Mover and Shaker: Ciara Quinlan, Head of Electronic Principal Trading FX, Rates & Credit, UBS

,

ciara-quinlanBy Cathie Ericson

Few would call banking a “flexible” career, but UBS’ Ciara Quinlan has found the secret to success in balancing work with family life.

“When it comes to being a great mum and achieving my career goals in parallel, I’m a believer in having it all,” she says. “I took off the time I wanted when I had my son four years ago, and initially came back part time while managing to roll out a major project and advance my career at the same time.”

She notes that one of the reasons she hasn’t felt she had to sacrifice is that she has always been
brave in asking for what she wanted and flexible herself in making it work. Even though flexible working wasn’t commonplace in trading roles at the time, she asked for a chance and worked hard to make it a success, noting that she would have burned out long ago otherwise. “Sometimes we have to create the environment we need,” she says.

From Engineering to Banking

After earning a Ph.D. in electronic engineering, Quinlan decided to join the banking industry after learning that the industry was eager for people with her qualifications. She was offered a position at Dresdner Bank as a junior quant trader in foreign exchange, applying the same type of algorithmic and statistical approaches she’d learned in engineering.

“I was looking forward to working in a fast-paced industry and instantly took to working on a trading floor with many diverse characters and cultures. I loved the pace, intensity and unpredictability of the market.”

Shortly after she arrived, the majority of her team was redeployed, and she ended up embarking on a project to rebuild the electronic trading systems with her boss. “It was the best thing that ever happened to me as I had to learn very quickly how to manage projects and figure things out for myself,” she says. One of her first project deliveries was the EFX pricing system, and shortly after it went live, Lehman went under. “I was very quickly thrown into the deep end, and our new system was really put to the test,” she recalls. “Thankfully it handled the unforeseen market uncertainty and volatility very well.”

Several moves followed: she joined Barclays to work as a mid-level quant trader and later became co-head of the quant trading team; then she was approached by an old friend and colleague who wanted her to head up electronic FX quant trading at State Street so she went there and was able to hire a new team of top talent to build the company’s electronic FX trading systems. Then, three years ago, her former Barclays’ boss approached her to run electronic trading for FX at UBS. That role expanded a year ago to running electronic trading for FX, rates and credit.

“All the moves I’ve made have given me an interesting outlook on the culture of different banks. I know what I value from a firm and now find myself in a very happy place at UBS,” she says.

Right now that includes a large team expansion and undertaking the massive project of rebuilding electronic pricing and hedging for the eFX principal business, as well as building from scratch UBS’ electronic interest rate swap business.

“Those are the moments I look back on with the most pride — the growth periods when you’re building new things and everyone’s involved and excited to be consumed with the work. Then after the tough slog, you have the reward of seeing the new business flow in and realizing your success.”

The Many Benefits of a Career in Banking

Quinlan’s experience in banking has been overwhelmingly positive, a sharp contrast from general media portrayals she had seen prior to joining that show the business as being full of ruthless people, a rat race where you sell your soul and burn out quickly.

“It’s been nothing like that,” she says. “I love banking and have found there to be such diversity in the different roles and potential career paths. It’s actually an extremely open environment where people are very interested in your views regardless of your level of seniority,” she says, adding that even as a new starter having never studied finance and economics her views were listened to and valued.

A Family Role Model and Sponsorship Helped Show Her the Way

Quinlan readily admits that her role model has always been her father, a senior manager at IBM. “He really inspired me and I still think about how he would handle certain situations when I’m faced with them,” she says.

She most admires that he tackled every job with the same high level of positivity and hard work, even long after he had retired. “It didn’t matter whether the job at hand was boring or he would get any personal benefit,” Quinlan remembers. “He tackled everything with enthusiasm and gave each job, no matter how small, his full effort.” She also admires that he was always incredibly positive and treated everyone with respect regardless of their position. “He was successful because people wanted to work hard for him,” she notes. “I always try to apply myself with the same level of enthusiasm.”

That outlook has been important as she has progressed from building models to managing teams, where it’s vital to have open communication and ensure their motivation and buy in.

“You can have the best strategy in the world but when you’re running a business, you have to motivate the workforce who are actually producing the work and get them to buy into your plans,” she notes.

Quinlan says her career has been shaped by informal sponsorship especially with bosses who exposed her to cross-business relationships. “I didn’t know it at the time but it was massively important in how my career has progressed,” she says. “Early in my career I focused solely on delivering my projects and didn’t give much thought to networking or career next steps. My bosses encouraged me to push myself forward and gave me the exposure needed across the firm.”

And now, she repays the favor when she mentors people who are new to the industry, reminding juniors who are focused on applying themselves to the immediate tasks at hand that they have to ask for more and put themselves forward. “If exposure across the firm doesn’t land in your lap, you need to take responsibility and make it happen.”

She shares her insight with a female networking group that she started at UBS, modeled after a similar one at State Street. One or two senior women meet with a small group of more junior associates to discuss different topics — anything that’s challenging them. “It’s the perfect environment to raise issues they are having and always involves interesting debate,” she says.

In addition, she has been involved with a UBS front-office-led maternity support group that pairs a “business buddy” with an expecting mom to communicate changes and help them stay in touch while they’re out. She’s been participating as a buddy and now is about to use it, as she is pregnant with her second child.

In the little spare time she has, Quinlan says she loves travel, music and watching her little boy grow up. “I feel fortunate I get to take such an active part in his life and am proud he’s growing up learning that gender plays no role in potential career success.”

Save

/by

Voice of Experience: Amity Millhiser, Chief Client Officer, PwC US

,

amity-millhiserBy Cathie Ericson

When Amity Millhiser considers her career with PwC, the word that comes to mind is “expansive.” Over her 20 years with the firm, she has worked across countries, industry sectors and lines of business.

