Welcome to The Glass Hammer’s Celebration of Asian Heritage Month! All month long we will be profiling successful women here in the US who have Asian heritage as well as spotlighting some amazing women in Asia and discussing what it means to work there.
According to Elinor Hoover, Co-Head, Financial Strategy and Solutions Group and Vice Chairman of Capital Markets Origination at Citi, it is important to maintain contacts, nurture relationships, and build networks from the moment you begin your professional career.
“When you are starting out in your career, you might be so focused on building up your technical skills that you fail to recognize the value of establishing relationships that can serve as key factors in your career development and advancement,” she added.
“This networking extends beyond your colleagues and communities,” said Hoover. “You need to think about networking on a global level and understand how this is a component of driving business forward.”
Career in Banking
Hoover entered the financial services industry in the late eighties with an academic background in music, biophysics, and biochemistry. “I was not your typical business, economics or finance major, but I decided to go into investment banking,” said Hoover. “After working for a couple of years in the healthcare investment banking area at Credit Suisse First Boston, I accepted a position at The Blackstone Group, which was focused on M&A.”
When Hoover joined Blackstone, it was building its private equity business. At the same time, cross-border activity between Asia and the United States was really heating up. “I was interested in this opportunity by virtue of my heritage to spend some time in the Asia region,” explained Hoover, who went on to perform M&A advisory work with Blackstone in Tokyo for two years.
After she returned from her international assignment, Hoover earned her MBA from Harvard Business School and continued to follow her passion for banking in her next role within the Derivatives Products Group at Morgan Stanley. “I had investment banking experience, but I was not as familiar with the sales and trading aspect. Since my background was in mathematical based work, I decided that a structured products group would be a good fit,” said Hoover.
During this time, there was a strong interest in reorganizing the derivatives business and starting an effort around corporate clients, according to Hoover, who was selected to help launch that effort based on her previous experiences in corporate finance and derivatives. “I helped grow the business domestically in North America, and then globally,” Hoover noted.
In the early 2000s, Morgan Stanley launched another effort to integrate the derivatives business with the cash businesses. “Once this effort was underway, I was in charge of Fixed Income Capital Markets, and later became the Vice Chair of Capital Markets, where the goal was to integrate derivatives, equity, and debt in order to create a much more suitable offering to our clients,” Hoover said. This experience sparked her interest and passion for developing holistic product offerings, something she carried over to her current role at Citi.
A few years ago, Hoover began to look at Citi and recognized the company’s strength in capital markets, and its relationship management process, which was being implemented to elevate its client franchise. “After nearly 20 years at Morgan Stanley, I decided to join Citi,” said Hoover. “I saw this as a tremendous opportunity to join a firm with an established capital base and global reach.”
Serving Clients with Innovative Solutions
Hoover views her current role at Citi as a culmination of her past professional experiences. “The effort is to be cutting-edge and innovative on corporate finance and risk management topics, and as a result offer holistic solutions to clients around important thematic issues,” explained Hoover.
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Movers and Shakers: Lei Chen, Vice President and Head of Enterprise Growth Risk and Information Management, American Express
Movers and Shakers“One of the things I am most proud of in my career at American Express is my involvement with the Executive Women’s Interest Network,” said Chen, who led the employee network, and has been instrumental in building it up as a critical platform to help advance and retain women talent through various activities including workshops, guest speaker series, roundtable discussions, mentoring programs and networking events.
“I think it is so important to reach out and help others develop their potential,” added Chen, “and one of the most effective ways to do this is by gathering together, sharing our experiences, learning best practices, and paying it forward.”
Career at American Express
After graduating from Michigan State University with a Ph.D. in Statistics, Chen joined the Risk and Information Management group at American Express where she had the opportunity to develop expertise in almost all areas of Risk Management and across multiple business units.
Currently, Chen serves as Vice President and Head of Enterprise Growth Risk and Information Management where her primary role is to develop risk management strategies and drive growth in the area of non-traditional payment products.
“One of the most rewarding aspects of my job is that I am directly involved in redefining our company’s brand by making our products more accessible and inclusive,” said Chen. “Enterprise Growth group is like a start up inside of American Express. With the launch of Bluebird, a checking & debit alternative, we use emerging technologies to expand our customer segment beyond our premium base, and to enable “financial inclusion” for the underserved population by traditional financial services.”
