Bussiness woman with laptop and ironby Liz O’Donnell (Boston)

Who’s really keeping women out of the executive suite — the man in the boardroom or the man in the bedroom?
 
Women hold only 15 percent of all board seats and more than half (68 percent) of public corporations still have no women among their top compensated executives. Women are still earning, on average, only .78 cents for every dollar a man earns.
 
The men running companies certainly have some accountability. In addition to blatant discrimination such as pay inequity, there are also many micro inequities and hidden barriers in the workplace that affect women and challenge their opportunities for advancement. Advocates for working women say companies should adopt women-friendly policies such as mentoring programs, flexible schedules, better childcare and telecommuting programs. But all the flexibility in the word isn’t going to help if the men at home don’t adopt new policies as well.

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shellye_archambeau_ceo_metricstream_pc_photo_courtesy_of_metricstream1by Heather Cassell (San Francisco)

Shellye Archambeau, chief executive officer of MetricStream, a market leader in quality governance, risk, and compliance process and management solutions for diverse multi-national corporations, always knew she wanted to run a company.

More than 20 years experience in the technology industry, Archambeau is one of the few African American women leading the way in government compliance software, but it’s no mistake she’s where she is today.

“I’m a big believer in planning,” says Archambeau, 46, pointing out that many people believe that by working hard they will achieve their goals, but “unfortunately it just doesn’t always work that way. For some people it happens, but if you just look at the odds the odds are actually against you.”

“So, therefore you have to do things that increase your odds and for me that was planning,” Archambeau continues.

With her focus on running a company and her interest in technology in the early 1980s, Archambeau set off after the commencement of her tenure at the University of Pennsylvania, Wharton School of Business to run IBM.

“At 22 years old you are naive enough to be so big and bold,” says Archambeau laughing. “So, that’s what I did.”

Like many of the technology behemoth’s CEOs that she studied, she started her 15 year career on IBM’s sales floor, but she immediately differentiated herself from her collogues broadening her experience by utilizing her marketing degree. Keeping her focus she identified and achieved goals, such as obtaining a profit and loss position and eventually an overseas assignment, in spite of obstacles by making the “right decisions” to stay on her timeline.

“It wasn’t anything that was written down or part of a development plan,” says Archambeau about her path to becoming an IBM executive and ultimately the first African American woman sent on an international assignment to Tokyo, Japan to run a $1.6 billion dollar business for the computing giant.

Achambeau’s path to success was having a vision and filling in the details with careful research, planning, prioritizing, and evaluation, but she didn’t get there alone.

A variety of mentors helped her achieve success in her career goals as well as having a strong “personal cheerleader” in her corner—her stay-at-home husband of 25 years, Scottie, who she met while they both worked at IBM.

“I’m a big believer in mentors,” says Archambeau, but not just as a career resource or opportunity mine. She discovered mid-career that mentors help people “do their current job very well” and that an outside perspective is important.

“It didn’t occur to me to actually build advisors or mentors outside of the company,” says Archambeau when a colleague asked her about professional guidance separate from the company. Since then she’s developed an out-of-company team of advisors.

“Whatever job you have somebody has done it before,” says Archambeau about leveraging other people’s experience to assist you with doing a better job in the current position you hold. ”You won’t get the next one until you do the one that you’ve got exceptionally well.”

Planning and mentors have been key elements in her success, but the foundation has been her “phenomenal partnership” with her husband, she says.

“I owe a great deal of my success directly to him,” says Archambeau of Scottie about not only managing their busy family life with two, now college-age kids, and many moves around the world, but also in believing in her.

“Everybody, especially every woman, needs a personal cheerleader,” says Archambeau, stating that cheerleaders don’t need to be a “stay-at-home husband,” but people who counterbalance the negative messages by telling you no matter what happens, “‘Hey you are good. You are capable. You can do this.’”

“There are a lot of messages out there telling you just the opposite,” Archambeau tells The Glass Hammer. That support strengthens the plan both at home and career.

“You have to think through, “How are you going to do it and what has to be true to make it work?” she says about how she makes it all work saying that it’s a “constant self-check” asking yourself what is important and why it’s important as “elements of your life” and priorities shift.

The plan and examining the “elements” especially came into play when she decided it was time to transition from being an executive of a large company to becoming a CEO of a smaller company.

The market wasn’t a friendly environment in 2002 for a technology executive without experience at the very top tier to make the transition to CEO—it was flooded with more experienced CEOs vying for the very few open positions. Rather than going ahead with the original plan, Archambeau took advantage of the time to research the experiences of other executives who had left large companies to run smaller companies.

