By Melissa J. Anderson (New York City)
UK companies aren’t moving fast enough to hire female board directors, revealed a new report released yesterday by the Cranfield School of Management. Professor Susan Vinnicombe, co-author of the report said, “Our review reveals that the number of women in board positions is beginning to creep up albeit quite slowly.”
Six months ago Lord Davies of Abersoch presented an independent report discussing the state of gender diversity in the UK’s top companies. The review suggested that firms were not doing enough to attract and retain women in top positions.
As a solution, Davies called for British companies to set targets for the percentage of women they aim to have on their boards, and recommended that FTSE 100 companies set a 25% target for women on boards by 2015.
The new review by the Cranfield School of Management showed that the percentage of women on boards has grown from 12.5% to 14.2% in 2011. And, the Financial Times notes, “Since the Davies report, women have accounted for 22.5 per cent of appointments – below the 33 per cent he recommended.”
The Cranfield review revealed that only 33 companies on the FTSE 100 are aiming for the 25% target recommend by Davies. According to the Telegraph, in fact, a full two-thirds of blue chip companies have yet to even set out their plans for getting more women on boards. Dr. Ruth Sealy, co-author of the Cranfield report, commented:
“The results from our report suggest the recommendations in Lord Davies’s review have had beneficial effects in terms of reinforcing good practice, but they also demonstrate an institutional inertia, whereby companies persist in their existing approach – or lack thereof – to gender diversity on boards. It is so important that our top companies set the standard for achieving better representation on their boards.”
In his initial report, Davies suggested that if companies fail to set targets to increase the representation of women in the boardroom, the government should enact quotas similar to those in Norway, France, and Spain. Prime Minister David Cameron is reported to be writing letters to the members of the FTSE 350 who have not set targets to encourage them to do so – before government intervention is necessary.
UK Companies Stalling on Female Board Appointments
Industry Leaders, LeadershipUK companies aren’t moving fast enough to hire female board directors, revealed a new report released yesterday by the Cranfield School of Management. Professor Susan Vinnicombe, co-author of the report said, “Our review reveals that the number of women in board positions is beginning to creep up albeit quite slowly.”
Six months ago Lord Davies of Abersoch presented an independent report discussing the state of gender diversity in the UK’s top companies. The review suggested that firms were not doing enough to attract and retain women in top positions.
As a solution, Davies called for British companies to set targets for the percentage of women they aim to have on their boards, and recommended that FTSE 100 companies set a 25% target for women on boards by 2015.
The new review by the Cranfield School of Management showed that the percentage of women on boards has grown from 12.5% to 14.2% in 2011. And, the Financial Times notes, “Since the Davies report, women have accounted for 22.5 per cent of appointments – below the 33 per cent he recommended.”
The Cranfield review revealed that only 33 companies on the FTSE 100 are aiming for the 25% target recommend by Davies. According to the Telegraph, in fact, a full two-thirds of blue chip companies have yet to even set out their plans for getting more women on boards. Dr. Ruth Sealy, co-author of the Cranfield report, commented:
In his initial report, Davies suggested that if companies fail to set targets to increase the representation of women in the boardroom, the government should enact quotas similar to those in Norway, France, and Spain. Prime Minister David Cameron is reported to be writing letters to the members of the FTSE 350 who have not set targets to encourage them to do so – before government intervention is necessary.
Read more
Iron Butterflies: Ushering in a New Era of Collaboration
Expert AnswersThe late US Congresswoman Bela Abzug said that in the 21st century “Women will change the nature of power, rather than power changing the nature of women.” And this is exactly what Iron Butterflies are quietly up to.
For thousands of years we have been a domination-based society that has used power over others. This use of power generates hierarchies, a frontier mentality, a “lone ranger” style leadership, a command and control approach that reveres “masculine” qualities of independence, autonomy, and individuality.
Some good things have come from this use of power: the industrial revolution, technology, architecture.
But if you think of the woes of the world—sexism, racism, terrorism, genocide, war, environmental degradation—what do they share in common? A use of power over others. A power that is no longer sustainable.
The world is begging for a different kind of leadership and Iron Butterflies are leading the way. They are ushering in a new era of cooperation by exercising a collaborative style of leadership that transforms the meaning of power from power over to power with and for others.
