Spotlight on Asia Update: Women in Leadership

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Spotlight on AsiaThis month, the Glass Hammer is doing a Spotlight on Asia to provide an update on gender disparity in the financial technology world of Asia as well as highlight some of fintech’s top women leaders.

Changes in Women Executives

According to Grant Thornton’s Women in Business Report, for the first time all regions of the world have surpassed 30% of women holding senior management positions while the global average comes to 32.4%. The Association of Southeast Asian Nations (ASEAN) had the largest jump in women leaders from 37% to 40% making it among the top 2 regions for women in senior roles. APAC has increased to 32% and has outpaced North America (31%) for the first time in 5 years. It was found that India played a large role in this increase thanks to the 2020 government mandate that companies over 1000 employees must have at least one independent female director as well as the mandate for a minimum of six months maternity leave.

The Global Board Diversity tracker found that 84% of companies in Asia have at least one woman as a board member which increased from 73% in 2020 but still lags behind the global average of 93.4%. When looking at companies with at least two women, the percentage drops to 45.4% (78.3% globally) and with at least three the number drops to 17.5% (59.8% globally). Overall, women hold 14.8% of board seats in Asia, up nearly 3 percentage points since 2020. Comparatively, however, Asia is still trailing the global percentage of 26.9%.

Even if the numbers are not on par with the global average, they are still headed in a positive direction. While the numbers of women in leadership are increasing in Asia, some industries are doing worse than others. The technology industry is found to have the weakest profile of gender diversity at all levels. In Singapore, only 6% of executives are women and only 15% of board directors in tech are women. And worse, in Hong Kong, only 5% of executives are female and only 10% of directors are women. But Singapore and Hong Kong are not the only countries with prominent disparities in technology. Indonesia has the lowest share of women at any level employed at technology companies with only 22% compared to the women in the workforce at 32%.

The Boston Consulting Group and Singapore’s Infocomm Media Development Authority found that there are three “moments of truth” playing a key role in women pursuing careers in technology. These moments are their choice of major at university, their first job selection, and their decision to stay in technology as their career advances. The research provides suggestions as ways to combat the moments of truth for young women which include introducing the idea of technology as a major to high school aged girls to increase familiarity, providing programs that link university students to companies, and creating learning and development opportunities for women already in technology.

Though there are low numbers of women executives in technology in Asia, there are still trailblazing women leading technology companies in Asia. We chose three of the top leaders who are at the forefront of the industry to highlight. These three were all named among the Top 25 Women in Financial Technology of Asia in 2020 by the Financial Technology Report.

Paroma Chatterjee

Paroma Chatterjee

Paroma Chatterjee is currently the CEO of Revolut which is a digital banking service app that includes many services like transferring money in 29 currencies, a debit card that enables cash withdrawal, crypto currency, as well as overseas medical insurance. Chatterjee received a Bachelor’s in Science with honors in physics from St. Xavier’s college then went to the Indian Institution of Management, Lucknow for a Post Graduate Diploma in Management. She began her career as a management trainee at Procter & Gamble. She then held multiple leadership roles at various companies before becoming Chief Business Officer at Via.com and Lendingkart. Now, Chatterjee is the CEO of Revolut where she builds and leads the company’s subsidiary in India. She hopes to continue to develop the subsidiary and build a talented team of people.

Cerulean Hu

Cerulean Hu

Cerulean Hu is the Senior Vice President of Blockchain Engineering at Crypto.com in Hong Kong. Hu received a Bachelor of Engineering degree from the University of Hong Kong before starting financial technology journey as developer in algorithmic trading at HBSC. From there she became a software engineer at ANX International where she was also a team lead in finance and trading systems. She moved on to work at Equichain and FINCOVA as a senior software engineer. Then, in 2018 she joined Cyrpto.com as a Lead Blockchain Engineer and worked her way up to Executive Vice President of Blockchain Engineering. Crypto.com is an alternative to traditional financial service with the belief that “it is your basic right to control your money, data, and identity.” The company has 80 million users in 90 countries and offers products like the Crypto.com app and Visa card. Hu has been in this position for over a year and uses her previous leadership experience to continue to grow her team and in doing so, the company.

Jessica Tan

Jessica Tan

Jessica Tan is the Co-CEO, Executive Director and Executive Vice President at Ping An Group, China’s largest non-State owned conglomerate by revenue with an expansive portfolio including healthcare, financial services and automobile services. Tan completed her university schooling at the Massachusetts Institute of Technology where she received a Bachelor’s of Science in both economics and electrical engineering as well as a Master’s degree in computer science and electrical engineering. She began her career at McKinsey & Company as a consultant before working hard and being promoted to partner. She later joined Ping An Group as the chief information officer and worked her way up to the position of Co-CEO she holds today. Ping An groups hopes to expand their technologies globally and Tan hopes to help globalize professional services, such as the ability for remote doctors as seen with remote teachers. Outside of Ping An, Tan also holds memberships with the Monetary Authority of Singapore and the Securities of Future Commissions. She was also ranked 2nd Fortune’s Most Powerful Women’s international section while also making Forbes Power Women list in 2020.

It May Take Time, But It’s Worth It

While these successful women show advancement of women in Asia to high management positions is not impossible, it remains very uncommon. However, global research has shown that there is a positive correlation between companies in the top quartile of gender diversity and outperforming the other quartiles, from a total-return-to-shareholder’s perspective. These companies are 25% more likely to outperform lower ranked companies and better financial returns. When women match men’s participation in the workforce there is the potential for a significant financial gain. It is estimated to be roughly $12 trillion, or about 11% of the global GDP, lost while gender disparity is still present. Katie MacQuivey quoted in the Grant Thornton study, “It’s crucial that companies build a pipeline of diverse leadership across all levels and invest in long term programs to ensure success isn’t only focused on one point in time.” Having more women in executive positions would not only be beneficial to women but to the companies’ bottom lines.

