“It’s second to none in importance today in business, the skill of being a whole leader, an inclusive leader.” The Glass Hammer talked to Mike Fenlon, PwC’s Global Talent Leader, about PwC’s Aspire to Lead program.
Now in its third year, Aspire to Lead is a PwC series on leadership and gender equality that provides university students and professionals with inspiration and practical insight on developing leadership, from the perspective of inspiring leaders.
“Aspire to Lead is all about development,” Fenlon told us. “We’re not talking about what you need to do to as the CEO. Here are the skills that Day One will be relevant and make a difference for you, women and men.”
In addition to an annual video webcast that reached over 107 countries this year, PwC runs development and skill-building workshops and discussions with students year-round and across the world.
The first live webcast featured LeanIn.Org Founder Sheryl Sandberg and President Rachel Thomas. The second focused on “The Confidence to Lead,” and featured Confidence Code authors Katty Kay and Claire Shipman and Eileen Naughton, Managing Director and VP of Google UK and Ireland.
This year, the event was hosted by the Academy of Motion Pictures Arts and Sciences, and featured Award-winning actor Geena Davis, Founder of Geena Davis Institute on Gender in Media, Dawn Hudson the Academy CEO, and Director Jennifer Yuh Nelson. The panel provided insights from Hollywood on gender portrayal and taking your career to centre stage.
Fulfilling potential – being an inclusive and awake leader
“Aspire to Lead is about fulfilling potential,” Fenlon told us. “It’s absolutely critical for us to create an environment where everyone, men and women, can fulfill their potential and be whole leaders, inclusive leaders, and that means both individually and in our teams. That’s literally at the heart of our development framework.”
“One (aspect of inclusive leadership) is that I’m demonstrating self-awareness,” explained Fenlon. “In the context of working across differences, that means a commitment to understanding my own (unconscious) blindspots.”
“I’ll give you a few words,” he said. “Engineer. Scientist. Venture capitalist. Executive. Surgeon. Leader. Accountant. CEO. Literally, who do you see? What the research shows us is that who you see is skewed towards a male image, for both men and women.”
“The point is when I see you, do I see you as someone who possesses the potential to be a leader,” said Fenlon. “Am I going to connect you with people who I think will be valuable? Am I going to assign you to work that will stretch you and develop you? Will I take some risks because I see potential? This is about seeing potential.”
One of the discussion materials that’s been used in the program is an animated video in which a woman shares an idea in a meeting and goes unnoticed. Minutes later, a man shares the same idea and it’s hailed as “a breakthrough”.
“That shows a blind spot as a leader,” Fenlon said. “Am I awake, am I tuned into the dynamics of my team, to creating an atmosphere where everyone can contribute their ideas and everyone’s heard?”
“So when we talk about whole leadership,” Fenlon explains, “we start by saying I have to develop my self-awareness around who I am, around how my life experiences and culture have shaped how I see the world, and how I see others, and my ability to recognize talent. Is there anything more important in business than the ability to recognize talent, to spot talent?”
“If you’re asleep, if you’re blind, you’re really captive to your own biases and cultural assumptions, which just aren’t true,” Fenlon said. “If I’m awake, I understand, I’m seeing what’s in front of me, the dynamics in my team, who is speaking, who is being heard, who is contributing. I’m awake to the potential of my colleagues, of the people in my team. I see it. I’m excited by it. I’m creating opportunities for people to fulfill their potential. I’m aware of my blindspots. This is important for women and men.”
Throwing out the script
Speaking about the 2016 webcast, Fenlon says, “Our focus was the representation of gender in the entertainment and the media, and how that shapes the assumptions we make and those blindspots. We used that as a metaphor for ‘how do I write my own script, how do I demonstrate the confidence to be center stage, how do I launch my career in a way that I’m positioned to fulfill my potential?’”
The forum demonstrated how women can reject cultural scripts to write their own.
“Think of it this way,” said Fenlon. “Stereotypes are scripts that other people have written for you…You show up, day one of the office. Well, here are the three standard scripts, if you will, and they reflect massive blindspots. They may reflect all sorts of assumptions that are widely inaccurate about who you are and what you can do. But they’re the traditional scripts.”
“Jennifer Yuh Nielson is one of the very few women directors in Hollywood,” said Fenlon. “When she leads, and this is part of the power of the discussion we had, she leads as an introvert. She’s very focused on listening. She’s not the stereotypical director… She didn’t take the scripts that may have been handed to her. It’s about authentic leadership, playing to your strengths, and different styles of leadership than maybe what are stereotypically associated with men. It’s not just about being more like stereotypical male masculine models. And what can men then learn, in turn?”
Bringing men and women together
As one of the ten founding IMPACT partners for HeforShe, an important aspect of Aspire to Lead is that it brings both men and women together to work on gender equality together.
“When we did our session with Sheryl Sandberg, I bought all sort of books and I was handing them out,” said Fenlon. “I was talking to women colleagues and they were organizing Lean In circles, reading books, going to lunch and going to talking about it, going to conferences. And meanwhile what were men doing? Very little, is the answer.”
