By Melissa J. Anderson (New York City)
Two years ago, the World Economic Forum introduced a gender quota of sorts – to raise the percentage of women at its annual event in Davos, which I called “embarrassingly low.”
In 2010, only 17 percent of attendees were women, so the WEF decided that moving forward, for every four men each company sent to Davos, they’d have to send one woman. This year, after two years of the quota system at the elite gathering, well, not much has changed. The percentage hasn’t risen at all. In 2013, only 17 percent of attendees were women.
What’s going wrong?
According to The Guardian’s Jane Martinson, many companies are sending only four men, and forfeiting their last ticket rather than send a woman. And as Quartz’s David Yanofsky wrote, “Comparing the conference’s gender bias to that of the world population–49.7% women–means that one is 66% less likely to encounter a female participant at Davos than almost anywhere else in the world.”
But in truth, the 17 percent ratio is simply business as usual. As Barnard College President Debora Spar wrote last September:
“As of 2012, women accounted for only 16 percent of partners at the country’s largest law firms and 15 percent of senior executives at Fortune 100 firms. They constituted only 10 percent of the country’s aerospace engineers, 7 percent of its Hollywood directors, and 16 percent of its congressional representatives. And they still earn, on average, only 77 cents to every man’s dollar.”
The Davos gender gap is just a representation of a larger problem – a global leadership gap that leaves fewer women in charge of a world that sorely needs them. After all, if some of the best leaders aren’t making it to the top simply because they are female, that means some sub-par leaders are taking their place simply because they are male.
Apparently, our institutions would willingly withstand underwhelming leadership rather than do the hard thing and look beyond the “think leader, think male” stereotype – and this should call into question every other lazy decision these institutions have implemented.
Breaking the Ice with New Clients
Next Level“Don’t be the faceless name who’s suddenly appeared on the client’s bill.”
–Julie A. Fleming, JD
Many people, particularly in the professional services, establish long-term relationships with clients that may span years or even decades. Yet when you’re first assigned to work with new clients at the beginning of a project, you may know nothing about them.
How can you establish rapport and trust with a new client and learn how to break the ice? For answers, we asked a panel of professionals across the legal, finance, and technology industries for their experience and insights.
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How Do You Define a Good Company for Executive Women?
Industry Leaders, LeadershipLast week the National Association for Female Executives (NAFE) released its 2013 Top 50 Companies for Executive Women list. The annual list has served to continuously raise the bar on what it means to be a “top company.”
For example, Carol Evans, CEO of NAFE and President of Working Mother Media, explained that initially, to make the list, a company had to have at least one woman on its board of directors to even apply for consideration. But, as more companies elected women to their boards, NAFE bumped that requirement up to two women per board two years ago.
“We are hoping to raise it to three in the future,” she continued. “And you do get more points for having more than two women on the board now.”
Beyond the boardroom, NAFE also takes into account factors like advancement programs, the numbers of women rising to the top, the percentage of women running billion dollar divisions, the percentage of women reporting to the CEO, the percentage of women in the top 10% and 20% of earners at the company, and the percentage of women leading profit and loss functions.
All of these factors reveal whether a company enables women to take charge as leaders. But, Evans says, even though companies are evolving to be more female-supportive, it’s not time to celebrate just yet. There’s still a long way to go.
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Voice of Experience: Maura O’Sullivan, Partner, Finance, Shearman & Sterling
Voices of ExperienceAfter over 25 years in law, Maura O’Sullivan, a partner in the Finance Group at Shearman & Sterling, has developed a keen understanding of how to serve clients and how to do exceptional work. But she’ll never forget the early days.
One of her early assignments as an associate sparked her interest in complex deals and taught her the importance of making a difference on behalf of clients. “News Corp is a big player today,” she recalled, “but in the early ‘90s, it was having financial difficulty. As a member of the Shearman & Sterling team advising News Corp, I helped negotiate a workout of all of its debt globally. There were over 100 different credit facilities and about 150 lenders involved.”
Even by today’s global standards such a level of complexity would be considered significant – but at the time it was almost unheard of. She explained, “The corporate organization chart – if you put it on the wall – covered 10 feet. I spent my mornings talking with European lenders, my afternoons in the US, and my nights with Australian and Japanese banks. We got all of the lenders to agree to a standstill.”
“That, as a deal, will always stand out because of the sheer complexity and the opportunity to be creative. Starting with News Corp and continuing to this day, workouts and restructuring are among the more interesting things that I do. I like to find solutions that help my clients.”
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Tips on Coaching the Next Generation
Mentors and SponsorsEarlier this week Pershing announced the results of a new study into the financial advisory workforce. The results revealed that while younger generations really desire coaching and mentorship, and older generations want to provide that, there may be a bit of a communication barrier.
But, according to Pershing, it’s critical for financial advisory companies to work out this challenge. After all, in the next decade, 12,000 to 16,000 advisors will retire. Considering the rate of retirement and an anticipated increase in demand, the industry will have to add up to 237,000 people in the coming ten years.
Kim Dellarocca, director and global head of segment marketing and practice management at Pershing, explained, “Each day, the industry sees young advisors exit the industry and never return. Firms need to think about how to recruit and retain younger advisors by understanding their drivers and motivations – and convey to them that being an advisor is a rewarding and fulfilling career.”
Companies have to make sure that financial professionals who are retiring are able to convey all of the institutional knowledge and client servicing know-how to the next generation of advisors. This challenge is not unique to the financial advisory industry – as we are all aware, the difficulties in maintaining a productive relationship between different generations run throughout the ages.
