Citigroup Inc., which has been focused on adding women to its top ranks as it seeks to improve its company-wide pay gap, found that senior men and women leaving the bank cite very different reasons.
When surveyed, departing women tend to say they are leaving because of something about the company itself or leadership. For men, it’s apparently more personal: They often cite their relationship with their manager.
“Understanding this disparity is an opportunity for further exploration, and it highlights areas where we can focus,” Sara Wechter, the bank’s global head of human resources, said in Citi’s environmental, social and governance report.
Citigroup is studying the reasons workers leave through employee surveys, which Wechter said can help it predict attrition up to three years in advance.
Citigroup has said it hopes to increase representation between assistant vice president to managing director level roles to at least 40% for women and 8% for black employees in the U.S. by 2021. Globally, about 26% of Citigroup’s managing directors and directors are female, while about 30% of that group in the U.S. are minorities, Citigroup said in the report. Both figures are an improvement from a year ago.
Read more:Citi, Lone Bank to Detail Pay by Gender, Starts to Close Gap
Separately in the report, Chief Executive Officer Michael Corbat warned that the coronavirus pandemic, which has sickened 3.1 million people, is having a “disproportionate” impact on the world’s most vulnerable communities. He noted there’s a need to provide more affordable financial services.
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