Climb The Corporate Ladder with Your Clubs

by Barbara J. Gutstadt (Palm Beach Gardens, FL)

On the way up the corporate ladder, women continue to struggle to compete with men for positions in leadership. We’ve made strides in some areas—closing the gap in holding middle-management positions, for one—but women still struggle to reach that elusive top rung. According to a 2013 report by the nonprofit research group Catalyst, only four percent of CEOs in Fortune 500 companies are women.

It begs the question of what factors are keeping women out of the highest leadership roles. Over the past 30 years of my career, I’ve experienced and witnessed the challenges of advancing my career in the corporate world dominated by men. I’ve served as the upper-level executive as a CEO and President of a national healthcare company that I founded and later sold. I have sat in the boardroom as one of two female executives along with thirteen male counterparts.

To say that we need to level the playing field is an understatement. I learned early on that in order rise to the top, I had to “seize the day.” I closely evaluated the habits and performance of my male counterparts. There became a very noticeable difference in how we developed our client relationships. My male associates spent time on the golf course nurturing relationships with prospective clients. I spent time attempting to do the same—but in an office setting or out to lunch. Their golf-to-client ratio topped my client-to-meeting ratio. They spent four to five hours with a client on the course and I spent about an hour with the client.

The realization that golf in the healthcare insurance industry was a game changer was my “ah ha” moment. I had uncovered the knowledge that I too should play golf to attract, capture and retain clients, but there was a
problem. I didn’t know how to play the game. I had to learn how to play the game—and quickly.

While women currently comprise one fifth of the 25.7 million U.S. golfers counted in a 2011 survey by the National Golf Foundation, I operate under the premise that if more women played corporate-golf we’d see a direct correlation of more women moving up the corporate ladder into leading roles. Here are the three steps I implemented to jump-start my corporate golf career:

Get Noticed From Within
I spread the word that I was now playing golf (even though I was definitely a beginner). When there are promotion opportunities, women are often overlooked due to one simple factor: access. Having the opportunity to spend time with high-level executives is paramount in them getting to know you and your values. However, that opportunity is not always readily available. You can be sure that your male counterparts are seizing that opportunity through the game of golf—by playing in the company’s tournament or being asked to take a large client or prospective client out to the county club.

Golf is a perfect way for your direct boss or higher-ups to get to know you better—whether playing in a charity tournament or playing in a foursome. That doesn’t mean you go out on the course to talk about your sales figures or boast about new business you’ve snagged. Simply getting out there enables decision makers to learn more about you—from your ability to remain calm and composed to something as telling as honesty in scorekeeping. These subtleties matter.

Join A Women’s Golf Association
It may sound cliché, but golf can help you network your way to the top. Successful women CEOs know the struggles you face every day. By joining a women’s association, you are connecting to a sisterhood. There are multitudes of opportunities for professional growth in a women’s club—from getting paired with a successful executive who inspires you, to finding potential clients.

As a financial advisor, I joined the Executive Women’s Golf Association,(EWGA), to network with other like-minded women. I quickly found many doors opened to me that I wasn’t even aware existed. I started utilizing golf to enhance my career by incorporating golf strategies within the golf association rather than actually playing the game. I signed on as a sponsor with the local chapter and one of the perks was that I was invited to speak to the golf members and chose the topic of women and retirement planning. I sponsored Hole In One contests and provided golf gifts imprinted with my company’s logo as giveaways at tournaments. I used these strategies throughout the year until I was comfortable enough to actually play a game of golf. Within that first year, I enjoyed numerous new client relationships and continual referrals. Golf grew my financial services practice hands down!

Take Lessons
Many successful executives live by the mantra “failing to plan is planning to fail” and for good reason. In business, releasing a product to market before the kinks have been worked out is a recipe for disaster. The same is true in golf. Before you set foot on the tee box, start by taking lessons from a local golf
professional.

It’s not about how well you can play the game. You need to learn proper golf etiquette, golf lingo, proper attire, and the rules of the game. Playing fair and showing proper etiquette will show clients that you are trustworthy and fair. That’s a key opportunity that many people overlook. It’s not just about playing the game of golf—it’s about building trust.

As I’ve learned throughout the last three decades, playing golf has proved beneficial in all aspects of my life by helping me stay physically fit, making new friends, adding a new dimension in my personal life and enjoying golf experiences while on a vacation. However, the one facet of my life that has been impacted the most with the game of golf has been the successes I’ve enjoyed in my career. I’m confident that as other businesswomen realize why
and how golf can help them climb the corporate ladder, we’ll see more women make it to the top rung of success.

For additional information, visit Barbara Gutstadt’s profile on LinkedIn.

