By Cathie Ericson
Returnship programs, which are typically hosted by top financial services firms eager to mine the talent pool of employees who took a career break and want to jump back in, have been the focus of several banks in the past few years. The programs, which heavily recruit women, represent a win-win for all participants: Returning employees gain an onramp back into the high-powered world of full-time work, while firms benefit from the experience and maturity they offer.
By Cathie Ericson
Attention, downshifters: Wall Street wants you back. And they’re proving it with a plethora of returnship programs especially designed to appeal to those employees, especially women, who have taken a break and now are ready to jump back in.
There are differing opinions over who was the first to launch a returnship program — with Lehman’s Encore program before its fall from grace, closely followed by Goldman Sachs with its returnship program it launched in 2008. These structured programs are similar to the internships that financial services firms created for college students, but at an accelerated pace with refresher skills courses for this audience of women who already have experience in the industry.
By Stephanie Wilcox (Middlefield, CT)
Is it becoming harder and harder to be a working mom? Yes, if you look at the number of women who throw in the career towel once they start families, finding it challenging to transition back to work while maintaining work/life balance.
Fortunately, many firms are implementing programs to keep women in the loop about news on clients and office changes while they are on maternity leave, making it easier to welcome work back into their lives. If more firms take advantage of these programs, then working moms will have an easier time. In fact, it’s to the firm’s advantage that they be implemented.
It is now more important than ever that firms attract and retain women. According to TD Bank’s recent corporate responsibility report, “Professional women who are returning to the workforce after an extended leave of absence represent an under-tapped source of potential leadership talent. As many as 37 percent of highly qualified women take time off for family responsibilities such as childcare and eldercare.”
Not only that, but there are more first-time mothers in the 30-34 age range today than the 25-29 range, according to a maternity leave report put out by Amanda Alexander, a professional coaching service for individuals and organizations.“With so many women working, and many of these women likely to be in a senior position when they go on maternity leave, it is essential that organizations take steps to retain these women in order to avoid severe disruption and expensive replacement costs,” the report says. “Yet, unfortunately, most organizations have not adapted to the changes around them, evident by the number of female resignation rates and discrimination cases over the past few years.”
The problem is flexibility. Amanda Alexander noted that a report by the Equal Employment Opportunity Commission confirmed that having a child is still the “leaky pipe” in women’s career advancement. While employers say they fully support flexible working for mothers, very few employees are actually taking it up. In fact, many women say their company – their colleagues, managers or HR departments – does nothing to help them return to work with ease, confidence and support.
“It’s such an emotional time, no matter how logical a person you are,” said one respondent in a Return to Work survey done by Amanda Alexander. “You go from being 100 percent professional to a year of being 100 percent mother. Then when you return to work you somehow have to combine being 50 percent mum, 50 percent professional, with expectations that you give 100 percent to each role.”
By Stephanie Wilcox (Connecticut)
Good news, bankers and insurance professionals: financial services companies in New York are hiring again, and you’re among the most desired candidates. The Wall Street Journal recently reported that employment in the industry grew by 6,800 in New York City from the end of February through May, the largest gain in financial services in almost two years. Whether you’re returning to work after being underemployed in other disciplines or industries or returning from a hiatus of child or eldercare, now is the time to differentiate yourself, demonstrate your value, and define your own brand, according to Jan Melnik, executive resume writer, job search coach and career management expert. Here are the top five tips to get that promotion, raise, or new job.
1. Don’t Underestimate the Power of Your Profile
The single most important thing you can do is reflect a broad skills set that includes very specific core competencies relating to the field of financial services. Look for positions matching what you want to do, and find the key words you see over and over. Then, put those words right into the profile/qualifications section on your resume.
“The profile is the most important piece of real-estate on your resume,” said Melnik. It should follow your contact information and take up roughly one-third or more of page one. That’s right: One-third or more – this is your chance to shine. And don’t be confused by the objective section. The profile is different in that it’s customized to what the recruiter, HR department, or hiring manager is seeking. “Getting this section on your resume absolutely precise is the number one thing,” said Melnik. She recommends finding five job ads that you would apply for to see the key words used for that level position.
