In this week's Hanover Talent Insights:

🚺 Why female leaders are switching jobs

💼 Building high-performance teams with a defined search strategy

💻 FREE one hour masterclass - Elevate your NED LinkedIn Profile

Women leaders are switching jobs at the highest rates we’ve ever seen

“Women leaders are switching jobs at the highest rates we’ve ever seen, and ambitious young women are prepared to do the same. To make meaningful and sustainable progress toward gender equality, companies need to go beyond table stakes.” That’s according to McKinsey's latest Women in the Workplace report, in partnership with LeanIn.Org .

The financial services industry is not immune from this latest trend.  In the last few years, the sector has undoubtedly made progress in promoting gender diversity . However, the underrepresentation of women in senior leadership roles remains a pressing and seismic issue. Over the years, the number of women advancing through the ranks has been consistently lower. Cultural factors and dysfunctional leadership teams play a pivotal role.  Now, financial service companies are facing a new challenge in retaining the relatively few women leaders they do have, leading to a pipeline problem. These issues are even more pronounced for women of colour, exacerbating the gender and racial disparities in leadership positions.

There is no question that female leaders are determined to progress in their careers but encounter greater obstacles than their male counterparts. The desire for more fulfilling work is driving women to leave their current companies at an unprecedented rate. The frequency of women leaders changing jobs has reached record levels, surpassing that of their male counterparts in leadership positions. 

The reasons that lead current women leaders to leave their companies are even more crucial for the upcoming generation of women leaders. According to McKinsey’s Women in the Workplace 2022 Report, the desire to advance amongst young women is paramount, with over two-thirds of those under 30 aspiring to become senior leaders. The younger generation of women is exceptionally ambitious and places a greater value on working in an equitable, supportive, and inclusive environment. They closely observe senior women departing in search of better opportunities, and they are ready to follow suit if needed.

Benefits of women leaders in FS

The advantages of having female leaders are well-documented and extend beyond just gender representation. The presence of diverse leadership teams has been proven to have positive financial outcomes for companies. However, despite this knowledge, much work must be done to achieve gender equality and inclusivity in leadership positions. 

Artificial intelligence (AI) is currently a highly discussed topic, and its relevance to the urgent need for more women in leadership roles is evident today. Women leaders are renowned for their strong commitment to ethical practices. In the rapidly evolving and complex field of AI, having senior female leaders actively involved in decision-making is crucial. Their unique perspectives and experiences bring valuable insights to the table, resulting in a more comprehensive and well-rounded approach to AI-related choices. Embracing diversity, including women in leadership positions, and actively involving them in AI decision-making will foster innovation and lead to a more responsible and ethical AI implementation, benefiting society as a whole.

Click here to find out why female leaders are switching jobs

Building high-performance teams with a defined search recruitment strategy

In a competitive business landscape, having a defined search recruitment strategy serves as the foundation for future success. This strategy is instrumental in laying the groundwork for building a high-performance team, ensuring that every new hire propels the organisation forward. 

But what exactly sets search recruitment apart from ‘regular’ recruitment ? In this article, we explore executive search’s pivotal role in sculpting teams that drive results.

What does a defined search recruitment strategy look like?

A search recruitment strategy is much more than just placing a job advert. It encompasses tapping into industry-specific networks, utilising targeted job platforms and employing strategies like search and select to identify the right candidates. 

In essence, it’s about ensuring that the recruitment process is tailored to meet an organisation's unique needs, and when done right, it plays a crucial role in building a high-performance team. Here are four ways it does just that:

Diversity of talent

By leveraging a comprehensive search recruitment approach, businesses can access a more diverse talent pool . Such diversity translates into a wider array of skills, which is paramount for companies looking to diversify their offerings or remain agile in an ever-evolving marketplace. Skills diversity is not just a buzzword; it’s a necessity for driving innovation and resilience. 

While ensuring a diversity of talent should of course be a goal for businesses in all industries, we’ve recently written specifically about diversity in financial services , which will give you a deeper understanding and a broader perspective of DE&I in that industry.

Continue reading to find out how Hanover can help you develop a roadmap for hiring

Join our FREE one hour masterclass on 5th October at 10am - Elevating your NED LinkedIn Profile

Making it on to the shortlist for a top Non-Executive Director (NED) role is a demanding process. Your LinkedIn profile, along with your CV, will be one of the make-or-break components.

This masterclass will show you how to use your LinkedIn profile to refine your non-executive brand, elevate your gravitas, move up the rankings, prove your ROI, showcase your expertise, and expand your network in a competitive market.

Register your place here