Why We Need More Gay Role Models in Financial Services

women smilingI learned a shocking statistic recently. According to a poll by the HRC [PDF], up to 51% of LGBT professionals on Wall Street are still in the closet. That means over half – half – of LGBT professionals are uncomfortable being themselves in their workplace.

We must ask why so many professionals are still afraid, in 2011, to be open about who they are and who they share their lives with. If anything, this statistic reveals some very shocking truths about the nature of inclusiveness in our top firms and companies. It’s time for those cultures to change.

This week and next, to celebrate PRIDE on Theglasshammer.com, we are featuring profiles of several amazing women who live their lives as openly gay/lesbian professionals – despite the challenges (perceived and real) that exist for LGBT individuals in the workplace. It is our hope that by shining a spotlight on these successful women, more LGBT professionals will feel inspired and empowered to bring their whole selves to work.

Theglasshammer.com was founded on the principle of creating professional networks where you can relate to people who are in the same situation as you – for example, being the only women on your team can be tough. Yet, many of us have other identities, such being a different color or nationality or being mothers. These are very visible differences, and are protected from discrimination by law. On the other hand, gay and lesbian professionals are often the invisible minority in the room, and in many respects LGBT is the last taboo in the workplace. Legal protections are still not up to par in the U.S. (In 29 states you are not protected from getting fired on the spot for being gay or “accused” of being gay.)

There are some very simple reasons why companies should work harder to create an inclusive culture for their LGBT employees.

1) You have gay clients – the business case.
2) You have gay employees – the retention case.
3) Generation Y (and many others) won’t want to work for you if you are doing nothing or doing evil around gay issues – the recruitment case.

Theglasshammer.com creates networking groups of women in financial and professional women, but perhaps one of our greatest challenges is to find senior lesbian business leaders who are “out” and visible in their firms. Why is it so hard to find a critical mass of role models to inspire other women who may be struggling to be themselves at work?

The cost or perceived cost of being “out” seems to be still very high for gay people, and the fear of negative consequences from employers or co-workers can be clearly seen in the HRC study “Degrees of Equality” detailing why gay employees don’t come out.

  • “Thirty-nine percent believe they will lose connections.
  • Twenty-eight percent believe they will lose promotion opportunities.
  • Seventeen percent believe they will be fired; this number increases to 42 percent for transgender workers.”

Everyone reading theglasshammer.com can do something to contribute to creating a better culture in your firm. Here’s are three ways to reach out.

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Voice of Experience: Alison Rose, Head of Corporate Coverage and Client Management, EMEA, Global Banking & Markets, Royal Bank of Scotland

AlisonRoseBy Melissa J. Anderson (New York City)

Alison Rose’s advice for women in banking is to seek out and learn from the women who have gone before. She said, “Seek out role models and invest time your network. Role models are very helpful, particularly in an industry that is male dominated.”

Particularly sage advice, and after all, she should know. Having risen to the role of Head of Corporate Coverage and Client Management for the EMEA region in the Global Banking & Markets division of RBS, Rose is quite a role model herself. Now also leading the firm’s diversity initiative, she is a passionate supporter of attracting and retaining women in the industry.

“Helping women be successful is incredibly exciting and rewarding personally, but it’s also a critical business issue,” she said.

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Voice of Experience: Lis Brown, Application Management Outsourcing (AMO) Lead, Accenture

LisBrownBy Melissa J. Anderson (New York City)

Lis Brown, Accenture‘s Application Management Outsourcing (AMO) Lead, based in Singapore, is perhaps the most enthusiastic evangelist we’ve interviewed yet on the importance of relationship-building in the tech industry. According to Brown, working in IT is all about networking and building deep relationships.

“Don’t underestimate the power of networking. You don’t have to come out with your guns blazing to network,” she joked. “But in all that you do, you will become known.”

She continued, “And for women working in the tech space, you’ll be known as ‘the woman who…’ This is something that will just happen, but make sure it happens because you know something as well as someone. I’m probably best known for my ability to build relationships with clients at all levels.”

After over two decades in IT, with a career that has spanned the globe, Brown should know. She has been a passionate supporter of women taking charge of their professional growth in the tech space, as she continues to grow her own career.

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Voice of Experience: Joanne L. Alma, Managing Director, Head of IMD Technology for Europe & Asia, Goldman Sachs

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Joanne Alma“In my view, there are no particular barriers for women in technology,” began Jo Alma, Managing Director and Head of IMD Technology for Europe and Asia at Goldman Sachs. “But we need more role models and more senior female colleagues to learn from and work with.”

She continued, “We tend to look up one or two levels and look for people like ourselves. If more women were in technology, more women could see themselves in the industry. It would be like a self-fulfilling prophesy.”

Alma is doing her part to serve as a role model, as well. Having recently initiated a program at Goldman called Girls in IT, in the past year, Alma and other senior women have made time to speak with teenager girls in UK schools on careers for women in technology. She said, “It’s fantastic to feel you can make a difference for these girls.”

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Voice of Experience: Sallie Graves, Senior Vice President, Head of Insurance and Distributor Services IT, ING

SallieGravesBy Melissa J. Anderson (New York City)

Sallie Graves, Senior Vice President and Head of Insurance and Distributor Services IT at ING, has built a career that demonstrates the importance of taking on new challenges, as well as making lateral moves. For the past 15 years, Graves has been motivated by her interest in IT – moving between industries (from manufacturing to consulting to financial services) and functions to get closer to technology.