Read more
Voice of Experience: Tamara Box, Partner, Head of International Structured Finance, Berwin Leighton Paisner LLP
Voices of ExperienceA self confessed “start-up junkie”, Tamara Box always wanted to be a lawyer and was told from a young age that she was too argumentative – an ambition and a personality trait which has subsequently stood her in good stead in her career as an award-winning structured finance lawyer and steering committee member of the 30% Club.
“I grew up in Texas and had a great role model in my mother, who worked in the telecoms industry at a senior level. My first international move came when I relocated to London to study at the London School of Economics. Then I returned to the USA and did law at Georgetown. After graduation, I joined Coudert Brothers, first in New York and then in Singapore where I worked for four years and met my English husband. My first “start up” opportunity came early as a founding member of the first overseas office (in Singapore) of US law firm Orrick. In 1997, I moved back to the UK to open Orrick’s London office and I made Partner in 2000.”
After stints at top London firms Tite & Lewis and Lovells, Box landed at Berwin Leighton Paisner in 2006 – the same year in which her son Hugo was born – in order to build their structured finance business from scratch.
Read more
Seven Tips for Leadership Success – for Introverts
Industry Leaders, LeadershipAccording to a survey conducted by TheLadders.com, 65% of 1,542 senior managers see introversion as an impediment to reaching higher management levels. That’s because more flamboyant, talkative, or exuberant extroverted employees can catch management’s eye, and tend to be well-known around the office.
In reality, however, “introverts can be better bosses,” especially in a dynamic and unpredictable environment, according to Adam M. Grant, an associate professor at University of Pennsylvania’s Wharton School who studies this topic. Amid the uncertainty created by the increased pace of innovation and globalization, Grant adds, it’s probably better “to be an introverted leader now than at any previous time on record.”
Because they often have a very keen understanding about what works for them, introverts can be very effective in the corporate environment. Introverts often have an inner strength and personal commitment that allows them to succeed. Notable CEOs who are introverts include Bill Gates, Warren Buffet, Steven Spielberg, Douglas Conant, former President and CEO of Campbell Soup Co., and Larry Page, co-founder of Google.
There’s no need for introverts to fight their own personality traits to get ahead. Here are seven expert tips for introverts on how to succeed as business leaders.
Read more
Voice of Experience: Lupin Rahman, Senior Vice President and Portfolio Manager, Emerging Markets, PIMCO
Voices of Experience“A valuable lesson I learned over the years is to make one’s mark head first,” said Lupin Rahman, Senior Vice President and Portfolio Manager for Emerging Markets at PIMCO.
Having navigated between academia, the public sector, and the investment management industry, Rahman has developed expertise in how to successfully transition to new opportunities.
When you begin a role in a new company or industry, she explained, focus on networking and building your personal brand. “The first six months are extremely critical to your brand capital and in shaping how others view your work. It’s also the time when networking is the easiest.”
Read more
Perspectives: Three Women in Finance on Presenting Oneself Professionally
Expert Answers, PassionsWhile finance is still a male-dominated industry, these days, women’s style needn’t be crafted to blend in. For example, stylists like Ella Goldin, founder of New York-based styling and personal shopping firm Chic Inspiration, believe that the no-frills look women in the financial world embraced for so long is no longer necessary. Women who want to succeed in finance today, she says, have a better chance of climbing the ranks if they celebrate their womanhood rather than trying to hide it.
“In the past, women in finance and other male-dominated fields wanted to be just like men so that they could climb the work ladder, and they stuck strictly to dark suits in order to better blend in,” Goldin says. “Now, things have changed and I find that those women who really achieve professional success and are at the top as decision makers are the ones who stand out and don’t mind having a unique, beautiful and sophisticated look.”
Goldin believes that women in finance have a greater chance of succeeding professionally if their style represents who they are. “Confidence comes from feeling comfortable in your own skin,” she says, particularly in today’s highly competitive world, where so many talented people are out of work. Women who have a personal style and work with it rather than trying to hide it are those that are going to go the farthest, she says, “because as a woman, you have to have something that differentiates you from the next person.”
Here, three successful professionals who work in the world of finance, each with a unique sense of fashion, share advice on personal style for the next generation of industry leaders.
