The Glass Hammer is celebrating Hispanic Heritage Month by featuring profiles of Hispanic Women Business Leaders all week long!
Maria Hackley believes that women need to ensure they are as well prepared as their male counterparts to rise in the corporate world. Women and men are hired in almost equal amounts as undergraduates, but as they climb the ladder, the numbers change. “Be assertive in a respectful manner, but make sure your voice is heard,” she says.
The Glass Hammer is celebrating Hispanic Heritage Month by featuring profiles of Hispanic Women Business Leaders all week long!
“Throughout my career, I could have taken the easy road, but I’m proud of myself for accepting a challenge,” says Paula Arrojo, managing director and private wealth advisor in the Investment Management Division at Goldman Sachs. “If you have good reasons to want to do something different or innovative and the risk is well articulated, Goldman values that ambition and desire to move forward,” she says.
The pivotal moment of Kelly Williams’ career came when she was given the opportunity to step outside of her comfort zone and go in a completely new direction. “I started as a project finance lawyer in the private sector, where I was one of few women,” said Williams, who later took a position working in-house with Prudential Financial.
“Then I had the chance to move over to the business side because someone believed in me and recognized that I had the skills and ability to thrive in this new role in a different environment than what I was used to,” Williams continued.
When Carin Pai joined Fiduciary Trust 18 years ago in an associate- level position within the Investment department, she knew that she was an analytical person who had a strong creative side as well. These skills, along with a strong work ethic and circle of mentors have set a strong foundation for Pai’s rewarding career.
“I studied architecture at Brooklyn Technical High School and loved the combination of the artistic and technical elements,” explained Pai, who said she enjoys this same balance in her current role as executive vice president and director of equity management.
A Committed Leader
Throughout her career Ms. Pai has remained committed to broadening her investment management and leadership skills: in 2006 she became a Chartered Financial Analyst and then in 2011 she attended Harvard Business School’s Executive Education in Investment Management program.
Leading and managing her team of portfolio managers is one of the most rewarding aspects of her job, Pai said. She is especially proud of the fact that in spite of the market turmoil in recent years, she successfully guided her team and their clients through and the group is now reaching new highs.
Although she acknowledged that there can be challenges of leading a multi-generational team, Pai enjoys discovering new ways to be an effective leader and utilize the individual strengths and talents of everyone on her team. “It is a very dynamic environment where it is important to strike a balance between motivating senior professionals and mentoring the rising stars,” she explained.
According to Pai, the team-centric environment promoted by the leaders at her firm creates a wonderful company culture where everyone knows they are appreciated. “As many companies have been forced to make job cuts throughout the market downturn, Fiduciary Trust has emerged with new technologies, resources and talent to provide our clients with the best investment solutions,” she explained.
One of the newest investment avenues Pai and her team are following is ESG investing, which stands for Environmental, Social and Government investing. “ESG awareness can go a long way with investors who are committed to these issues,” said Pai. Right now, Pai is conducting extensive research in this area to gauge client interest. “If ESG is ranking high among our clients, then we will respond by dedicating more resources to this new alternative investment channel,” she added.
Another area of interest, Pai indicated, is to expand opportunities in the global high net worth markets, such as Asia and Latin America. “Asia, for example, represents one of the highest growth segments currently and we are strategizing on how to expand our presence in Asia,” Pai explained. She will be attending the Society of Trust and Estate Practitioners (“STEP”) Asia Conference in Hong Kong this fall in order to stay on top of Asia’s rapidly-evolving wealth management landscape.
Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
Deborah Ong believes that enjoying what you do will help you work efficiently, gain opportunities and rise up the ladder. “I’m very fortunate that I enjoy my line of work, and so I’m still in the same company I first joined as a graduate!”
“I joined the firm on graduation as a trainee and was fortunate to receive many opportunities during my early years to gain exposure and experience in the whole gamut of development – from general audit to more specialized internal and IPO-related audit, to liquidation, insolvency and investigation,” she explains.
“I am very happy I got to contribute significantly to the People journey at the firm. As Human Capital Leader for ten years, my team and I worked very closely with the business to identify and retain talent, train and develop them to the future leaders of the organization. Personally, I am a strong believer in nurturing talent through a coaching culture and I’m proud to say that our mentorship programme is still going strong today.”