By Chloe Williams

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14 Career Insights and Tips From Women Leaders in Asia (Part 2)

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women leaders in asiaDuring our Spotlight on Asia this month, The Glass Hammer has curated the best of career insights and tips from inspiring female executives and women leaders in Asia.

In the first part of this series, we shared seven top tips. This week, we continue with seven more experience-based insights from Asian female executives.

1. Get out of your own way.

“The barriers to success for women in our profession are sometimes ourselves,” said Quek Bin Hwee, previously as the Vice-Chairman of PwC Singapore and the Markets Leader of PwC Asia. “We sometimes believe we cannot reach the pinnacle of our career. This is not always true. It is possible for those who desire it. These women tend to embrace change and always keep an open mind.”

Update: After 25 years of global and regional positions with PwC Singapore until 2017, Quek Bin Hwee sits as director across several boards and member on others.

2. Define your own possibilities for yourself.

“You need to determine your own path and carve out your own unique identity,” advised Paloma Wang, previously as a Partner, Capital Markets Group at Shearman & Sterling in Hong Kong, when reflecting on her trajectory. “Don’t let anyone else dictate who you are as a professional or as a person.”

Having ascended to partnership by 37 years old, Wang shared, “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.”

Update: Paloma Wang is presently a Partner at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

3. Take the risk of influencing outcomes.

“Earlier in my career, I was more reserved about expressing my views,” said Stephanie Hui, as Head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs, who grew up as a Chinese woman in a conservative family in Hong Kong.

“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,” Hui noted. “Instead, I would have to effectively and respectfully influence outcome. I learned that being vocal in the right context is important.”

Update: Stephanie Hui is an MD responsible for the private equity investing business of Goldman Sachs in Asia and has been with the firm for 26 years.

4. Do not contort yourself to conform.

“When I was first starting to practice law, I tried to mimic my male colleagues by dressing how they dressed and talking like them,” said Jun Wei, Managing Partner at Hogan Lovells in Beijing. “One day, a client of mine who was a very successful business woman told me that no matter how much I tried to act like a man, I would always be a woman. She urged me to be proud of my identity.”

Wei emphasized the importance of junior women lawyers to be themselves and resist conforming to male-dominated work environments just to fit in.

Update: Jun Wei remains a Managing Partner at Hogan Lovells, now over 19 years with the firm across mergers.

5. Manage your boss.

“It is important to know how to manage your boss,” said Siew Choo Ng, Senior Vice President, Head of Global Network Partnerships in Asia at American Express. “He or she is the one who can be your sponsor and help you with your career. Often times you are competing for their time and sponsorship with your other team members, so it helps to distinguish yourself from the pack.”

If she could have learned anything sooner to help her navigate, Ng said that would be the golden piece of advice.

Update: Siew Choo Ng still holds this position on her LinkedIn Profile.

6. Leap before you have all the answers.

“I think women have the tendency to be a bit conservative at work. What I mean is that we like to gather all of the information we can before providing an answer, for example. While that is important, I think women need to try to be a little more daring, take more risks and be confident,” said Wei Hopeman, previously as Managing Director and Head of Asia for Citi Ventures in Shanghai. “You have to start down a new path long before you have all of the answers because by the time you get all the answers, the original opportunity will be gone. This is something I have learned from my own career.”

“If you never take on new challenges and new experiences, then you are never really allowing yourself to learn and grow,” said Hopeman. “You learn every day. No matter how senior or junior you are, part of making yourself better is learning from your mistakes and your successes.”

Update: Wei Hopeman has been the Co-founder and Managing Partner of Arbor Ventures for the past seven years and sits on several boards.

7. Seek to align with your purpose.

“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,” suggested Nora Wu, formerly the PwC Global Vice Chairwoman and PwC Global Human Capital Leader out of China. “The answers will give you a good indication of what you want, or should, aim for in life.”

Wu then advised to not hold back: “You never know where one opportunity or interaction will lead you and you only can find out if you give it your best shot. 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.”

Update: Nora Wu is now an independent board member at JD Logistics and sits on a few boards.

We hope you enjoyed this two-part retrospective! Click here to see part one.

By: Aimee Hansen

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Spotlight on Asia: What Does Gender Diversity in Asia Look Like in 2021?

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Gender Diversity in AsiaDuring the month of August, The Glass Hammer looks to the state of gender diversity in business and among leaders in Asia. The region is ahead globally in some facets, behind in others, and facing opportunity gaps where more women are needed.

Here’s a brief overview of the key themes we see happening across Asia now:

Gains in Women Executives in ASEAN Region

According to a Grant Thornton report 2020, the greater Asian region was split when it comes to women in executive leadership.

The global average is 29% (on par with North America).

While ASEAN (Association of South East Asia Nations) tied with Eastern Europe at 35% to rank second highest in women in senior management roles globally, after Africa (38%), APAC (Asia-Pacific) had the world’s lowest representation (27%).

The ASEAN region showed very impressive growth from 28% in 2019 to 35% in 2020, thanks to a range of initiatives around diversity.

In 2018, prior to COVID-19, McKinsey estimated that advancing women’s equality in Asia-Pacific could boost the collective regional GDP by 12% by 2025 to $4.5 trillion.