“I am proud that I have been able to have such a multi-faceted career while raising my amazing daughter,” she says. “If you’re courageous enough to pursue the opportunities that are thrown your way and think ambitiously about your future, you can have amazing experiences. I’ve spent my entire career in one firm yet had multiple careers within that framework.”

From Wineries to Tech – A Career Spanning Multiple, Varied Industries

Millhiser joined PwC in San Francisco right out of college working with small businesses which at the time were primarily wineries. She knew she wanted to go abroad so she agreed to a three-year assignment with PwC Switzerland, ultimately staying for 19 years. While there she became the first female partner as well as starting the M&A business for the region. “It was a fantastic opportunity to travel the world and work with amazing clients and a wonderful team,” she says. “Switzerland is as global and multinational as it gets.”

Upon her return to PwC’s US firm she became a managing partner and chief client officer for the Silicon Valley office. There she finds every day to be a new experience as she gets to know and understand the complex issues that her clients are facing and marry those with the experience PwC has to bring the right solution.

Since technology colors every industry sector – whether finance, retail or healthcare — she enjoys digging in to a fascinating conversation with each and every client about the impact that technology is having on their business, as they identify opportunities and risks at all different time horizons.

Sharing Lessons With Colleagues

Although Millhiser is cognizant of the many opportunities and experiences she has had, looking back she wishes she had realized the great impact she could have had from the very beginning. “You have to be willing to ask for opportunities and speak up if things interest you,” she says. “I always advocate for young people to be willing to articulate the types of experiences they’d like, and then be willing to work hard once they receive that coveted assignment. The risk you take in terms of trying new things can be the best thing you ever did.”

She also advises women to seek three things early in their career: business training, mentoring and broad experience. “Those are three differentiators that I really have benefitted from.”

As women rise through the ranks, she reminds them to be supportive of one another – not just cheering the accomplishments, but having the courage to provide feedback that will help each one continue to excel. “The Silicon Valley practice I lead is full of incredible women who lead large client teams, each of us focused on our clients and the market. We are all very supportive of each other but we know that when you genuinely want your peers to get ahead, you not only celebrate their success but offer constructive feedback so everyone rises together,” she says, noting the value of encouraging women at all stages of their lives and careers.

Becoming Agents of Change

One group that Millhiser supports wholeheartedly is HeforShe, a UN initiative designed to promote gender equality around the world. “I have always felt very fortunate to be part of a family and company that encouraged me,” she says, which is why she knows that it’s vital to commit to women and girls on a global level.

As one of the initial ten corporate HeForShe IMPACT champions, PwC continues to foster advocates as men and women work together to be agents of change all over the world. As part of its commitment, the firm has developed and launched a male-focused gender curriculum designed for global reach so they can educate others to be gender advocates and increase the number of women in leadership roles. While the firm has achieved parity in terms of intake, a major goal is to continue to retain women at higher levels of leadership.

Encouraging Financial Literacy For Young People

Another area where Millhiser is actively involved is “Earn Your Future,” a PWC US program that was launched with the idea to leverage the firm’s people, talent and time to develop the financial skills of young people in the community. “We have to help them develop financial acumen but also be prepared for jobs of tomorrow,” she notes. The initiative involves an interactive curriculum designed to give students in grades 3 to 12 financial and economic knowledge. Educators are supported with tools that include real-time feedback, guides and other resources.

In 2013 the firm set out to reach more than 2.5 million students and educators with an initial commitment of $160 million, including one million service hours. Since then, partners and staff have given over 800,000 service hours, reached 3.5 million students and educators, and made an investment of over $80 million. In 2015, they raised the stakes to $190 million.

The program has been hugely successful in terms of reaching and empowering more educators and students than we ever thought possible, while also inspiring our people to be active in the community,” Millhiser says.

Seeing the World

Having “seen the world through PwC,” Millhiser continues to indulge her love of travel as much as possible, choosing beach locations when she can.

She has enjoyed sharing that international perspective with her 17-year-old daughter. “I’ve been able to show her the world outside the community she lives in. Because of that, she has a natural curiosity and an ability to go into new situations and adapt and make them work.”

/by

Voice of Experience: Jeewon Kim Serrato, Co-Head of the Global Privacy & Data Protection Group, Shearman & Sterling LLP

,

“You need to be true to yourself, especially as a woman in the tech industry,” says Jeewon Kim Serrato. There aren’t many women in cybersecurity so I know I stand out, but I also bring a different and valued perspective,” she says. “I am comfortable in my own skin and have confidence in my skills and capabilities, and I advise others to embrace their differences rather than trying to be someone they are not.”

voice-of-experience-jeewon-kim-serratoIn her view, combining this approach with intellectual curiosity and the willingness to learn and think creatively to come up with solutions is what will allow professionals to succeed in the industry.

Building a Career in Data Privacy

After graduating from law school at UC Berkeley, Serrato’s first job was in Washington, D.C., working on the Hill. That early experience where she was actually writing law gave her a whole different perspective, and as she says, molded her into the person she is today. “It was an incredible experience as a young lawyer to be in an environment where I truly realized that laws are made by people.”

That work also exposed her to the issue which has been a constant throughout her career and in which she has become an expert: working to balance national security issues with data privacy.

After leaving the Hill, Serrato worked at a law firm, delving into the intersection of law and policy and privacy issues related to mass media and the digital world, and then served as a senior privacy executive at LexisNexis and as Chief Privacy Officer at Fannie Mae.
The wide range of experience she has had working in public policy, business and private practice gives her a unique perspective, one that she has now brought to Shearman & Sterling in the privacy and data protection practice.

