The Female Millennial NZ Report
New Zealand female millennials are most confident and ambitious of any female generation
To mark International Women’s Day on Sunday 8th March 2015, PwC surveyed 8,756 female millennials (women born between 1980-1995) from 75 countries including New Zealand, to find out how they feel about the world of work and their career.
The report – The female millennial: A new era of talent- New Zealand findings – reveals that New Zealand female millennials rank opportunities for competitive wages and other financial incentives as the most attractive employer trait (63%, compared with 52% globally), followed by career progression at 53 per cent and at the same level as their global peers, making female millennials more career confident and ambitious than previous generations.
When it comes to diversity, 90 per cent of New Zealand female millennials seek out employers with a strong record on diversity, equality and inclusion – and while they say employers talk about diversity, 73 per cent do not feel opportunities are really equal for all. Additional findings from PwC’s New Zealand CEO Survey released last week, revealed just 32 per cent of New Zealand CEOs have a talent diversity and inclusiveness strategy, lagging behind global counterparts in comparison, with 64 per cent of CEOs globally and 86 per cent of CEOs in Australia having a strategy. Thirty five per cent of those New Zealand companies that don’t have a diversity strategy, have no plans of adopting one this year.
What’s more, 55 per cent of New Zealand millennials believe employers are too male biased when it comes to promoting employees from within.
This compares to global trends where 43 per cent of female millennials believe employers are too male biased– up 14% since 2011. Although millennial women in Spain (60%), France (58%) and Ireland (56%) view employers in their country as the most male biased, they’re followed closely behind by both New Zealand and Australia (55%). In Malaysia (16%) and the Philippines (11%) female millennials are more optimistic.
PwC Partner and Diversity Leader Leo Foliaki says New Zealand businesses may be missing out and practices must change if they want to access to this growing pool of female talent.
“These female millennials are entering the workforce in greater numbers than ever before and are more highly educated, but they have entirely new career mindsets.
“When it comes to earning power and patterns, 92 per cent of New Zealand female millennials are in a dual career couple, with 45 per cent earning as much as their partner or spouse and 23 per cent are the primary earner in their relationship. This means 68 per cent of New Zealand female millennials earn equal to or more than their partner or spouse.”
The research also dispels some significant myths, for example that women leave work to have families.
“The New Zealand female millennial was least likely to have left a former employer because she was starting a family, and most likely due to her work and personal life being out of balance and wanting a role with more flexibility. Employers must commit to inclusive cultures and talent strategies that allow for the ambition of the female millennial from the very beginning of their careers,” he says.
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