Happy Summer Friday from The Glass Hammer Team!
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Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
Karen Loon, recently appointed as PwC Singapore’s Banking and Capital Markets Leader, knows that making assumptions based on someone’s gender is a mistake. Assumptions based on appearance are often equally misleading. That’s because while some might assume that Loon was born in Asia, she’s actually a fourth-generation, Australian-born Chinese.
That’s why her interest in diversity runs deeper than just gender. “I am passionate about ensuring that both women and those from culturally diverse backgrounds are given the right opportunities to thrive within their organizations,” she says, which makes her the ideal fit to be PwC Singapore’s Territory Diversity Leader.
A Career in Accounting Added up for Loon
Loon began her career after graduating from Sydney University. Her parents were business owners who had business acquaintances who were accountants and encouraged her to consider it as a career.
She participated in vacation internships with other accounting firms, and decided she liked the culture of PwC, which she joined in 1990. She was seconded to PwC Singapore in 1994 when a one-week training in the Netherlands opened her eyes to the possibility of working outside of Australia, coupled with her growing conviction that Singapore was ripe for a booming economy, and decided to stay for the longer term.
The move was less conventional than one would guess, because as Loon says, “Most Australians have a strong affinity for the U.K.” Furthermore, though she is ethnically Chinese, Loon doesn’t speak Chinese. “It’s very difficult to feel like an outsider. I was fortunate to be coached and mentored by supportive people.”
Climbing the Ladder as a Woman
Becoming a partner was not easy to achieve and certainly ranks as one of her proudest professional achievements. In fact she says that though she didn’t realize it at the time, she had never met a female audit partner when she started in Sydney.
“Women partners were few and far between in Sydney,” she says, adding that Singapore was more progressive in this area with some of the women partners having kids. “There is more family support in Asia. The values in Sydney tend toward mothers staying home.”
During a recent two-year return to Australia, Loon reflected on her values and how she had changed — and how other aspects of the firm had changed. “There are now more women partners, but we are still clearly the minority. It made me more passionate about making sure there are opportunities for everyone.”
Diversity Committee Feeds Her Passion
That’s why she finds her work with her Singapore diversity committee to be so satisfying. In addition to her recent appointment as a Territory Diversity Leader, she is also the East Cluster Financial Services People Leader, East Cluster Diversity Coordinator and a member of the Global Financial Services Diversity Steering Committee.
“Being open to diversity is how businesses can retain talent,” she says, adding that the broader issue facing all organizations is how cultural diversity, not just gender diversity, will continue to dominate the discussion.
“Companies have to be cognizant of culture and open to accepting that people come with different values and backgrounds. Companies that continue to focus with a just a western lens will be at a disadvantage. Those who understand different types of clients and environments will be the successful ones. Otherwise it’s so easy to offend someone without even realizing it.”
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Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
Nora Wu believes that achievements do not determine success, but that success is determined by the obstacles that have been overcome. She herself has faced numerous challenges and barriers on her journey to being appointed PwC Global Vice Chairwoman and Global Human Capital Leader in July. “My professional career got off to a late start,” she recounts. “I started my family before I began to focus on my career and by the time I joined the accounting profession in 1988, my daughter was already two years old.”
As she recalls, she was the only female staff member from mainland China to be hired by one of the then-Big Eight accounting firms in San Francisco. “I was born and raised in China, which back then had yet to open itself up to the rest of the world. The US work culture was completely different and it was tough for me to immerse myself in such a highly competitive and demanding environment,” she explains.
Her new job required that she learn new professional skills and improve her English, but it also prompted her to appreciate cultural differences and new communication styles, while learning the importance of work-life balance. After her son was born, she took two years off to focus on her young family. “When I came back to work, I was competing with much younger colleagues who did not have the same challenges as me,” she says. “Becoming a partner at the firm did not even feature in my wildest dreams.”
