Calling all part-time Mothers
The Big Three consulting firms have recently been making an initiative to get back its female workers. A significant majority of women who spend their early 20s as consultants or investment bankers leave when they have children. This loss in female talent has cost firms down the line and now, they're reaching out to those who have left during maternity.
Banks such as Goldman Sachs have returnship programs which target employees who have not worked for years. The biggest obstacle many of these returnees face? The high expectations they feel when they walk back into the office - the need to crush every assignment and go above and beyond.
Not only do they offer returnship programs, companies like McKinsey also offer slower paths to attaining Partner if one decides to work part-time. Making Partner by working part-time sounds great? Right? Well, the going joke, according to a former consultant, "was that working half-time was still 40 hours a week."
Anyways, if any of you female monkeys out there are planning on having children, there's still the opportunity to foster your children and rake in the dough.
Source:WSJ: McKinsey Tries to Recruit Moms Who Left the Fold by Leslie Kwoh
This is pretty interesting. I'm of the mind that having female perspectives in major professional environments is definitely a plus. Giving some level of flexibility to mothers is a good thing, in my view.
I remember the Iceland chapter in Michael Lewis' "The Big Short," and how it explained that the most successful financial firms in Iceland were essentially all run by women.
I haven't read the book, but the only thing that comes to my mind when I hear banking and Iceland is this: "Relative to the size of its economy, Iceland’s systemic banking collapse is the largest suffered by any country in economic history" (http://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_cris…) Damn those women...
The female run firms were some of the only ones to survive.
Co-worker's wife is MD at top tier BB and only works 3 days a week now but had to take a 40% paycut once she went from 4 to 3 days.
The more women the better. The people firms hire are good people regardless. If this can help a few more great people and their firms I love it.
I think the idea of 'returnships' is phenomenal for these companies. It's a great way to get overlooked talent.
I think this is a pretty unique employment practice, with the potential for some great benefits down the road. Kudos to these companies for leading the charge on reintegrating women post-children years. This is the primary factor driving the remaining pay gap between men and women, and I suspect that programs will go a long way in closing the gap that remains.
I should add....this is an old (>5 years) topic in talent management circles. Despite being talked about for years, the best companies are only just coming around to this untapped pool of talent.
TT
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