Cryptocurrency needs women to reach a tipping point

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Monica Long featuredBy Monica Long, SVP of Marketing and Communications at Ripple

“How can I start a career in crypto when I know nothing about it?” A bright-eyed student asked bravely but timidly.

I’d just completed a talk about my career journey that led me into the wild and wonderful world of crypto and blockchain to a group of about 80 Wharton business school students.

She emphasized “nothing” in her question and I knew exactly the sentiment behind the question – self-doubt. It’s all too familiar in my regular interactions with people on the outside looking into a still nascent but burgeoning industry, especially with women.

Very smart women say things like this to me all the time when I prompt them to get involved after they express interest in the space:

“I don’t get it.”

“I don’t have a finance background.”

“It’s SO confusing and complex.”

Like so many finance fields before – investment banking, hedge funds and trading – women are bowing out of opportunities in crypto, sidelining themselves from career-defining opportunities and major financial upside, all because of intimidation.

While the number of women in blockchain and crypto is growing, women are seriously underrepresented on teams and in executive roles. A December 2018 report detailed women comprise 14 percent of blockchain startup teams and 7 percent of executive roles. In contrast, women typically represent 25 percent of the workforce in otherwise notoriously male-dominated Silicon Valley big tech companies.

The industry needs women and greater diversity to reach the tipping point on the adoption curve. Team diversity is key to the success of any business in any sector.

Here’s my best advice to that Wharton student based on my experience.

Quiet the Gremlin

That little gremlin had a big voice in my head: “Don’t do it! You’ll fail!” It was August 2013 when I reconnected with Chris Larsen. I first worked with Chris when he was CEO of Prosper, the online person-to-person lending marketplace, supporting Prosper’s public relations efforts. I shared Chris’s passion to fight for “the little guy” – to give the financially underserved greater, fairer access and freedom.

In that August meeting, Chris shared his vision to use the innovations in blockchain and crypto to enable the world to move value like it already moves information, creating an “Internet of Value.” He was electric, saying he thought this was fintech’s most important breakthrough. Following our meeting, Chris offered me a position at his new company leading communications.

I was excited… and intimidated. I didn’t understand the details of what Chris described. Market making, consensus algorithms, settlement processes – it was all foreign to me. With this role, I’d assume responsibility to communicate this business to the world. Yikes.

I took the leap. I believed in Chris and he believed in me. The worst that would happen is I’d try and fail, learn and move on. The reward far outweighed the risk.

Step one is to get out of your own way and quiet the gremlin. Know you can learn it.

Find Your Passion Project

A major reason this space is so confusing and complex is many projects are purely tech-driven. They’re untethered from a use case.

Blockchain and crypto suddenly become more sensible, approachable and viable when a project clearly defines the problem it’s solving.

In the case of Ripple, we’re removing friction from global payments – making them faster, cheaper, more reliable. Hundreds of millions of people work abroad and send money home to their friends and family. Getting as much of their paychecks home as quickly and reliably as possible is critical to their ability to support their families. Ours is a mission I care about deeply.

Make Contact

While you can learn a lot about this space crawling press articles, forums and social media, misinformation and noise abounds, which may hurt more than help. I learned the most by talking to people I knew and trusted in the space and unabashedly asking question after question. The adage “there is no stupid question” is certainly true ramping up in this industry!

If you don’t have friends or professional contacts in the industry, do a little research to identify a few people you’d like to connect with based on common interests in projects or use cases. You may be pleasantly surprised by the willingness of strangers to help you out – it’s a supportive community.

Men led the Internet Age; they reaped the glory and the gains. Blockchain and crypto represent the dawn of the next big Internet revolution. We women have the chance to lead. Let’s not miss our chance to break the cycle of underrepresentation in tech.

Author Bio:

Monica Long, SVP Marketing and Communications at Ripple

Monica Long is SVP of Marketing and Communications at Ripple. Ripple is removing friction from global payments, connecting banks and payment providers to provide one frictionless experience – that is faster, cheaper, and more reliable – for sending and receiving money globally.

Throughout her career, Monica has helped technology companies drive fundamental change in the financial industry. At Ripple, Monica has built a team responsible for Ripple’s go-to-market strategy, lead generation, corporate communications and branding. Together, they tackle the challenge of ensuring all audiences – from the cryptocurrency community to financial institutions to regulators – understand the transformative potential of the growing blockchain industry.

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Voice of Experience: Diane Ramirez, Chairman and CEO of Halstead

Diane Ramirez 1You have to have trust in your intuition; it can be easy to listen to all the buzz around you, but paying attention to your inner self will always lead you down the correct path, says Diane Ramirez.