“I wrote in one of my blogs, ‘Is gender equality women’s work?’ Obviously, that’s rhetorical,” said Fenlon. “If we’re going to achieve gender equality, inclusive leadership, we all have a role to play here, and for men to become inclusive leaders, to fulfill their potential as a manager, as someone who can spot talent, who can bring out the best in others, who can bring out the best in a team, it means I’ve got to exercise self-awareness. I’ve got to look and acknowledge my blind spots. I’ve got to diversify my personal network. I have to learn to make sure I’m calling out all voices. I have to bring equality home.”
“The question is: who do you see…?”
“Aspire to Lead reflects our commitment as a culture,” said Fenlon. “We want students to have a really valuable development experience and in the process develop whole leaders, develop the leadership skills of students, help them prepare to launch their career, and to drive gender equality.”
Getting personal, Fenlon shared, “I brought my daughter to Hollywood Boulevard, and I took a picture of one star. You know these stars that have yet to be named? The question is: who do you see in that star? When you think about talent, when you think about a software engineer, when you think about a doctor, surgeon, accountant, lawyer, executive, venture capitalist, who do you see?”
Across the bottom of the symposium page for the Geena Davis Institute on Gender in Media, are the words: If she can see it, she can be it.
What Fenlon is driving at here is a critical complementary point. If we can all learn to see the potential of it already in her (or stop being blind to it), we can help her to be it, too.
Mover and Shaker: Yingli Zhu, Senior Portfolio Manager and Manager of Quantitative Research, Voya Investment Management
Movers and Shakers“Luck is what happens when preparation meets opportunity,” is one of Yingli Zhu’s favorite expressions. “That’s because when the next opportunity arrives, you will find yourself ‘lucky’ if you are prepared to take advantage of it.”
Making the Most of Opportunities
Zhu’s career is the result of this equation. After earning a Ph.D. in nuclear engineering, she joined the newly formed quantitative risk management team at ING Investment Management (now Voya Investment Management). As a logical, numbers person wanting to understand the math behind any idea, she found the position to be perfect for her.
Although Zhu had a very limited knowledge of fixed income prior to this role, working directly on different projects provided her with the opportunity to understand the building blocks of, and nuances for, fixed income securities.
Soon, she shifted her focus from data analysis and modeling to working closely with portfolio managers in different asset classes, developing tools to help them manage asset risks. Shortly after the financial crisis in 2008, the company underwent a major reorganization which created what she calls a “lifetime opportunity” to join the mortgage derivatives team, where she’s stayed for the past eight years.
“Never in my wildest dreams did I think I’d be part of a team managing multi-billion dollar assets for corporations,” she says, adding that she finds it satisfying on a daily basis. She notes that a luminary in the industry, Bill Gross, once said that a good bond manager should be 1/3 mathematician, 1/3 economist and 1/3 horse trader. “I’m proud to work on a team that combines so many talented individuals,” Zhu says.
Every day can present a great investment opportunity as the team works to achieve optimal risk adjusted returns and income while considering different reporting and accounting standards. “We have to be constantly creative and reinvent ourselves to achieve optimal returns,” she says. The decisions are complex since national and international developments can all have a direct or indirect effect on the assets that are bought and sold on a daily basis.
“All these developments can create opportunities, and it is always exciting to see how we can leverage these opportunities to create value for investors,” she says. “We evaluate new instruments we’ve never looked at before and study them to understand the risk/return profiles and determine if they are the right investment for each of our many portfolios.”
Hard Work Paves the Way for Success
Having grown up in China, Zhu had little knowledge about the financial industry and its corporate culture when she first started. “I assumed that I could succeed with hard work, determination, diligence and persistence, and those attributes continue to serve me well whenever there’s a new challenge I need to tackle,” she says.
What she appreciates about working at Voya is that everyone is an expert at some part of the business, so she can always find a resource to help her with any issue. “Everyone is willing to channel their energy for the good of the team,” she says.
Zhu’s current boss has always been her mentor. “We’re on the trading floor together so there is constant communication. If I have questions or need help I can get immediate feedback and help to resolve challenges,” she says.
Like her colleagues, she strives to be helpful to anyone who’s willing to learn and wants to move the business forward.
Over the years Zhu has found that the best learning approach is often getting your hands dirty. “If you see a challenge within the business that doesn’t seem to be your direct responsibility, but is one you can contribute to, you are going to benefit if you step up and help resolve it because of what you will learn along the way.”
While it’s common for anyone to wonder if what they do will pay off, she maintains the belief that all of her effort and persistence prepares her for the next challenge.
But no matter how exciting her days are at work, Zhu says she can’t wait to come home each day to see her family: her husband and her two children, ages four and one, whom she calls “the joy of my life.”
The 34th Annual Options Industry Conference – an update from this financial markets sector
Career Advice, NewsThe 34th Annual Options Industry Conference took place last week where representatives from exchanges, market makers, technology providers and regulators were just some of the attendees gathered in California. Hosted by the Options Clearing Corporation (OCC) and the International Securities Exchange (ISE), the conference focused on discussing communication between market participants and regulators, growth in the options industry as well as fragmentation and other current challenges the industry is facing.
