By Melissa J. Anderson (New York City)
A strong proponent of mentoring and the continued expansion of women’s leadership roles in the legal industry, Shearman & Sterling partner Denise Grant also believes it is important to step back and take a broad view.
“At the end of the day, when thinking about the challenges and barriers for women in law, they’re relative,” she explained. “Growing up the daughter of a diplomat and now as an international transactional lawyer, I’ve traveled all over the world. I’ve seen women denied basic rights and opportunities, like going to school, being able to vote, being able to speak for themselves. In relative terms, the barriers we face here pale in comparison.”
She continued, “The real challenge for each of us is to find our own path. You may bump into a wall, but the challenge is for you to decide how to get beyond that wall. Do you scale it? Do you dig under it? Do you find a way around it?”
Grant, a partner in Shearman & Sterling’s Project Development & Finance Group and co-chair of the firm’s Diversity Committee, was also the firm’s first black partner. She is proud of her career and the opportunity to open doors for others where there may have been a wall before, and she encourages other senior female role models to not only open doors but to help usher women through them.
A Lifer at Shearman & Sterling
Grant, originally from Guyana, grew up in the United Kingdom, Canada, Belize and several countries in South America, and came to the US with her family – her father was Guyana’s Ambassador to the United States – to attend college. She studied International Relations at George Washington University and then attended Georgetown University Law School.
“I’m a lifer at Shearman & Sterling,” Grant began. After working at the firm as a summer associate during law school and then becoming a full-time associate in 1989, Grant climbed to the top of the ladder at the firm and became a partner in 1998.
“With my background in international relations, my initial goal was to garner some experience at a private law firm and then eventually join an international organization like the World Bank, the IMF, or IFC,” she recalled. “But my work here at Shearman & Sterling has always felt like a great fit.”
“Shearman did – and still does – have a significant platform in Latin America, and so the firm was my first choice based on the ability to practice law on cross-border transactions in the region where I grew up,” she continued. “And, best of all, I’ve actually done some work for the IFC and have worked on matters involving the IMF and the World Bank.”
Today, over 20 years later, Grant continues to focus on financings in Latin America. In fact, she said, one of the most interesting things she’s experienced during her career has been the evolution of transactions and the players in the region.
“When I first started doing work there, Latin America was considered an ’emerging market’ and the region was comprised of ‘developing countries,’” she explained. “But now I’ve seen many of those countries emerge. It’s very exciting to see that transformation, to have the opportunity to represent Latin American companies and financial institutions that have actually grown to such a magnitude as to acquire companies in the US and to lead internationally syndicated financings.”
For example, Grant has played a key role in supporting the expansion of Brazilian beef producer JBS, which made an important acquisition outside of Brazil and into the US with the 2009 purchase of Pilgrim’s Pride, a major chicken company. She has worked with JBS on subsequent financings for its US subsidiaries.
In Grant’s view, JBS’s expansion is indicative of a bigger trend – a changing and growing acquisition finance market for Latin America. “The more acquisitions you are seeing from Latin America into the US means that that the market is going to shift,” she said. “It’s growing more similar to US sponsor – style leveraged financing.”
Sources of Pride
In a career filled with significant professional achievement, one special accomplishment stands out, Grant says. “The professional achievement I’m most proud of is becoming the firm’s first black partner,” Grant said. “It’s historic, and also a source of pride for my parents.”
“Really, it’s a professional and personal achievement,” she continued. “Professionally, my election helped to open doors to others coming after me. On a personal level, when I was deciding what I wanted to do with my life, I knew it would include making the road easier for those coming behind me. This is very important to me.”
Political Risk and Diplomacy Skills
The road to achieving this professional success has been paved with hard work. Grant’s practice is multifaceted and calls upon so many of her skills.
“When working on cross-border transactions you often times have to deal with issues of political risk — we’re talking about expropriation, nationalization, currency conversion issues, etc. We’re also talking about war and political insurrection,” Grant said. “All of these issues come into play in my work.”
She continued, “In the past, mitigation of political risk was dealt with by lenders and investors buying an insurance policy against such risks occurring. For example, in the early 2000s, when Argentina decided to redenominate all US dollar-denominated obligations into Pesos, which created losses for many foreign lenders and investors, many of our clients made claims under their political risk insurance (PRI) policies.”