One of the challenges Chen acknowledged is delivering the brand’s promise for world class customer experience, trust, and security while achieving industry best risk performance.
According to Chen, the leadership support she has received from American Express has played a key role in her personal career development. One of the most notable programs Chen was selected to participate in was the Compass 45 Leadership Program, of which she was a participant in 2006. This was a twelve month program designed to help high potential and high performing leaders further develop their leadership skills through focused training and working on real projects that solve real business problems within the company.
“In addition to strengthening my leadership skills, I built strong connections and network among my peers,” explained Chen. She continued, “Before the program, I used to be a workaholic. Hearing and observing how my peers balanced their work and life, I had my ‘aha moment.’ I was inspired and realized that I can also have it all.”
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Our Internal Relationships Lead to Success
Expert AnswersThe better our relationships, the more effectively and efficiently we can achieve our desired outcomes.
The paradox is that the quality of our relationships is best established without a motive – not because this person can help me, but rather because I am genuinely interested in this person, I want to learn what she does, and perhaps how I can help her.
One of my very favorite books, The 100/0 Principle by Al Ritter proposes that a relationship should not be 50/50; we should offer our whole self to it. There should be no judgment, no qualification. This means, I want to be your colleague, teammate or friend regardless of what kind of car you drive or whether you can help me in my business.
Why is this important? When two people connect because of mutual respect and admiration, they form a genuine bond that opens the door to trust. They can share ideas and simply enjoy each other – not trying to one-up the other, just asking questions to understand and learn. By exchanging stories, they discover, hey, I have something that might help you. This is exactly what good business relationships are about. These conversations are way more important than emails, newsletters, videos or conference calls.
Too often, though, top executives spend the vast majority of their time together.
We must realize that the work of our company is done at all levels and out in the field, working with our clients and customers, and behind the scenes. Every member of our team is important and makes a difference.
We need to reach out to the people doing the work of the company! When we do, and we ask them for advice, feedback and help, we show humility and quiet confidence. These are very attractive qualities in a leader. This is how we build trust and inspire mutual success.
This is an area where men could learn from women. Women tend to connect with people regardless of whether they are in their immediate circle, and that is good for organizational culture and morale.
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McKinsey Launches New Centered Leadership Book by Barsh and Lavoie
LeadershipIn a recently published article, McKinsey & Company director emeritus, Joanna Barsh, noted how her fears of being ignored and judged, and the efforts she made to confront them, have served as the foundation of her work on Centered Leadership with co-author Johanne Lavoie.
“Layers down,” she writes, “I (re)find the message I misplace when life gets too eventful: Centered Leadership is not about attaining some higher state of perfection—it’s not about perfection at all. Deep down in the onion of what I really want, I find humanity—yours and mine. It’s my role—and my deepest desire—to transform in a way that encourages you.”
Although it may seem like a personal message, Barsh and Lavoie found that it resonated strongly with the leaders they encountered, three of whom were honored at the recent book launch at the McKinsey office in New York City.
As Barsh explained in introducing the speakers for the night, among them former President of Ecuador, Dr. Jamil Mahuad, Wall Street Journal Deputy Editor-in-Chief, Rebecca Blumenstein, McKinsey’s New York Office Director, Ramesh Srinivasen, and moderator Lavoie: “Centered Leadership has taught me how to connect to incredible individuals, and I have grown in leaps and bounds because of them.”
Leading from the Center
While Lavoie acknowledged that all three speakers were interviewed for their ability to inspire and to energize, she highlighted President Mahuad in particular for finding a new purpose to his life when confronted with what seemed a nearly insurmountable challenge. “I was always touched by the deep sense of meaning you have in your life,” she noted, “And how you say that your purpose now is to alleviate human suffering—which is a big, bold statement.”
President Mahuad, who survived a brain hemorrhage during his presidential run in 1997, was left for days unable to move or interact with anything beyond his own thoughts. “After not having one second for myself,” he said, “suddenly I was paralyzed on my left side with twenty-four hours of time to myself and I couldn’t do anything but be with me. And I discovered that I didn’t like my company. And I thought: if I don’t want to be with me, then why would others?”