Read more
Empowering Women by Investing in Education
NewsYesterday, the Foundation for Social Change and the UN Office for Partnerships kicked off the second annual Global Conference for Social Change with a Women and Girls Education Summit. The Summit featured several programs across the world for educating and empowering females.
Louise Guide, Founder and CEO of the Foundation for Social Change, explained, “The idea is about driving social progress through education for women and girls.”
Guido explained that by educating disadvantaged girls and women, organizations can empower entire communities – that when you educate women, you create a multiplier effect, whereby knowledge and skills are reinvested in families and neighborhoods.
The Foundation recently launched its own initiative, eLife, an education program for girls in Columbia. It is also partnering with Nokia to launch three new mobile applications for women in developing regions: Smart Women (for business owners), Parenting Skills, and Job Training.
Amir Dossal, Founder and Chairman of the UN Global Partnerships Forum said, “Innovation only comes when you work together. You can have great ideas but you can’t implement them unless you partner with someone.”
The conference highlighted the partnerships between nonprofit organizations and corporations to empower communities by investing in girls and women.
Read more
Delegate Better Now – Four Ways to Perfect Your Skills
Industry Leaders, LeadershipWhat’s one difference between a manager and a leader? Leadership is about looking outward at your organization, rather than only back at your team. It’s the same thing with delegation – to be really great at it, you need to do it with purpose, looking back at your team, and looking broadly at the organization. It’s not just about doling out work, but it means really thinking about why you’re delegating a task, how it can help you and your team grow, and how it can better position you to be more effective for your organization.
“Sometimes leaders hesitate when it comes to asking for help,” began Mary Edwards, Managing Director and Senior Executive, Health and Public Service at Accenture. “But I think it’s important for every leader to have effective delegation skills.”
For Edwards, delegation is not just a way to get through the day, it’s a way to help her team build skills and make sure she has time and energy left to do the work that can help her company grow. Here are her top four tips on how to become a great delegator – and a great leader.
Read more
What You Seize is What You Get
Expert AnswersToday’s work environment is tougher than ever. The pressure to find or keep a managerial level position is immense. The pressure to deliver high performance and maintain a leadership role is intense. For many women, the challenges are coupled with the added pressures of striving to maintain personal or family balance. Yet that needn’t be seen as a sign of weakness. Women continue to want to achieve more professionally, and continue to show their abilities to do that well; there’s no weakness evident. Yet we need to be stronger than ever to survive. Today, survival is based on success. And that success can be achieved by those who go after it. In other words, success is achieved by those who see opportunities and who seize them.
In today’s tight job market, it is the person with the confidence and the qualifications who gets the job. Even though women are still, unfortunately, being paid less, companies are not rushing to hire women as a way to keep payrolls down. They are relying on what they think they need: strength during tough times. It’s time for us to get in touch with our inner strength and project that to the world.
According to the Pew Research Center, men outpace women in getting jobs. And women are getting laid off more so than men, at least in some industries. In financial services, long a male-dominated world, from 2007 to 2010, 12.5% of women in the financial industry lost their jobs, compared with 8.8% of men, per the Economic Policy Institute. It would seem that part of the problem comes from women being seen as weak, perhaps indecisive, and not standing up for themselves. Women are not making a strong enough case for the value they are bringing to their organizations… perhaps because they do not see it themselves. Clarity of vision is needed, internally and externally. Then action.
This is a time for bold action, for being decisive, and for standing up against fear or uncertainty. If what you see was what you got, we now know that what you see and seize is what you get. If times are tough, so are we and here’s how.
Read more
Voice of Experience: Dr. Sonja Koerner, Partner, Risk, Financial Services, Ernst & Young
Voices of ExperienceAccording to Dr. Sonja Koerner, Partner, Risk, Financial Services at Ernst & Young, women in senior roles in the industry need to see themselves as role models.
“Make yourself available as a mentor,” Dr. Koerner said. She also encouraged senior women to support diversity and inclusiveness in their organizations and drive the debate around things like flexible work arrangements.
“Many women – and some men – would hugely benefit [from these programs]. We should make sure that once women sign up for them, this does not mean the end of their career progression,” she said.
Read more