Still A “1 Woman” Boardroom in Asia

A significant gap exists between women’s representation in senior management and their presence in the board room in Asia, where Asia lags behind.

According to the Egon Zehnder 2020 Global Board Diversity Tracker, only 73% of boards in Asia had at least one woman (89% globally). Only 33% had at least two women (70% globally) and 12% had at least 3 (49% globally).

The data shows only 12% of Asia board seats are held by women (23% globally), and only 16% of new appointments in 2020 were women (compared to 30% globally).

In China, women hold 12% of seats too, though only 29% of boards have at least two women and only 10% had 3 or more. In India, women fair much better – holding 17% of seats. 60% of boards have at least two women and 23% have at least three.

Arguing the financial case for diversity, the Board Gender Diversity in ASEAN report found companies with over 30% women representation had significantly greater financial performance (3.8% ROA) relative to boards with no women (2.4% ROA). Even one woman helped, according to the authors, but the financial performance difference increased with representation, especially at over 30% women.

Women in Tech Relatively Strong in ASEAN But More Are Needed

The global demand for digital talent outpaces the supply, including in Asia-Pacific. BCG reports that in the first quarter of 2020, 5% of technology roles went unfilled in Singapore.

Women’ participation in tech in Southeast Asia (32%) outpaces the global average (28%), and mature markets like the UK and Australia, being on par with the US. But despite the relatively high numbers, BCG says a significant tech gap remains. Across countries, women’s representation in tech in ASEAN lags relative to other industries.

The key “moments of truth” that must be supported in a women’s journey into a long-term career in the technology sector, according to the consultancy group’s research, include: their choice of major at college, selection of first job and decision to stay with a technology career once they’ve started.

As the dynamic is different in each country across these key truth points, the interventions to encourage and foster diversity must be tailored to each country’s context. In Thailand, women are 48% of tech graduates but only 42% of tech jobs (the highest % across ASEAN countries). Whereas in Singapore, women make up only 29% of tech graduates but comprise 41% of the tech workforce ,due to demand.

The vast majority of women in tech feel they have benefitted from diversity programs and 65% feel tech does better than most industries in tailoring programs to women, yet BCG argues more tailored efforts are needed at the “moments of truth” points.

Opportunity Gaps for Women in Asia Pacific

Per the LinkedIn Opportunity Index 2020, developing markets – including in Asia Pacific – are generally more confident about having access to opportunities: India (121), Indonesia (117) and China (116) top their list, while Japan comes in last (80).

But LinkedIn, according to Feon Ang, Managing Director, APAC, also found that women felt they had less opportunities than men, and COVID-19 not only disproportionally affected women but also their outlook on the future. One in three women in APAC felt that gender was a significant barrier to opportunity.

The research showed that 41% of women in APAC felt they had fewer career development opportunities than men, with that sentiment being strongest in China (44%), Malaysia (45%), Japan (47%) and Singapore (49%). Whereas in India, 4 of every 5 women felt they’d missed offers or opportunities due to gender.

The challenges facing women vary as well. Ang cites that “lack of time” is the main barrier to opportunities for women in countries such as India, Philippines and Singapore. Whereas “lack of professional skills” is the primary barrier for women in Japan. And in China and India, women feel they have a “lack of guidance through networks and connections.”

Less than a fourth of working professionals in APAC feel that their organizations are prioritizing gender diversity. Managing familial responsibilities comes up as a challenge to career development for many APAC women (45%) especially in India (71%).

Where are the Women Executives in Japan?

In Japan, women hold only 15% of management roles according to McKinsey, only halfway to the country’s 30% target. In 2019, Japan was ranked at 121 out of 153 in the World Economic Forum’s gender-equality index, the lowest among developed nations.

In research, McKinsey identified a gap in career-advancement goals. Japanese women are less likely to indicate they want a promotion than men (15 points lower), yet also more likely to feel gender is in the way and less confident. Overall men and women in Japan have the same hesitations towards promotion, but more women feared they would not be able to manage work/life balance.

When it came to what motivates aspirations for promotion, Japanese women tended to cite external recognition of their talent and strengths and the personal growth opportunity. Japanese men cite financial benefits, social status and rewards more.

Whereas the financial and status incentives are enough to motivate men, organizations like IBM are learning that women in Japan are more compelled when both witnessed for their personal skills and talents, and engaged individually on how advancing would particularly impact their own development.

Regional Diversity & Inclusion

LinkedIn’s Ang cites conversations on diversity and inclusion that include male allies; more women in leadership roles; family-friendly and flexible working policies; stronger mentoring and networking; and investment in learning and development as key measures for organizations to help close the opportunity gaps for women in Asia.

By Aimee Hansen

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14 Career Insights and Tips From Women Leaders in Asia (Part 1)

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women leaders in AsiaEvery August for the last ten years, The Glass Hammer has featured career insights and tips from women leaders and executives in Asia.

In this retrospective feature, we’ve mined the best experience-based guidance across those interviews, and this month we’ll be sharing in two parts!

Here are the first seven tips:

1. Be open to learn from everyone.

“Be open in your career,” advised Pamela Yeo, General Counsel and Senior Vice President at 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.”

Yeo urged young professionals to put themselves out there to catapult your journey through connection.

Update: Pamela Yeo remains in the position she has now held for nearly 17 years.

2. Do not keep your head down.

As a junior analyst, Kathy Matsui was told to “work hard, keep your head down, and you will go far.”