In 1995, she moved back to China and became the only female manager in the Arthur Andersen Shanghai office. Five years later, she would become the first female partner. “Although my career got off to a later start, I never let that become a disadvantage,” she recalls. “I had the opportunity to see my kids grow and be there when they needed me but I was still able to dedicate myself to my career. Most importantly, I learned to focus on what I wanted to achieve in life and how to strike a balance between being a mother, wife, daughter and respected professional and leader.”
Women in Leadership
The challenges Wu has faced in her career have made her a better, more effective leader. When she was appointed PwC China’s Shanghai Office Lead Partner in 2006, she faced difficulties garnering support, especially among her predominantly male colleagues with more experience. “Giving up was never an option,” she remembers. “Instead, I reached out and found areas where I could add value as a leader, and slowly I began to earn the trust and respect of my partners and team. It was a rocky start but I’m proud to say that the mindset has since changed.”
Women face several barriers in the industry and Wu highlights two: fear and self-doubt. “Women tend to underestimate their capabilities,” she admits. “This is something that we can learn from our male counterparts. In many cases, even if they doubt themselves, men will still grab an opportunity and embrace it. Organizations can do more to help women, but ultimately, it’s up to us to take on new challenges and show we can lead.”
She advises women to let go of their fears and inhibitions, take advantage of opportunities and treat every challenge as a learning opportunity. “You never know where one opportunity or interaction will lead you and you only can find out if you give it your best shot,” she says. “You should never be afraid to work hard or put in the long hours. Work-life balance is indeed possible, especially if you do not separate your work and your life. By aligning your purpose, personality, and aspirations, it will be easier to create a balance. I’ve personally seen the transformation in our young associates who have risen to become very successful.”
But it can be hard to know your purpose in life when you are young and just starting your career, so Wu advises people to ask themselves what they want in life and what will bring them meaning and fulfillment. “To begin finding out what your purpose in life is, imagine looking back forty years from now and asking yourself what would make you proud, or if you would be able to admit to having lived a full and meaningful life,” she suggests. “The answers will give you a good indication of what you want, or should, aim for in life.” Wu also encourages the development of peer groups that are both trustworthy and supportive, as this enables sharing and mutual learning from different challenges and experiences.
Working in PwC
In her new role overseeing the development and execution of PwC’s global human capital strategy, Wu is very excited about the opportunities for the 184,000 people throughout the global network of firms. “We want to see how we can move the network’s people agenda forward,” she says. “The digital revolution is changing the world at a rapid pace and each year, PwC firms around the world hire about 20,000 graduate millennials. These future leaders grew up with technology, smartphones, tablets and cloud computing.”
Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
At just 37 years old, Paloma Wang’s rapid ascension to the partnership at global law firm Shearman & Sterling, where she specializes in initial public offerings (IPOs) and other corporate finance transactions in the firm’s Hong Kong office, is a tale worth telling. Her career achievements are a testament to the value of establishing a long-term vision and having the drive to make it a reality.
“You need to determine your own path and carve out your own unique identity,” Wang advises when reflecting on her career to date. “Don’t let anyone else dictate who you are as a professional or as a person.”
She adds, “By establishing your own priorities and doing the things that truly make you happy, you will drive your career path in the right direction. Don’t make concessions because you are junior or because you are a woman. Plant your feet firmly and set your sights on achieving everything you want.”
Career in Law
Born and raised in China, Wang graduated from a top law school and afterwards was offered a three-year, fully-funded scholarship to study law at Oxford. Wang received her training at a UK law firm in Hong Kong and in December 2005 she became qualified to practice law in Hong Kong.
Traditionally, the legal market in Hong Kong has been dominated by UK firms, but over the last five years, Wang explained, more and more US-based law firms are opening Hong Kong practices. Wang joined the team at Shearman & Sterling when the firm launched its Hong Kong law practice in January 2010. Currently, her practice focuses primarily on capital markets, representing both issuers and underwriters in IPOs. She also advises investors and corporates on private equity investments and listed issuers on compliance, general corporate and regulatory matters.
