Supporting employees of all ages for a stronger, more inclusive financial sector
In today's ever-changing financial world, even the traditionally conservative financial services industry is facing the need to address age biases and welcome diverse generations into the workforce.
As the workforce evolves, financial services firms must adapt to benefit from the strengths of employees young and old.
Louise Powrie of Core-Asset Consulting is co-Managing Director in the business and tells all about the importance for businesses to adopt generational diversity.
Supporting employees of all ages for a stronger, more inclusive financial sector
Firms today employ four generations, each bringing unique perspectives and talents. An age-diverse workforce allows firms to benefit from the institutional knowledge of experienced employees along with the fresh thinking of younger team members.
The sector is evolving, with different client demographics, new technologies, and a shifting workforce.
While change brings opportunities, it also poses challenges that require an inclusive approach focused on supporting employees of all ages and backgrounds
Louise Powrie Managing Director, Permanent Recruitment
Adapting policies and practices
To fully leverage cross-generational strengths, financial firms must adapt their policies and practices, taking care not to make assumptions about individuals.
While younger employees tend to be more familiar with new technologies, avoiding age-based stereotypes is crucial. Digital skills can be learned, and many veteran employees are highly tech-savvy.
Conversely, strong relationship-building and other "soft" skills are not limited to older workers. Younger employees can also develop these skills over time, provided they are given the correct training and mentorship.
Supporting women at all career stages
More can be done to raise awareness about the impact on working women as they move towards the menopause. Some reports suggest that up to a quarter of women consider leaving their jobs due to the impact of dealing with the menopause.
Mid-career women make up a significant portion of the financial sector workforce, and a supportive, inclusive environment helps firms retain this talent.
Louise Powrie Managing Director, Permanent Recruitment
This has been a topic that for many years was hardly discussed in the workplace, and indeed for some women, not even knowing that they are in the midst of being peri/menopausal.
We have started to see some financial services firm make great in-roads through support groups and implementing ‘Menopause at Work’ policies, and generally raising more awareness of what this can mean for their employees.
For many, this can lead to some women having long-term conditions and will require adjustments to allow them to continue to add value in the workplace whilst balancing their physical and mental health. With more awareness comes less stigma.
The path forward
By focusing on inclusive, age-diverse teams versus generational stereotypes, financial firms can become employers of choice. They can tap into a wealth of talent to drive innovation while ensuring knowledge transfer between generations.
This balanced approach helps create a culture where all employees, regardless of age or background, feel valued for their unique contributions. That’s ultimately what builds a resilient, thriving financial sector equipped to evolve with the times.