“This was the worst advice I could have been given as a woman just beginning her career, but when I first began working the idea that an ‘invisible hand’ would simply promote you was widespread,” Matsui told us, previously as Vice Chair, Global Investment Research at Goldman Sachs in Japan back in 2019. “Aside from excelling in one’s job, women need to also identify mentors, connect with others across their organization, and share their accomplishments.”

Update: After over 26 years with Goldman Sachs, Kathy Matsui is a founding General Partner of MPower Partners, Japan’s first ESG-focused global VC fund, as of May 2021.

3. Check your self-limiting assumptions and projections.

Earlier in her career, Kathy Matsui also shared with us the risk of operating inside the framework of your own self-limiting projections, which meant she spent too much time early on spinning her wheels just to prove her worth.

“My client base here was pretty homogenous when I first started working in Japan, in that it was mostly Japanese men who were twice my age,” remarked Matsui. “At the beginning, I felt like I had three strikes against me because I was female, foreign, and young. But this was really a perception that I put upon myself because professionally, nobody actually treated me differently based on my identity.”

4. Claim your voice in the conversation and early on.

“Put it all out there on the field every day,” recommended Padideh Raphael, Partner at Goldman Sachs in Hong Kong. “Women tend to wait for validation before sharing their opinion, but they should speak up earlier.”

As a first generation American raised with gender-related boundaries by her Iranian mom, Raphael said: “I believe there are no inherent barriers to success in this industry, but in some cases I have seen that women are traditionally raised or shaped to abide by societal norms,” she says.  “To the extent possible, women should be confident in having a place in the discussion.”

Update: Padideh Trojanow (Raphael) remains a partner at Goldman Sachs, now with the firm for over 22 years.

5. Discern your own truth when it comes to work and family.

“Each person has to look inside themselves and make their own choice without feeling pressure from family members, and then ask them to support that choice,” asserted Xing Zhou when it come to work and family life, as Diversity & Inclusion Leader at PwC China. “I view it as an achievement that as the mom of two children, I am able to find the balance and can serve as a role model for others in my firm and industry.”

Zhou discussed how Chinese women face pressure from their husbands and in-laws to shift their focus entirely to motherhood, whereas that is not every woman’s desire for herself and only she can truly decide.

Update: Xing Zhou has been with PwC Hong Kong and Mainland China for 24 years. She has now additionally taken up the roles of North Markets Leader and Beijing Office Lead Partner of Mainland China.

6. Make clear choices to keep evolving.

“There were lots of things I was interested in, and I wasn’t sure what to focus on; I was always hedging my bets. Only when I started to make choices, and others could see what I was about, did it all came together,” stated Ay Wen Lie, Partner, M&A Advisory at PwC in Singapore.

Wen Lie advised getting clear on what you stand for and believe in, both when it come to the work you are doing and creating your personal brand, otherwise you dilute your ability to impact and stand out: “Don’t be afraid to make choices, play to your strengths and focus your energy on where you can best add value.”

Update: Ay Wen Lie has been a Partner at PwC in Singapore for ten years.

7. Constantly nurture your network, internally and externally.

“For women at all levels of their careers, constantly building your personal network both internally and externally is extremely valuable,” said Teo Lay Lim, previously as Country Managing Director of Singapore for Accenture. “Building personal networks helps you to draw on others to augment your own insights [and] perspectives,” she added, emphasizing that Accenture had more than 85 local women’s networking groups in 32 countries to help build up their networks.

Update: Teo Lay Lim is now a Chairperson at Accenture in Singapore, with over 33 years with the firm.

Look out for Part 2 of this retrospective of top advice from female executives in Asia!

By: Aimee Hansen

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Voice of Experience: Padideh Raphael, Partner, Goldman Sachs Hong Kong

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pad By Cathie Ericson

“Know yourself and be assured of your sense of judgement. This will empower confidence in your decisions,” Padideh Raphael says, noting that this theme has resonated with her since childhood as her mom, a psychologist, raised her with an emphasis on trusting her own instincts, enabling confidence in her choices and encouraging decisive action. “This has been instrumental in allowing me to get to where I am today.”

Finding Her Niche

Although she graduated with a degree in neuroscience, when thinking about a career, Raphael realized that while she loved the field, she didn’t want to work in a lab or a hospital. A close friend recommended she think about finance, and after several rounds of interviews with Goldman Sachs, she began her career at the firm in Goldman Sachs Asset Management in institutional marketing.

Although it was a great introduction to Goldman Sachs, Raphael realized her skills might be better utilized in another part of the firm, and she took advantage of a planned move to London to look into other opportunities. After visiting the trading floor, Raphael immediately knew she belonged in the Securities Division. “I knew I would enjoy the fast-paced environment,” she says, and it’s what she’s done for the last 17 years. After serving as co-head of European Equity Derivatives Flow Sales in London, Raphael moved to Hong Kong three years ago to head Asia Pacific Equity-Derivatives Sales.

“It’s been great to see how markets differ across the world as I have worked in different regions throughout my career,” she notes. As she has gotten to know the Asia market, she views the evolving Chinese economy as the most interesting dynamic she expects to see in the coming years, as China begins to accept external investment to meet a tremendous demand.

Helping Other Women Reach Their Potential

Reflecting upon her career, Raphael pinpoints the moment when she realized she had become a role model for others as an achievement of which she is particularly proud. “As a younger professional, my neck was always craned, looking up to the leaders and drivers of our business and those who were experts at their craft,” Raphael says. “At some point I realized I was that person for more junior members of the group, which is a huge responsibility and one I take seriously.”

