Take control of your destiny…

by Jane Carruthers (London)

In case you didn’t know it, International Women’s Day took place this year on Sunday, March 8th. While it’s unlikely that many menfolk remembered to mark the date with cards or flowers, enlightened businesses globally are pushing the celebratory boat out to show their commitment to the women in their workforces.

PricewaterhouseCoopers (PwC) feted the event on 4th March with a presentation on ‘Taking control of your destiny’ at its London headquarters. With a timely chime on the topic of women seizing the reins of their own careers, PwC is also currently exploring whether or not women are being more severely affected by the current downturn than their male counterparts.

As part of its global push to keep gender issues at the top of the agenda, PwC produced a thought-provoking film entitled ‘Closing the gender gap’ in November 2008. Exploring the inherent challenges of creating a workforce that mirrors the population as a whole, the film describes the benefits to business and society when it does so. In a fascinating coda, invited to imagine what their work world will look like in 2050, a group of young girls state their dreams and ambitions. It is for them both a daunting and an exciting prospect.

The film has already been screened, in edited format, to the movers and shakers at the World Economic Forum at Davos, Switzerland in January this year. Readers of The Glass Hammer can view it online on here or at PwC’s site.

At the PwC presentation, principal speaker Gita Patel (pictured), co-founder of Stargate Capital and chief driver of her women-oriented Trapezia investment fund, spoke about her experiences as an Asian woman, businesswoman, mother and entrepreneur:

Said Patel: “Given the present crisis, we must ensure entrepreneurship flourishes as it’s the life blood of the economy and the Number One sector for global growth is women. I set up Trapezia to capitalise on this fast-growing market opportunity that was underserved by traditional players.”

She continued: “Less than 2.5% of venture capital goes to women entrepreneurs. We need to improve access to capital, to markets and to business networks.”

Patel elaborated: “Talking about the credit crunch and the mess we are in, from broken confidence to ruined financial markets, you find that cynicism has become groundbreaking. The task is now to restore confidence and credibility, especially professional credibility given the withdrawal of trust. Women’s different attributes, their diverse leadership styles, their attitudes to risk are among critical factors that will contribute to future success.”

In a wide-ranging speech covering the spectrum of workplace issues for women at all levels, Patel advised women to seize opportunity, play a pivotal role in the aftermath of the current crisis and to be passionate about their business. She emphasised the need for women to invest in themselves, build self-confidence and unleash their full potential.Patel recommended that women support and create a talent pool that is diverse and skilled to reach boardrooms. Research shows that there is stronger than average performance at companies with three or more women directors.

In a lively debate following Ms Patel’s speech, Cleo Thompson, leader of PwC’s Gender Advisory Council’s programme office and author of the Gender Agenda blog, commented that although the firm’s current research on the effects of the credit crunch on female employees has yet to be finalized, some of the initial responses make uncomfortable reading:

“Some of the replies received indicate that the current climate disadvantages women disproportionately, particularly on issues such as flexibility.”

Thompson noted: “An attitude of ‘presenteeism’ is creeping back into the workplace, as workers increasingly feel the need to be seen behind their desks in order to be perceived as fulfilling their roles – which obviously goes against the gains of flexible working achieved over the last few years.”

It’s not all bad news, however: “Now is the time for us to be influential,” said Pam Jackson, Business Team Leader of PwC’s M&A and Private Equity Tax team in London:

“The old model doesn’t work, so managers have to be more receptive to change. It’s time to take your ideas to the people who may be able to use them and influence them. You will find people are generally much more receptive when the old model is clearly defunct.”

PwC’s Advisory practice leader, Kevin Ellis, agreed: “We’re living through a seismic shift: changes happening now will affect everybody and every business.”

He continued: “We’re all trying to grow, so novel strategies that give an opportunity for us to do things differently are welcome. There will never be a better time to come up with something groundbreaking.”

Asked what measures women can take to improve their chances of scaling the greasy pole, the panel came up with the following suggestions:

• Expand and develop your own networks. This will put you in good stead, whatever it is you want to achieve.
• If you have an idea, believe in it. Go Do It. Get on with it and take control.
• Be a role model. And choose a role model for yourself. Make mentoring a cascade, so that everybody benefits.
• Be the Brand. Be your own personal brand ambassador. Let it be known where it is that you add value. Know what this is, and it will become an aura that follows you throughout your career.

We shall leave the last word to Gita Patel, whose advice to women out there at the coalface is as follows:

“I have a legacy to leave…
You have a legacy to leave
It’s for our children,
Especially our daughters…
And the time is NOW…”

She concluded:

“Those who say it cannot be done should get out of the way of those who are doing it…”