Movers and Shakers: Claire Hughes Johnson, Vice President, Global Online Sales, Google

Claire JohnsonBy Melissa J. Anderson (New York City)

“My job at Google is to represent the customer,” explained Claire Hughes Johnson, Vice President, Global Online Sales at Google. And Johnson is enthusiastic about the ability for technology to improve business for her customers. “In terms of impact that grows a business, tech has the ability a lot of business sectors don’t.” In fact, Johnson recently penned a blog post announcing Google’s Economic Impact report for 2009 – revealing that the company “generated a total of $54 billion of economic activity for American businesses.”

Johnson energetically discussed the reasons she enjoys working in the technology field – the exhilarating rate of change, and the collaborative nature of her job. “What’s exciting about technology is that everything moves very fast. You have to watch the space constantly.”

She continued, “It’s exciting – and threatening. It’s going to look different in a few months.”

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Evolved Networking at the WIBF Awards in London

Business concepts-Hurray good job, closeupBy Cleo Thompson (London), founder of The Gender Blog

Women’s networks – are they still relevant in 2010? This has been a question posed of late by a number of commentators, who suggest that encouraging women to group together, network and share ideas and experiences is counterproductive to 21st century business life, creating silos and serving as a space for women to complain about the status quo.

Last week in London saw the Credit Suisse sponsored thirtieth birthday party and annual awards lunch of one of the UK’s oldest and most established women’s networking groups, Women in Banking and Finance (WIBF). Created by five women in 1980, and sponsored by the then Deputy Chairman of NatWest Bank, WIBF now has a membership of over 800 individuals and provides a forum for woman (and at the lunch, quite a few men) to meet, learn new skills, share experiences and best practices, make useful contacts and to fulfil their individual potential. In addition to the annual awards lunch, WIBF (also part of wider global network the International Alliance for Women) runs a regular programme of training and networking events with a focus on personal and professional development.

The WIBF awards began in 1997 and celebrates three women each year for their outstanding personal and professional achievements in the traditionally male financial services sector. And last week, the Dorchester hotel in central London played host to a roomful of around 250 WIBF members, all doing anything BUT complaining – in fact, the amount of networking and generous sharing of ideas and contacts would have put the membership of the average golf club to shame.

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The State of Microfinance in Latin America

Courtesey of Pro Mujer

Courtesey of Pro Mujer

By Melissa J. Anderson (New York City)

Last Thursday, the Financial Women’s Association of New York held an informational panel discussion on the state of microfinance in Latin America. The panel, moderated by Sheila Hooda, Senior Managing Director, TIAA-CREF, featured a broad spectrum of experts: Sandra Darville, Unit Chief, Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB); Gary P. Kochubka, Senior Director, Standard & Poor’s (S&P); Rosario Perez, Chief Executive Officer, Pro Mujer; and Peter V. A. Shaw, Managing Director, FitchRatings.

One of the main takeaways of the event was that it’s difficult to discuss “microfinance in Latin America” because the market is so broad, with the industry taking on several stages of maturity across the region.

As Darville explained, in some areas of the region, the microfinance market is extremely developed (with over 30% penetration), while in other places, penetration is “less than 1%.”

Hooda summarized, “Microfinance originated in Latin America. A lot of institutions are very mature. Government regulation is mostly helpful…” Over the years, she explained, the industry has survived a lot of turmoil – whether hurricanes or political unrest – but, she said of the state of the industry in the past two years, “this is the first time the crisis is not [based in] Latin America – it originated in the US.”

Shaw said, “Broadly and structurally… microfinance as an industry has penetrated deeper in Latin America than in some of the other markets in which it is active today.” He explained that in the last ten years, the industry has undergone a cycle of development in which entities started largely as unregulated institutions, funded mostly by venture capital or philanthropic donations.

As the industry has grown, it has become more heavily regulated. “Non-banks transform into banks,” he explained. “Deposits are becoming more important to balance sheets.”

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Addressing the “Business Case” Against Diversity

diversity tableBy Tina Vasquez (Los Angeles)

The business case for diversity has become a popularly held belief and it’s something we’ve discussed at length here at The Glass Hammer. The reasoning behind it is very simple: When board directors and top level executives are too much alike, they think too much alike and in turn, look at both problems and solutions the same way. By contrast, having a diverse group of people in the upper ranks of a corporation leads to diversity of solutions, innovations, better governance, and the type of outside-of-the-box thinking so desperately needed in the corporate world. Many studies have also found that diversity increases sales revenue, customer numbers, and profitability. What’s not to love?