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Women on European Boards: Are We Seeing Progress?

Young business woman in a office environment.By Michelle Hendelman

At the recent Women’s Forum Global Meeting in Deauville, France, the percentage of women on European boards was an important topic of conversation among the 30+ CEOs gathered at the annual conference. Now in its 8th year, this forum brings together CEOs from across the globe to have a candid discussion about the issues surrounding women’s career advancement.

In conjunction with the forum, EY (formerly Ernst & Young) presented what they believe to be five critical factors to influence change in the boardroom as featured in their report, “Time for Change: Recruiting for Europe’s Boards.”

“Our research suggests that European boards lack diversity as they are locked into a small pool of talent and are constrained by the fundamental requirements for board positions. Recruitment processes used to fill Europe’s boardrooms need to change to broaden the base of experience and skills on company boards,” says Julie Teigland, EY’s EMEIA Accounts Leader.

This begs the question whether or not CEOs and corporate boards are genuinely concerned with increasing the number of women because of the well-documented business benefits or if these efforts are geared toward fulfilling increasingly stringent mandates from The European Commission.

While some countries like Norway have already imposed gender quotas for corporate boards, The European Commission is pushing that four out of every ten non-executive directors of large publicly listed companies in Europe be female by 2020. However, each European country affected by these mandates is progressing at different rates as acceptance levels of women in senior level positions are certainly not uniform. Finland, for example, reported in 2012 that women comprise 22 percent of listed companies’ board members, whereas Italy, France, and the UK have experienced slightly less progress.

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What Does “Having It All” Mean?

BusinesswomanBy Hadley Catalano

How do professional women measure success? What does it mean to “have it all”? These questions have been dissected time and time again, with the most discussed addition to the conversation coming from Ann-Marie Slaughter’s now infamous 2012 Atlantic article “Why Women Still Can’t Have It All.” The gist of Slaughter’s take on the issue: women (and men) can have it all, but not in “America’s economy” or in the current way society is structured.

The truth is there are no easy answers. There is no simplistic way to address the desires, needs, and concerns of half of the workforce. Why? Because all women are individuals with differing personalities and differing levels of ambition. Just like men. We all want different things at different points in our careers.

Citi and LinkedIn are the most recent contributors to the “having it all” conversation, with their third annual “Today’s Professional Women Report” providing a more nuanced take on what was quickly becoming a cliché topic. The report surveyed 1,023 male and female respondents who weighed in on topics spurred by conversations on Citi’s Connect: Professional Women’s Network on LinkedIn. The study’s findings shed light on the contradiction of what women have been assumed to want, and data detailing what women actually want at work.

Is The Corner Office The Goal?
According to Citi and LinkedIn, the average professional woman expects to have eight different jobs over the course of her lifetime and will make several transitions throughout her career.

Interestingly, many women surveyed are currently employed in industries that differ from their major or the field they intended to enter after college and they don’t expect that they will be in the same job long term. (According to the Citi survey, 30 percent of women think they will be at a different company or in a completely new industry in 10 years.) Educators and statisticians would agree. According to the National Association of Secondary School Principals, the top ten jobs of today did not exist in 2004. The U.S. Department of Labor estimates that today’s high school graduates, by the age of 38, will have 10-14 different jobs.

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Voice of Experience: Priscilla Almodovar, Managing Director and Head of Community Development Banking, JP Morgan Chase

sm_priscilla_almodovarBy Michelle Hendelman

Sometimes the most successful and rewarding career paths are anything but linear. Priscilla Almodovar, Managing Director and Head of Community Development Banking for JPMorgan Chase can certainly attest to this. “My career path is a unique intersection between deal making as a lawyer, government, and now banking,” she said.

“My experience in different sectors gives me an appreciation of who the stakeholders are in each area and how to be inclusive of the various points of view. As a manager, I can tap all of these different experiences to do my job,” added Almodovar.

Almodovar practiced law for fourteen years before moving into public service. She took a two month leave from her position as corporate finance partner at White & Case, LLP in order to pursue an opportunity in public service. However, this short two month leave turned into a five year leave as Almodovar served as the President and CEO of New York State’s housing finance agencies.

“My proudest professional achievement to date is running a public finance agency for the state of New York. For the first time, my ‘client’ was the public and the opportunity to do finance in government and serve the public was an incredible experience for me,” said Almodovar. She encouraged everyone to pursue the opportunities available in public service and at non-profits as she feels very strongly that these areas can provide some of the most rewarding professional and personal experiences.

