128,000 women, or 1 in 10 employees, working in the financial sector are currently going through the menopause. For almost half of employees experiencing the menopause, it makes them less likely to want to progress in their role. For a quarter it is the reason they are more likely to retire early.
With the sector already facing growing skills gaps, retaining menopausal employees is a key part of ensuring the sector has the skills required for the future. With the number of women over 55 in the workforce increasing rapidly, older women are an essential part of the workforce that cannot be ignored.i
Through a large-scale survey of over 2,400 women and men working in the UK financial services sector at all levels, and in-depth focus groups, we sought to understand how the menopause impacts women working in the sector, the leadership pipeline, and how employers can better support their employees.
For too long the menopause has been a taboo. We found 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.
We uncovered three key findings
A culture of silence means the impact of the menopause is hidden. Only 20% of menopausal women and trans men disclose their menopause status at work. Worries about social stigma are increasingly 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 our 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 we spoke to who reduced their seniority or left their roles believed that had they known more about the menopause and been given support, they would have stayed or progressed.
To address this, employers should build on existing wellbeing and D&I efforts by integrating menopause support into them. Our research suggests that simple changes to workplace practices, along with greater awareness, will enable more women and trans men experiencing the menopause to remain in their role and flourish.
Participants – including male and female managers - believed that employers should use training sessions for managers, campaigns, internal talks, senior leadership advocacy, and dedicated support systems, to raise awareness about the topic and address the stigma surrounding it.
The findings indicate that employers do not need to make major changes to the workplace, but instead make reasonable accommodations – ones that will ultimately benefit all employees. The case studies in this report demonstrate the progress employers in the sector are already making. If they show the leadership required to break down taboos around menopause, businesses in the financial services sector have a real opportunity to support their employees, tackle their skills gaps, and create more diverse and productive senior leadership teams.