Posted by Sylvia Ann Hewlett on October 27, 2008 6:50 AM

Sylvia Ann Hewlett

(with commentary by Bridge Partners LLC)

The true test of leadership and commitment comes when times are tough. Despite brutal losses and ongoing market turmoil, several blue chip financial players are demonstrating their continued faith in the importance of gender diversity rolling out a next generation of programs in the Off-Ramps and On-Ramps space. With Greater Returns (Merrill Lynch), Returnship (Goldman Sachs) and Career Connections (Bank of America) financial companies are breaking new ground.

This week Merrill Lynch is launching Greater Returns in partnership with the Columbia Business School. Positioned as an on-ramping and up-ramping initiative, Greater Returns will provide re-tooling and networking opportunities for women who have taken a career break and are seeking to reenter the workforce. It will also provide leadership development opportunities for on-track women seeking to improve their promotional prospects and accelerate their careers. The on-ramping piece ("Restarting Your Career") will be featured in the fall, the up-ramping piece ("Accelerating Your Career") in the spring.

Subha Barry, head of Global Diversity and Inclusion at Merrill Lynch, stresses the double-edged goals of this new initiative. "With Greater Returns: Restarting Your Career, we're providing essential tools to talented women who might otherwise choose to work outside financial services when they return to the workforce. And with Greater Returns: Accelerating Your Career we're providing an edge for women encountering challenges as they seek to move up in the industry. Together, we think these programs can add to the ranks of senior women in financial services."

Striking a similar note, Goldman Sachs recently launched an innovative Returnship initiative. Comparable to an internship but centered on women seeking to restart their careers, Returnship serves as a preparatory program that sharpens the skills of on-rampers. Participants join a team for eight weeks of intense training and work experience. They are also paired with mentors from Goldman's affinity networks. While strengthening skill sets, the program provides an opportunity for women to demonstrate their ability either in a field they used to be active in, or in a field they want to transition to. Goldman Sachs is not promising jobs to those that complete Returnship, but participants see this program as a valuable resume builder in a tough job market.

Joining the ranks of truly committed companies, Bank of America rolled out a cutting edge initiative called Career Connections earlier this month. This new program seeks to maintain connections with valued alumni who choose to take a career break, and provides pathways for reintegrating this population. Initially the program is focusing on Bank of America alumni, but the scope will be broadened in 2009 to include top talent from other organizations. The target population is high potential senior and mid-level executives who want to off-ramp for one-to-three years. Before leaving, qualified employees discuss a reentry plan and agree on a contact and communications schedule. While off-ramped, Career Connections participants will be invited to company events to build and strengthen skills. When they are ready to return, a peer coach and customized on-boarding plan will ease on-rampers' transition back to work.

In the words of Shannon Burns, Senior Vice President of Global Staffing at Bank of America, Career Connections "will enable us to stay connected to strong leaders who opt out of the workforce. The program is an integral part of our long-term strategy to retain key talent."

In these troubled times it's immensely heartening to see companies giving priority to nurturing talent. It also makes a great deal of economic sense. As compensation dwindles and bonuses are slashed, companies need to focus on imaginative forms of flexibility, leadership development opportunities and other non-monetary rewards. These are poised to become important motivators for both women and men as companies deal with lean economic times.

* * *

Sign up for the Harvard Business Publishing Weekly Hotlist, a new weekly email roundup featuring the top highlights from HarvardBusiness.org.

Comments

It's great to see companies creating reentry programs, particularly in this economic environment. It shows real commitment and says something about how they value their employees. I just featured another Returnship program being started at Sara Lee Corporation on www.newsonwomen.com. If you know of any others, let me know and I will post about them as well. The more people hear about these programs the more likely it is that others will follow.

Alice Krause

NewsonWomen.com

- Posted by Alice Krause

October 30, 2008 5:38 PM

The innovative strategies being employed by Merrill Lynch, Goldman Sachs and Bank of America are great examples of how businesses, with a little creativity and forward-thinking, can thrive in a faltering economy. While the success of these programs is yet to be seen over the long-term, such techniques can positively impact a company’s “employer brand” almost immediately and as a result, attract and retain top talent.

It’s well-known that establishing a positive brand connection with the consumer undoubtedly creates bottom-line success, however, as stated in a 2007 Emory University report, “It’s a lesser known fact that companies with a high rating from both the consumers and their employees double that return…If you can get the employees on board, what amazing business results you can have.”

Ensuring a positive reputation and employer brand can be a way of creating a unique and attractive identity with which current or potential employees can identify. Therefore the employer brand becomes a significant aid in the battle to win and retain talent. During a period when companies cannot afford to lose high-potential current or potential employees, initiatives aimed at strengthening employer branding should be viewed as an economic imperative. It seems as though the companies featured in this article are ahead of the curve.

As an executive search firm that focuses on the recruitment and retention of high-caliber diverse senior executives, Bridge Partners LLC published a discussion of employer branding and retention in 2008, which is available on our website (http://www.bridgepartnersllc.com). We work closely with clients in the corporate, academic and public sectors to support their initiatives to diversify their leadership teams, and therefore understand the challenges faced by organizations trying to thrive during perilous economic times.

- Posted by Tory Clarke, Bridge Partners LLC

November 6, 2008 2:09 PM

Keywords: retain, retention, recruit, recruitment, talent, employer brand, branding, women, diversity