The answer, for President Mahuad, lay in setting aside the question of ‘why?’ and asking instead ‘what for?’ “I wouldn’t be able to have this conversation today without that stroke: it invited me to discover my human side and to be able to express it to others.”
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Voice of Experience: Elinor Hoover, Co-Head, Financial Strategy and Solutions Group and Vice Chairman of Capital Markets Origination, Citi
Voices of ExperienceAccording to Elinor Hoover, Co-Head, Financial Strategy and Solutions Group and Vice Chairman of Capital Markets Origination at Citi, it is important to maintain contacts, nurture relationships, and build networks from the moment you begin your professional career.
“When you are starting out in your career, you might be so focused on building up your technical skills that you fail to recognize the value of establishing relationships that can serve as key factors in your career development and advancement,” she added.
“This networking extends beyond your colleagues and communities,” said Hoover. “You need to think about networking on a global level and understand how this is a component of driving business forward.”
Career in Banking
Hoover entered the financial services industry in the late eighties with an academic background in music, biophysics, and biochemistry. “I was not your typical business, economics or finance major, but I decided to go into investment banking,” said Hoover. “After working for a couple of years in the healthcare investment banking area at Credit Suisse First Boston, I accepted a position at The Blackstone Group, which was focused on M&A.”
When Hoover joined Blackstone, it was building its private equity business. At the same time, cross-border activity between Asia and the United States was really heating up. “I was interested in this opportunity by virtue of my heritage to spend some time in the Asia region,” explained Hoover, who went on to perform M&A advisory work with Blackstone in Tokyo for two years.
After she returned from her international assignment, Hoover earned her MBA from Harvard Business School and continued to follow her passion for banking in her next role within the Derivatives Products Group at Morgan Stanley. “I had investment banking experience, but I was not as familiar with the sales and trading aspect. Since my background was in mathematical based work, I decided that a structured products group would be a good fit,” said Hoover.
During this time, there was a strong interest in reorganizing the derivatives business and starting an effort around corporate clients, according to Hoover, who was selected to help launch that effort based on her previous experiences in corporate finance and derivatives. “I helped grow the business domestically in North America, and then globally,” Hoover noted.
In the early 2000s, Morgan Stanley launched another effort to integrate the derivatives business with the cash businesses. “Once this effort was underway, I was in charge of Fixed Income Capital Markets, and later became the Vice Chair of Capital Markets, where the goal was to integrate derivatives, equity, and debt in order to create a much more suitable offering to our clients,” Hoover said. This experience sparked her interest and passion for developing holistic product offerings, something she carried over to her current role at Citi.
A few years ago, Hoover began to look at Citi and recognized the company’s strength in capital markets, and its relationship management process, which was being implemented to elevate its client franchise. “After nearly 20 years at Morgan Stanley, I decided to join Citi,” said Hoover. “I saw this as a tremendous opportunity to join a firm with an established capital base and global reach.”
Serving Clients with Innovative Solutions
Hoover views her current role at Citi as a culmination of her past professional experiences. “The effort is to be cutting-edge and innovative on corporate finance and risk management topics, and as a result offer holistic solutions to clients around important thematic issues,” explained Hoover.
Read more
Millennials at Work: Rocking the Boat or Raising the Bar?
Office PoliticsMillennials –the generation famously deemed by the New York Times as the “Go-Nowhere Generation” –are expected to make up 50 percent of the US workforce by 2020, according to the U.S. Bureau of Labor Statistics. Aside from a shift in office demographics, what exactly does this influx of Millennials mean for business dynamics, company cultures, and organizational infrastructures?
According to Deloitte’s annual Millennial (Gen Y) survey, this generation is passionate, eager, and ambitious. However, the survey also revealed that half of the respondents don’t feel like they receive enough professional development at work, and the majority (roughly 70 percent) of them see themselves leaving the corporate world at some point in favor of working independently.
There is no question that Gen Y employees bring a different mind-set to the workplace, but what everyone is still trying to figure out is whether or not millennial attitudes are a welcome change or an unwanted burden. Either way, millennials represent the pipeline of future leaders. This means that companies are starting to adjust their practices and policies to adapt to millennials’ demands and expectations.