As chairman and CEO of real estate firm Halstead, she knows that it takes an entrepreneurial bent to be successful in the business. “You’re not going to sit back and have someone guide you—you have to own who you are going to be, and it can be easy to forget that,” she says. But those who understand the business side of real estate will find themselves successful.

The Ideal Time for Each Step of Her Career

Ramirez came to this success via a path and timeline different from most women. While she started her career in marketing and advertising, she had two children quickly, and her focus turned to being a wife and mom for her young family. As she notes, most women tend to delay a family, which means they are often at the pinnacle of their careers and have to downshift, but hers was the opposite.

That’s because it wasn’t long until Ramirez realized she wanted and needed the passion that a career provided, and she found she was attracted to the entrepreneurial pace of real estate.

When her kids were in elementary school, she started as an agent, and as they got older and needed less hands-on attention, she was able to devote increasingly more time to building her career, eventually opening her own firm.

She started with a vision of three offices, and since then it has continued to grow to 36 offices in three states and more than 1,400 agents. But while the growth has been extraordinary, the professional achievement Ramirez is most proud of is that they are known for their culture, which while not easy to maintain throughout the growth, has been crucial to their success.

A Place To Belong

The firm underwent a rebranding last year, and she has been delighted to see that both her customer base, and, more importantly, the agents, have embraced it. One of their signature perks is access to a tailor who helps them procure a high-quality professional, yet affordable, wardrobe. The company included the new logo as the lining in the overcoats it designed and Ramirez has been happy to see that the agents are so proud of it that they’ll give a peek to a fellow agent, much like a secret handshake. The rebranding also included regional colors, which have also been well-received—in fact, she said that it has been gratifying to see each region’s agents believe they have the best colors.

Another important upgrade they’ve completed recently is a substantial technology initiative that has made it easier for agents to be more productive and keep up with advances that are important to their clients.

Ramirez finds real estate to be a fantastic field for women because of the flexibility it offers, but she also underscores that they need to realize that it can also be a 24/7 business, which is why it’s crucial to have support at home.

As she sees more women enter the industry, she encourages them to embrace fellow colleagues and be willing to share knowledge, with men and women alike. “The more we share, the more it will come back to you,” Ramirez says, adding that it’s important to remember that you’re not necessarily competing against each other for the same property, but rather competing to succeed in the business.

She finds that women frequently say they are excited to work for a woman. “It makes me really proud that they are looking for the support of someone who’s been there,” Ramirez says. And, she adds, not by design as her only goal was to seek the best talent, but her executive staff is half women and half men.

Family has always been important to Ramirez, and she makes certain that whatever part of her day she’s in, she is 100 percent present. “They know they can call me if they need something, but work is work, and then family time is family time,” she says. “That has always served me well because you can’t be both places at once or both will suffer. You have to find the ‘soft barrier’ between the two to make sure that everyone is taken care of at the right time.”

An avid traveler, she goes on trips with her family as much as she can and just took her children and grandchildren ages 11 to 21 on a safari that she says was “pure magic.” And while that was a marquee adventure, she makes the time to do frequent relaxing vacations so they can spend ample quality time together.

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Equal Pay Day or Groundhog Day?

Nicki GilmourThis is a short column today in the aftermath of the flurry of a mixture of interesting and repetitive pieces on how white men still get paid (in aggregate) more for the same job done as other people ( aka women of varying creeds and non-white men) because they are white men.

Groundhog day? Same old, same old? Seems to be that way because the advice given yesterday is the same advice we have seen for the entire lifespan of theglasshammer (12 years and counting).

Now, we all know that many of our readers work in Wall Street and industries that feed from it, so at what point is this a non-issue? We work all the hours in the world available and we earn the big bucks, right? Yes, but even at this level and in this profession, the bias around just who you are born as body-wise does effect your paycheck and promotional track; if it wasn’t true, your executive committees and partners wouldn’t be sending me press releases for having 10-30% women on it. It would be anywhere between 50-100%. When companies get floated (IPO’ed) you see how much directors get paid – often shocking to see who gets paid the most overall and a clue is, it isn’t all the women, ever.

I have nothing to add as after seeing the same (non-) discussion happen for the full twelve years of running the glasshammer.com I can only share five pieces of advice:

1. Research and awareness seems to be changing nothing.

2. Instead of spending a day writing and reading about it, spend the day building your business and make money if you are in a revenue role.

3. Ask for as much money and bonus and equity as you can next time you change jobs as payment is definitely an art as well as a science, and on a scale (I see this very much as an executive coach, where you ask and you get it).

4. Ask for transparency where you can get it and by doing that, yes, work for good companies. But, ultimately, fight for your best deal.

