Case Study: Women Returners - Lehman Brothers

In 2005 the New York-based Center for Work-Life Policy created a private sector task force entitled ‘The Hidden Brain Drain’. Lehman Brothers co-sponsored the first survey which investigated why female professionals ‘off-ramped’ from their career to spend time with families, pursue outside interests or assume caring responsibilities. It examined their experiences of returning and ’on-ramping’ back into the work force. Of the most highly qualified women out of the workforce, 93% wanted to return to their career but only 74% managed to do so.

In response to this research, Lehman Brothers launched ‘Encore’ a lateral recruiting programme which taps into pool of highly talented candidates and seeks to identify opportunities matching their skill-sets to support Lehman Brothers’ efforts to ensure that a diverse range of talent is considered at the point of recruitment.

Lehman Brothers offered its first half-day professional development and networking event in London which was attended by 49 off-ramped women interested in returning to work. The event included:

• A panel Q&A on recent trends and developments in financial services
• A motivational workshop on ‘making your story work for you’
• The opportunity to network with fellow participants and hiring managers

Since 2005 five events have been held in New York, London, Tokyo and Hong Kong and a second London event is scheduled for October 2007.

The initial event in London generated 25 candidates in Europe alone, with seven senior hires made within the first six months. Globally 31 hires have been made to date, half on a flexible-working basis.

Encore has become mainstreamed as outreach and hiring is no longer solely event-related. Lehman Brothers receive candidates on a rolling basis and all CVs are acknowledged and reviewed on an on-going basis. Hiring managers now think of this pool of candidates when considering requirements for all roles, increasing options for flexible working.

Long-term the programme is establishing a culture which accepts that women and men have different career trajectories and that a non-linear path is not detrimental to professional development and success.