For example, just last year Goldman Sachs started encouraging junior bankers to take weekends off in an effort to reduce the demands on entry-level employees. While this move negates the traditional idea of junior bankers putting in long hours that almost always include late nights and weekends, it does respond directly to the fact that millennials –of both genders – actually place a high premium on work-life balance.
Does catering to this generation make millennials entitled and lazy –as some suggest –or is it simply a case of companies making a concerted effort to retain young talent before losing them to major competitors or a fledging startup?
What Millennials Want
Deloitte’s Millennial survey of 7,800 individuals in 26 countries is one of the most recent iterations of research dedicated to revealing millennial ideals in order to provide managers with insights and tools for successfully attracting, developing and retaining up and coming Gen Y talent.
According to Deloitte, millennials want to make a difference, and they believe that businesses can positively impact society. However, the report states, “Millennials see a large gap between the potential of business to address the challenges facing society and the actual impact it is having.” This suggests that millennials have a more holistic view of success, appreciating the value of making a difference through their work in addition to ensuring their own financial health.
They also are drawn to organizations that foster innovation, but feel as though traditional business processes are not designed to promote creative thinking and outside-the-box solutions. “They believe the biggest barriers of innovation were management attitude (63 percent), operational structures and procedures (61 percent), and employee skills, attitudes, and diversity (39 percent),” according to Deloitte.
Finally, millennials crave engagement at work in the form of manager feedback, collaboration with their colleagues, and professional development. A recent report published by Network for Good indicated that engaged employees are happier and more productive. While this theory likely transcends generational differences, millennials appear to value engagement much more than their predecessors. According to Network for Good, “If Millennials feel consistently appreciated, engaged, and heard, they feel valued and become happier, more productive, and stimulated.”
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Asian-American Women and the Bamboo Ceiling
FeaturedIn celebration of Asian-Pacific American Heritage Month, we took a look at how we can increase the number of Asian-American women in top jobs in the Fortune 500 and financial services firms.
You probably already know Indra Nooyi, CEO of PepsiCo, and Andrea Jung (former CEO of Avon), President, CEO and a director of Grameen America.
Perhaps you may even know some of the prominent Asian women working in Asian markets who rank highly in global business, but where is the next generation of Asian-American female leaders and what does their path to the top look like?
Status Update: where are we in middle, senior and board seats?
According to Catalyst, Asian women represented 4,037,000 people in the US labor force in 2012. This is an increase of over 1 million women in just two years. Moreover, of these over-4 million Asian women in 2012’s US labor force, approximately 46 percent held management and other professional positions (making up 3.4 percent of all management and business professionals).
However, of all Executive director positions available within Fortune 500 companies, Asian-American women only comprised of 3.3% as of 2013. Board representation are harder numbers to distill since reporting is sparse and grouped in a binary way- women white and women of color, which Catalyst reports as 3.2% of Board seats in the Fortune 500.
What are the obstacles?
According to Jane Hyun, Fortune 500 coach and author of Breaking the Bamboo Ceiling, Asian-American women can experience a “double-bind” that results from being both Asian and a woman.
Hyun believes, however, that Asian-American female professionals can effectively leverage their identities to create a win-win situation for them and the organizations they work for.
Hyun commented, “Asian women have cultural capabilities that organizations cannot afford to ignore, such as language, cultural know-how, and relationship building skills that must be leveraged effectively.”
Interestingly, according to the key findings from the Center for Talent Innovation’s 2011 study, “Asians in America: Unleashing the Potential of the ‘Model Minority’,” Asians are more ambitious than other groups and they struggled more than any other cultural group with the idea of “being themselves” at work.
Western Society vs. Eastern Values: Worlds Collide
“If you grow up in a traditional Asian home, you may get messages about how a ‘good daughter’ needs to behave that may be at odds with the corporate workplace,” explained Hyun. She continued, “Asian values include deference to authority, humility, hard work, harmony, and sacrificing for the future.”
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Movers and Shakers: May Tong, Vice President, Portfolio Management, Multi-Asset Strategies and Solutions, Voya Investment Management (formerly known as ING U.S. Investment Management)
Voices of Experience“Seek broad experiences,” advised May Tong. “Use these experiences to establish what your passions are and which path you want to take in your career. Then, go for it full steam ahead,” added Tong.