“I know I have to be thoughtful about the signals I send,” she says, especially in light of her role as one of the first female partners in international equities.

Her advice to women is to be bold and share your point of view at the onset of your career. “Put it all out there on the field every day,” recommends Raphael. “Women tend to wait for validation before sharing their opinion, but they should speak up earlier.”

Raphael is a first generation American, and her Iranian mom raised her without gender-related boundaries, which served as an important foundation throughout her childhood and into adulthood. “I believe there are no inherent barriers to success in this industry, but in some cases I have seen that women are traditionally raised or shaped to abide by societal norms,” she says.  “To the extent possible, women should be confident in having a place in the discussion.”

Family First at Work and Home

When Raphael went on maternity leave with her first child in London, the firm provided a childcare facility that was available for back-up but not full-time care. However, Raphael was determined that she didn’t want to leave her daughter at home, and told her manager that if she was to come back, she wanted to bring her daughter to work on a full-time basis.

“Goldman revamped the on-site child care policy, which was not only a huge vote of confidence and logistical support for me personally, but a testament to the organization in that they gave me the flexibility to arrange my childcare in a way that suited my family’s best interests.”
Raphael was thus able to come back from maternity leave best-positioned to strengthen her career, in part due to the wellness policies Goldman Sachs adopted.

“My family and my career are the two elements that are the defining points of my identity,” Raphael says. “My husband’s support has been instrumental in allowing me to pursue my career.” She notes that cultivating this type of partnership with one’s spouse is helpful when balancing both a family and career.

Raphael has recently rediscovered her love of reading, reinvigorating her passion for both neuroscience and history. She also describes herself as “mildly obsessed” with the history of the British monarchy, identifying parallels between societies. “The role of women in British royal society was very prescriptive, but even during that time period, there were ambitious women that did not allow societal norms to impede their success.”

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Asian Americans: Held At Outsider Status

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By Aimee Hansen

Asian

Image via Shutterstock

For the first time in history, three Asian American women are in the Senate during this 115th Congress – Senator Mazie Hirono (Hawaii), Tammy Duckworth (Illinois), and Kamala Harris (California). When elected in 2012, Senator Hirono was the first Asian American woman elected to the Senate. Harris is also the first Indian-American to serve in the Senate.

When it comes to Forbes and Fortune power rankings, Indra Nooyi is the only Asian American woman on the lists – #2 in Fortune’s 2016 50 “Most Powerful Women in Business” and #14 in Forbes “The World’s 100 Most Powerful Women.” But as theglasshammer highlighted last year, Forbe’s America’s Self-Made Richest Women tells a different story about Asian American women at the helm: they make up 15% of this ranking.

According to a Girls in Tech survey of 582 women, Asian American women are the least likely to hold leadership positions in tech. This echoed the findings from the previously highlighted Hidden In Plain Sight tech diversity study by Ascend.

The Asian effect is 3.7X greater than the gender effect on creating a ceiling. Women were 42% less likely than men to hold executive roles. But Asians were 154% less likely to hold executive roles than Caucasians. Asian-American women, in the intersection of both, faced the greatest gap in likelihood to hold executive positions.

Persistent Asian-American Stereotypes

As shared in Sparks, Malini Johar Schueller, Department of English professor at University of Florida says that Asian American women are often seen as “perpetual foreigners,” never truly being seen as a “American” (or insiders), but rather as “abnormal foreigners” (outsiders). For Schueller, this means having to “qualify” herself to teach in her department, even to students.

A recent article in Harvard Business Review  suggests that two intersecting stereotypes are at the crux of the general Asian-American leadership gap: “Stereotypes about Asians being highly competent can make Asians appear threatening in the workplace, and stereotypes about Asians lacking social skills make them seem unfit for leadership.”

Studies have revealed that those who held the stereotypes that Asians were highly competent felt admiration and envy. Those who held the stereotypes that Asians lacked social skills felt hostility and fear. People who are emotionally reacting to stereotypes they hold are less likely to have interest in interacting with Asian-Americans. And of course, personal interaction is what can challenge stereotypes.

Leaders who hold stereotypical narratives about Asian Americans would hold them at a distance, and potentially at a distance from leadership.

As stated in HBR,

“The authors of both papers theorized that whites are threatened by the ‘unfairly high’ levels of competence possessed by Asians and essentially use the stereotype that Asians lack social skill as a pretext for discrimination.”

In The Asian American Achievement Paradox, professors of sociology Jennifer Lee and Min Zhou challenge ‘the narrative of Asian American “exceptionalism”’ and the assumption that Asian American educational achievement is solely reflective of cultural values. The authors illustrate that a confluence of hyper-selectivity in immigration laws, institutions, and cultural success frames have promoted high achievement among certain Asian American groups.

The study asserts that while stereotype promise (“the boost in performance that comes with being favorably perceived and treated as smart, high-achieving, hardworking, and deserving students”) may help Asian American students, it also re-creates stereotypes that hinder at the leadership level.

Broken Leadership Stereotypes

As argued in HBR, we tend to expect workers to be “competent, intelligent and dedicated,” but attach further qualities to leadership (charismatic, socially-skilled, authoritarian) that do not match up to stereotypes we hold about Asian Americans.

But it’s not only the mis-match between these two that is flawed when it comes to elevating Asian Americans into leadership. The archaic leadership stereotypes themselves are broken.

“It is time to rethink the ‘good leader’ prototype of being masculine, dictatorial, and charismatic,” states the HBR authors. “Evidence shows that neither men nor women prefer to be treated in an aggressive fashion, yet that model persists as a valid expectation for leadership.”