Although the majority of her practice is focused on Hong Kong, Wang noted that there is definitely an increase in large deals that require a lot of cross-border work and coordination with institutions in foreign jurisdictions, particularly the United States. “The integration of US law and Hong Kong law has been hugely successful at the firm’s Hong Kong office since many of the IPOs on the Hong Kong Stock Exchange have a US component as well,” she explains.
Changing Regulatory Landscape
According to Wang, the regulatory landscape in Hong Kong is very different from that of the US, but one of the most exciting aspects of her job recently has been witnessing the transformation of the Hong Kong regulatory regime.
“Earlier in my career, I was more reserved about expressing my views,” said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs.
“But over time, I realized we are in the business of taking calculated risks and just keeping my head down to produce top quality work while hoping others would notice would not make me a leader. Instead, I would have to effectively and respectfully influence outcome. I learned that being vocal in the right context is important,” she added.
Hui noted that being a Chinese woman who grew up in a conservative family in Hong Kong certainly influenced her professionally, but that finding her voice has definitely had a positive impact on her career.
Career Journey
Hui joined Goldman Sachs in the Principal Investment Area (“PIA”) as an analyst in New York after graduating from Harvard College in 1995 with a biology degree.
“At first,” she said, “This was supposed to be a short stint before graduate school, but I ended up staying, leaving and then returning again. Now, I am going onto my 18th year at the firm.”
After spending her first two years at Goldman Sachs in the New York office, Hui transferred to the Hong Kong office in 1997 for a year to be with her family and also to witness the handover of Hong Kong. Once this year was completed, Hui returned to the United States to earn her MBA at Harvard Business School.
“There, I met my husband and upon graduation, we both decided to return to Hong Kong to live and work,” Hui continued. “It was natural for me to seek out Goldman Sachs, since I wanted to continue to do private equity. Goldman Sachs’ Principal Investment Area was a pioneer in the field globally, but particularly in Asia, and I had an excellent analyst experience.”
Hui was promoted to Executive Director, and in 2010, to partner. In 2012 she became the Co-Head of the Merchant Banking Division for Asia ex-Japan. “I am proud of being trusted to run a leading private equity business in Asia with a multi-billion dollar portfolio that continues to grow. I am also most proud of the team that we have developed and built,” Hui explained.
She added, “We have talented individuals who have a passion for investing, a strong desire to achieve excellence, and are just good and fun people. Being shoulder-to-shoulder in the trenches with my esteemed colleagues makes each day a new and exciting adventure.”
According to Hui, one of the most exciting aspects of her job is working in the epicenter of economic growth. “Our job is to go around the region, sometimes to remote areas, meeting with entrepreneurs and searching for the next exciting company that would become the sector winner. There is never a dull moment,” she said.
Women in Private Equity
Hui indicated that from her experience, the most successful investors in private equity tend to be those who have had longevity in the industry and have witnessed many boom and bust cycles. This is one reason, she noted, that funds don’t have a lot of people movement. “Since teams are lean, recruiting at the junior level is sporadic and tends to be done via informal referral. Hence, to date, few women have been hired into the industry,” Hui explained.
Happy Summer Friday from The Glass Hammer Team!
You can catch up on this week’s content here:
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Enjoy your weekend!
Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
By Beth Senko
For all of its years as a global economic power, cultural issues and possibly a protracted economic downturn have limited gender diversity in the Japanese workplace. Japan consistently falls near the bottom of the rankings for gender diversity in the workplace. Women hold 2% of board positions (GMI) and 9% of senior management roles (Grant Thorton) according to recent studies.
Hiromi Ishizuka, Professor at the School of Management, Sanno University, recently wrote an article for the World Economic Forum’s blog entitled, “Are Women Really ‘Shining’ in Japan?”, outlining women’s position in the Japanese workforce and the outlook for gender diversity in Japan. Professor Ishizuka attributes some of the lack of gender diversity to “long-standing Japanese cultural norms, including an historic traditional split in gender roles and a slow pace of career advancement overall.”