There, she is excited to be building the privacy practice within the firm’s cross-functional global network of lawyers. With offices in the United States, Canada, Latin America, Asia, the Middle East and Europe, they oversee myriad issues, from transactions and litigation to regulatory and compliance work.

“When I first joined Shearman, my vision was to develop a comprehensive, 360- degree practice. One of my priorities is to talk to our clients about their needs and help them respond when incidents break despite their best preparatory work.”

Many clients are already reaching out on advisory and compliance issues — curious about how they can prepare for major changes to the European rules coming in 2018.

The most challenging issue she identifies in the privacy industry right now is rapidly evolving regulations. Their global clients are challenged by the desire to have a consistent policy, when even the definition of what is “personal” fluctuates via a patchwork of laws. Even companies that are based in the United States need to consider that it’s likely their data is global, due to cloud storage or traveling employees.

Blending Professional and Personal Activities Helps Create Balance

Serrato knows it’s necessary to focus on work/life balance by prioritizing how you spend your day. “It becomes more difficult as we rise to more senior levels because there are even more demands on our time. And as our work becomes more demanding, our personal life also becomes more complicated.”

That’s where she believes outsourcing can be helpful, whether you rely on your family for assistance or use an online app to help with your errands. “There are so many resources you can use that allow you to outsource tasks that are less important so you can focus on those that are.”

Serrato is involved in a number of industry groups: two noteworthy ones are an appointment to sit on the Department of Homeland Security Data Privacy and Integrity Advisory Committee, and serving as a Dell Security Solutions Chief Information Security Officer Advisory board member.

Not only are these activities relevant to her work with clients, but Serrato sees other benefits to traveling and meeting with peers who are immersed in cybersecurity and data privacy issues. “We learn a lot from each other as we think through the laws and regulations that impact our clients, but these groups also serve as a platform to collectively determine best practices and industry standards to work towards,” she says.

She also appreciates the networking opportunities available at Shearman, and in particular supports the WISER (Women’s Initiative for Success, Excellence and Retention) associate-led group which encourages informal networking.

Though Serrato has enjoyed her time in D.C., she is looking forward to an upcoming transfer to San Francisco, for both personal and professional reasons. She intends to spend more time with family there, but also appreciates the high-profile tech companies with whom she can consult.

/by

Women and STEM: Why We Need to Reclaim Our Belonging

,

women in technologyBy Aimee Hansen

We are increasingly conveying a new message to our daughters and nieces when it comes to girls’ and women’s place in STEM (science, technology, engineering, mathematics): You belong.

“Ada Twist, Scientist” by Andrea Beaty held the top spot on the NYT best sellers among children’s picture books for four weeks as of October 16th (still in the top 10), joining Beaty’s “Rosie Revere, Engineer,” on the list for 76 weeks now.

In August, “Ada’s Ideas: The Story of the Ada Lovelace, the World’s First Computer Programmer” by Fiona Robinson was released. More of the books we give to our children to read are saying, STEM “is for girls” – and not only that, but they are exploring themes like passion, perseverance, and the value of failure.

Ada matters, and so does recognizing all the forgotten or overshadowed women in STEM, because it’s not that women are just entering these fields now, thank you very much. It’s that girls and women are being desperately courted back into them.

A Broken STEM Narrative

In an episode entitled, “When Women Stopped Coding,” NPR noted that women were a pioneering, rising presence in computer science until a stark turning point in 1984: when computers came into homes and the cultural narrative began glorifying them as toys for the boys.

From that year, the rising cultural narrative pushed girls out at home while talented women dropped out of tech in schools. In 1984, women represented 37% of computer science majors and despite the rising demand, today it’s 18%.

This was not the first time capable women were written out of the STEM story, just a recent one. The tired narrative that women don’t belong in STEM replays through the industry stereotypes and cultural dynamics that keep women away, throw an extra hurdle in their path, or drive them out.

Every time a new study (2016) shows that “woman” is still perceived by both men (even more so) and women to be incompatible with “successful scientist” (or programmer, or engineer, or executive, or leader), it’s proof that a limited narrative is still being internalized by our culture.

This “STEM is for men” narrative is dangerous, because it’s also written women right out of a rising proportion of high-reward, high-in-demand jobs. Bad for women, yes. And crippling for the U.S. economy.

Talent Shortage and Competitive Lag

A new report from Accenture entitled “Cracking the Gender Code: Get 3x More Women In Computing” calls the current lack of women a “national crisis with severe implications for America’s place in the global economy and for the future of women.”

Consider that women take home half of computing degrees in Malaysia and nearly half of engineering degrees in Indonesia. In the USA, women receive just 18% of computer science undergraduate degrees and 19% of engineering degrees.

The Accenture report states that job growth within the computer industry is growing at three times the national average, creating unmet demand. In 2015, there were over half a million open computing jobs in the U.S., but only 40,000 computer science graduates.

By 2018, it’s estimated that 2.4 million STEM jobs will be unfilled. The report points out that the shortfall of analysts in the U.S. is greater than the surplus of analysts in India and China combined. Increasingly these jobs are newly emerging jobs that haven’t existed before, requiring new specialized skills.

The glaring reality is that STEM needs women if the U.S. economy hopes to retain any leadership in digital innovation.

Women Sidelined Within Economy

An AAUW report states that engineering and computing represent 80% of the jobs in STEM, offering the highest return on investment and best job prospects.
Studies have shown that STEM jobs pay women better relatively to other jobs.

But women are least represented in engineering (13% of jobs) and computer science (26%), and the Accenture analysis showed that the gender pay gap within U.S. computing roles widened by 48% between 2011 and 2015, as women are missing out on the high-value roles.