Capitalizing on Career Opportunities
Tong graduated from Boston College where she studied Accounting and Finance. Upon graduating, she accepted a position in the Quantitative Advisors group at Merrill Lynch Investment Management, where she would be responsible for managing index funds and enhanced index funds. “This was such a valuable experience for me, both professionally and personally,” said Tong, “because I learned every detail about how to manage a fund and I was fortunate enough to work with really great managers who ultimately became mentors to me in my career.”
Three months prior to the Merrill Lynch and BlackRock merger, one of Tong’s most influential managers at Merrill had moved on to Voya Investment Management to start up the Quant Portfolio Management team and brought her aboard to join his team shortly after. “He took me under his wing, guided me, and gave me the autonomy to help him build out the quantitative portfolio management group,” said Tong.
The financial crisis of 2008 resulted in some internal restructuring at Voya Investment Management, which ultimately opened more doors for Tong and led to career-changing opportunities. “I was forced to think about my future career path and the direction I wanted to take,” Tong noted. “This made me realize that while having skill and expertise in one particular area is a good thing, I wanted to gain a broader perspective of the industry.”
At this juncture, Tong decided to earn her Executive MBA from Columbia and was sponsored by Voya Investment Management. “It helped me grow and increased my value to my company,” remarked Tong.
In 2010, an opportunity presented itself within the Multi Asset Strategies & Solutions (MASS) group and Tong took advantage of the chance to expand her depth and breadth by managing asset classes as opposed to funds. “It was a steep learning curve, but also an incredible learning opportunity, “said Tong, “and now I have been working with the MASS team for almost three years.”
According to Tong, her ability to make this career move, and thrive in a different environment, was made possible by the strong leadership and support she experienced from her managers. “I cannot express enough how valuable it is to have good managers who give you the space and support to grow professionally,” stated Tong.
She also credits her success to the fact that she stepped outside her comfort zone and took her career in a different direction. “There are days I miss the black and white aspect of fund management, but I love the fast-paced and dynamic environment of the multi asset strategy team,” explained Tong.
Maintaining Equilibrium
According to Tong, maintaining a healthy balance between personal and professional endeavors throughout her career is something that she is proud of. “Finding that happy medium is certainly different for everyone,” said Tong, “but I have found what works for me and in turn I find that I am extremely satisfied in both my work and home life.”
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Study Finds Pay Gap For Millennial Women Narrower Than Ever — What That Means For You
Guest ContributionA new Pew Research report released some interesting findings regarding gender and the workplace. After surveying 2,002 adults (including 810 millennials) and examining census data from 2012, researchers found that women are more educated, more active in the work force, and more likely to hold high-paying positions than ever. This applies especially young women: Women ages 18 to 32 are a few slim percentage points away from wage parity. In 2012, hourly wages for millennial women were 93% of what their male peers made. This is 9% more than the average 84% for women of all ages.
For comparison, women earned 64% of what men did in 1980. The reason for this progress is women’s education. The research reveals, “Among older millennials today (those ages 25 to 32), 38% of women have a bachelor’s degree, compared with 31% of men. And among younger millennials (those ages 18 to 24), women are more likely than men to be enrolled in college (45% vs. 38% in 2012).” However, these numbers come with a caveat: The gap is also narrowing as male wages decline. “Overall, the median hourly wage for men decreased 4% from 1980-2012,” the study says, with wages for younger men dropping by a whopping 20 percent.
However, the researchers also discovered that these advances haven’t really been registered psychologically among millennial women. “In spite of the dramatic gains women have made in educational attainment and labor force participation in recent decades, young women view this as a man’s world,” the Pew team stated. They reported that 51% of millennial women and 55% of female boomers believe that it’s easier to be a man than a woman. While this perspective on gender inequality certainly holds true for boomers, young women seem to adapt this impression via projection, assuming a future for themselves that has yet to happen: Their role models — the women in the cohorts directly ahead of them – are still experiencing these obstacles.
“There is no guarantee that today’s young women will sustain their near parity with men in earnings in the years to come,” the Pew team points out. According to the report, recent cohorts of young women have fallen further behind their same-aged male counterparts as they have aged and dealt with the responsibilities of parenthood and family. More than half of mothers believe their off-the-clock responsibilities have compromised their careers, compared to only 16 percent of fathers. It should come as no surprise that 63 percent of millennial women likewise expect to lose some job opportunities when they have children. For women, marriage and motherhood are associated with less time spent on paid work-related activities. What’s more, the onset of family responsibilities has a reverse effect on men’s career.