Japan’s Prime Minister, Shinzo Abe, believes that getting more women into the workplace will help Japan’s long sluggish economy. The government is supporting the “20-30” campaign, which aims to raise the percentage of women in management positions from the current 10% to 30% by 2020. However, when Japan’s gender gap is looked at more broadly, as in the World Economic Forum’s Gender Gap measurement, Japan ranks 105th of 136 countries overall. It is an even lower 118th in terms of “political empowerment” – which demonstrates a low percentage of women in decision-making government roles. All in, a sluggish economy, slow pace of career advancement and a low level of women in political decision-making roles suggest that Japan may continue to lag other developed economies in gender diversity for some time.
South Korea Tries to Learn from Japan’s Diversity Shortfalls
South Korea shares a number of characteristics with Japan, perhaps in part to the Japanese occupation from 1905-1945. The two countries also share political, economic and religious/social similarities. Like Japan, South Korea ranks poorly in terms of gender diversity in the workforce with just 2.4% of board members being women according to Korn Ferry’s study, The Diversity Scorecard 2013: Measuring Board Composition in Asia Pacific.
But South Korea holds a few cards enabling it to increase gender diversity at a faster rate than Japan. Unlike Japan, South Korea has women in top governmental positions. South Korea elected its first female president, Park Geun-hye, in 2013 and its first woman Prime Minister, Han Myeong-sook, served from 2006-2007.
Women have embraced government work in South Korea for nearly 20 years. A 2010 article from The New York Times comments, “Last year, 47% of those who passed the state examination that selects midlevel officials to be groomed for senior posts in agencies other than the Foreign Ministry were women. In 1992 it was 3.2% percent.” The number of women applying for government jobs is so high that South Korea’s government revised its new hire quotas to ensure that at least 30% of the jobs (excluding police and military) go to men.
South Korea has also had a more robust economy than Japan in recent decades, spurring the need for additional workers and opening the doors to women. In addition, South Korean business has embraced gender diversity. According to a 2013 study by Heidrick and Struggles, “In Asia Pacific, certain Korean companies have been clear leaders in their pursuit for gender diversity programs. One very early Korean pioneer was Samsung, whose decision in 1992 to remove gender discrimination in their recruitment policies was considered incredibly radical at the time. Over 50,000 women now work at Korea’s largest business group, with three women being promoted to executive positions in 2012 during a management reshuffle.”
However, South Korea still lags Japan in the World Economic Forum’s Gender Gap measure, coming in at 111th of 136 (in 2013) based primarily a low score for economic participation (118th of 136 compared with 104th for Japan). But in terms of political empowerment, South Korea comes in 86th of 136 vs. 118th for Japan. It seems reasonable to expect that with both business and government on board for improving gender diversity, South Korea will continue to improve its standings more quickly than Japan in the next few years.
Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
By Beth Senko
In last year’s Spotlight on Asia, we wrote about the sizeable gender gap in the Asian workforce and some of the hurdles that women face in narrowing that gap. Today as part of our 2014 coverage of Asia, we look at some updated statistics and take a deeper look at China and Singapore and then in part 2 tomorrow we examine Japan and South Korea – to see how women are positioned in each and efforts to improve the gender balance in the workplace.
The Opportunity is Great but the Journey may be Long
McKinsey’s June 2013 report, Women Matter: An Asia Perspective, noted, “women hold very few of the top jobs in Asia. On average, they hold 6% of the seats on corporate boards and 8% of those on executive committees. Moreover, although elements of a gender diversity program are in place in some Asian companies, the issue is not yet high on the strategic agenda of most.”
Women have better representation in the senior ranks both globally and in Asia, but that level is unchanged in the past six years according to Grant Thorton’s 2014 International Business Report, Women in Business: from Classroom to Boardroom. The study shows that the proportion of women in senior management roles globally was 24% in 2013. What is unclear is whether this is a plateau before the next significant uptick – or whether women’s climb up the corporate ladder is stalled for the long-term.
In Asia, women hold a higher percentage of senior management jobs (~35%) than the global average. This number however, varies widely by country and is heavily influenced by the large proportion of senior roles held by women in China. Japan ranks the lowest in the Grant Thorton Study with 9% of women in senior management roles; China ranks best in Asia with 38%.