Bringing women back into computer science isn’t just about progress in STEM. It’s about “bringing women back to the center of our economy.”

Encouraging Girls and Young Women In Tech

The Accenture report recommends a three-stage strategy to “more than triple the number of women working in computing in the U.S. to 3.9 million by 2025”, or 39% of the workforce. This would generate nearly $300 billion in additional cumulative earnings for women.

“The keys to improvement include: sparking the interest of girls in junior high school, sustaining their commitment in high school where early gains are often lost,” states the report, “and inspiring college undergraduates by reframing computer curriculums.”

Equal exposure is not enough, but actually re-tailoring educational programs towards girls, young women, and women – at all levels. Interventions at the college level would only result in 1.9 million in computing in 2025 (1.2 million now).

The first-ever technology and engineering literacy test in 2014 found that eighth grade girls (45%) were more proficient at engineering and technology related tasks than boys (42%).

A few years later, those same young women are less likely to take the related AP exams (only 20% of computer science exam takers) and less likely in their first college year to intend to major in these fields.

Accenture states that 69% of the potential growth in the computer pipeline is down to attracting girls at junior high age, as 74% of women in computing now were exposed in junior high.

This demands exposing girls to coding in more attractive ways (eg gaming), changing stereotypes, and increasing awareness of all parties (teachers, parents) about how computing can help change the world for the better.

Multiple initiatives here and globally are dedicated to recruiting girls and women into STEM- such as Million Women Mentors, the WISE campaign which seeks to bring one million women into STEM in the UK, and Girls Who Code.

At the high school level is when interest in computer science drops. The report recommends redesigning high school courses, creating grassroots campaigns around the difference STEM can make, and attracting more women teachers.

Supporting Women In Tech

At the college level, we’ve witnessed that strong, focused efforts can result in dramatic changes.

In 2016, Dartmouth graduated more female (54%) than male engineers, a first for a national research university. The program features more collaboration, a supportive network with diverse role models, and a “hands-on, project-based” approach, which exposes students to engineering who may not have chosen it.

In 2016, Harvey Mudd graduated a majority of women in computer science (54%) and physics (52%) for the first time ever, having already graduated a majority in engineering two years ago. Importantly, 64% of the 2016 computer science graduates who had accepted a full-time job had a position in the tech industry, compared to 30% in 2011. Only ten years ago, women were only 10% of computer science majors.

Under President Maria Klawe since 2006, Harvey Mudd has famously made three key changes that removed obstacles for women, such as reworking introductory courses to attract women and integrating research opportunities, and it only took a few years to quadruple CS majors and less than a decade to arrive to the landmark classes of 2014 and 2016.

At Harvey Mudd in 2017, six of the school’s seven department chairs and 38% of its professors will be women.

Biasing Recruitment towards Women

It’s not surprising that a slew of diversity apps designed to help to mitigate bias in hiring and promotion have been rising out of Silicon Valley, in many cases led by women who have faced bias in action in the tech industry.

These ideas help reduce the biases that keep women and minorities out of tech roles. But after such acute exclusion with such growing demand, it will take more than eliminating bias against women to address the massive talent gaps. It will take educational strategies that lean in towards girls and women.

Representation, visibility, and mentorship of women in these fields remains paramount. It starts to rewrite the broken cultural narrative and reminds both girls and women that we do belong – from our children’s books to our leadership.

Being visible is arguably the most influential thing an engineer, scientist, programmer, mathematician, and executive in any of these fields can do to encourage change.

Because it’s not just that girls and women belong. It’s that they are needed.

/by

4 Myths Debunked about Working in Technology

,

Mac computer and IPadPopular perception has the tech world consisting primarily of male hoodie-wearing programmers who spend their days in brightly colored, open-plan offices in the top brand name firms. While there are certainly places where this is true, there are just as many opportunities that offer a more traditional work environment and products that you might not associate with tech at first glance.

Myth #1: The best tech jobs are with Internet and social media companies.

Internet and social media companies are grabbing headlines for their outsized IPOs and merger prices. But does that really mean that the best tech jobs are in this space?

It’s important to consider what you want out of your career according to Andrea Gellert, senior vice president of marketing for OnDeck, a financial tech company that provides financing to small businesses.

Gellert comments,

“Where you end up really depends on what you want out of your career. Is the stage/size of a company more important to you than the sub-industry? Do you want an opportunity with equity and the potential for long-term payoffs, or one with more job security and less risk? A startup environment – which often includes long hours and the need to wear many hats – is very different than large corporations that have clearly defined roles.”

Myth #2: Working in technology means working in a technology company.

Technology plays a huge role not only in business, but also in medicine, the arts and many other fields. Unfortunately, in the arts and similar fields, it is often difficult to find stable work with a reasonable paycheck. These fields are embracing technology and there are a growing number of opportunities to work in these fields by focusing on their technology needs. “I love the arts but I don’t have the financial means to support myself on the typical museum salary,” notes a client service director for a company that provides software solutions to museums and galleries worldwide. “In my current role I work closely with curators and museum leadership around the globe. Technology offered me an opportunity to turn an avocation into a career.”

Not only is technology creating a wide range of opportunities to work in fields that one doesn’t normally associate with technology, as the tech industry grows and matures, it needs professionals with a wide range of skills and is reaching out to people from a broad range of backgrounds.

Myth #3: You have to have a tech degree and you have to know how to program.

“There is still a bias in biotech and life sciences that you need to have a background in those fields in order to work in those industries. That used to be the case in technology, but it is no longer the case,” says Erin Lubien, who after many years in technology, financial services and investor relations, now runs her own consulting firm.