Finding that a great percentage of CEO’s failed at their first few attempts, she decided to increase her odds of success by accepting executive officer level positions at a few small companies in order to gain an understanding of the dynamics of running the business, she says. Her plan paid off. Three companies later, Archambeau turned around formerly challenged MetricStream to being the leader in compliance management technology as its CEO.

Archambeau starts her days off with an early workout at the gym, before heading off to lead MetricStream into its future and ending the day at a board meeting for Arbitron, Inc., Forum for Women Entrepreneurs and Executives, IT Senior Management Forum or Silicon Valley Leadership Group.

Just as much as she enjoys her professional life, Archambeau loves socializing with her family and friends. She runs a gourmet dinner club as well as going out to the theater, enjoying music, and dancing with her husband and friends, she says.

martin1Contributed by Martin Mitchell of the Corporate Training Group

In case you were too busy to have kept up with all the news, contributor Martin Mitchell has gathered some important market events from last week to help you start this week well informed:     

Mergers and Acquisitions

  • The world’s second biggest cement maker, Holcim purchased the Australian operations of Mexico’s Cemex for A$2bn (US$1.6bn) in cash. Holcim will launch a SFr2bn (US$1.8bn) rights issue to finance the deal.
  • Anheuser-Busch InBev is looking to divest its central European operations to reduce its debt after the $52bn purchase of Anheuser-Busch. Private equity houses CVC Capital Partners, Kohlberg Kravis Roberts and TPG are among those expressing an interest in the assets that include 11 breweries.  The sale is expected to raise €1bn to €1.5bn.
  • Troubled carmaker General Motors signed a memorandum of understanding to sell Saab to Swedish company Koenigsegg Automotive. Details of the price have yet to be revealed, however the Swedish government will guarantee some $600m of funding from the European Investment Bank.
  • Islamic investment group Arcapita sold Church’s Chicken, the world’s third biggest chain of fast food restaurants to Friedman, Fleischer and Lowe, a San Francisco private equity group for around $390m. The deal will see Arcapita double its investment after purchasing Church’s Chicken in 2004. Read more
Team Fun putting up siding at a Habitat for Humanity build

Team Fun putting up siding at a Habitat for Humanity build

by Pamela Weinsaft (New York City)

In August 2005, Hurricane Katrina ravaged the Gulf Coast of the United States, destroying countless homes and neighborhoods and displacing hundreds of thousands of people throughout Louisiana and Mississippi.    The images were all over the news.  There was an outpouring of money and support.  And some, including Caroline Finley and a group of her colleagues from the internal audit department at Credit Suisse in New York, headed down to personally help with the clearing and rebuilding efforts.

“My manager decided to get a group together to go down to help with the Katrina relief effort.  In January 2006, about half of our internal audit department – approximately 30 employees – flew down to New Orleans and then went by bus to Biloxi, Mississippi.”    A portion of the group slept in a local church, while Caroline and some others slept in tents behind the church.   “That was actually my first time in a tent.  I actually surprised myself that I could sleep in a tent for 3 nights,” she joked.  They did mostly demolition work during that trip, tearing down structures and piling up debris.

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By Jessica Titlebaum (Chicago)

London is one of my favorite cities so I jumped at the chance to travel across the pond to cover the International Derivatives Expo (IDX) last week.  Hosted by the Futures Industry Association (FIA) and the Futures and Options Association (FOA), the two-day event gathered some of the most influential players in the derivatives industry to discuss the ever-evolving trading landscape. The meaty agenda covered a wide range of topics, from the future of electronic trading to the arms race that is developing in the credit default swap sector.  

Almost one entire day of the conference was dedicated to discussing the sticky issue of clearing of credit default swaps (CDS), the swap contracts at the heart of the economic crisis. Competition in this estimated $62 trillion dollar sector has been heating up as leading exchanges prepare to launch their CDS clearing divisions. Currently, the InterContinental Exchange (ICE) is the only exchange offering credit default swap clearing services through their clearing arm, ICE Trust U.S., which began operating in March of 2009.  Since inception, it have cleared over $1 trillion in CDS index-based contracts.    Read more

Faking ItIn the 1997 blockbuster movie “The Full Monty,”  Tom Wilkinson’s character loses his job but fakes having one to hide the truth from his wife.

He gets up every morning, puts on his suit, tucks his morning paper under his arm and heads out, only to return home after five p.m. In today’s economy, with the unemployment rate rising steadily from 7.9 percent in January to 9.4 in May, almost everyone knows someone who is out of work. Is there still a need to be faking it? For some, yes.

Sara Clemence, co-founder of Recessionwire, a website that provides news, advice and perspective to urban professionals affected by the downturn, says that even though being unemployed has become more common, “it’s been a real ego blow for a lot of people.” Clemence says she’s seen a few women “faking it” or pretending to go to work when they don’t have jobs. Clemence says that while faking it may seem like a healthy response to losing a job, the people who do it are in denial.

