Yahoo Finance Menopause likely to force thousands of women out of City jobs, study finds
The impact of menopausal symptoms, and the culture of silence around it, is forcing some women to consider leaving their job in financial services, new data revealed.
Menopause not only impacts women’s confidence to perform their role, but a lack of awareness and support from employers and colleagues means women are less keen to progress into more senior roles and may leave work altogether.
A report by Standard Chartered Bank (STAN.L) and the Financial Services Skills Commission (FSSC) found that 25% of research participants who were experiencing the menopause said it made them more likely to leave the workforce.
Claire Tunley, CEO at the FSSC, said that "for too long the menopause has been a taboo subject in the workplace.”
“Our research indicates the financial services sector could lose tens of thousands of women due to their experience of the menopause at work.”
She said the sector needs to foster a supportive and inclusive dialogue, which will help the industry retain and progress talent to help drive innovation and productivity.
The survey also found that some 22% of respondents said menopause made them more likely to retire early and almost half (47%) said they were less likely to apply for a promotion because of their experiences with the menopause.
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Of those questioned in the survey, 52% said it made them less likely to take on extra responsibilities.
This is despite almost two in five (38%) stating they want to progress to a more senior role.
“There’s a culture of silence around the menopause in financial services, with many women taking it on themselves to absorb the impacts of their experiences," said Tanuj Kapilashrami, group head of human resources at Standard Chartered.
The research highlights that the symptoms associated with menopause vary. But non-physical symptoms were reported to be just as, or more, bothersome as physical ones.
Difficulty sleeping, anxiety and worry and problems with recall (58 per cent) were reported most often.
In response to the research, Standard Chartered is changing its guidance to provide support and workplace adjustments for employees managing the menopause.
This includes flexible working, access to counselling, awareness through the launch of a menopause guide, dedicated advice for line managers and peer-to-peer support groups.
Miles Celic, CEO at TheCityUK, and FSSC board member, said, “Openly recognising and discussing the impact the menopause can have on women and their careers, and ensuring they have proper support, is the right thing to do both ethically and commercially.”