OnDeck’s Gellert adds, “There are a variety of functions at top tech companies that don’t involve programming, for instance marketing, sales, analytics and HR. If you’re interested in how technology is transforming payments and finance, you can likely find a fit no matter your skill set.”

Myth #4: If you have the skills – the jobs will come to you.

During her tech career, Lubien found that many job seekers assumed that they could build a program or solution and employers would line up with offers, but that is not enough to get the job since companies are looking for people who can work as part of a team.

Lubien states,

“The companies that are winning in the market are filled with people who are enthusiastic, energetic and personable. In tech there are never enough people to get the work done, so companies are looking for employees who will pitch in and be part of a community.”

Liz Jackson, a web developer at Agency Fusion, an online advertising company, provided a list of reasons people gave her to not go into technology.

Jackson shares some of the biggest myths that she heard about the tech industry and summarized these types of comments into three statements to show the stereotypical nature of them. She says that they are all a variation of “Your coworkers will be so awkward – programmers are so weird” or, “You’re going to be bored to death – web development is worse than accounting” and lastly, “Well, you’ll be the only woman in your office.”

Jackson goes on to note, “I’ve met some of the most interesting, personable web developers and programmers since taking my first job as a developer. Just like any office, there are a wide variety of personalities and backgrounds.”

Do Your Homework, Ignore the Myths

The technology field is booming. And that’s good news for professional women. As the industry expands, there is a need for workers and companies are seeking to improve their diversity not only because it is good for public relations but because it is good business.

By Beth Senko

/by

Voice of Experience: Daria Rippingale, CEO, BillPro

,

daria rippingaleBy Cathie Ericson

“When you’re first starting out, knowing the people above you have much more knowledge and experience can feel intimidating,” acknowledges Daria Rippingale, CEO of Australia-based BillPro. “But I realized at a young age that one of the best ways to really learn is to dive in and give it a go. When looking back, I feel this has been a significant factor to the acceleration of my career.”

If ever faced with a task where she may feel daunted, Rippingale says her strategy is to just jump in. “Experiencing fear or anxiety about taking on a new challenge is not a weakness. It’s what you do about it that defines you. Holding yourself back is not beneficial to anyone. You need to be focused; stay in your own lane; and be aware of your individual skills and contributions. Then push yourself forward with confidence,” she says.

Jumping in To Build the Career She Wanted

Rippingale has definitely never hesitated to jump in. She always knew she wanted to be a business leader, having grown up with a strong role model in her mom, the National Director of the Health Department in Australia. She started as a digital marketer in the gaming industry exploring metrics, and then moved to the payments department where she managed the money coming in and out of games.

“I realized how much I enjoyed working in finance and wanted to stay involved with payments. So I found a payment startup, knocked on their door and introduced myself, and that was the start,” she says.

By the age of 26 she was promoted to CEO, overseeing 14 men, all of whom were older than her. “I was aware that taking on this position at my age would come with certain challenges, but I’m a solution-oriented person; I knew I would figure it out,” she says. And that she did, expanding into Canada, Hong Kong, the United States and throughout Europe, transforming the company into a global financial institution.

Over the years, the industry has expanded, in large part because of the ubiquity of social media as well as the global nature of business. “It used to be a big leap to think about doing business with someone in the U.K., but having everyone connected has had a huge impact on business.” For example, she now works with lots of U.S. companies, where even three years ago, the prospect of billing internationally sounded like a logistical nightmare. “Geographical boundaries are disappearing as a barrier.”

Success is Never Based on Gender

Rippingale has been aware of gender barriers over the years, but believes most are self-made. While she sees how women may be intimated, that’s never been an issue for her; in fact, she says she relishes these perceived “gender barriers” because of her personality. “I enjoy when a man is condescending; it makes me instantly know they lack self-confidence, and I won’t waste my time with them,” she says.

Women have to stop thinking about gender and just focus on their capabilities. “In my company your value is in what you contribute. We don’t have men and women; we have a team of ambitious and intelligent individuals who each contribute to the positive corporate culture we’ve developed. It has nothing to do with gender.”

Although today’s payment companies are in many ways the new iteration of male-dominated banking, the men she deals with now are “younger and hipper.” That means that while it’s still a “boy’s club,” she finds this younger generation to be easier to crack as a woman — dealing with peers who are more enlightened than the gatekeepers of old.
“When I started in the gaming industry there were 53 guys, and three women: the “model,” someone in customer service and me doing analytics. I spent three days feeling diminished and decided I was done with that: I was here to achieve and moved on to do that.”

Women Uniquely Qualified for Startups

Women and startups are an ideal match because of natural personal traits that women exude, from their capacity for multitasking to their propensity to display grit – the ability to bear and get through challenging situations.

Where others see inequality, she is impressed with the amazing strides women have made: Considering that women in her grandmother’s generation didn’t even work, she views as incredible the rise in stature women have achieved, with essentially a history of only 50 years in the workforce.

“The women I have hired are all very successful and very confident; I tell them to be empowered by that success, to always remember how they got to where they are.”

A Role Model and Champion

Active in a Women in Payments group, Rippingale is also highly involved in one-on-one mentoring to help women just starting in the industry.

She also is an avid supporter of the fact that it need have zero impact on a woman’s career when she has a child. “We are a digital business, and I have built the company to offer great maternity and paternity leave, with multiple options for how we make it work.”

Some women might want a home office to help them get back in the groove before they return and others may need increased flexibility. The company offers a reintroduction program and employees are encouraged to stay involved as much or as little as they want while they are out.

“I’ve been on the journey with friends and family when they were making this life-altering transition. I can only appreciate just how hard it would be to take your head out of work mode, care for a baby and then jump back in. I have great respect for any woman (or man) who is juggling the work-life-family balance. As a CEO, I think it’s imperative to set the standard by providing the required support and flexibility to allow them to continue a thriving career alongside their new family priorities.”