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A Job for Life is Dead – Long Live Fractional Working

rajContributed by Raj Jeyakumar

Recessions are good times for adjustments and innovation. Since 2008 there has been sector-wide disruption in areas such as finance, law, and consulting. One emergent trend that seems here to stay is that of opting for flexibility, lower full-time headcount and keeping cash on the balance sheet. This has given rise to increasing numbers of part-time employees at all levels of the labor force, from tech talent to seasoned CFOs. Similarly, top professional talent is demonstrating increased interest for flexibility and agility.

More and more, talented business people are seeking combining personal pursuits (travel, family, and social engagement) with the ability to monetize their much sought-after skills as part-time freelancers. This has given rise to what is known as the “fractional worker.”

Fred Wilson of Union Square Ventures recently told a group of entrepreneurs at Wharton that he likes investing in technology focused on the labor market, specifically marketplaces. He argued the recession has fundamentally shifted the way we work and that there is data to prove it. While the US economy is climbing back uphill, jobs numbers have stagnated. The reason? People are engaging in part-time work that isn’t captured in conventional jobs data. The rise of fractional employment means unemployment numbers are consistently overstated.

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Movers and Shakers: Nicole Douillet, Vice President, Credit Suisse

 

women smilingAccording to Nicole Douillet, Vice President, Credit Suisse, when you are young and high achieving coming out of college, entering the workforce can be a difficult transition, especially in an environment like Wall St. “It can seem disappointing if your career trajectory is not progressing as quickly as you imagined, but it is important to remember that a career path is very rarely a straight line,” advised Douillet.

“Take a breath, have patience, and look at the bigger picture,” she added.

Douillet was the first woman hired on the block trading desk at UBS in 2000. “My career in trading has been pretty tumultuous since I started in 2000,” said Douillet. “In fact, my very first day on the UBS desk was the last day the NASDAQ 100 closed above 4,000,” she continued. Douillet left UBS to pursue a job in quantitative trading at Credit Suisse where she eventually moved to the systematic market making group. She said, “I have been able to see a lot of different cycles in the markets from the beginning of 2000 through today.”

In 2007, Douillet was promoted to VP a year ahead of everyone in her class and was selected to be a part of the inaugural class of Credit Suisse Emerging Leaders program. Through this program, Credit Suisse identifies high potential associates and vice presidents and tasks them with creating solutions for problems the executive board is struggling with.

“My group was given the question, ‘how does an investment bank push innovation?’” said Douillet, “which is difficult considering the regulatory environment in which investments banks operate.” The challenge was to figure out how to inspire innovation among employees while staying within the regulatory framework. Douillet explained, “We devised a system of encouraging and rewarding innovation and presented our idea to the senior leaders running the program. The idea was rolled out as a pilot program in the IT division and later became a bank wide initiative due to the success of the pilot.”

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How Critical Dialogue Builds Inclusive Companies

iStock_000017389678XSmallBy Tina Vasquez

For years now, the nonprofit research organization Catalyst has been doing critically important work, work that we write about often here at the Glass Hammer. The organization seeks to expand opportunities for women and businesses and create more inclusive workplaces. Arguably, Catalyst’s Engaging Men research series is pushing these endeavors forward like never before. According to the organization, men are a critical, untapped resource in diversity and inclusion efforts aimed at eliminating gender bias. To address this disconnect, Catalyst’s Engaging Men in Gender Initiatives research series “provides evidence-based advice about the most effective ways to partner with men in ending gender inequalities at work.”

The fourth report in the series, entitled “Anatomy of Change: How Inclusive Cultures Evolve”, was released in September and piggybacks off of the previous report “Calling All White Men: Can Training Help Create Inclusive Workplaces?”, which details an approach that makes white men part of the solution, rather than simply dismissing them as the problem.

“Anatomy of Change” seeks to answer an incredibly complicated question: How do you make a male-oriented organization more inclusive, enabling women and minorities to advance? By studying how the industrial automation company Rockwell Automation was able to transform its predominantly white, male-orientated North American Sales division into a more equitable workplace, Catalyst was able to highlight effective solutions for companies seeking to be more inclusive. The good news is that progress is not only possible, but can be made relatively quickly. The caveat: companies must be willing to engage in deeply honest, candid conversations that tackle the challenges and hardships that women and people of color face.

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Natural Networking: Chatting for Fun and Profit

Headshot tigerby Raleigh Mayer, Gravitas Guru

“Only Connect”.– E.M. Forster

Networking. Everybody’s doing it: Or should be.

Cultivating and maintaining a wide network of personal and professional contacts is a required skill for anyone active in the business world and community environment, and often the foundation for securing new clients, new business, or new careers. In fact, networking has become such a ‘necessary evil’ that many people are offended by the very word. However, when done properly, networking, or simply meeting people, can be fun, and quite productive in terms of informational exchange as well as opportunity.

