On-Ramping Comes of Age

Companies are getting more serious about re-engaging professionals who stepped out of the workforce who want to step up their careers again

by Sylvia Ann Hewlett

Posted on Winning the Talent War: January 7, 2008 12:43 PM

Melissa is well aware of how lucky she was to have found Encore, Lehman Brothers' signature On-Ramping program.

After an impressive ten-year career in equity research, Melissa Eisenstat off-ramped in 2004 to devote herself to a project close to her heart: playing the cello full time. "I made it the centerpiece of my life. For two years I did the total immersion thing. It gave me an enormous sense of accomplishment."

When Melissa was ready to go back to work she found it tough going. Prospective employers were suspicious. "They kept questioning whether I could ‘cut it' after a two year break. The field had changed so much."

So she signed up for Encore. The Encore recruiting team worked with her, scoping out her experience and skills, attempting to make a match with opportunities at the firm. In August she accepted a job as Vice President of Product Management. Her new job is less well paid than her last, but as Melissa put it "That's fine with me. I know I need to prove myself again. Encore has given me that chance."

In January 2008, On-Ramping has come of age. The three lead companies in this space—Lehman Brothers, Goldman Sachs and UBS—are fine-tuning their programs and rolling them out internationally (London, Tokyo, Hong Kong, Singapore.) Lehman's Encore welcomes talented women who have off-ramped and are looking for a road back into the financial sector, offering a range of flexible career opportunities. Goldman Sachs' New Directions provides reskilling and a "new compass" for returning women. UBS's Career Comeback, in partnership with leading universities in each region, is offered free of charge and provides classroom modules and UBS employees as peer coaches. These programs now have established reputations and a loyal following.

Other sectors and other players are getting in on the action. In early 2008 Johnson & Johnson and GE are planning to roll out pilot programs.

Looking forward we can expect these programs to grow and spread. The fact is, employers are newly aware of the scale of the losses. In the financial sector, 37% of highly qualified women take an off-ramp. In science and engineering-based companies the figure is even higher. In these sectors, fully 53% of highly credentialed females voluntarily quit their jobs for a period of time: sometimes to play the cello, more often to care for a child or an elder relative.

The good news is that after a short break the vast majority want back in. Two to three years down the road more than 90% of these off-ramped women want to get back on the career highway. They love their work and need the income.

Pioneers in this field—Anne Erni of Lehman Brothers, Mona Lau at UBS, and Edie Hunt at Goldman—have some words of advice for those engaged in developing the next round of on ramping programs: Develop a business case. Make sure it's rigorous enough to withstand market downturns. This is the only way to maintain progress.

Have you spent time on-ramping or off-ramping? Please share your experiences.

Provided by Harvard Business—Where Leaders Get Their Edge