Dive Brief:
- BMO Capital Markets, New York Life and PGIM, Prudential's global investment management businesses, are partnering with the Financial Women's Association of New York (FWA) for Back2Business — a return-to-work program. In its fourth year, the initiative aims to help women and men transition back to professional life in financial services, FWA announced Feb. 19.
- The selected participants are given a re-entry opportunity at one of three sponsoring companies, receive support for relevant coursework or to re-establish certifications and also receive mentoring, according to FWA. Back2Business is accepting applications for functions including investment and corporate banking, sales and trading, capital markets, finance, and accounting and actuarial.
- Applicants must have had a minimum of five years' experience in the financial services industry, have been out of the full-time workforce for at least two years and be able to work in the New York metro area. The program is "dedicated to supporting today's professionals and advancing tomorrow's leaders," FWA President Simone G. Vinocour said in a statement.
Dive Insight:
Taking time out from the workforce for reasons including providing childcare, eldercare or serving in the armed forces makes workers concerned about future job prospects, studies show.
Almost 80% of such Americans who participated in a recent Rose International survey said they have concerns about re-entering the workforce. The report also found that 47% think gig jobs could help in the transition back to work, including learning new skills. But for workers thinking long term, returnship programs may offer an opportunity to grow professionally at a company.
BP, PwC, TD Bank and Walmart have all implemented returnship programs, which function like full-time paid internships for adults returning to work. The initiatives were created to solve both resume gaps for employees and talent gaps for employers. They also can help level the playing field for women, particularly regarding pay. Interruptions in career paths for women can have an impact on long-term earnings, according to Pew Research Center.
An emphasis on learning and development plays a key part in ensuring the success of returnships, experts said. "I really like when HR measures success by the number of people who convert into full-time jobs," Tami Forman, executive director at Path Forward, told HR Dive in September. "Returnees can absolutely get valuable experience during returnships even if they don't turn into full-time jobs, but I believe the conversion goal aligns everyone's interests."