The conference kicked off with a conversation between ISE’s Gary Katz and Stephen Luparello, Director, Division of Trading and Markets at the Securities and Exchange Commission (SEC).
Luparello recommended that market participants speak up more about issues impacting the markets to the SEC and Luparello referred to the notice and comment period within the rulemaking process and emphasized that when talking to Washington market participants should not “pick and choose” what challenges to discuss.
Another challenge addressed at the conference was the slow pace in which the industry is seeing growth. Exchange traded funds (ETFs), index and equity options volume has averaged about 14% growth in the past 40 years, according to Henry Schwartz, President at Trade Alert LLC who provided a State of the Union type presentation at the conference stating the growth figures from the industry are from 1.8 billion in contract volume in 2000 to 4.5 billion contracts traded in 2016.
Schwartz also explained that this growth may have opened the door for other exchanges to enter the market such as Nasdaq in 2008, BATS in 2010 and MIAX in 2012. While the current number of options exchanges has grown to 14 in 2016, while volume in ETF, index and equity options trading has only seen about 2% growth in the past 5 years.
This was discussed in detail at the exchange leadership panel with representatives from ISE, the Boston Options Exchange (BOX), Intercontinental Exchange (ICE), Nasdaq, BATS Global Markets, MIAX and the Chicago Board Options Exchange (CBOE).
Ed Boyle, CEO of BOX, believes that the industry needs to better engage the institutional side, such as hedge funds and advisors, with relevant products and market structures. Currently, these end users turn to the over-the-counter (OTC) markets rather than listed options contracts. Boyle believes that this switch in how people buy options can be achieved with more educational efforts.
To that end, the CBOE has recently invested in companies such as Tradelegs, a provider of advanced decision-support software that institutional investors can employ to optimize investment performance as well Vest Financial, an investment advisor that provides options-centric products and risk management solutions. CBOE also recently acquired LiveVol, a company that turns market data into options trading strategies. Andrew Lowenthal, Senior Vice President of Business Development at CBOE remarked that these investments were made to improve the end users experience.
CBOE also believes that bringing new products to the market will engage different participants. Recently the exchange launched FLEX options with Asian and Cliquet style settlements for insurance companies looking to hedge embedded exotic options risk.
While the industry looks for new means of growth, an area that may have swelled too large is the number of options exchanges. With 14 exchanges (and MIAX plans to launch a 15th this year), the industry experiences a lot of market fragmentation and players fighting for market share. As of publication, CBOE led the pack with 17% market share followed by Nasdaq’s PHLX with 16% and then ISE with 13%.
It is important to note that pending regulatory approval Nasdaq will acquire ISE in what is believed to be a play for more market share and, according to TradeAlert’s Schwartz, the industry will experience more exchange consolidation in the future.
Fragmentation, Auctions and Market Makers
The amount of options exchanges and its benefit or harm to the market was also discussed in a different, debate-style panel at the conference. Speakers were broken up into teams to argue the pros and cons of the issue.
One team believed that the 14 options exchanges was good for innovation and led to enhanced competition in the marketplace. They also fought that this brought stability to the markets. If one exchange experiences an emergency or had to close down, there are other venues participants can move to throughout a trading day. However, the opposing team found that the significant costs associated with connecting to various exchanges was prohibitive and that multiple venues also led to a more complex market structure.
Other hot topics in the debate included auction markets at exchanges. Auctions, which were introduced in the electronic options markets to mimic the flow of information that takes place on the trading floor, provide price discovery and best execution. However, they also inadvertently lead to less liquidity, wider spreads and a two-tiered market.
Finally, the debate also explored the decreasing number of market makers, firms which are required to provide a certain amount of liquidity at exchanges. With regulatory and technology costs making it hard to operate successfully in the current market environment, the industry has experienced a loss of liquidity and concentrates risk in fewer hands. It was concluded that the industry needs to find incentives for these types of firms and help them overcome costs as well as barriers to entry.
While the options industry has their work cut out for them, educational efforts and tools that will enhance the end-user’s experience as well new, relevant products will certainly bring different players to the market. Communicating with regulators, addressing challenges with the rule makers and keeping up with the competition will also make operating in the current environment more efficient. Heavy topics were discussed at this year’s options conference but it was productive and it seems everyone knows their part in moving this space forward.
Want To Help With Diversity Issues At Work? Make Leaders Address Them
Career Advice, Career Tip of the Week!So, what am I saying here? I am saying there are several reasons to get involved in a network/ERG and advocacy is an extremely effective strategy as is sponsorship (which we will discuss in another post) but do not confuse thinking you as a group have the authority to change the hiring or advancement of women directly as it is an indirect power at best. In any role, you should only accept responsibility for a task that you have the authority to execute on.
I hope this has got you thinking and comments are welcomed. Such a big topic and we shall explore the individual benefits of being part of an ERG all summer but also be wise enough to know when you are being tasked with something that the talent management group along with the organization’s leadership need to address.