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Encouraging Women’s Empowerment in the US & Japan: A Japan Society Forum
Featured, PipelineAlthough Japan and the U.S. occupy somewhat different rankings in The World Economic Forum’s Global Gender Gap Report, both Yoriko Kawaguchi, Japan’s former Minister for Foreign Affairs (’02-‘04) and Environment (’00-’02), and Ruth Porat, Executive Vice President and CFO of Morgan Stanley, are confident that a call to empower women was essential to any country’s “core growth strategy”—as Japanese Prime Minister Shinzo Abe refers to his 2012 initiative.
Government Policy as an Agent of Empowerment
“There are three critical components driving Abe’s proposal,” Kawaguchi explained at the Japan Society’s forum on policy, culture, and business practice as a means for providing greater opportunities. “The first is a declining birth rate and the resulting reductions in our future labor force; the second is the need for greater diversity in skills, background, and expertise—which is where women, both foreign and Japanese, can serve as a catalyst for growth.”
Though traditionally Japan has held to a promise of promotion, described by Kawaguchi as “seniority assistance” or “lifetime employment”, women who leave the workforce to raise and tend to their families often find it difficult to return to the same company or at the same level as their peers who remained employed.
To counter this, the Japanese government is funding a series of public day care and educational facilities near transportation hubs, investing in training programs for women and the companies who employ them, and providing assistance for those who seek to develop their own businesses.
“The last component,” as Kawaguchi noted, “is the evolving notion, in Japan, of gender equality as a means of ensuring our human rights; that we can no longer afford to do without the contributions of women in our effort to create a more just society.”
Changing Culture through the Practices We Employ
According to Porat, though, such a change or shift in culture is often subject to gradual progress and unusual proponents. “When the U.S. Congress passed the Civil Rights Act of 1964,” she explained, “there were, allegedly, certain Congress members who supported the inclusion of women’s rights under the belief that the modified bill would be seen as too outrageous to pass.”
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Voice of Experience: Eu-Lin Fang, Partner, PwC Singapore
Voices of ExperienceAccording to Eu-Lin Fang, a Partner at PwC Singapore, the professional world can be demanding, and in order to persevere, you cannot lose sight of you who are at the core. “It is important to continue to ask yourself, ‘Who am I, how do I live my life purposefully?’” Fang said.
“A rewarding career can consume your time, but it is good to devote some time for yourself to regroup and spend time on areas that bring balance to your life,” noted Fang.
Career Path
With a degree in accounting and finance, Fang naturally decided to pursue a career in accounting. Fang was drawn to the firm because of its reputation for being one of the best and biggest global accounting firms. “I came to PwC because I wanted to qualify as an accountant,” recalled Fang, “like others, I was fortunate to be given opportunities by the Firm to develop myself professionally”
An auditor by training, Fang was able to work on several bank audits and regional audits, as well as audits in the oil and gas, property and retail amongst others. “In my earlier years as an auditor, one was able to cover a few industries, but now given the complexities within each industry including increased regulation in those industries, there is inevitably more specialization”
Before she made manager, Fang had the opportunity to be seconded to the PwC London office in 2005 until 2007. “It was a different business environment,” said Fang, “and I had a very steep learning curve which I overcame quickly.” When she returned to Singapore, Fang observed many positive changes as a result of the demand for more specialization occurring in the profession. Soon after returned from London she joined PwC’s Financial Services Industry Practice (“FSIP”) to specialize in financial services and made partner in FSIP.
“Making partner was a surreal experience and something that I am proud of,” remarked Fang. “It drives me and motivates me to keep going forward in my career.”
Currently, Fang continues to serve as a financial services auditor specializing in banking, and she also is part of the Risk Assurance department which offers risk advisory services for clients. “Our team is very solutions based,” said Fang, “which results in a very collaborative work environment. We work on so many different engagements, and yet I observe that there is rarely conflict or disagreement. This aspect of teamwork is something I greatly appreciate about working for PwC.”
“It’s been quite a journey,” said Fang, who has been with PwC for her entire career.
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