Has your firm found it difficult to attract and retain millennial women employees? There could be a reason for that. Millennial women have their own requirements which not all CPA firms are able to meet.
In a recent report based on a survey conducted by major consulting group PwC, titled “The Female Millennial: A New Era of Talent”, millennial women discussed their reasons for leaving a CPA firm that they were working with. 43 percent left the firm for a job that paid better – which is about the same reason as men or older women.
37 percent left the CPA firm because they found the work to be very hard and taxing, and it threw their personal life out of balance. They said that they wanted a job that provided them with greater flexibility.
36 percent of young women in their 20s and early 30s felt that there wasn’t a fair balance between the work they did, and the compensation received. Some of them have even complained about a glass ceiling, and how male employees get preferred by the management when it came to promotions and advancement at the firms.
32 percent of the women felt that there weren’t enough opportunities left for them for career progression. They said that they felt they were going nowhere at the firm despite their best efforts and so were forced to look elsewhere for a better opportunity.
28 percent felt that the work at their CPA firm was boring and not as interesting and meaningful as they would want it to be.
So what are millennial women looking for? What do they want in a CPA firm that they are considering joining?
53 percent of millennial women said that they were looking for opportunities for rapid career progression. Over 52 percent said that they wanted competitive wages and other financial incentives, which they felt were given to many make employees, but were denied to them for some reason.
35 percent of women said that they wanted more flexible working arrangements. This is especially true of young mothers, who need to spend more time with their growing children.
33 percent of women wanted better packages for health care, pension and other financial benefits. For 27 percent of the millennial women in the survey, training and development programs were very important and they wanted the accounting firms to focus on that.
Women said that the gender politics in organizations is getting better and with the success of the feminist movement, conditions for women at the workplace have improved tremendously. Yet, they felt that things still could get better.
While the junior and middle-level staff in most accounting companies in the USA is comprised of a large number of women, when it comes to the senior management, it is dominated by men. Women now want a measure of equality in the upper echelons of management.
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