By Nicki Gilmour, Executive Coach and Organizational Psychologist
Contact nicki@theglasshammer.com if you would like to hire an executive coach to help you navigate the path to optimal personal success at work
Voice of Experience: Toan Huynh, Managing Director, Accenture Technology
Voices of ExperienceAfter graduating from the University of Pennsylvania with a degree in Economics and International Relations, Huynh was faced with a dilemma of sorts when she received two job offers, one in investment banking and the other in consulting. “I chose consulting because of the amazing learning opportunities I knew it would allow me, for the impact I believed I could make.” She never looked back, and since has worked across a variety of problem solving roles during her career, including being a co-founder of one of the most well respected boutique cloud services brokerage and advisory firms in the world, Cloud Sherpas, which was strategically acquired by Accenture late last year.
Accenture is a leader in helping organizations move to the cloud to take advantage of a new era of service delivery and flexibility, where applications, infrastructure and business processes are brought together and delivered As-a-Service. Accenture’s Cloud First agenda offers comprehensive, industry-focused cloud services including strategy, implementation, migration and managed services, and assets including the Accenture Cloud Platform that can drive broader transformational programs for clients. Cloud Sherpas became of an integral part of Accenture’s aptly named Cloud First Applications team, which delivers cloud services for Salesforce, Workday, ServiceNow, Google and other “pure play” cloud technologies.
“We are constantly innovating around how to be the next generation customer care solutions providers – how to stay ahead,” says Huynh, who credits much of her success and achievements to a great passion for her job and teamwork. She also is working with Accenture’s New York Metro Office to integrate the company deeper in the local NYC community, around both fintech innovation and corporate citizenship collaboration with its non-profit partners. Although Huynh has had the chance to work in most major cities around the world, “NYC continues to be a hub for all things” for her.
A Rapidly Changing World
Huynh is kept on her toes with the constantly changing environment within which she works. “Within my space, we work with forward thinking insurers and financial services firms to springboard passed the legacy system constraints and corporate culture – the old ways of customer interactions – and modernize legacy systems and processes. Customer expectations around financial services companies are changing at a rapid pace, especially as digital disruptors have changed how and where customers want to engage, across a variety of communication channels. At Accenture, our goal is to help our customers innovate using our digital and Cloud First platforms. The work has been so exciting and rewarding to see customers transform into new icons in their ecosystems.”
In Tech, More Women Leaders
Although Huynh agrees that, traditionally, the financial services and technology space has been dominated by men, she notes that, “this is changing quite drastically and with good reason.” Huynh attributes this change to more women having greater access to (and encouragement) in taking technical training, but moreover she sees the biggest area for women to succeed in this field through mentoring. “Mentorship is paramount to helping one another build networks that foster and develop women leaders in this space,” and she adds, “Accenture is a leader in this way and I am proud to do my part to mentor up-and-coming young women.”
Accenture’s commitment to women really starts at the top, with its CEO making a personal commitment to advancing gender equality, and it also set a goal to grow its’ percentage of women new hires globally to at least 40 percent by 2017. Personally, Huynh is involved with the NYC Women’s Employees Resources Group, which drives programs that support women and help them build strong networks at Accenture and in the broader community, which she finds particularly important.
“My advice for young women? Be fearless in your educational pursuits and find a great mentors early, men and women, to be your advocate and help you navigate. For my women peers? I encourage each of us to continue to use our influence and experience to help women navigate and progress in their careers, and to be a resource pool to help elevate women leaders wherever we work and volunteer.”
Life, Outside Work
As a woman tech start up founder, Huynh does her part within the tech alley and entrepreneurial community to encourage others to do what she did, by being on panels and speaking to organizations. “I want others to take a big leap of faith and dare to do something different.” She also is part of the 37 Angels – a woman only angel investing network that invests in early stage seed start-ups started by male and female founders. “Being present and being daringly ‘out there’ will hopefully help pave the way for more women leaders in the workforce.”
Huynh and her family support Opening Act, an organization which provides after school theatre programing for underprivileged kids, as a way to develop skills for life. They also support Words without Borders, which provides translations of literary works across languages to break down barriers for knowledge exchange.
She uses the skills she’s acquired throughout her career to be the best mom possible to her 21 month old daughter.
Female Leaders Share Their Strategies On Creating Change at 5th Annual Navigating your Career Event
Career Management, NewsBy Melissa Anderson
Women leaders from the financial and professional services industries, shared their advice on how women can be agents of change at The Glass Hammer’s fifth annual career navigation event at PwC’s headquarters last Wednesday, sponsored by PwC, TIAA and Voya Investment Management.
“Change leadership starts with people who want to do better,” said The Glass Hammer’s CEO Nicki Gilmour as she opened the event, encouraging the audience to probe the speakers with difficult questions.
“We’re here to talk about how we can lift as we climb.”
The panel was moderated by Mary McDowell, an Executive Partner at Siris Capital Group and was a panelist at theglasshammer.com’s women in technology event last Fall.
Panelists included Christine Hurtsellers, Chief Investment Officer of Fixed Income at Voya Investment Management; Liz Diep, Assurance Partner for Alternative Investments at PwC; Pam Dunsky, Managing Director of Client Services Technology at TIAA; and Deborah Lorenzen, Managing Director and Chief Operating Officer for Global Product and Marketing at State Street Global Advisors.