Cultural values can also mean that Asian Americans are less inclined to the self-promotion that is encouraged by Western norms. However, those who break the stereotype of being deferential face the double-bind of being perceived negatively.

Bridging the Distance

Recently, whitewashing in films – casting white actors to tell Asian stories – has received growing awareness and protest, while Asian American actors find only one-dimensional, stereotype-reinforcing roles available to them.

Thai American actor Pun Bandhu told the Guardian. “When a white actor gets the role, it denies us our bodies and it denies us our voices.”

More and more, we are being asked to consider how we are each complicit within the net of our culture in denying the bodies and voices of others through our implicit biases.

Harvard social psychologist Mahzarin R. Banaji, creator of the the implicit bias test, spoke in a conversation with Krista Tippett about being challenged by her own test when it comes to making associations that go against the socialized norm: “And when I can’t do it, I understand. I understand that I’m a product of a culture where the culture has now gotten into my head enough that I am the culture. I cannot say, ‘There’s a culture out there. It’s biased, not me.’ Consciously, that’s true. But not at this other level.”

When people gather around the meeting room or even the Senate, they all come with their stereotypes and hidden biases, but nothing is more important than the interaction that helps to break down the ideas we hold of each other, collectively.

Three Asian American women in the Senate may not seem like a lot, but each woman is helping to change the face of leadership.

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Voice of Experience Ay Wen Lie, Partner M&A Advisory PwC Singapore

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Voice of Experience Ay Wen Lie, Partner M&A Advisory PwC Singapore (F)Ay Wen Lie began her career with KLM Airlines as a business manager working on restructuring and growing the business via joint ventures and mergers.

KLM had a joint venture with Northwest and was considering the option to merge with the airline Alitalia.

However, the merger with Alitalia did not go ahead and instead of growing the business, the focus shifted to cost savings and selling off non-core businesses. After a few years of continuous downsizing, she wanted to turn her attention to the act of building something, focusing on business growth and exploring her entrepreneurial capabilities. She started her own company together with her sister, focusing on interior lighting with products made from natural materials and the use of traditional handcraft in modern designs.

For several years, they built the business, refining the concept and expanding the business, primarily through selling B2B at trade shows. Although it was challenging, she appreciated the sense of control and excitement of building something from scratch. However, in a small company, at some point the business cycle remains the same — constant travelling in search of new producers, developing new products, quality control, tradeshows, shipping and designing new products. She decided it was time to turn to something new, where she could develop new skills and explore other opportunities with more variety. That’s when she joined PwC in the Netherlands.

“Even though the company was doing well I wanted to see what else was out there” Lie says.

“I didn’t see new opportunities for my personal development that I could get excited about. My sister, who loves creating new designs understood, and she has continued the business together with her husband”.

Although she grew up in the Netherlands, her family is Chinese-Indonesian and it had always been her ambition to live abroad with her husband and children. After a few years at PwC Netherlands, they offered her an international assignment opportunity abroad: The United States, China or Singapore.

Location, Location, Location

The couple chose Singapore because of its location as the central hub in South East Asia that was close to family, the opportunities that came with a booming Asian economy, and the fact that Singapore is one of the world’s leading financial centers.

The relocation to PwC Singapore also offered Lie the unique opportunity to build a Mergers & Acquisitions Operations practice for PwC Singapore’s Financial Services Industry Practice. “This was a great opportunity and I really enjoyed the challenge,” she says.

After three years, Lie decided to make her move to PwC Singapore permanent. “There was still such great opportunity to grow the practice further, and I was so proud of what we had built – it would have been hard to let go.”

PwC Singapore acts as a center of excellence in many areas for the region, as many international companies base their regional headquarters in Singapore, and the firm had invested early in developing a strong deals practice. The result is one of the most advanced deals practices in the region, supporting clients along all aspects of the deal continuum. “Singapore remains a very exciting location to me as we continue to develop our deals practice,” comments Lie.

Succeeding by Making Clear Choices

She says one of her biggest learnings has been to not be afraid of making choices and being clear about what you want, what you believe in and what you stand for. “There were lots of things I was interested in, and I wasn’t sure what to focus on; I was always hedging my bets. Only when I started to make choices, and others could see what I was about, did it all came together,” Lie states.

She had what she calls her “breakthrough moment” on the wisdom of this philosophy when the company she was running made a clear choice that they should focus only on their own products. “It was a scary moment taking out half of the product line up, but all of a sudden we were being courted by top magazines. It was clear what we stood for and believed in.”

She encountered the same when she moved to PwC Singapore. In the beginning she took on a lot of different things, trying to be useful to everyone. She found, however, that by doing that you don’t stand out, as it is not clear to others what you are really good at and passionate about, and therefore where you can add most value. She had to figure out what she wanted to do and build her own personal brand. “Don’t be afraid to make choices, play to your strengths and focus your energy on where you can best add value,” she says.

An Exciting Industry

At work these days, Lie finds her position constantly evolving as she supports clients with their regional integrations and/or divestments. She appreciates that these programs give her a view into a company’s whole ecosystem, addressing strategic, tactical and operational issues. It is a challenge creating a new business under tight timelines, with lots of uncertainty, bringing people and businesses together and motivating them to buy into a new future. It is often difficult for people to let go of what they have been part of for many years.

“I enjoy thinking through the complexities with a diverse range of people, finding the best solutions given the circumstances and keeping an eye out for what this means in the long run.”