China Performs Strongly in Gender Diversity Rankings
The high rate of women’s participation in the labor force and at senior levels likely stems from China’s socialist history as well as the high number of State-owned Enterprises (SoEs) in business. In many countries, women tend to hold a greater percentage of senior positions in companies/agencies that typically fall under government or quasi-government rule such as education. Given the still close ties between business and the state in China, it’s no surprise that China ranks well in gender diversity rankings. As noted above, Grant Thorton’s 2014 International Business Report, Women in Business: from Classroom to Boardroom counts women as having 38% of senior management roles in China, placing it near the top of all nations in the survey.
The numbers, however, may not tell the whole story – or at least the story of women who are not in the top ranks. A 2013 article in the South China Morning Post opens with the statement, “Women professionals on the mainland face more sex discrimination now than they did 20 years ago.” The article tells stories from unnamed women who claim that they did not get certain positions because of their sex and/or that they were required to sign documents agreeing to not get married or pregnant for a certain period of time.
Under the communist regime, workers were generally assigned to jobs and there were laws against gender inequality. Moreover, with a one-child only policy, more women were likely available to work outside the home. While market reforms have arguably resulted in greater employment and prosperity for the Chinese population in general, an article in the New York Times suggests that the Chinese government has used more subversive types of propaganda aimed at stigmatizing early-career professional women (the leftovers) in the workplace, creating a more challenging work environment for women. It is quite possible too, that China’s economic slowdown in recent years has increased pressure on women in the workplace.
So while there is cause for hope in the early viewings of the statistics, a critical analysis illustrates there is still great progress to be made and roadblocks to overcome for the working woman in China.
Singapore Pushes for Action
Singapore ranks slightly behind China in terms of gender diversity in the workforce; however, like many countries across the globe, women are better represented in the public sector than in the private sector. Singaporean women do well in statutory/public sector roles, accounting for nearly 20% of board directorships and 36% of senior management positions. However, in business, gender diversity lags.
Women make up only 6% of independent board directors for companies listed on the Singapore exchange. If non-independent directors are included, the number rises slightly to 8.3%. On a more positive note, women hold just over 21% of senior management positions. These numbers are particularly disappointing because of the seemingly high level of women who could fill those roles. In 2013, 58% of women were in the workforce – accounting for 45% of Singapore’s total residential workforce. Singapore’s young women are also well educated, with 76% having college (tertiary) degrees.
In 2012, Madam Halimah Yacob, Speaker of Parliament, launched Singapore’s Diversity Task Force (DTF) to address underrepresentation of women on boards and in senior business roles. The DTF’s efforts are supported by the Singapore Exchange (SGX) and overseen by members of both private and public agencies.
In July 2013, the DTF reported the results of its first report, “Gender Diversity on Boards: A Business Imperative.” The report included recommendations for increasing diversity in the workplace, but stopped short of recommending quotas noting, “the causes for the low percentage of women on boards are complex and intertwined. Instead, the DTF recommends measures to address the underlying root causes and prefer to allow these measures to run their course before assessing if quotas should be imposed in future.”
The DTF appears to be making some early strides. In its most recent data, the percentage of board directorships held by women increased from 7.3% before the DTF to 8.3%. However, the DTF report comments that the pace of diversification remains too slow, “At the current rate of growth, the proportion of women-held directorships will only reach a mere 17% in 2030. Concerted action needs to be taken.”
Economic Growth and Political Empowerment will drive Gender Diversity in Asia
While gender diversity remains an issue in Asia as well as in many parts of the world, we believe that strong economic growth, a need for more workers and a continued shift to a consumer-based (as opposed to manufacturing-based) economy will bode well for a rise in women in the workplace over the next ten years.
Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
“Be open in your career,” advised Pamela Yeo, General Counsel and Senior Vice President, AIG Property Casualty Asia Pacific. “When you realize that everyone around you can teach you something new, and you become receptive to knowledge sharing and connecting, this can have a big impact on your advancement.”
