Retention of talent and the pipeline to senior roles
The survey and focus groups and interviews revealed that because of their experience of the menopause, and the lack of support to manage symptoms, women experiencing difficult menopause symptoms are making a conscious choice not to progress into senior roles – or they are reducing their seniority and even leaving the workforce.
Menopause impacts plans to progress, but senior leader women do not lack ambition
Overall, menopausal women and trans were the least likely among all employees to say they would like to progress to a more senior role in their current workplace - just a third (33%) said they wanted to progress, compared to 64% those who have not yet experienced the transition. Among men there was a similar drop, between young men (75%) and older men (45%), but intentions to progress were higher overall.
However, 50% of menopausal employees in senior roles wanted to progress, compared with 37% of older men in broadly the same age bracket. This suggests that menopausal senior leaders want to advance in their careers, and overcoming menopause as a barrier to progression can realise rewards for firms.
As well as comparing employees plans for progression in general, we asked menopausal women and trans men about the direct impact of the menopause on their likelihood of seeking a promotion. Almost half (47%) of women and trans men who are currently experiencing the menopause said they were ‘much less’ or ‘somewhat less’ likely to apply for a promotion because of the menopause. Over half (52%) of those currently experiencing the menopause also reported that it made them less likely to take on extra responsibilities.
Some women have reduced seniority and responsibilities
In the survey, a small number of menopausal employees reported that they had reduced their seniority (4%) and responsibilities (4%). There were women in the focus groups and interviews who stepped down from more senior roles because of their menopause symptoms and a lack of support.
Menopause increases likelihood of leaving the workforce early
One quarter (25%) of women and trans men currently experiencing the menopause said it made them ‘much more’ or ‘somewhat more’ likely to leave before retirement. In addition, 22% of those who are currently experiencing it and 25% of those who have, said it has made them more likely to retire.
Figure 8: Menopause increases likelihood of leaving before retirement for some
The information gap harms progression
A common theme among women who did not apply for a promotion, stepped down from a senior role, or left the workforce, was that many did not know at the time of their decision that they were experiencing the menopause. These reflections are upsetting for the women who shared them, but it also represents an opportunity for action by employers – there is much that can be done to enable more women to flow through the leadership pipeline. The following section explores the actions employers can take.
Case study: Fears of judgement holding back progression
A middle manager in wealth management was recently approached for a new, senior level role. She wants to progress in her career, but she turned the role down because of her menopause symptoms and the fear that they would hold her back from making a good first impression with her new colleagues:
"It was a great role and it really pushed me to that upper leadership level I was looking for, but I thought if I'm already suffering from brain fog, if I'm tired and I have to go into a new environment where I need to do new things.... Am I going to be able to mentally, physically and emotionally be able to go in and do that? Because the worst feeling in the world would be to go into a job you really want and have worked hard for and feel like an utter failure... So out of the fear of that, I turned it down."
This fear was heightened because she is a woman of colour. She explained that as a South Asian woman, she is already judged more harshly than her white colleagues and feels that she has to continuously prove she deserves to be in her role:
"Just being an Asian woman, we're fighting battles on a daily basis with yourself, with other people in your culture, your family, your children, your partner. That's before you step out your door. Then you go to work and when you step into the workplace, you're met with a number of other barriers... And that being that as a woman of colour you will not be open to the same training, you will not have the same opportunities. So that's another battle to fight... It could be that you're being judged for the way you do your work. You're being judged for the way you look. The way you articulate. There is a number of those things that play a part in how you are seen.”
What are employers already doing?
Our research findings are clear: a lack of dialogue about and support for menopausal employees negatively impacts women working in the financial sector. Employers must take action, or risk losing valuable and talented employees, including potential future leaders. By taking action employers can also guard against attrition of valuable skills and recruitment costs.
Women at workplaces that have taken action on the menopause, such as hosting information sessions, holding training for managers, and developing a policy or guidance document, expressed pride in their workplace for doing so. They believed that the efforts had made a positive impact on their working environment, as they, and their colleagues, were more informed about the menopause and they felt more comfortable discussing it and seeking support.
Case study: A positive response by her new employer
A middle manager in financial advice left a high-paying job because the menopause lowered her confidence. She did not feel supported or able to discuss what she was struggling with in her male-dominated workplace where menopause, or women’s health in general, was never discussed:
"One of the reasons I looked to move jobs was my confidence had taken a really bad dip…I took a huge pay cut to work where I'm working…I'm happy I did it on reflection but at the time, it felt a step out of my career."
In contrast, her new organisation held an information session on the menopause two years ago, spurring an organisational effort: there is a menopause policy, information about the menopause is available on the intranet, managers receive menopause training, the male (D&I) lead holds drop-in sessions, and there is support group that holds menopause breakfasts once a month. As a result, the menopause is discussed regularly:
"I hear people in meetings say, 'I'm having a hot flush, get the windows open.' Now that as a topic of conversation would have been the most verboten thing in my previous workplace. It's getting normalised."
Her employer’s effort to acknowledge and address the menopause has fundamentally improved her life:
"For the first time ever, I am happy to make quips in meetings about the menopause and I'm really happy and confident to talk about it to any age group or gender. I now personally take HRT …I wouldn't have been brave enough to take that step because I didn't have the information or education. And I've told my D&I lead that my workplace has given me back my life. Because they've spoken about it."