While the panelists’ careers varied significantly and were spread across different industries, one factor emerged that all of them seemed to have in common: intention. Whether describing their career paths, discussing their experience mentoring, sponsoring and networking, or talking about the ways in which they lead change toward workforce diversity at their companies, it was clear that the women went about their business with purpose.
For example, in discussing how she chooses junior staffers to mentor or sponsor, Diep says,
“You have to seek out those people you want to mentor and sponsor – you can’t be a passive participant if you want to see change,” she said. Mentoring someone means serving as their sounding board and offering advice on career advancement, while sponsorship involves putting forward one’s personal capital behind closed doors to expand their career opportunities.
Diep mentioned that a motivating factor to grow in her own career is to see more junior colleagues progress along with her and how walking the walk on “lifting as we climb” strategy is important to her When discussing how she keeps her network fresh, Diep described how she blocks time on her calendar months in advance for networking coffees and lunches, and fills in the “who” later on.
Hurtsellers described how she tries to proactively work with other leaders in her company to develop a business plan that increases diversity.
“Being a female business leader in a very male-dominated industry can be quite a lonely spot,” she said. Clients are beginning to require asset managers to disclose their numbers on staff diversity during the RFP process; but Hurtsellers said that’s not enough.
“We need more than a check-the-box mentality around diversity to effectively tackle the issue. I try to challenge a bit of the establishment thinking,” she said. “I ask the elephant-in-the-room-type questions like ‘How do you get women into financial services if they don’t think that the industry matches their values?’”.
Hurtsellers further stated that she felt being a woman in a male-dominated industry can also be a competitive advantage if you’ve worked to build a personal brand, like authenticity.
“But it has to come back to who you are – be true to yourself,” she said.
Similarly, Dunsky shared how she had established a brand for herself earlier in her career, only to revise it later on.
“Earlier, my brand was being really hard working – but, I realized, you don’t just want to be known as a hard worker,” she said. “After taking a step back, I realized it’s not the only thing I want people to say about me.”
Dunsky said she started thinking more critically about what she wanted to be known for: leadership, the ability to execute, being able to guide and direct and grow her team.
“You have to be conscious of what your strength is,” she said. Sometimes a strength can be a weakness if it bars advancement to the next level, she explained. That’s why it’s important to always be thinking of your strengths and what you can build upon to help get to the next level.
“You want your brand to be natural – so people can conceive of you doing it,” she said.
Lorenzen added that being true to yourself is critical to advancement. Trying to ‘be one of the guys’ to blend in can ultimately hold you back, and so will shying away from big opportunities. She advised to take calculated risks early and often.
“Show up and say yes when you are asked, even if you only have 50% [of the qualifications], because the men will say yes if they only have 25%,” she said.
Finally, during the question and answer segment, one audience member asked a question that must have been top of mind for many of the guests.
Being head of a business unit or a partner at a firm comes with a lot of power that enables women at the top to open difficult conversations about diversity, she reasoned so the question is ‘How can someone be a change agent earlier in her career when there is a greater risk of retaliation for speaking up?’
To get to the top as a woman in a male-dominated industry, you have to stand up for those conversations throughout your career, said Lorenzen.
“If you fail to raise your voice on matters of ethics and therefore accept a status quo at odds with your beliefs, you won’t be happy,” she said. Of course, she continued, there is a measure of balance to find. It’s important to choose the right battles to fight.
Lorenzen continued “You have to choose when to speak up. It never gets any easier, and opportunities arise throughout your career to do the right thing. It is about leading from where you are.”
Summing up the evening’s discussion, McDowell said, “Be of good courage, build great relationships, don’t forget your peers and be true to yourself.”
Mover and Shaker Sylvia Favretto, Counsel, Financial Institutions Advisory & Financial Regulatory Group, Shearman & Sterling LLP
Movers and ShakersFinding the Right Fit Straight Out of Law School
After completing her undergraduate degree at Duke University, Favretto attended law school at the University of Michigan during which she served as a summer associate for Shearman, splitting time between the firm’s London and New York offices. In the fall of 2006 she started in the New York office in the leveraged finance practice group, ultimately transitioning to her current position in the financial advisory regulatory group. There, she finds she is constantly learning something new due to the dynamic nature of the group and its subject matter. “There is often not a large body of precedent for complying with new rules and regulations, so helping financial institutions adapt to the changing regulatory environment is both challenging and stimulating,” she says.
During law school Favretto had heard the common lore that the hours at big firms are intense and that associates would be living at the office with their whole lives revolving around work. “I had heard so many stories and warnings, that my expectation was that I would put my head down and work hard and that would be the primary way that I could add value and advance in my career,” she says. However, she found that while part of that is true, she soon learned that there is much more to being a successful lawyer — the key was not only to work hard and produce great results but also to network and market oneself both internally and externally.
Throughout her tenure at Shearman & Sterling she has been involved in its women’s network and has found it to be valuable not only for the internal training and mentoring but for the client and alumni events they organize and participate in. These events provide the opportunity for Favretto to meaningfully engage with successful women in law and industry with whom she wouldn’t necessarily otherwise interact.