This is one thing that Yeo wishes she had recognized earlier in her career. She urges young professionals to put themselves out there by taking the initiative to establish important connections.
Career Path
Before she became General Counsel for the Asia Pacific Region at AIG , Yeo had a long and successful career working as a lawyer in the private law sector in Singapore where she climbed the ranks from associate to partner and focused mainly on insurance litigation. Yeo transitioned into corporate counsel work after 12 years of private practice. “My work in private practice was very rewarding,” said Yeo, “but when I became aware of the opportunity available at AIG, I knew it was the right fit for me at that point in my career.”
Now, Yeo plays an instrumental role in developing the legal team in the Asia Pacific region for AIG. “We have one of the most talented teams in Asia,” said Yeo, “covering 17 jurisdictions across the continent and having counsel located in most countries.” Helping to build this team of fifty lawyers has been a major source of pride for Yeo, who is looking forward to the next chapters of growth and development for the group.
“As we continue to grow, it means that leadership opportunities and stretch assignments will be created for my team, which makes me very satisfied,” said Yeo.
According to Yeo, the emerging markets hold a lot of opportunity going forward as the industry will begin to respond to regulatory and economic developments, especially in the area of consumer protection. “It is an exciting time in the industry right now and as a company, we can identify opportunities and lead change in the future,” said Yeo.
Developing her team is something that Yeo takes very seriously. She has recently encouraged team members to participate in AIG’s pro bono program as a way to give back to the community and even develop new skills. “It is easy to get caught up in the rat race,” said Yeo, “but it is vital to take a step back and give your time and expertise to people who need it.”
Women in Business
Yeo considers herself to be lucky because she never felt any obstacles in her career advancement as a result of her gender. “I always gave my best effort,” explained Yeo, “and my talents and skills combined with my strong work ethic allowed me to progress consistently in my career on the back of tremendous opportunities presented by AIG.”
According to Yeo, AIG’s commitment to diversity has played a big role in her positive experience. She participated in the firm’s Women’s Executive Leadership Initiative which provides training, coaching, and sponsorship opportunities for executives with senior leadership potential. Yeo explained, “The program encourages 360 degree feedback through which you learn about what you are doing well in addition to the areas where you might need to improve.”
She continued, “Women benefit immensely from this type of honest feedback.”
Outside of the formal programs and the Women’s Chapter of the AIG Employee Resource Group focused on women’s career development and networking, Yeo emphasized the importance of having a supportive network of colleagues –both male and female – with whom you work every day. “Both of my bosses are male and have given me a tremendous amount of support and encouragement throughout the course of my career,” said Yeo, who said that her sponsor is also male.
“The senior management at AIG has a vested interest in the company’s diversity efforts,” Yeo noted. “They really have an active role and the amount of support they provide to all groups is truly impressive.”
Advice for Professional Women
According to Yeo, networking remains one of the most powerful career advancement tools. However, she indicated that as much as you receive from your network you should give back in the way of making yourself available to others who might need advice, guidance, or assistance.
“The Global Legal, Compliance, Regulatory and Government Affairs office, for example, has launched an Office Hours initiative where you can reach out to colleagues if you have a question or need advice,” explained Yeo, who makes an effort to volunteer to speak to participants.
Yeo also encourages young professionals to seek out as many different experiences as possible, especially working in an industry as broad as insurance. “Speak to people, get their input, and gain exposure to all of the different business areas and paths available to you,” she added.
In Her Spare Time
It is important to make time for yourself, said Yeo, who likes to attend church on the weekends as a way to clear her head and restore clarity. “This gives me peace of mind,” Yeo added. She also enjoys traveling and reading when she is not at the office.
By Michelle Hendelman
Happy Summer Friday from The Glass Hammer Team!
You can catch up on this week’s content here:
- Voice of Experience: Connie Maccarone, Senior Vice President of Insurance Operations, Western & Southern Financial Group
- Offices without Borders: The Nine Ways to Overcome Team Language Barriers
- Play to Your Advantage: A Finance Background Will Help You Attain a Board Seat
- The Imaginary Precipice
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Enjoy your weekend!