Making Friends Wherever She Goes

With all the travel she does for work, Rippingale enjoys developing friendship circles around the world. “I love meeting people and learning about their culture, their stories, and the nuances that make them unique.” In what little spare time she has, she enjoys learning languages and experimenting with cuisines of the world. “I am obsessed with vegetarian meals and love cooking ethnic foods; it’s the perfect complement to my affinity for all things global.”

/by

Beating Bias: How Technology Is Changing the Recruiting Game

,
women at computer
By Aimee Hansen
The hardest part of diversity can be the “how.” How do you stay awake to your own unconscious bias? Can you?

With no evidence that it’s possible to eliminate unconscious bias, a rising trend on the crossroads of diversity and tech is to mitigate bias with the help of technology tools.

New apps are helping to eliminate and filter the blindspots in the communications and decision-making that go into recruitment, hiring and promotion.

If You Can’t Stop it, Mitigate It

Diversity training helps individuals to become aware of their own bias, but unconscious bias, by definition, often evades our awareness to blindly drive our decisions. It can’t necessarily be trained away.

As Tony Greenwald, a University of Washington psychology professor who conducted seminal research on unconscious bias said, “Understanding implicit bias does not actually provide you the tools to do something about it.”

While increasing awareness of unconscious bias can enable individuals to be a bit more conscious of their own thought patterns and actions, it can also make bias socially normalized, which can backfire by condoning stereotyping.

We’re all doing it, right? If everybody is guilty, then is anyone?

One place where bias famously runs riot is in Silicon Valley. As Vivian Giang in Fast Company writes, “the percentage of underrepresented minorities is so low, (Silicon Valley) employers shouldn’t trust their own judgment anymore.”

But the dearth of diversity in tech town has recently catalyzed a booming counter-effect in app development.

As Ellen Huet writes in Forbes, unconscious bias has become the newest target in Silicon Valley and “demand for bias-busting solutions, in the form of consulting firms and anti-bias hiring software, has shot through the roof.”

Want Diversity? Watch Your Language

Something as seemingly innocuous as a job listing can bring bias into the hiring process through turning some candidates on and others away.

For example, research has shown that women are more drawn to/less threatened by companies that emphasize growth and development rather than boasting they hire the most awesome talent.

Two examples of companies who get the power and influence of words in the hiring process are Textio and Unitive, both of which have created software that tackle workplace bias in hiring and recruiting in “real time”.

Co-founder and CEO of Textio, Kieran Snyder, is a PhD in linguistics, who also researches gender bias in office dynamics. According to Textio, “the future of writing is knowing how well your words will work before anyone else reads them.”

Textio Talent, which has been used by companies like Twitter, Microsoft, Starbucks and Square, is “like a very smart word processor” that helps to predict how your documents, such as job listings and candidate e-mails, will perform.

As you write, the software highlights phrases, calls out their potential impact, and suggests alternative choices to appeal to a wider range of job seekers.

Textio has found that “proven track record” means more men will apply, “passion for learning” will attract more women, “mentoring” is generally more attractive than “coaching”, and “high performer” is more widely appealing than “rock star.”

There’s even an attraction difference between “manage a team” (more male) versus “develop a team” (more female). The tool also highlights when you’re just talking corporate jargon such as “synergy,” which makes listings less popular.

Snyder told Fast Company, “Everybody hates that language, but underrepresented people hate it more, probably because it’s a cultural signifier of some kind. It sort of communicates, this is an old-boy’s network kind of company.”

Take The Bias Out of Resumes & Interviews

Research that has shown that applicants with names that sound African-American have a 14% lower call-back rate. When it comes to tackling bias in hiring, developers are also focusing in on the resume and interview process.

Unitive has created an app that helps with creating word-optimized job postings, as well as resume reviewing and interview structuring, helping hiring managers monitor their decision-making and mitigate the effect of bias throughout.

The technology requires hiring managers to first “pre-commit” to what they most wish to see from an applicant, and presents resumes stripped of bias-triggering details like name and gender. Through the resume and interview process, the app reminds the manager of the key pre-committed criteria they choose.

In Fortune, Unitive Founder and CEO Laura Mather explains, ”We found a way to operationalize psychological findings so that hiring managers avoid bias as much as possible,” explains Mather.

It’s as much as about efficient hiring, and efficient hiring lends itself to more diversity. According to NPR, when cybersecurity firm RedSeal wanted to expand its employee base to increase women and minority representation, the CEO brought in Unitive to help filter out bias.

As a result, the firm received 30% more job applications, and the percentage of female engineers doubled. The candidate pool both increased and diversified. The technology helped to move away from “culture-fit”, breaking the mold on who fits into the company.

Unitive Founder and CEO Laura Mather told NPR that research shows “getting in different perspectives into your company makes your company more innovative, more profitable, more productive.” Mather said, ”All kinds of really great things happen when you stop making decisions based on how much you like the person’s personality.”

The Blind Audition

Another firm, GapJumpers helps remove bias from the hiring process for tech talent through blind auditions, just as blind auditions cracked the orchestra world open for female musicians. Candidates are given a challenge related to the job, rather than submitting a resume, which gives clues to gender and race. Not only is the process less biased, it allows those hiring to see how a candidate delivers.

Blendoor is just one other example of a new app which connects candidates and recruiters with faceless and nameless profiles, with a Tinder-like interface.

Nicki Gilmour, Founder of theglasshammer and organizational psychologist emphasizes that new technology is a valuable part of the equation in addressing unconscious bias. ”Like any behavioral change project, but especially anything to do with habits, assumptions and stereotypes, many parts of the system need to support the change structurally, to make individual change easier.”