5. Do not waste your time speaking with people who do not get it. They do not want to get it when they throw up arguments around parenting, maternity, etc. They merely want to maintain the patriarchy and status quo which makes us believe white men and their needs are worth more than the rest of us. This great study called “Still A Man’s Labor Market” measures the pay gap over time and therefore includes time off which results in women being paid anywhere from 30-70% less than men over time due to the gap. Therefore the 87% often quoted is when factors are equal such as same work hours, same job, same education, same ethnicity (which is a whole other topic as intersectionality drops wages further). Catalyst, the gender think tank, back in 2010 produced a great piece of work on “Pipeline’s Broken Promise” which is worth a look, still.

Last time I checked university degrees cost the same for both genders, and food, gas and housing does too.

Money talks.

Here is a round up of great articles from us over the years on this topic, in case you missed them, because if we do not learn and instead keep doing the same thing over and over again and expect different results, then we are plain crazy.

2008: Equal Pay Day Draws Attention to Wage Inequality
2012: The Wage Gap Explained
2012: He Said, She Said: Recalculating the Gender Wage Gap
2013: What to Do on Equal Pay Day

Solutions

2016: How Digital Could Deliver Workplace Gender Equality in 25 Years
2018: Hidden Truths About Making Gender Equality Possible for Ambitious Dual Career Couples
2018: Tips for Women on Negotiating Salary Now That Equal Pay is Mandated

Enjoy!

If you need a career/executive coach to get you to your next job and secure the best deal, work with us!

Nicki@thglasshammer.com – empowering women one at a time while fixing the systemic inequities, as that will take a while.

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The Importance of Not Losing Yourself – in Work or Motherhood

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Working mother
Attending the needs of our children and responding to the demands of work may leave us with a sense of stripping us apart – especially when there can seem to be so many demands of both, often times appearing to be in conflict.

In the effort to manage and give your energy to both, you may begin to wonder where time and energy for you are in the middle of all of it.

How do you give your best to your career and motherhood and not lose yourself in the process?

You don’t have to lose yourself nor make sacrifices in your career or parenting to have fulfillment and enjoyment of all elements of your life.

If you have a sense that you are losing touch with yourself amongst the roles of parent and worker, there are some simple steps you can take to function a little differently and have greater success (and enjoyment) in your commitment to your kids, your career, and have a strong and healthy connection with yourself.

One important element to accomplishing this is choosing to be more present in your life. Contrary to what you might believe, being present is not about excluding one element or one part of your life in order to focus on another. It is being willing to be engaged with what is in front of you, while not dimming your awareness of everything else. You don’t have to put aside your role as a mother to do well at work, and you don’t have to forget your career skills and abilities in your parenting, and you do not have to exclude your own needs to successfully raise kids or have a career.

Here are three simple ways to invite more moments of presence and avoid losing you as you navigate the challenges of work and motherhood.

Start every day being present with you

One simple yet effective method to begin being more present with yourself is to consciously and regularly give you your undivided attention throughout the day.

This could begin by waking 15 minutes earlier each morning. In that time, give yourself some attention: “check in” with yourself. Take a moment to look in the mirror have a moment of gratitude for you (no judgment or criticism!). Use those minutes to have some fun. Play with what you are going to wear that day, read something that really inspires you, write something in a journal, or take some time to set some personal targets. Whatever you do, the point is to take that time to be with you first instead of rushing into the day’s activities. Use those moments to relax and be fully present with you and see the changes it starts to create in your day.

Choose some fun and lightness in moments throughout the day

When you have activities where you are on your own, where does your mind go? When you visit the gym, go to the supermarket, or drive, why not use those moments to do something for you, in your favour? Instead of repeatedly running through a to-do list, playing a movie of complaints or resentments, or fixating on things that have gone wrong, use those minutes to your advantage. Listen to music you like, take time to breathe and clear your head. Have fun with yourself. Tell yourself a joke or find something to laugh about. Even amid the most boring activity, what could you choose or put your attention on that would create some fun and lightness for you?

Be present with whatever comes your way

When you catch our mind wandering off-task, you may assume the remedy is to push those thoughts aside in attempt to narrow your focus. Rather than focus, be present with what is in front of you. The difference with being present is you can be there for the task at hand, but, unlike focus, you do not have to cut away anything else in your mind not related to that activity. It actually takes a lot more energy to exclude and focus than to be present and allow.

For example, if your child is coming to your mind while at work, allow it to be there. Allow the feelings you have for your child to be there, too. When you allow all of it to be there as part of you and your day, there is no need to put any energy or attention toward trying to avoid it.

What if the different areas of your life could contribute to each other and making you whole instead of split apart?