Contributed by Carol Fishman Cohen and Vivian Steir Rabin
In the June issue of INC Magazine, Patagonia founder Yvon Chouinard is interviewed about a range of topics relating to managing and motivating employees. When asked at the end of the interview:
“If you were starting a company today, what would you do to create the best possible workplace?”
Chouinard gave an incredibly powerful response:
“…..I would search out older women as employees. Ones that have already raised families and are looking for something to do. These people have lived with a budget. They are aggressive. They are honest. You can’t find better employees. They are one of the most underused resources in America.”
Chouinard is widely admired as a true visionary among CEOs. His progressive policies toward flextime expressed by his book title Let My People Go Surfing pretty much sums up his philosophy:
“All I care about is that the job gets done and the work is excellent. If you come in at 7 at night because you want to go surfing at 2 in the afternoon, that is fine with me. But it can’t impact your fellow worker.” His workforce is 75% women, he established one of the early on-site childcare centers and he is famously dedicated to environmental causes both in action and through his policy of donating 1% of sales to them.
Here at iRelaunch we couldn’t agree more with Chouinard’s assessment of the pool of talent on career break, which is predominantly female. Women in this pool often have strong educational credentials, significant work experience, a high energy level, and unbeatable enthusiasm about returning to work precisely because they’ve been away from it for a while. They just can’t wait to get back. Plus, think about their life stage – fewer or no maternity leaves (they’ve done that already if that’s why they took a career break), fewer spousal relocations, and a more mature perspective.
As we like to say, “relaunchers” as we call them, are not trying to “find themselves” at an employer’s expense. They are more grounded than the new graduate and are actually better candidates for positions requiring an advisory, consultative approach.
Read more
by Liz O’Donnell (Boston)
Stay at home mothers (SAHMs) are looking for work and facing some good news/bad news. A combination of factors is sending these SAHMs back to work. Some need to replace the income of spouses who have been laid off. Others need the additional money to combat increased living costs. And still others are merely ready to return after taking time to care for their families.
As we have been reporting on The Glass Hammer, the good news is that it is no longer considered impossible to re-enter the work world. Several years ago, the mainstream media was full of stories that said women who had taken time off to raise families had very slim chances of being rehired. Employers just didn’t value the skills women cultivated as heads of households and PTO volunteers, the stories said.
by Liz O’Donnell (Boston)
The women in The Comeback have one thing in common: none of them had planned to leave work but at some point they all made the decision to go back. I spoke recently with Keller about what she learned from writing the book and what advice she had for women looking to make their own comeback.
by Pamela Weinsaft (New York City)
The management team at Merrill Lynch was puzzled. While it was clear that Merrill Lynch was recruiting its fair share of the most promising women from campuses around the world and developing that talent, the number of women dropped at each successive level up the corporate ladder. Moreover, there was a recognition of the large pool of talented women looking to re-enter the workforce and an opportunity to tap into it. The management at ML set out to figure out how and why.
by Valerie Poulin (Toronto)
When I decided to return to life as an employee after a decade of freelance and contract work, I thought that it would be tough to find get back into the swing of things. But while I dreaded leaving behind the freedom and flexibility of the freelance life, I longed for the stability of full-time employment, as well as the back up that comes from being a part of a team.
Contributed by Catherine Clifford of YourOnRamp.com
Are you a woman who took a career break and is now eager to find your next path? Are you looking for career inspiration and flexible work options? Is the thought of brushing up your résumé and going on an interview overwhelming? You may not want to return to your prior career, but do you know how to move from the playground into a new fulfilling career?
The journey does not need to be a struggle. It can be an exciting, rewarding experience, but you do need a plan.
10 Step Plan to OnRamp: Read more