”I also feel executive coaching is important as assumptions can be part of the cultural wallpaper and engrained,” Gilmour commented. “When they are interwoven with individual value sets that might be traditional to start with, making the unconscious conscious is only the beginning of this work.”

If You Talk the Talk, Try the Technology

More and more start-ups are entering the space of developing the technology that filters bias out of hiring efficiency and diversity, and current players have plans to expand beyond hiring to addressing promotions and reviews.

As the “how”’ of diversity becomes increasingly demystified and tangible, companies have a chance to do with unconscious bias what they would do with any inhibiting factor to their business: bring in the tools to address it.

Save

/by

Biotech: Where are the women on boards?

team-meeting-in-office-5lThe biotech sector lies at the center of several different forces shaping the economic landscape: companies originate in the halls of academia, they maintain close relationships with the pharmaceutical industry, and because of the capital intensive funding model associated with the industry, they are subject to a number of influences from venture capitalists as well. As a smaller industry, with approximately 2,300 companies in the U.S., biotech offers sharp insight into how niche industries are seeking to bring about fast changes in the number of women present in their board rooms and directors’ meetings. Since 52% of US biotech companies maintain all-male boards, the numbers are clearly painting a picture; women are not being invited to the table.

Read more
/by

Changing Industry Stereotypes Can Increase Women in STEM

,

People waiting for an interviewDo we really have to paint a picture to make the serious under-representation of women in science, technology, engineering, and mathematical (STEM) fields any clearer? YES, decided the faculty at New Jersey Institute of Technology, who have released the infograph, “Are Stereotypes Keeping Women Away from Science?”

Paint a picture it does. A quick glance reveals that women are represented half as much in STEM professions (25%) as they are in the workforce, while rarer yet in engineering and computer and mathematical sciences. From associates to doctorate, women are much less likely to convert their (relatively fewer) STEM degrees into a career in the field, where they’ll net unequal pay and less recognition. In fact, women are twice as likely to end up working in the lower-paying fields of education or healthcare with their STEM degree. Underneath this are the unconscious bias against female applicants and early ingraining of gender stereotypes.

Despite the frustrating gender dynamics at play for women in the STEM field, the biggest reason for the gender gap is too few are. Two recent studies recommend to get more women into the STEM door, widen the entrance: address narrow stereotypes about the field.

Gender, Science, and the “Brilliance” Factor

Recent research published in Science by Leslie and Cimpian found that in academia women are underrepresented in fields across science and humanities that value innate brilliance and morerepresented in those that value hard work and dedication.

Why? Because our culture still implicitly links raw, innate talent/genius/inborn ability/brilliance with men and not women.

As the Washington Post put it, “The difference between Sherlock Holmes and Hermione Granger may help explain why women don’t thrive as much as men in some fields of academia. One is brilliant by nature and the other has to work her butt off, and they represent the pervasive gender stereotypes of our age.“

Across 1,800 academics from 30 different disciplines, academia participants rated the importance of having “an innate gift or talent” or “a special aptitude that just can’t be taught” to succeed in their field versus the value of “motivation and sustained effort.” The study found the implicit emphasis put on brilliance as a success criteria predicted under-representation of women far better than other tested hypotheses. The findings extended to African-American representation, too.

The researchers clarified there’s no convincing evidence that men and women differ in capacity for brilliance, and the study can’t validate it’s actual importance in the field. “The argument is about the culture of the field,” Cimpian said. “In our current cultural climate, where women are stereotypically seen as less likely to possess these special intellectual gifts, emphasizing that those gifts are required for success is going to have a differential effect on men and women.”

Researcher Leslie shared, “Consider for example how difficult it is to think of even a single pop-culture portrayal of a woman who like Sherlock Holmes (& others)…displays that special spark of innate, unschooled genius.”

Field-specific success beliefs conspire with long-held gender stereotypes. “Any group that’s stereotyped to lack a trait that a field values is going to be underrepresented in that field,” Cimpian said.

While the gender stereotype around brilliance may be infuriating, the researchers recommend it’s the stereotype around the discipline that can easily change: downplay the importance of innate brilliance and reflect all excellence requires hard work.

“These findings suggest that academics who wish to increase the diversity of their fields should pay particular attention to the messages they send about what’s required for success,” said Leslie.

Culture Stereotypes & Computer Science

Dove-tailing the recommendation, a new research paper from Cheryan, Master, and Meltzoff asserts that to open the gates to computer science and engineering wider for women, diversify the gatekeeper stereotypes about the culture of these fields.

The article reports, “Computer science and engineering are stereotyped in modern American culture as male-oriented fields that involve social isolation, an intense focus on machinery, and inborn brilliance. These stereotypes are compatible with qualities that are typically more valued in men than women in American culture. As a result, when computer science and engineering stereotypes are salient, girls report less interest in these fields than their male peers.”

The authors acknowledge that many social constraints keep women from engineering and computer science. But they found that diversifying the way these fields are represented – the kind of people, the nature of the work, and values of the field – changes young women’s sense of interest and belonging in the field.

With no direct experience of the field, stereotypes and media representations are often what students have to go on, and they are tight and narrow. Picture a white, geeky, tech-focused, socially awkward but intellectually brilliant, pale-skinned guy with glasses who sleeps and eats science and works on his own. The researchers say cultural stereotypes like this “are perceived as incompatible with qualities that are valued in women, such as being feminine, people-oriented, and modest about one’s abilities.” Women don’t feel they belong to the culture.

The researchers argue that diversifying and broadening the stereotypes (rather than getting rid of them as they also positively draw people) attracts more women to computer science and engineering by enabling them to identify more with the fields, without deflecting male interest.