Finding Meaning in Mentoring
Along the way, Favretto says she has been fortunate to have fantastic female mentors at Shearman, both informal and formal. “What was most valuable — and surprising to me — was that my mentors truly cared about my success and advancement,” she says. “They were generous with their time and had a genuine desire to invest in the careers of their mentees, rather than just doing so in order to check a mentoring ‘box.’ It really made a strong impression.” Favretto was surprised to discover just how meaningful mentoring relationships could be, and strives to serve in a similar capacity to associates in her firm.
Balancing Work and Life
Favretto’s two-year-old son, whom she calls “the light of her life,” has made her more efficient in her work. She’s learned to take a broader view of the concept of “work-life balance” by assessing what she achieves over the span of a week or month, rather than looking at any one single day. She says that when her son was first born, she wasn’t sure how she would be able to handle it all, but that it’s something she’s learned by doing.
“It’s tricky when you have a job you want to return to and excel at, yet you don’t want to neglect other, equally important aspects of your life. It’s difficult to plot out in advance how precisely you’ll achieve balance between your professional and personal life, but every person’s situation is different, and I believe everyone can find a balanced path forward that works for them.”
Most Likely to Succeed: What matters most when you are trying to get ahead
Climbing the LadderThe median long stint for these women CEOs is 23 years spent at a single company before becoming the CEO, compared to only 15 years for men. This means that for women, the long climb is over 50% longer than for their male peers. In addition, 71% of the female CEOs were promoted as long-term insiders versus only 48% of the male CEOs.
This means that it is especially important for women in the middle of their careers to find the best possible fit when looking to advance their career at their company or someplace new.
Finding the right company to go the distance with
Sharon Hadary who co-authors with Laura Henderson the book How Women Lead: The 8 Essential Strategies Successful Women Know believes that the importance of finding a company whose values match your own is key. In order to understand just what your values are—beyond the friendly HR language—she suggested women “look for the factual evidence that companies are supportive of women and that it’s not just words”. This means finding out how many women are in senior positions, hold positions on boards, and are involved in company supported networking groups. Hadary is not without cynicism however as it is really important to see how the rubber meets the road beyond programmatic solutions and comments,
“I always worry about women in programs, lots of companies will talk about their programs they have for women, but do they really put it into practice?”
Bonnie Marcus, author of The Politics of Promotion, echoes Hadary’s concerns. We asked her how women can really tell the difference between companies who are paying lip-service to diversity and those that truly support women. In addition to Hadary’s points, Marcus suggests noting whether or not women have P&L responsibility.
“Many companies will boast that they have promoted women to assume leadership roles, but when you take a good look at the organizational chart you may discover that these positions do not come with any fiscal responsibility. In other words, the company may have gendered roles even at the senior level.”
This is closely linked to her next suggestion, which is to make sure you have an understanding of women’s power and influence in the overall operations and strategy of the company. She suggests finding out the role women play in the overall operations and strategy of the company.
“Do they have any involvement in setting the direction of the company? Do women at all levels sit on committees that have a voice with senior management?”
According to Bloomberg Businessweek, this second point is one of the primary reasons there aren’t more women at the tippy top of the corporate ladder—they are not in operational positions that will give them the necessary experience for making the kinds of decisions that impact the company’s bottom line. Instead, they tend to rise to the top of functional departments, like human resources or finance. In fact, their numbers show 55% of the women in senior positions of the S&P’s 500 head these kinds of functional departments. When paired with the fact that 94% of these same companies’ CEO’s were in senior management positions of operations—like the development of product lines—immediately before making that final leap to the top, it seems especially important to find a company that already has women in these senior roles.
Recently, the Glass Hammer reported on how women can best make the transition back to work after taking a break. Business Insider reports that the unconscious bias associated with women who have children—that their commitment to their children will outweigh their commitment to their work—remains a large factor in their overall career progress. So, if you are planning to have a family one day, you may also want to note how many of the senior female executives have children and get a sense of their overall experience. The conversation about working mothers tends to revolve around work-life balance, but there is more to it than just finding time for car pool and illness. It’s about giving mothers the responsibility of projects that have a direct impact on the bottom line.
Finally, Marcus suggests finding out whether or not their programs and networks meant to support women actually have a budget.
“Many of these programs lack any financial support which most likely indicates the company is paying lip service to supporting the advancement of women. Very little can be accomplished without money or executive sponsorship.”
There is no telling the future, and there is no sure fire road to the top. And yes, you may do everything right, follow the rules, be assertive, engage men, find a mentor and take every other piece of advice given, and still not make it. Sometimes, the numbers are just that tough and the intentions that hard to decipher. These hard facts are all the more reason to be focused, be smart and do your research when looking for that next job—it is one of the biggest decisions you will ever make. And even though it can be fun to hop around, and even a good idea early in your career, but eventually, your best chances of getting ahead will be found when you commit to a company that is equally committed to you.
By Rebecca S. Caum
Staying Safe While Challenging The Status Quo
Career AdviceOur panel responded with very sensible and specific answers but for the sake of an answer here, I can sum it up to the following points adding to the panel answers with my knowledge as an Executive coach and Organizational Psychologist:
– Know your environment (context is everything and how work gets done around here is the ultimate organizational culture question- what flies and what does not?)