She says it’s an exciting time to be in the financial services industry as a whole. “It’s crucial to have a stable financial system, and yet so much is happening. There is uncertainty in the markets, and regulators are constantly implementing new regulations which make it difficult for banks to be agile and focus on client needs. There is a lot of competition and cost pressure. On top of all that, blockchain or more general fintech will rapidly change the traditional operating models.”

She has been a member of the board of the Association of Dutch Business People in Singapore and also participates in the ‘Women in Finance’ Network which brings together women (and men) from all the industry layers and fosters networking.

A Family Affair

With two children, ages 9 and 11, Lie loves to spend time watching their sports, but also being active together — hiking, skiing or riding horses. “Outdoor sports allow you to be connected with yourselves, each other and nature.”

She believes for women to successfully combine family and career a lot depends on a woman’s partner. “In my experience it’s important to discuss and agree with your partner what both your ambitions in life are. What do you want to achieve; what kind of family life do you want; and how do you want to raise your children?”

While circumstances can change and priorities will shift, couples should reach an understanding of what is important to each and discuss how they can achieve that together, by supporting one other’s ambitions and accepting and acknowledging what the impact will be in terms of lifestyle or timing of career choices.

“Sometimes that means taking a step back in one area to move forward in another,” Lie says, “and this goes both ways between partners.”

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Spotlight on Asia: Gender Diversity is Both Catching Up and Leading

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By Aimee Hansen

During the month of August, The Glass Hammer will be focusing on Asia, featuring profiles of senior level women who are showing up to challenge the gender gap in Asia with their own journeys to leadership.

Here, we take a wider look at gender dynamics in business in Asia, where the picture painted is both paradox and progress. When it comes to women representation in business leadership, Asia is at once behind and ahead. For all the societal factors holding women back, marketplace and cultural dynamics are also pulling women into leadership and the C-Suite.

Behind in The Boardroom

A recent Korn Ferry Diversity Scorecard study tracked board composition in the largest 100 publicly listed companies in ten Asia Pacific economies, and found that on average 10.2% of board members in Asia Pacific are women (9.2% if exclude Australia), compared to the United Kingdom (26.1%), the European Union (20.8%) and the United States (18.7%).

All-male boards in Asia Pacific decreased significantly from 53.2% (2012) to 39.0% (2014), but it will take ten years of growth at current pace to be on par with benchmark Western economies.

From the perspective of boardroom representation, Asia is behind, and gender gaps are often costly. The World Economic Forum has reported that failing to rectify the gender gap in the workforce costs Asia $42 to $47 billion a year.

On the other hand, bringing women into the boardroom is financially advantageous. The Korn Ferry study found that Asia Pacific companies with at least 10% female board members delivered a return on equity (ROE) of 14.9% compared to 12.6% for those with fewer or none.

When it comes to boardroom gaps, the gap is often attributed to a limited supply of top level candidates related to inequality in access to education (eg. rural China), lower wages, infant survival rates, and sweeping societal disadvantages for girls and women. According to female leaders in China, this includes being seen as the sole caretakers and the deeply ingrained belief in the Asia psyche that women are used to “taking instructions,” especially in countries like Japan.

Korn Ferry’s report stated, “Beyond the statistical gap, we also observed that Asian boards seem to adopt a more systemic and collective ‘blindness’ to the value of diversity based on a more traditional patriarchal approach. Without a fundamental change in attitude, the diversity agenda will continue to be hampered and discourage qualified women at the leadership and board level.”

Leading at Executive Level

Here’s the paradox. When it comes to executive leadership, the picture reverses, and female representation is ahead in many countries in Asia.

A 2014 global study by Grant Thornton showed that the proportion of women in senior management was much greater in China (38%) and Indonesia (41%) as well as Southeast Asia, than in the US (22%) and European markets like the UK (20%) and Germany (14%).

According to Fortune, “though 126 of the top 300 companies in China lacked female board members (42%), only 31 of those companies lacked a female senior executive (10.3%)” in early 2015.

An IRC study found that as a percentage of total CEOS, Asia and Australia have more women CEOs (11.8%) than Europe and Americas (7.8%), and one study has shown that China has a greater proportion of female CEOS than the US. China has the most female self-made billionaires in the world. Looking at China alone, boardroom representation is 12.9%.

Women are not represented at executive level in all countries or business areas. For example, India has only 14% women executives, and Japan has only 9% (as well as only 3.3% boardroom representation).

When it comes to finance, Oliver Wyman found that 13% of execs and 14% of board members in finance are women in Asia, compared to 21% and 23% respectively in North America, and 16% and 24% in Europe.

But there is an increasing women executive presence in Asia. Even when the boardroom is considered, the recent two year momentum in getting at least one women on boards is impressive when compared to pithy gender diversity advancement on boards in the US.

Momentum towards Leadership

Many factors are allowing women to advance into management in Asia.

In Southeast Asia, 35% of senior executive positions are held by women. The Grant Thornton report states that free, in-built childcare as a result of tight-knit family units is partly responsible.

In China, radical urbanization and increased opportunities to further education have empowered women, while the defunct one-child policy has encouraged access to education for girls and entry into the workforce. The ratio of females to males in tertiary education is now at a 111 index in China and 107 in East Asia.

One of the most powerful factors in women’s advancement is rapid economic development of the private sector.

A study out of the Chinese University of Hong Kong Business found a direct correlation between emerging private companies and increasing recruitment of women and hiring women as CEOs.

During a nine year tracking period from 2000-2008, the researchers found that women CEO participation rose from 4% to over 8% in the private sector, increasing over time and at a faster rate, while remaining flat in state-controlled firms.