The key is to offer yourself – as a resource, a referral base, or simply ally and friend, rather than going in looking to gain something at the outset. This perspective will change the dynamics in terms of how you approach others, and how you present yourself. But where and how does one begin? The answer is here and now.

Establish Presence
Considering that every step outside your home may lead to an important encounter, are you prepared, physically and mentally, for those opportunities to arrive? Before you “go public” even on weekends and off-hours, give some thought to your wardrobe, accessories, and overall grooming, keeping in mind that casual does not equal unkempt. Get in the habit of carrying business cards at all times and always be ready with a smile, a firm and energetic handshake, and light conversation topics. Be quick to extend your hand and introduce yourself.

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4 Ways to Subvert Second-Generation Gender Bias

NancyMonson2013By Nancy Monson

Conventional wisdom holds that thanks to the feminist movement, women are on a more even par with men in today’s business world. After all, in 2007, 40% of managerial positions in the United States were held by women, reported the US General Accounting Office , while in 2012, Catalyst reported that women claimed 51.5% of managerial positions.

Those statistics sound impressive and suggest that overt gender bias may, for the most part, be a thing of the past. Yet when you dig deeper, you realize that hidden, subtle, silent, “second-generation” gender bias persists. Sure, women have gained managerial positions, but they’re still largely excluded from the higher echelons of most major companies: Only 4% of Fortune 1000 company CEOs are women, per Catalyst.

According to a recent blog post entitled “Educate Everyone About Second-Generation Gender Bias” on the Harvard Business Review website, “Second-generation bias does not require an intent to exclude; nor does it necessarily produce direct, immediate harm to any individual. Rather,” write Herminia Ibarra, Robin Ely, and Deborah Kolb, ”it creates a context – akin to ‘something in the water’ – in which women fail to thrive or reach their full potential.”

This bias can manifest as a failure to consider women for leadership or strategic roles, offering women less compensation (typically 78 to 87 cents on the dollar) or not considering them for bonuses, or an organizational culture that subtly disconnects the men from the women in the office. Women often are not even aware of bias against them. That may explain why an August 2013 Gallup Poll of 1,000 men and women nationwide indicated that only 15% of women felt they had experienced workplace bias. Successful women have managed to make their way through the gender inequity gap. Here’s how you can, too.

1. Recognize that hidden or stereotypical gender bias exists in your workplace.
If you begin to look for it, you will probably see it. It’s time to stop accepting that when a man gets promoted over a woman, it’s just because that’s the way it is. “I think the issue is a combination of subtle gender bias and women not having the chutzpah to push for themselves and their ideas,” says career coach Connie Thanasoulis-Cerrachio, co-founder of SixFigureStart. “It’s the perfect storm when it comes to business, and it can really impede your career.”

Ibarra et al write that “when women recognize the subtle and pervasive effects of second-generation bias, they feel empowered, not victimized, because they can take action to counter those effects.”

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Voice of Experience: Kate El-Hillow, Managing Director, Goldman Sachs Asset Management

Kate hilow“Take risks,” advised Kate El-Hillow, Managing Director, Goldman Sachs Asset Management, “because that is one of the best ways to build up your skill set.” This is one piece of advice that El-Hillow would give to her younger self starting out in her career. “Women tend to underestimate their skill set,” added El-Hillow. She encouraged women to be confident. She also emphasized just how important dedication and hard work are to career advancement, and finally she added, “Don’t over plan.”

Career Path

El-Hillow began her career at JP Morgan in the Audit division after graduating from Boston College with a degree in Accounting. However, while at JP Morgan El-Hillow found herself drawn to finance because she enjoyed the relationship aspect of the industry and finding solutions to meet the client’s financial needs. After realizing the highs and lows of the dotcom era with a private equity group that met its demise around the same time as many internet start-ups, El-Hillow found the right fit in finance at JP Morgan Asset Management concentrating on multi-asset class portfolio solutions.

While the client side of the business is what initially intrigued El-Hillow, she has since moved away from the client side at Goldman Sachs, where she now works, and focuses on managing multi asset class portfolios. “After giving birth to my first child, I really didn’t want to be on the road as much, and I very much enjoy helping clients from a portfolio management seat. It has been a very exciting area to work in.”

Since joining the industry in 1996, El-Hillow has witnessed a lot of volatility in the investment industry. “It’s a very dynamic environment which is part of the draw for me,” noted El-Hillow, “and many of the current challenges right now are around dealing with the lower yield and lower growth environment and regulatory issues.” She added, “It is important to try to recognize the opportunities to move into new investments while staying focused on not taking unintended risks. During the good times, some people can forget how painful the hard times are, but it is important to remember.”

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