– Know your audience, who are you asking to change or address something and what is their track record/temperament?
– Know when to make your ask/raise an issue- timing is everything.
This is a very delicate topic but ultimately as I said in the event opening last week, change leaders are people who want to see things be done better and that doesnt come by accepting blindly the status quo.
It is not for everyone, but for those out there who wish to speak truth to power, we want to arm you with the right tools.
By Nicki Gilmour, Executive Coach and Organizational Psychologist
Contact nicki@glasshammer2.wpengine.com if you would like to hire an executive coach to help you navigate the path to optimal personal success at work
Voice of Experience: Christine del Rosario, Partner, PricewaterhouseCoopers
Voices of ExperienceCareer Path
Del Rosario joined the Orange County office of PwC in 1998 after graduating from UCLA and spent nine years in the assurance practice specializing in the industrial products sector. In her first coaching meeting, she recalls, she mentioned to her coach she wanted to do an international tour at some future stage in her career, and that aspiration was always revisited in their discussions from that point forward. Her plans materialized in 2007 when she moved to London for a three year assignment, and also had the opportunity to work in Tokyo during that time. Through this experience she was exposed to the financial services sector and decided to switch her specialization to financial services when she repatriated in 2010.
Over the years, del Rosario has seen that superiors give opportunities to people they like and in whom they see potential, and they will invest time in developing those individuals. She suggests for women to continue to find ways to connect with leaders in their organizations, both men and women alike. “It’s not so much about networking, but about developing relationships that are genuine because of the emotional investment you have made with those people, which creates a special bond that, almost always, stays with you forever.”
Del Rosario says she was fortunate to develop deep relationships with senior managers and partners early in her career, and she found those individuals looked after her, providing counsel and feedback. “Navigate your way to increase your visibility and likeability factor so you’re top of mind when opportunities arise,” she advises.
One program at PwC she feels has contributed to her success is “Breakthrough Leadership,” where high-potential senior managers who have been identified as future leaders gather for a two-day conference. They build skills, such as how to solicit candid feedback, and are connected with leaders who will help open doors and act as sponsors as they make the journey into the next stage of their careers. “It’s important that we make sure we have these opportunities to develop women, and support them as they progress towards getting admitted into the partnership,” she says. A key contributor is the ability to get exposure and network with leaders and other peers.
Exciting Times and Giving Back
Without hesitation she says that being admitted to the partnership is the achievement she’s most proud of. “Leading up to it you get such tremendous support and the partners truly make you feel they have your back, so when you get admitted it’s like being welcomed to this special family,” she says.
Currently, del Rosario is working closely with some new clients on the audit side. “New engagements with new teams are always a great opportunity to learn together and establish new processes, which is quite powerful when you realize you helped shape what people will continue to build upon for years to come,” she says. “These types of highly collaborative projects are very exciting to me.”
In addition to working on these new clients, del Rosario enjoys being constantly challenged and working to help clients understand how PwC’s five identified megatrends (demographic and social change, shift in economic power, rapid urbanization, climate change and resource scarcity, and technological breakthroughs) will shape the global and economic landscape, many of which may disrupt her clients’ businesses.
Del Rosario has always had an interest in developing others, which carries over into her philanthropy. She serves as an officer of the board of Ascend, a non-profit that focuses on diversity and inclusion and development of Pan-Asian leaders in the business community. Since having been involved in Ascend, “I have had the opportunity to help mentor a lot of wonderful and highly-engaged and motivated individuals as they work their way through their careers, and all of them inspire me to continue to try to make a difference each and every day,” she says.
A Travelling Family
Del Rosario appreciates the privilege she had of travelling around Europe when she and her husband were living in London and now she delights in taking her son places they went as a couple to rediscover them as a family. Before her son turned five, he had traveled over 100,000 miles, with each journey catalogued in a special travel book a friend created when he was born.
Aspire to Lead: Developing Whole and Inclusive Leaders
Career Advice, Featured, This Month's FeatureNow in its third year, Aspire to Lead is a PwC series on leadership and gender equality that provides university students and professionals with inspiration and practical insight on developing leadership, from the perspective of inspiring leaders.
“Aspire to Lead is all about development,” Fenlon told us. “We’re not talking about what you need to do to as the CEO. Here are the skills that Day One will be relevant and make a difference for you, women and men.”
In addition to an annual video webcast that reached over 107 countries this year, PwC runs development and skill-building workshops and discussions with students year-round and across the world.
The first live webcast featured LeanIn.Org Founder Sheryl Sandberg and President Rachel Thomas. The second focused on “The Confidence to Lead,” and featured Confidence Code authors Katty Kay and Claire Shipman and Eileen Naughton, Managing Director and VP of Google UK and Ireland.
This year, the event was hosted by the Academy of Motion Pictures Arts and Sciences, and featured Award-winning actor Geena Davis, Founder of Geena Davis Institute on Gender in Media, Dawn Hudson the Academy CEO, and Director Jennifer Yuh Nelson. The panel provided insights from Hollywood on gender portrayal and taking your career to centre stage.
