolving, and while progress has been made, there’s still a significant gap in the representation of women in executive roles.
According to recent statistics, only 15% of Fortune 500 CFOs are women, and the numbers are even lower for women of color. As banking institutions aim to diversify their leadership, many are asking: What can be done to recruit and retain more women in executive roles?
Here’s a strategy that can make a real difference.
Offer Flexible Work Hours and Remote Options
Remote work has proven effective for many companies. Women, particularly working mothers, benefit significantly from flexible schedules. Offering hybrid or fully remote roles, flexible hours, and recognizing that productivity doesn’t require rigid office hours allows women to maintain a work-life balance that supports their professional growth.
For example, Mesh Payments created a culture where women can work around their schedules, whether it’s to care for their children, manage household tasks, or attend to aging parents. By showing this kind of support, organizations can empower women to stay engaged in their careers without sacrificing family time.
Provide Equal Opportunity and Career Advancement
While flexibility is essential, it’s equally important for companies to provide clear paths for women to advance within the organization. In industries like banking and fintech, networking often plays a critical role in career progression. However, many women find it difficult to break into these male-dominated networks.
Establish Formal Mentorship Programs
Companies can close this gap by providing mentorship programs that actively encourage senior male and female executives to mentor women, fostering an inclusive culture. Women need to network, network, network to thrive. Mentorship is an effective way to help women develop their skills, expand their networks, and find allies who will advocate for their growth within the company.
Create Leadership Development Programs for Women
Leadership development programs, such as the Rise Up initiative at Money 20/20, can provide women with the resources and support they need to take on more significant leadership roles. These programs not only empower women with the skills and knowledge to excel but also build a community of female leaders who can support one another.
Encourage Gender Diversity in Hiring
An important part of creating an inclusive environment is ensuring gender diversity is prioritized during the hiring process. At Mesh Payments, 50% of the executive team and 40% of the company are women, a statistic that far surpasses industry averages. This success is attributed to the company’s deliberate efforts to create a diverse hiring pool and a thoughtful interview process.
Companies need to think beyond just filling seats—they need to focus on creating an environment where diverse voices are heard, supported, and empowered to lead.
Retaining Women Executives: Keep Them in the C-Suite
It’s one thing to recruit women into executive roles, but another to keep them there. Women are more likely than men to step down or be ousted from leadership positions within a year of appointment. To change this trend, companies need to go beyond hiring and focus on retention.
Final Thoughts
Creating an environment where women can thrive in executive roles requires a multi-faceted approach. From flexible work schedules and inclusive hiring practices to mentorship programs and workplace culture improvements, companies need to be proactive in their efforts. By doing this, you’ll not only recruit more women to your leadership team but also retain them for the long haul.
If you’re looking to attract top female talent for your executive team, schedule a call with The Anderson Search Group today to learn how we can help you build a more dynamic leadership team.