Fintechs risk losing talent without improving transition support: Study reveals
One in five women in tech and fintech has quit or wanted to quit their job due to menopause. But with 75 per cent of women saying they would be more likely to stay in an organization if it had supportive measures in place, are companies doing enough?
Research from Intuit QuickBooks has revealed that nearly a quarter of women experiencing menopausal symptoms have delayed or canceled plans to seek promotion.
The study, which questioned 3,000 men and women working in fintech or for technology providers, also reveals that 38 percent of women who have experienced menopause say they generally felt less confident about their abilities.
41 percent said the main challenges they or someone they work with going through menopause in the workforce are the symptoms that affect their ability to perform work tasks. These include hot flashes (39 per cent), mood swings such as depression, anxiety and stress (37 per cent) and poor sleep quality (36 per cent).
Around three-quarters across both men and women believed the experience of menopause could affect their plans to move on to senior roles.
Support women
“When people think of menopause, they often think of the visible side effects it causes. The impact it can have on self-esteem is much less discussed – but is certainly no less damaging, especially in the workplace,” says Jolawn Victor, VP and Head of UK at Intuit QuickBooks.
“Our research shows that across both men and women, approximately three-quarters believed that the experience of menopause could affect their plans to progress into senior roles. Therefore, employers have a responsibility to offer the support and guidance needed to enable people to go through menopause without it having a detrimental impact on their careers.
“Putting more focus on supporting women through menopause can have many benefits for employers too – they are likely to find that retention rates and their talent pipeline will improve, as barriers to progression and fulfillment are removed. Taking steps in areas like this will also help to close the gender pay gap in technology and fintech.”
Stigmas in the workplace
43 percent of women said they would not disclose that they are going through menopause to their employer. Almost half of them said they would not draw attention to the fact that they are struggling, while 40 per cent said they did not think they would get extra support.
In addition, 36 percent did not want to make colleagues feel uncomfortable, while 28 percent said they feared that their colleagues will think they are less capable. Almost a quarter expressed concern about being overlooked for promotion.
Caroline Rheubottom, global co-chairman i Intuit Women’s Network, says that menopause should not be something people are afraid or uncomfortable talking about, especially in the workplace.
“Actively providing and promoting specific support will not only give those affected practical resources, but also help them to speak up and address some of their concerns,” she said.
Intuit QuickBooks has revealed plans to join Menopause-friendly accreditationan independent body which aims to change the way people think about menopause and help employers put the right support in place.