Fulfilling potential – being an inclusive and awake leader
“Aspire to Lead is about fulfilling potential,” Fenlon told us. “It’s absolutely critical for us to create an environment where everyone, men and women, can fulfill their potential and be whole leaders, inclusive leaders, and that means both individually and in our teams. That’s literally at the heart of our development framework.”
“One (aspect of inclusive leadership) is that I’m demonstrating self-awareness,” explained Fenlon. “In the context of working across differences, that means a commitment to understanding my own (unconscious) blindspots.”
“I’ll give you a few words,” he said. “Engineer. Scientist. Venture capitalist. Executive. Surgeon. Leader. Accountant. CEO. Literally, who do you see? What the research shows us is that who you see is skewed towards a male image, for both men and women.”
“The point is when I see you, do I see you as someone who possesses the potential to be a leader,” said Fenlon. “Am I going to connect you with people who I think will be valuable? Am I going to assign you to work that will stretch you and develop you? Will I take some risks because I see potential? This is about seeing potential.”
One of the discussion materials that’s been used in the program is an animated video in which a woman shares an idea in a meeting and goes unnoticed. Minutes later, a man shares the same idea and it’s hailed as “a breakthrough”.
“That shows a blind spot as a leader,” Fenlon said. “Am I awake, am I tuned into the dynamics of my team, to creating an atmosphere where everyone can contribute their ideas and everyone’s heard?”
“So when we talk about whole leadership,” Fenlon explains, “we start by saying I have to develop my self-awareness around who I am, around how my life experiences and culture have shaped how I see the world, and how I see others, and my ability to recognize talent. Is there anything more important in business than the ability to recognize talent, to spot talent?”
“If you’re asleep, if you’re blind, you’re really captive to your own biases and cultural assumptions, which just aren’t true,” Fenlon said. “If I’m awake, I understand, I’m seeing what’s in front of me, the dynamics in my team, who is speaking, who is being heard, who is contributing. I’m awake to the potential of my colleagues, of the people in my team. I see it. I’m excited by it. I’m creating opportunities for people to fulfill their potential. I’m aware of my blindspots. This is important for women and men.”
Throwing out the script
Speaking about the 2016 webcast, Fenlon says, “Our focus was the representation of gender in the entertainment and the media, and how that shapes the assumptions we make and those blindspots. We used that as a metaphor for ‘how do I write my own script, how do I demonstrate the confidence to be center stage, how do I launch my career in a way that I’m positioned to fulfill my potential?’”
The forum demonstrated how women can reject cultural scripts to write their own.
“Think of it this way,” said Fenlon. “Stereotypes are scripts that other people have written for you…You show up, day one of the office. Well, here are the three standard scripts, if you will, and they reflect massive blindspots. They may reflect all sorts of assumptions that are widely inaccurate about who you are and what you can do. But they’re the traditional scripts.”
“Jennifer Yuh Nielson is one of the very few women directors in Hollywood,” said Fenlon. “When she leads, and this is part of the power of the discussion we had, she leads as an introvert. She’s very focused on listening. She’s not the stereotypical director… She didn’t take the scripts that may have been handed to her. It’s about authentic leadership, playing to your strengths, and different styles of leadership than maybe what are stereotypically associated with men. It’s not just about being more like stereotypical male masculine models. And what can men then learn, in turn?”
Bringing men and women together
As one of the ten founding IMPACT partners for HeforShe, an important aspect of Aspire to Lead is that it brings both men and women together to work on gender equality together.
“When we did our session with Sheryl Sandberg, I bought all sort of books and I was handing them out,” said Fenlon. “I was talking to women colleagues and they were organizing Lean In circles, reading books, going to lunch and going to talking about it, going to conferences. And meanwhile what were men doing? Very little, is the answer.”
“I wrote in one of my blogs, ‘Is gender equality women’s work?’ Obviously, that’s rhetorical,” said Fenlon. “If we’re going to achieve gender equality, inclusive leadership, we all have a role to play here, and for men to become inclusive leaders, to fulfill their potential as a manager, as someone who can spot talent, who can bring out the best in others, who can bring out the best in a team, it means I’ve got to exercise self-awareness. I’ve got to look and acknowledge my blind spots. I’ve got to diversify my personal network. I have to learn to make sure I’m calling out all voices. I have to bring equality home.”
“The question is: who do you see…?”
“Aspire to Lead reflects our commitment as a culture,” said Fenlon. “We want students to have a really valuable development experience and in the process develop whole leaders, develop the leadership skills of students, help them prepare to launch their career, and to drive gender equality.”
Getting personal, Fenlon shared, “I brought my daughter to Hollywood Boulevard, and I took a picture of one star. You know these stars that have yet to be named? The question is: who do you see in that star? When you think about talent, when you think about a software engineer, when you think about a doctor, surgeon, accountant, lawyer, executive, venture capitalist, who do you see?”
Across the bottom of the symposium page for the Geena Davis Institute on Gender in Media, are the words: If she can see it, she can be it.
What Fenlon is driving at here is a critical complementary point. If we can all learn to see the potential of it already in her (or stop being blind to it), we can help her to be it, too.