Investment bank's programme encourages staff who have gone on maternity leave to return to the ranks
A SHRINKING TALENT pool is forcing companies in the financial services sector to look at new ways to attract and retain staff, including the re-engagement of women after maternity leave.
Lehman Brothers, a leading financial services provider, launched its Encore programme in 2005 with the aim of re-engaging professional women who wished to return to the workforce after taking time off to have children, care for elderly family members or address other life responsibilities.
The programme was the result of a study commissioned by Lehman Brothers and several other firms. Findings suggested that nearly 37 per cent of women with advanced academic qualifications were leaving their jobs at some point in their career, and 93 per cent wanted to return within two to three years.
'The sobering news was that less then half of them really succeeded and there was a huge discount to their earning capacity,' said Anne Erni, managing director and chief diversity officer at Lehman Brothers.
The initiative is a success. Last year, 89 per cent of women returned after maternity leave, compared with 42 per cent in 2002. Ms Erni attributed the programme's success to many factors, including women's ability to customise their return, managers reaching out to and staying in touch with women during their maternity leave, and the introduction of flexible work arrangements (FWA).