Another leadership role she has acquired is PwC Singapore’s Risk & Quality Leader. She still holds this role, which gives her the responsibility to understand and assess the risks associated with each of their service offerings.
Ong describes her journey as colorful. “During my time as the firm’s Human Capital Leader, the firm saw significant shifts in managing the people agenda. I’m glad that I was able to champion the firm’s training and development programmes, and to personally facilitate and share my experience on how to deal with some of the practical challenges of being in the profession with managers and senior managers. I’m a firm believer of nurturing talent through coaching, and I hope that I was able to encourage ongoing growth and development.”
“Being the firm’s Risk & Quality Leader, it is my job to understand and assess the risks associated with each of our service offerings, and with each of our clients. This involves judgment, which is not an exact science but which requires a mix of technical skill and practical experience,” she explains. She has the opportunity to interact with clients and to learn how they view and assess risk, and how they help their businesses solve difficult scenarios.
Career Challenges
Ong believes that most of women’s challenges in this industry are based on time management because their work is organized in projects, which creates tight deadlines and time pressure. “At a certain stage, some women may feel the need to make a choice between career and other aspects of their life, such as family or children, and select to give up their careers.”
To overcome this challenge, Ong advises women to “have the right conversations within the organization with the right people, exploring alternative roles and/or work arrangements and for each person to be aware of the value they bring to the profession.”
She advises young women who are entering the industry to learn developing project management and people management skills. “In order to progress up the career ladder, the support of your team is crucial,” she explains. “You need talented people who can deliver results in a timely manner, and this involves significant investment into their development.”
Welcome the The Glass Hammer’s “Spotlight on Asia” week! We will be highlighting successful women working in Asia all week long!
Teo Lay Lim has been working at Accenture for 26 years, and she loves what she does. One lesson she has learned throughout her experience is the importance of networking which, she finds, women are naturally good at because they collaborate and communicate well.
“For women at all levels of their careers, constantly building your personal network both internally and externally is extremely valuable,” she said. “Building personal networks helps you to draw on others to augment your own insights [and] perspectives,” she added. This is especially important for leaders because they need experience, perspective and insight.
Accenture has more than 85 local women’s networking groups in 32 countries which, as she explained, “help them build strong networks.” Lay Lim added that “our global women’s theme, Defining Success. Your Way., demonstrates our commitment to supporting women’s professional goals and aspirations. It’s all a part of our overall commitment to attracting, retaining and advancing women, which supports our broader commitment to an inclusive and diverse workplace.”
Lay Lim encourages women to look for careers in STEM fields (science, technology, engineering and mathematics). “STEM skills are a business imperative and I believe that women are key in this area,” she said. “We need the intelligence, talent and ability of women to help fill the growing number of STEM jobs and this means encouraging young women to pursue careers in these fields and enabling them to succeed.”
“At Accenture, for example, STEM skills are critical. Technology-led innovation is at the heart of our business – a business in which women comprise almost half of the workforce,” she said.
She currently works as the geographic unit senior managing director for Accenture’s offices in ASEAN (South East Asia), and she is also the Country Managing Director of Accenture in Singapore. Prior to this position, she worked as the Asia Pacific managing director for the company’s Analytics and Sustainability Services, and during 11 years (two of them spent in Shanghai) she worked as the managing director of Customer Relationship Management in Accenture’s former Management Consulting practice.
Working in the services industry, she has learned about the importance of showing talent and relevance, which she believes “is a challenge because even though our competitors have changed over time, our client and customer expectations are consistent and ongoing.”
Being different helps a company be more successful than its competition and she offers two pieces of advice that can help companies reach this goal: “Be relevant to what [your] clients and customers need, and be a talent magnet for the best people with the right potential to be developed.” These best people, she explained, learn quickly, are committed to the company and their jobs, and have the character and values that the company is looking for.
“I love what I do at Accenture and the work I take on in my roles, both past and present, has always kept me on my toes,” she said, “but I’m also excited about the work I’m doing externally, to help my country. I am a steering committee member of the Infocom Media Masterplan, led by Singapore’s Ministry of Communications & Information, which aims to spearhead the development of a single, integrated plan to guide Singapore’s Infocomm & Media sectors up to 2025 in a holistic manner.”
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.
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.”
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.”
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.”
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.”
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.
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.”
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.
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.
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.
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.