But, she said, what’s impacted her career more than anything is her family. She explained, “The balance my children have created within me has made me more successful than I ever could have been without them.”

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Voice of Experience: Yolande Piazza, Managing Director, Global Consumer Technology, Citi

YolandePiazzaBy Melissa J. Anderson (New York City)

Yolande Piazza’s career at Citigroup began with a six-week assignment. Twenty-two years later, it has blossomed into a role where she’s driving the strategy behind Citi’s Global Consumer Technology organization’s transformation.

“Our goal is to integrate and transform technology teams from around the world into a single, world-class IT organization,” said Piazza, Citi’s Managing Director of Global Consumer Technology. “Strategically, we are trying to drive the standard of processes and tools across 15,000 people in the organization. We have an incredibly aggressive agenda. We’re talking months, not years.”

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Movers and Shakers: Charlotte Laurent-Ottomane, President, The InterOrganization Network

charlottelaurentottomaneBy Melissa J. Anderson (New York City)

“It’s been the driving mission of ION since our founding in 2006 to increase the number of women on public company boards and in the executive suite. One of the criteria for member organizations to join is that this must be part of their mission,” said Charlotte Laurent-Ottomane, President of the InterOrganization Network (ION).

ION is a consortium of 14 regional organizations in the United States, dedicated to the advancement of women to positions of power in the business world.

Laurent-Ottomane explained, “There has been a growing body of research showing the high correlation between gender diversity in the boardroom and the financial performance of the company.” She continued, “Women make up a huge portion of the workforce and the consumer market means it’s only natural that you have women on the board representing that audience.”

“And simply put, it just has to be that way. It’s the natural balance,” she added. “In this country, we’ve gone through many variations of equality. Now its women’s time to be equal, and that means equality in the economy and in the board room. That’s where the power lies.”

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Boldly Go: How to Take Risks and Overcome Fear

iStock_000013882253XSmallContributed by Kristin Kaufman, Alignment, Inc.

“Boldly going where no man (or woman) has gone before” has become a modern day cliché, representing adventure, bravery, and futuristic thinking. Though, if we’re completely honest with ourselves, many women will admit they simply follow suit as leaders. We may up the current game in our company and in our personal lives by being competitive in how we play the game; yet, how often do we really change the game?

Shareholder pressure, personal and professional fear, recessionary conditions, and myriad factors contribute to more conservative approaches to work and life. Yet, as leaders and even aspiring leaders in today’s world, it is our job and our responsibility to chart new paths. If we don’t encourage playing dangerously and coloring outside the lines, who will? We must continue to innovate, push, explore, and make it safe for others to do so – otherwise, we will stagnate, avoid risks, become complacent, and ultimately not progress in our roles and contribution to our organizations.

So, let’s break it down. If we truly want to lead, what are a few things we can consider to improve our success ratio or at least minimize our risk of totally flaming out?

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Voice of Experience: Kay Kapoor, U.S. Federal Practice Lead, Accenture

KayKapoorBy Melissa J. Anderson (New York City)

Having spent over 25 years delivering IT solutions for the federal government, Kay Kapoor shifted careers, becoming Accenture‘s new U.S. Federal Practice leader. Kapoor is enthusiastic about the importance of self confidence – and why it’s important for career success. She said, “Sometimes, as women, we don’t give credit to our own capabilities. Once I recognized early in my career that I needed to voice what I wanted, I was better able to move forward in my career.”

Kapoor added, “My advice to women is to just take the leap of faith and be courageous. Most of the time it does work out. As the saying goes, ‘if there’s a fork in the road, then take it.’”

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Movers and Shakers: Mary Chung, Senior Vice President, Corporate Communications and Marketing, ELX Futures

marychungBy Jessica Titlebaum (Chicago)

We were having lunch somewhere in the 50’s in Midtown Manhattan. I had just gotten off the plane from Chicago and hailed a cab. I was meeting Mary Chung, Senior Vice President of Corporate Communications and Marketing at ELX Futures, an electronic futures exchange launched in July 2009 and backed by a consortium of investment banks including Bank of America, JP Morgan, and Goldman Sachs; among others. She had recommended we meet at a Thai place down the street from her office.

The first thing one would notice about Chung is her size. She is petite and svelte at 40 years old and in shape. At the Futures Industry Association’s annual conference in Boca Raton in March this year, she placed first in the women’s 5K run and won an iPad.

“I’ve always enjoyed pushing my body to the limit,” she said. “You are never too old to be in shape,” she said.

However because of her petite frame and youthful appearance, Chung said she felt she had to prove that she was tough enough to handle the derivatives industry.

“I probably overcompensated in the beginning because of my appearance,” she said. “I dressed in Brooks Brothers suits, rarely wore make up and tried to bury my femininity because I thought I needed to do that to be taken more seriously. I’m confident in myself now and in my experience and ability that I don’t feel the need to wear boxy pants- suits and sensible shoes to prove my professional presence,” she said with a chuckle glancing down at her Jimmy Choos.

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