Unfortunately, there is a growing body of evidence that seems to suggest diversity does not deliver, at least in the short run. Many companies have reported little to no change in their performance. This is even true for Norway, where a 2002 law requiring 40 percent of all company board members to be women has – in some cases – been detrimental to companies forced to comply. A recent study by the University of Michigan has found that a drastic increase in women to Norway’s boardrooms has done very little to improve corporate performance or enhance the professional caliber of the country’s boards. Even more unsettling is the idea that making efforts to diversity corporate boards and executive suites is actually creating conflict and other unforeseen problems. Here’s our take on a few of the problems companies have run into while implementing diversity initiatives – and how to fix them!

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In Case You Missed It: Business News Round-Up

Beth 005Contributed by Beth Collinge of CTG – a division of ILX Group plc.


Stocks were down at the end of last week. JPMorgan was fined for its failure to keep client money in separate accounts. The US Congress is set to impose conflict of interest rules on banks and push ahead with reform of the New York Federal Reserve.

Economic Backdrop

  • Stock markets closed down on Friday, hit by a combination of weaker than expected American jobs data, European debt default fears, rumours of large derivatives-related losses at a French bank and concerns that Hungary’s economy may be in a perilous condition.
  • The euro was down 2.5 per cent on the week against the dollar to a fresh four-year low, and was also off versus the pound after a spokesman for the Hungarian prime minister said that Hungary’s economy was in a “very grave situation” due to the last government manipulating official data, and that talk of a default was “not an exaggeration”.
  • On government bond markets, investors were buyers of high-quality assets such as US Treasuries, sending yields sharply lower. The yield on the 10-year note fell to 3.26 per cent, over the week.
  • UK sovereign issues were also bought, and the yield on the 10-year gilt was also down 6bp on the week.
    On commodity markets, Gold rebounded from its mid-week low, with August futures rising 0.6 percent to $1,217.70 an ounce, on demand for an alternative to the slumping euro, though the spot price was still down on the week.

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Voice of Experience: Sandra Urie, President and CEO of Cambridge Associates

SandyUrie_Cropped_CMYK_hi_res[1]By Pamela Weinsaft (New York City)

“Figure out what you really like to do. Don’t do things because other people expect you to do them. If finance is your passion, then absolutely jump in fully. (Go ahead and get that CFA and MBA because they give you true credibility from the start.) But it is most important to do what you love,” advised Sandra Urie, the President and CEO of Cambridge Associates.

For her part, Urie said, “I love mission-driven, non-profit institutions. These institutions don’t exist to make money; they exist to achieve a mission, but they need money to do it. I strive to help these organizations have greater financial stability so they can focus on advancing their missions. I think there is a great psychic reward to doing that.”

Growing Up Feminist

Urie was born and raised in Massachusetts, where, she says, she “grew up in the company of women as one of four sisters.” She explained, “My parents were the first feminists I knew. They really inspired us to understand that the only limitations we had were the ones we put on ourselves and that we shouldn’t allow the world to tell us what we could be or do. In the 1950s, not many parents were communicating that message. My three sisters and I grew up thinking the world was our oyster.”

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Three Steps for Making Even Better Decisions on the Job

SylviaContributed by Dr. Sylvia Lafair, Award Winning Author and Workplace Relationship Expert

Making the right decision is always a combination of head, heart, and gut; whether it’s choosing from a sumptuous dinner menu, hiring a skilled project manager, or agreeing to purchase a new office building.

Deciding is an art and craft that includes research and data. However, while most decision making models and processes are organized around assessing and understanding the issues at hand, it is also critical to include the subtle psychological aspects that can make decision making seem irrational, even impossible.

The key to quality decisions is listening to yourself as you trudge through all the logical reasons and move from no to yes to maybe, to no again to “okay, it’s a go.”

Pay attention to the behavior pattern that best suits your personality. This is the clue; gaining insight into your personal arsenal of how you choose will expand creative options and help you make better choices in the future. Are you the “lone wolf” who resists asking for too much input that would muddy the final outcome, the “politician” who has to get consensus before you give the final word, the “impulse addict” who needs a fast and furious decision to avoid anxiety, or the “avoider” who stays in the background pushing others to be the final voice so you can never be blamed if things go wrong?

