Around 25% of women in financial services who are going through the menopause are considering leaving the industry, according to a new report published to mark World Menopause Day.
The impact of menopausal symptoms is creating a blockage in the female retention and leadership pipeline across financial services, according to the research carried out by The Fawcett Society, with Standard Chartered Bank and the Financial Services Skills Commission. The report, entitled Menopause in the Workplace: Impact on Women in Financial Services, reveals women’s experiences of the menopause impacts their confidence to perform their role. Additionally, a lack of awareness and support from employers and colleagues to help manage their symptoms means women are less keen to progress into more senior roles and may leave work altogether.
BARRIER TO PROGRESSION
One quarter (25%) of women surveyed who are currently experiencing the menopause said it made them more likely to leave the workforce, in addition to 22% stating it made them more likely to retire early. Furthermore, almost half (47%) of those surveyed said they were less likely to apply for a promotion because of their experiences with the menopause, with over half (52%) stating it made them less likely to take on extra responsibilities. This is despite almost two in five (38%) stating they want to progress to a more senior role.
The the Fawcett Society carried out the survey of around 2,400 employees of all ages from over 100 different organisations in the financial services sector, to understand how the menopause impacts female progression. In a sector facing a skills gap, the research shows employers risk losing talent if they aren’t responding well to the menopause.
“There’s a culture of silence around the menopause in financial services, with many women taking it on themselves to absorb the impacts of their experiences. A lack of understanding and support is impacting female progression and at times leading to women opting out of the workforce altogether,” commented Tanuj Kapilashrami, Group Head of Human Resources at Standard Chartered. “We are proud to raise the awareness that’s needed to further create a more inclusive and supportive workplace for all employees. It’s time we shine a spotlight on the menopause; acknowledge we can talk about it openly and accept this directly impacts someone’s wellbeing and their career.”
TABOO SUBJECT AT WORK
“For too long the menopause has been a taboo subject in the workplace,” added Claire Tunley, Chief Executive at the Financial Services Skills Commission. “Our research indicates the financial services sector could lose tens of thousands of women due to their experience of the menopause at work. From senior leaders to customer service and call centre staff, everyone, regardless of age or gender, has the potential to benefit from greater menopause awareness.”
To do this successfully, “the sector needs to foster a supportive and inclusive dialogue, breaking the culture of silence around the menopause,” explained Tunley. “This will ultimately help the industry retain and progress talent to help drive innovation and productivity and deliver greater organisational strength and resilience.”
MENOPAUSE SYMPTOMS
The research highlighted how the symptoms associated with menopause vary. However, non-physical symptoms were reported to be just as, or more, bothersome as physical ones; with difficulty sleeping (69%), anxiety and worry (63%) and problems with recall (58%) reported most often.
Over half (53%) of those surveyed currently experiencing the menopause said these impacts made it difficult to feel confident at work; and four in 10 (40%) stated their experience made it ‘extremely’ or ‘quite’ difficult to enjoy work. Compared to peers, those going through the menopause are less likely to feel heard when offering ideas at work and feel less of a valued team member when compared to others.
MORE KEY FINDINGS
The report uncovered three key findings, according to The Fawcett Society. They include:
- A culture of silence means the impact of the menopause is hidden. Only 22% of women and trans men currently experiencing the menopause disclose their status at work. Worries about social stigma are a bigger blocker to disclosure than preferences for privacy and there was strong support for action to reduce that stigma.
- The sector is losing talent because of the menopause. Amid this culture of silence and the impact of symptoms, the menopause is holding back women from progressing and in some cases staying in work. For almost half of women and trans men who are currently experiencing the menopause, it has made them less likely to want to apply for a promotion. One quarter of employees currently experiencing the menopause said their experience has made them more likely to leave the workforce before retirement.
- With the right support, women can stay and progress in financial services. Women in the research had a clear message: just as employers have with mental health, we need to break the stigma and taboo on the menopause. Most of the women interviewed who reduced their seniority or left their roles believe that had they known more about the menopause and been given support, they would have stayed or progressed.
CULTURE OF SILENCE
Commenting on the research, Andrew Bazeley, Policy and Public Affairs Manager at the Fawcett Society, stated: “Women told us that the menopause is where mental health was five years ago; and that employers have a role to play in breaking down the stigma through integrating menopause into their diversity and inclusion efforts. With only a fifth of women even sharing their menopause status at work, senior leaders can send an important message that this is not a taboo subject simply by talking about it themselves.”
For too long, menopause has been a taboo topic, with the research finding that a lack of information and a culture of silence means that many women do not disclose their menopause status, and, as a result, employers are unable to fully support them in the workplace. The report identifies key actions that organisations can take to better address the barriers faced and create workplace cultures where menopause is better understood. Actions specifically include additional training, awareness raising activity and greater flexibility in working arrangements.
In response to the research, Standard Chartered is changing its guidance to provide dedicated support and workplace adjustments for employees managing the menopause. This includes flexible working, access to counselling, education and awareness resources for all employees through the launch of a menopause guide, dedicated advice for line managers and peer-to-peer support groups. The Bank is also a recent signatory of the Wellbeing of Women’s Menopause Workplace Pledge. Click here to access the full report.
SMASHING THE MENOPAUSE TABOO
Smashing the menopause taboo is not just a battle that women must fight, but all people and businesses too. Accenture UK’s Managing Director Sarah Garton not only shares her personal story of struggling through the menopause at work, but also explains why it’s time for employers to provide more support for women going through the menopause in the workplace. Click here to read more.
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