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heather_-_2007_-_sm11by Pamela Weinsaft (New York City)

There aren’t many professional women who can claim that they decided to pursue a career in accounting while they were inside an Italian mountain.  Yet that’s exactly where Heather Paquette, Partner in the Midwest Information Technology Advisory (ITA) Practice in the Chicago office of KPMG LLP, came to her decision.  “As I was working the night shifts [as a U.S. Air Force computer operator for NATO] when I was stationed in Italy…I started thinking about saving for the future, which made me think accounting was where I wanted to be.” 

Following her time in the Air Force, she earned an accounting degree from Southern Illinois University at Carbandale and joined KPMG’s auditing group.  She was soon called back to her tech roots, transferring into the IT group within a year of joining the firm.   She explained: “At the time there was a big push [in the firm] to see if there were people interested in going to the technology team. It was one of those teams that was very entrepreneurial and, if you were a self-starter, it was where you wanted to be. I ended up transferring onto the technology team because I have a CPA background as well as the tech background, which enables me to look at risks and controls related to the use of IT.”

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jobsearchContributed by Caroline Ceniza-Levine of SixFigureStart

What can I put in the resume to guarantee an interview? How do employers decide who to invite from the resume pile? What keywords can I use to make my resume stand out online?

I get a resume-related question at every workshop. I have written before and say in every workshop response that there is no magic bullet. What you put in a resume needs to be two things:

  1. authentic and true to you; and
  2. tailored to the employer you are targeting.

As you can see, these two attributes are different for everyone. Furthermore, even for one person, there may be a case for different resumes if the person is targeting very diverse employers.

The best way then to ensure your resume is seen is not by perfecting your resume, but by perfecting your job search. The best job search is proactive, so you are out in the market meeting people and talking to people. Your resume is one part of that campaign (resumes do lead to meetings) but never the only part. In fact, sometimes the best job leads result from a verbal pitch, and the formal resume is an after-thought after you have already started meeting with people.

So the best way for your resume to be seen is for you to be seen. Make sure the resume is a powerful and accurate depiction of your background, skills and experience. Use language and examples that engage your target sector. But do not rely on your resume for the heavy lifting in your job search.

Caroline Ceniza-Levine is co-founder of SixFigureStart, a career coaching firm comprised exclusively of former Fortune 500 recruiters. Prior to launching SixFigureStart, Caroline recruited for Accenture, Time Inc, TV Guide and others. Email Caroline at caroline@sixfigurestart.com and ask how you can attend a free SixFigureStart group coaching teleclass.

By Andrea Newell (Grand Rapids, Michigan)istock_000004780540xsmall1

As we have previously reported, a 2004 study by Catalyst, a global non-profit organization dedicated to expanding opportunities for women in the workplace, showed that Fortune 500 companies with more women board directors performed significantly higher than the companies with the least number of women board directors: 53% higher return on equity, 42% higher return on sales, and 66% higher return on invested capital.

As employees, consumers, investors, and voters, women play a significant role in the workplace and have a substantial impact on our economy. According to the 2008 article, Getting from a Good to a Great Board, “women make or influence 80% of consumer decisions and occupy more than 50% of managerial and professional positions.” Despite this huge consumer presence, women only represent 15.1% of corporate board directors, and that number drops to 3.2% for women of color.

So why don’t all boards just add a token woman and reap the rewards? A study by the Wellesley Centers for Women reports that “the magic seems to happen when three or more women serve on a board together.” One woman can have a strong impact, and two women are better than one, but “increasing the number of women to three or more enhances the likelihood that women’s voices and ideas are heard and that boardroom dynamics change substantially.” One woman is seen as having a “woman’s point of view,” but three women might have differing viewpoints on an issue – effectively negating that argument. The higher the number of women serving on a board, the more they are treated as individuals.

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pregnant business womanby Liz O’Donnell (Boston)

When Lisa Powers joined Phillips Lytle LLP, a Rochester-based law firm, in 1999, she didn’t think to ask about the firm’s maternity leave policy. She was thinking about her career, not starting a family. However, in 2002 she got pregnant and discovered the firm had “one of most generous maternity policies.” Phillips Lytle offered a six- month leave that Powers says, “was almost fully paid.”

The long leave meant that even though Powers experienced some complications late in her pregnancy, she was able to stop working a month before her baby was due and still take off five months after the child’s birth.

“It’s a huge incentive for coming back and not looking elsewhere,” says Powers. “You are relaxed, it was great. Certainly there is an expectation that you are ready to work when you come back.”

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