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Fair Play: 5 Tips for Making Diversity Programs Stick

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Group of diverse business colleagues enjoying successBy Elizabeth Harrin (London)

We all know that diverse teams provide a operational advantage: different opinions lead to creative problem solving and a balanced, comprehensive view of work challenges. But how do you encourage diversity, and get managers involved in initiatives set in the boardroom – or indeed become involved yourself? The Glass Hammer asked five experts for their advice on how to make diversity programmes stick.

1. Don’t be scared of diversity!

“A key to treating employees fairly is to understand that diversity is something to be embraced and not something to shy away from, fear, or reject,” says Julia Mendez Fuentes, PHR, CELS, Director, Workforce Compliance and Diversity Solutions, for talent management company Peopleclick Authoria. She suggests that diversity training is one way to give middle managers the tools they need to ensure they treat their employees fairly, so if you are offered the chance to go on a course, take it. “Middle managers should definitely be trained regarding compliance issues such as accommodations for persons with disabilities and religious beliefs.”

However, don’t worry about having to single-handedly tackle problems that arise as a result of having a diverse workforce. “As far as handling complaints or issues involved with diversity, typically this is handled by someone within the Human Resources or Legal departments who is properly trained on how to keep track of the issues and is knowledgeable on ways that the issues can be resolved,” explains Fuentes.

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New Alternative Investments Directive Ruffles Feathers in the EU and Abroad

iStock_000008683901XSmallBy Elizabeth Harrin (London)

Since the economic downturn started, people have been calling for more regulation of the financial markets. And in Europe, we’re about to get some. The European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted this month in favour of the proposed rules that will form the basis of the Alternative Investment Fund Managers Directive.

While it isn’t yet law – the exact details are still to be worked out – the Directive is already unpopular, especially in the UK. ‘Alternative’ funds are those that are not already covered by extensive EU legislation and include hedge funds, real estate funds, commodity funds and private equity. The Directive agrees to tighten up the rules on hedge funds, and as most of Europe’s hedge funds are head-quartered out of the UK, British commentators believe there is a risk that London’s financial centre will suffer as firms move out.

In addition, the new rules will prevent a non-EU fund from marketing itself to Europe as a whole. Just because your hedge fund is cleared to do business in one country, doesn’t mean it will have an automatic right to be traded in any of the other EU states. This is the clause that many in the UK find most restrictive, and there is a genuine worry that trading with the US will be affected because of the tighter rules.

However, it’s not all bad news. “In several areas we have secured significant improvements, including greater proportionality for small funds, greater clarity and flexibility in depositary liability requirements, and the removal of the more burdensome private equity requirements,” says Sharon Bowles, Liberal Democrat MEP and Committee Chair. “I welcome the several workable and sensible changes introduced in this report and think that when these are merged with the [European] Council’s report we will be 90% of the way towards a very good text. My liberal colleagues and I have worked very hard to improve the proposed AIFM Directive and ensure that it finds the right balance between regulating the fund industry and ensuring that it can still be successful.”

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The White House Project’s Go Run New York Kicks Off Friday

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logoBy Melissa J. Anderson (New York City)

The White House Project is still accepting applications for this weekend’s New York event. For more information contact Janeen Ettienne at jettienne@thewhitehouseproject.org.

“Women take charge to take care. Meaning, women usually embark on a campaign because of an issue that they have organized around either personally or in their communities,” said Marie Wilson, founder of the White House Project.

She continued, “And when elected, they are more likely to stay in close touch with their constituencies, because the majority of women office holders didn’t get there through high-powered lobbying firms and a blanket of press coverage. They got to their elected office through the grassroots networks.”

Once a year in several states, the White House Project hosts a weekend-long training retreat designed to equip women with the leadership skills they need to run for political office. Go Run provides training in communications, fundraising and campaigning, with a focus specifically on overcoming the unique challenges women have traditionally faced.

This Friday kicks off New York’s Go Run weekend training program. The weekend’s special guests include The Honorable Maria Del Carmen Arroyo, New York City Council Member, District 17; The Honorable Andrea Stewart-Cousins, New York State Senator, District 35; The Honorable Gale A. Brewer, New York City Council Member, District 6; and Uma Sengupta, Democratic District Leader, District 25, Part B, as well as plenty of impactful instructors.

Kristina Goodman, Director of PR and Marketing explained, “Our goal is to equip, inform and inspire women to take their leadership to the next level, either as a community organizer, a candidate, or in their own lives.”

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