Women in the Industry

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National Association of Insurance and Financial Advisors Congressional Conference on Capitol Hill in Washington, DC, Tuesday, April 9, 2013. (Photo/Rod Lamkey Jr.)
National Association of Insurance and Financial Advisors Congressional Conference on Capitol Hill in Washington, DC, Tuesday, April 9, 2013. (Photo/Rod Lamkey Jr.)
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National Association of Insurance and Financial Advisors Congressional Conference on Capitol Hill in Washington, DC, Tuesday, April 9, 2013. (Photo/Rod Lamkey Jr.)

Why Our Industry Does Not Attract Women Employees

By Eileen McDonnell Chairman, President and CEO, The Penn Mutual Life Insurance Company

Want to know why the financial-services industry is failing to attract women to its ranks? Consider the lapel pin.

It seems like such a minor thing: a lapel pin given to recognize and motivate. It’s standard issue for many financial-services companies. It also symbolizes our industry’s inability to attract an increasingly diverse American workforce. See, women’s suits don’t sport the small slanted slits that accept lapel pins.

As female participation in the U.S. economy continues to grow, now accounting for 47 percent of all workers, our industry still struggles to attract and retain female advisors at a time when the American workforce is undergoing unprecedented change.

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