Industry initiative to offer learning and employment opportunities for a broader range of female students
Sydney, 30 July 2018: Key players in the investment management industry have joined forces to launch Future IM/Pact- an employee value proposition aimed at attracting more gender diverse talent into investing roles.
Launched at an event in Sydney today, Future IM/Pact is a collaboration between Mercer and project partners from across the industry, including Australian Super, Cbus Super, Future Fund, Hesta, Magellan, Mercer, NAB Asset Management, Pendal, QIC and Wavestone.
The centerpiece of the project is a website that aims to help female university students from all backgrounds and walks of life to understand how they can impact the world as an investment manager, how to start their investing career, and provide specific opportunities to gain exposure to the industry. Students will also gain access to mentoring projects, networking events, internships and graduate programs through the project partners.
The initiative follows research conducted by Mercer in 2016 which found female finance students were almost 50% less likely than their male counterparts to consider a career in investment management. Not knowing enough about a career in investment management, and a sense they wouldn’t fit in, were among the top reasons cited.
Mercer’s Learning & Inclusion Practice Leader, Yolanda Beattie, said a growing number of industry leaders recognise their ability to build high performing teams depends on attracting and valuing diverse talent, but the majority of teams remain very Anglo-Celtic and male dominated.
“When Mercer started looking into this issue in 2016, CEOs would lament to me how hard it was to attract a diverse candidate slate for investing roles, particularly with respect to women. This initiative aims to change that status quo by taking the long view and building our future talent pipeline from the ground up,” she said.
Beattie said achieving diverse, high performing teams also required industry leaders to address the cultural issues that contribute to women feeling less valued and included.
“Through the support of our partners, we have the opportunity and the tools in place to make a real difference. We welcome the support of companies who want to be part of this movement to help shape and grow the talent pool of the future, while opening up new and exciting career opportunities for a broader range of students.
“Ultimately, we want to help organisations and industry leaders drive positive change, while ensuring their workforce thrives,” said Beattie.
Mercer’s 2016 research also found that:
- Three quarters (76%) of investment managers are male, and almost half (48%) are private school educated;
- Female investment managers are up to 30% less likely to be promoted through the ranks and are up to 50% more likely to leave than men;
- 77% of Anglo-Celtic male investment managers feel their manager supports their career ambitions compared to 59% of female investment managers;
- Flexible working is perceived as a career handbrake with 78% of women agreeing that this explains poor diversity.
For further comments please contact Yolanda Beattie, Learning and Inclusion Practice Leader via email or telephone: firstname.lastname@example.org | +61 424 186 534
Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Across the Pacific, organisations look to Mercer for global insights, thought leadership and product innovation to help transform and grow their businesses.
Mercer’s more than 23,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 65,000 colleagues and annual revenue over $14 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com.au.