Losing yourself occurs when you believe you have to exclude any other part of you in the roles you play. By allowing yourself to bring all of you to work and motherhood, choosing to be more present with you in the moments of daily life, and by including your personal in the picture of your day, you will begin to have a greater sense of yourself in all elements of life, and you may find that you have a lot more energy and resourcefulness available to you than ever before.

Norma Forastiere is a business mentor, natural therapist and a self-proclaimed seeker, Norma began practicing mediation at an early age and then went on to study metaphysics and several energy healing and natural therapy modalities. A native Portuguese speaker with a proficiency in English and Spanish, Norma offers workshops and consultations for those willing to explore greater possibilities in life, communication and business. Follow Norma.

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Voice of Experience: Satyavati Berera, Chief Operating Office, PwC, India

Satyavati Berera“As you join the profession, don’t lose sight of your ambition—continue to plan for growth and upskilling to stay relevant—but remember to keep a view to long-term goals and balance professional and personal needs to avoid burn out,” says Satyavati Berera, COO of PwC in India.

“There will be times when something will have to take precedence and something else might take a backseat, but that’s natural and expected.”

Making Her Mark

Berera joined PwC more than three decades ago as an intern after graduating from Lady Shri Ram College, University of Delhi. During her tenure, she’s had the opportunity to work in a wide variety of positions as she built her career trajectory, from her first role as an auditor, then moving to Risk Advisory, becoming Managing Partner for North in 2011, Consulting Leader for PwC India in 2013 and eventually taking up the COO position in 2016.

She takes pride in several milestones as she made the most of the multiple opportunities offered by the firm, assuming various roles that enriched her professional journey. But of course, nothing surpasses the fulfillment she feels in the honor of being the first woman partner in 100 years in the Audit practice of the India firm (then Price Waterhouse) and subsequently becoming the first woman COO in Big 4 in India in 2016.

Currently she is leading the transformation agenda for the firm, working to increase collaboration among its people and with the network, and spearheading programs to meet the expectations of a younger than ever workforce. “As COO, to be in the center of all these changes is frankly very exciting,” Berera says. “It’s a thrilling opportunity to lead these initiatives to drive meaningful change and help break barriers to make PwC and our people more future-ready.”

And she notes, she personally has benefited from a great deal of learning, both in this role and throughout her career. Berera also embraces her role as a change agent as the firm continues to enmesh technology and digital strategies, making it central to everything they do.

Berera says that “Today clients are increasingly looking to firms to provide specialized integrated offerings, where they take more than one competency to the client, thus providing holistic solutions to larger business problems. Technology is no longer the solution only to a CEO’s technology problem, it is at the centre of their business strategy. Therefore, we have to create an ecosystem for our people to really think like that.” Encouraging innovation and improving digital acumen of its people is firmly rooted in the firm’s strategy and Berera is committed to making it a success.

Continuing to Create Equal Opportunities

Success paths for women continue to be an issue throughout most organizations in India, which largely lacks an enabling culture for women in the middle to senior management areas. While all firms are working to establish programs and initiatives that address the void, she believes the country is a few years behind. “The sponsorship opportunities for women and custom development programs are still not enough, given the demands of their personal lives,” Berera says. “We still lose women in the mid- to senior-management levels because of personal needs, and it is unfortunate that we’ve not been able to plug this leak.”

But as she notes, PwC is a leader in this arena, having pioneered a number of initiatives to help support the advancement and retention of women. Some of the most noteworthy ones include a generous sabbatical policy and the “full-circle” program, which allows women employees to take a break for family reasons or to pursue other dreams, and then later re-join the firm. Additionally, high-performing employees can retain their last year’s rating if they have worked for significantly less time during a performance year due to a leave of absence or extended leave for maternity or other personal needs.

The firm is also proud to support mentoring programs for women at the manager level and above, where they can spend time with senior leadership, which can provide a boost to their career development journey. Other small, yet very powerful, actions include providing flexibility to women employees to address challenges that arise from working at home or reduced hours, as well as additional support for expectant mothers in the last trimester.

Finding Balance in Her Own Life

Berera prioritizes spending time with her husband and son. They all love to travel, which helps them de-stress, and wellness is important to her, so she starts each day with yoga.

She also likes to spend time organic farming on a small piece of land about 45 minutes from her home, where she grows seasonal flowers and produce.

“It’s a very soothing experience, as it teaches you to be calm, patient and to stay invested for the long term,” Berera says, adding that farming has also taught her to appreciate that success is not always predicted solely by the effort you put in. “Sometimes outcomes are beyond your control, due to factors like environmental conditions. You learn to take it in stride and move ahead.”

And of course, that philosophy bears fruit for all aspects of life.

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