One opportunity to widen image is in media, which strongly impacts upon stereotypes. In one study women who read articles that computer science was breaking away from stereotypes were more interested in the field than those who read an article confirming them, whereas men’s interest was not affected.

A second opportunity to widen image is in more diverse exposure to the people in the field. In a previous study, Cheryan found that women’s interest was positively influenced when they interviewed a computer scientist who had non-stereotypical appearance (plain t-shirt) and preferences (eg enjoys socializing), regardless of their gender. In fact, the experience increased women’s sense they could succeed in the field compared to women who interviewed with the stereotype. Men’s sense they could succeed was not affected.

The researchers noted, “When the people in computer science depict themselves in a manner consistent with the stereotypes, it can convey to other students that one must fit the stereotypes to be successful in these fields.”

A third opportunity to widen image is around workenvironments, which reflect dominant cultural values. The researchers previously found that young women who were exposed to a room with non-stereotypical objects (nature posters vs. Star Trek, water bottles vs. soda cans, neutral books vs. science fiction books) were far more likely to express interest in pursuing computer science than those that visited a stereotypical room. This represents a sense of “ambient” belonging.

The researchers point out that while these sciences remain male-dominated cultures in which women do face obstacles, “A broader image that shows many different types of people and working environments in computer science and engineering actually represents a more realistic portrayal.” Diversifying representation of computer science helped increased female enrolment in certain universities.

Going beyond narrow cultural stereotypes in STEM widens the door to girls and women. And as more women dare to enter it, the culture will likely, if slowly, evolve too.

By Aimee Hansen

/by

Tech’s Gender Gap Should Surprise No One

,

bottom lineRecently, tech-news website The Verge published a report on diversity at at the U.S.’s biggest technology companies. In data scraped from Equal Employment Opportunity reports filed with the government, the article revealed official stats on workforce diversity at Amazon, Apple, Google, Facebook, Intel, Microsoft, and Twitter.

The numbers weren’t assuring. While women made up 47% of the U.S. workforce in 2014, the seven big, publicly traded tech companies that The Verge tracked only averaged 29% female. Amazon had the highest share of women workers at 37%, while Microsoft came in with the lowest share of women workers at 24%.

The share of women in leadership roles was even more stark. On average, at the seven companies studied, only 18% of executives and senior managers were women. The company with the highest percentage of female leaders was Facebook, at 23%, while Microsoft had the lowest percentage at 13%.

These are embarrassing numbers (and just as embarrassing were the statistics on racial and ethnic diversity – on average, only 21% of leaders at these companies weren’t white). But they shouldn’t come as a surprise. Researchers have long identified the problems behind the lack of diversity in the technology industry.

What is surprising, though, is how clearly defined the solutions to these problems are. Women keep leaving the industry; we know why; we know how to fix it. Yet the gap persists. A recent report by Catalyst identified several concrete reasons high potential women in tech leave for greener pastures and what these companies can do about it.

The technology industry purports to create innovative solutions to the world’s toughest problems. Perhaps it’s time for industry leaders to shift their gaze toward their own ranks, and implement the solutions experts have crafted to solve one of tech’s toughest problems: the workforce gender gap.

Leaky Pipeline

Tech companies like to tout their work to develop the “pipeline” of women into the industry, sponsoring programs designed to get girls and young women interested in STEM fields. This work is important and laudable. But an early lack of interest in science and technology isn’t the only reason for the low rate of women leaders working now in the industry.

The diversity benchmarking and solutions organization Catalyst says high potential women actively seek to leave the industry. According to Catalyst, women who took business jobs in the tech industry after earning an MBA were more likely than men to leave for another industry (women, 53%; men, 31%). And women who started in business roles in other industries were less likely than men to migrate to the tech industry (women, 9%; men, 13%).

Male MBAs who left the tech industry were more likely than women to say they changed jobs for greater opportunities (men, 67%; women, 52%), while women MBAs were more likely to say the left for personal reasons (women, 21%; men, 12%).

“Organizations invest tremendous resources to attract high potentials, and if that talent walks out the door—for any reason—it is incredibly costly for the company. Not only has that talent taken their skills and training elsewhere, but new employees have to be recruited and trained,” writes report author Anna Beninger, director of research at Catalyst.

The attrition problems are well documented, and so are the reasons behind them. Catalyst says women regularly start in lower level positions in the tech industry than men after earning MBAs. That means they also start at lower salaries from day one, a pay gap that persists over time.

In the study, high potential women MBAs in tech said they faced unclear requirements for evaluation and advancement, while men said their goals were clear. High potential women MBAs in tech said they had fewer role models than men, and vastly fewer said they felt similar to their coworkers than men did.

“Feeling like an outsider relative to their coworkers affects their access to development opportunities, sponsorship, and ultimately their aspirations to the top,” Beninger writes.

“Given the dearth of women in tech-intensive industries, including those in business roles, it is crucial for senior-level men in tech-intensive industries to champion women, and in time, create more women role models.”

Clarifying evaluation and promotion requirements, paying employees fairly, ensuring workers are able to meet family responsibilities and still get their jobs done, building cultures that value people outside the majority, and having corporate leadership set the tone from the top on diversity — these are all things that can help stop the female and minority attrition from the tech industry.

In practice, these solutions will take hard work to achieve. Implementing new policies is easy — it’s changing people’s mindsets that is difficult. But it is possible and necessary. The tech industry needs the best minds out there to solve problems in an increasingly complex business environment. It won’t be able to attract and retain the top people until business leaders approach this problem earnestly. Their work is cut out for them.

By Melissa J. Anderson (New York City)

/by