The researchers compared the marketplace to government initiatives in driving change: “Studies have shown that competitive forces are generally more effective in bringing women managers into companies, because market mechanisms may be better at identifying and rewarding strong performers. When you face competition, you have to remove bias and focus more on bottom-line issues.”

The researchers speculated that competition may be driving a more gender-neutral approach to top management, making traditional networks less relevant and leadership skills more appreciated in private firms.

“As the Chinese economy becomes more balanced in terms of state-owned and private firms, and as state-owned enterprise reforms deepen, more and more female business leaders are likely to emerge,” stated the researchers.

Looking Ahead

With a wider pool of women in executive roles in Asia, it seems the case that boards lack top-level talent to choose from has an expiration date.

The underlying psyche of inequality will need to catch up with a changing reality in Asia, and boards will need to mix up their selection process.

While the market and changing cultural dynamics may be putting women into leadership, the next step are seats in the boardroom, while more fundamental inequalities still seek to be addressed in many regions including rural China and countries like India and Japan.

But changes are happening. Increased boardroom representation in Australia, India, and Malaysia were aided by government initiatives, while pressure in Japan has been increasing the presence of female directors.

According to the FT, some prestigious business schools in Hong Kong and China are looking at how to move advanced education from gender blind to gender sensitive, exploring options such as early-career masters programs that gain more female enrollment. Research shows that 72% of women graduates in China hope to become C-level executives.

Over the next few years, we stand to witness a fascinating phenomenon in gender equality where Asia is both catching up…and leading.

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Voice of Experience: Marina Lui, Regional Market Manager for the China International Team UBS

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Marina LuiMarina Lui believes a strong team brings success, and that companies need to create an atmosphere that will attract and retain those solid performers.

As one of the early immigrants to Hong Kong from China, Lui says she appreciated the opportunity to receive the education that she did, both in Hong Kong and then attending the University of Texas at Austin in the United States.

She began her career as a branch manager in consumer banking, but wasn’t sure she was cut out for managing – ironic, given her current success in that arena. She joined UBS in 1995 as a client-facing relationship manager, spending 10 years covering the Hong Kong domestic market, and then once again moving into managerial positions.

At the time, the Hong Kong domestic market was quite established so she appreciated the opportunity she was given in 2011 when she was appointed as one of the team heads serving ultra-high worth clients in China and Taiwan. That allowed her to work in a sophisticated new market with a team of 50 experienced staff.

Soon she honed her focus solely on China, where she became regional market manager for the China International Team with a staff of 150. “I was very proud of being named regional market manager and subsequently building the team. In less than two years we have doubled the size of the business.”

Winning Because of the Team

Lui credits her team with that feat, but much of the acknowledgement surely should be given to her leadership style. “I want to be the team of choice and feel I have achieved that goal with the high morale we have. I want my team to be proud of what they do, and know that they have collectively contributed to our accomplishments,” she says.

Not only is she focused on success, but on developing the next generation of leaders. She admits it’s challenging sometimes when you can’t see quick results since talent development is a long process. However, she enjoys the role she plays in nurturing employees to help support the success of the firm.

Changing Demographics Mean A Changing Industry

The industry is currently in the midst of wealth transfer from one generation to another, and they need to accommodate the different way that the next generation thinks. Since many of her relationship managers are relatively young, they are in a position to relate to, and therefore confidently meet, the needs of this next generation.

And the changing demographics brings internal challenges as well, as companies grapple with providing employees with the diverse experiences they increasingly seek. “We have to question whether employees who are in their late 20s will want to work for the bank for 20 years, given their mindset that they don’t want to be in one place too long.” She says that they are addressing that through encouraging millennial employees to seek additional opportunities in other divisions of the bank, so they can have those varied experiences without leaving.

Growing the Next Generation of Leaders

Younger employees today also have the benefit of being able to research an industry before they join, and she encourages them to do their homework, to find out what exactly a banking position entails and confirm that it suits their interests and skills. But, it also has to be something they enjoy.

“When you join an industry or company, you have to be passionate or you won’t last long,” she says. She advises them to trust their gut feeling when determining a career path, but then to realize that success may be delayed. “The younger generation tends to want immediate gratification but often you have to be patient as you climb the ladder. Learn what you need to know on each rung.”
She encourages wealth management as an industry where women can be particularly successful, because it’s a people business, and women naturally exhibit interpersonal skills that allow them to excel at networking and building relationships with clients.

Within UBS, Lui is involved in the Global Key Talent Program, which helps develop high-performing talent. The group brings together emerging professionals and senior leaders to encourage mentoring and exposure. “It’s important to offer this opportunity for younger professionals to engage with senior leadership, both men and women, and show their capabilities.”

She also is involved with a group called “Half the Sky” that helps the bank better understand the needs of female clients who are becoming a larger part of their portfolio, as entrepreneurs and decision makers.

Work/Life Balance as an Imperative

Lui counsels her peers that it’s important to leave your stress at work and develop a healthy work/life balance that allows you to perform and focus better on the job. For her, exercise is a stress reliever, but she encourages women to find what works for them.

She loves traveling and spending time with her family but also believes in the importance of giving back through philanthropy. Two causes she is particularly passionate about are elder care and children. Recently she instigated a team project where they visited the elderly. “We need them to know they are important and not forgotten.” On the other end of the spectrum, she is involved with the group “Pencil of Promise,” which is working to build schools in Laos.

“I know that I am fortunate to work in the banking industry and make a good living compared to many families who struggle on a daily basis. We all need to make giving a part of our lives, to remember to reach out and support those in need. “

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