Pershing’s report “The Inaugural Study of Advisory Success” provides some advice on how people approaching retirement can best communicate with their younger employees, so that they feel they are leaving their legacy in good hands.
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Davos: Women and the Leadership Gap
Industry Leaders, LeadershipTwo years ago, the World Economic Forum introduced a gender quota of sorts – to raise the percentage of women at its annual event in Davos, which I called “embarrassingly low.”
In 2010, only 17 percent of attendees were women, so the WEF decided that moving forward, for every four men each company sent to Davos, they’d have to send one woman. This year, after two years of the quota system at the elite gathering, well, not much has changed. The percentage hasn’t risen at all. In 2013, only 17 percent of attendees were women.
What’s going wrong?
According to The Guardian’s Jane Martinson, many companies are sending only four men, and forfeiting their last ticket rather than send a woman. And as Quartz’s David Yanofsky wrote, “Comparing the conference’s gender bias to that of the world population–49.7% women–means that one is 66% less likely to encounter a female participant at Davos than almost anywhere else in the world.”
But in truth, the 17 percent ratio is simply business as usual. As Barnard College President Debora Spar wrote last September:
The Davos gender gap is just a representation of a larger problem – a global leadership gap that leaves fewer women in charge of a world that sorely needs them. After all, if some of the best leaders aren’t making it to the top simply because they are female, that means some sub-par leaders are taking their place simply because they are male.
Apparently, our institutions would willingly withstand underwhelming leadership rather than do the hard thing and look beyond the “think leader, think male” stereotype – and this should call into question every other lazy decision these institutions have implemented.
Read more
The Art of Giving Effective Feedback
Managing Change“The most important thing to remember when giving effective criticism is that it is feedback, not failure. The whole reason you give criticism is to help one grow.”
–Elle Kaplan,
CEO & Founding Partner,
Lexion Capital Management LLC
When it comes to workplace critiques, perhaps the only thing more challenging than receiving criticism gracefully is giving it effectively. While at first blush it may seem this is one area where it’s easier to give than to receive, providing difficult feedback to employees or peers is not for the faint of heart.
Those who are “people pleasers” may have a particularly tough time delivering news that no one wants to hear, for fear of being disliked as a result. They may therefore hold back accurate information, skewing reviews to avoid negative comments. This is a mistake, because when criticism is given badly, it can be ignored or even result in the opposite of what was intended.
The good news is, you can learn to give more effective criticism and help advance your own career at the same time. Here’s how.
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Thinking of starting a part-time business? Careful of that non-compete clause
Expert AnswersPutting your professional skills to use in a personal sideline can offer great financial rewards, personal satisfaction and learning opportunities. What’s more, with increasing use of the internet and flexible working patterns, it’s becoming more feasible to combine your own business with full time employment. Before you get started however, you’ll need to consider the implications of non-compete clauses in your current employment contract.
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Hate Small Talk? Here’s How to Make It Work for You
Next LevelSmall talk can get big results — but only if you know how to use it. According to Psychology Today, up to 50 percent of the population may consist of introverts, who are often hesitant to “waste time” on what might be perceived as idle chit-chat.
But many networking experts believe in the power of small talk. Some see it as a necessary starting point to open doors to business opportunities that would otherwise remain closed.
The Glass Hammer asked a panel of expert networkers for their insights on why professional women need to engage in small talk, how to make it effective, why some people hate it, and how they can hate it less.
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Is Executive Presence Sexist?
Industry Leaders, LeadershipWhen we think of leaders, we usually have a few ideas in mind about what they look like and how they act. If you asked a random person on the street to imagine a CEO, they would probably think of a person who is male, white, tall, straight, decisive, genial, and a jumble of other traits that come together to form the CEO archetype.
Another trait most leaders share is executive presence. It’s a trait that’s difficult to define, but you either have it or you don’t, and we know it when we see it.
It is precisely that intangibility that makes feedback on executive presence so hard to process. How can people who don’t automatically conform to the leadership stereotypes above attract and maintain power? And when women receive feedback on executive presence at work, are they simply receiving advice on how to act more stereotypically male? In other words, where do the male leadership stereotypes end, and the executive leadership traits begin?
According to Lauren Leader-Chivée, Senior Vice President at the Center for Talent Innovation, it is possible to detangle executive presence from the cult of masculinity. By understanding the foundational components of executive presence, she believes, women and minorities can better navigate the often contradictory messages around what makes someone “leadership material.”
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Voice of Experience: Jing Hu, Partner, Financial Services, PwC
Voices of ExperienceBy Melissa J. Anderson (New York City)
Jing Hu, a partner in the financial services group at PwC’s Beijing office, has seen her self-confidence grow throughout her career. When she first joined the firm, she was fresh out of college in New York City. “I think my immigrant background shadowed me. I had a lot of insecurities,” she explained.
But the support and coaching she received from partners in New York, and later in Beijing, made her realize her own strength. “My colleagues had so much confidence in me and gave me guidance and coaching. That helped me be confident in myself.”
She added, “I was lucky to have met those people – working at PwC changed me a lot.”
Currently Hu is beginning work on a new client with a challenging IPO plan. She is also working with PwC’s other Beijing partners on helping the firm distinguish itself from competitors. She explained, “In China, there are mandatory auditor rotation rules for large state-run enterprises as well as financial institutions.” As a result, many companies see auditing as more of a compliance procedure, rather than a value-adding service.
“Differentiating ourselves, and showing how we can add business value – that is something I’m working hard with my colleagues on.”
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