Grant explained that the insurance companies pushed back, arguing that “pesofication” was not covered by the standard PRI policies. Of course, the policyholders disagreed. As a result, many of the claims were taken to arbitration. “We had to arbitrate a number of these political risk claims – and we were successful on a number of them – but not without a lot of cost and time to our clients and significant questions about the effectiveness of these types of policies,” she said. “So now, many people try to structure their deals in such a way to work around these political issues.”
Recently, for example, Grant worked on an acquisition financing in Peru that was closing right around the time of the country’s elections. This meant that she had to assist her clients in navigating that transaction in a way that didn’t offend either political party, but at the same time provided the client with adequate protection. This called for strong diplomatic skills.
“Maybe this is genetic, because of my father’s career, but I’m interested in using diplomacy skills to have a variety of interests come together to consummate a deal, to meld all of these things together,” she explained.
Wisdom for New Lawyers
Grant’s sound practical perspective has benefited her outside the deal environment.
“One of the things I wish I had been more cognizant of when I was first starting my career was the importance of building relationships and networking. The earlier that starts, the better it is for you,” Grant advised. “It’s a small world, and it’s helpful to know as many people as you can. That includes business relationships and the like, but it also means mentoring.”
She continued, “Another point I do raise with young people is that it will help enrich your life to build up your personal profile and take stock of what you have attained. I always remind associates in our firm to enjoy the journey. Sometimes you’re so worried about what’s next that it’s hard to step back and maintain some perspective. Time goes so quickly that you’ve got to be able to stop for a moment and celebrate your achievements.”
Advice for Women in Law
“For more than half of my career I have been fortunate to be in practice groups at the firm led by women,” she said. “The women partners here at Shearman & Sterling are very supportive, and we meet regularly to discuss challenges we face individually and collectively and to support and advocate for our women lawyers. I have seen women succeed and do very well — I do think there are challenges to find the right path for each person.”
She continued, “I would be remiss if I didn’t mention that I’m also a mother of two young children. And finding that equilibrium – to be an excellent parent and, at Shearman & Sterling, an excellent lawyer, partner and business developer – is challenging.”
“We always want to give 100% to all aspects of life – it’s not a barrier, but it comes with a lot of work, to achieve the success you’d like to achieve as a mother and a partner at a successful law firm. But at the same time, my son, for instance, really wants me at his violin concert. And I want to make it look easy – I want my daughter to believe she can do anything she wants to achieve. You don’t want to let them see any chinks in your armor.”
“Luckily, I have a wonderful support system at home which really makes a huge difference,” she added.
For women entering the legal profession, Grant advises that they not allow themselves to be wallflowers. “Make sure you’re visible,” she said. “From the time you get into the firm, make sure you’re noticed. You have to do a little bit more than just be an excellent lawyer. You have to create your own opportunities.”
She added, “Do not hesitate to promote yourself at work. I do see our male counterparts doing it regularly. In fact, I see how my son already takes credit for many things, but my daughter will hesitate. We encourage her to be more proactive and not to be shy. I would say the same thing to young lawyers.”
She continued, “One of the other important things I would mention is to always remember where you came from and who helped you get to where you are. And you need to be able to afford others that opportunity.”
“Often when you are successful, it is easy to forget how important it is to mentor and help people. Here are Shearman & Sterling, even as we partners gain greater seniority, we work hard to build that next generation of partners. And in client relationships, we need to make sure to include junior women and minority lawyers in our transition plans,” she advised.
“We need to continue to build that cadre of women and diverse partners throughout the firm. The only way to break through any ceilings or walls is to work together.”
Diversity at Shearman
Grant serves as co-chair of Shearman’s diversity committee, a committee she co-founded in 1992 as a third-year associate at the firm, with John Cannon, a partner and practice group leader, and Anna Brown, a colleague and today the firm’s full-time director of global diversity and inclusion. “We have a strong culture in place here at Shearman & Sterling, and women can see that they can do very well here,” she said. “It is about charting your own path with support from others.”
In Her Personal Time
While her work at Shearman & Sterling is challenging and time consuming, Grant does work hard to maintain some important priorities.
“I’m a staunch believer in doing pro bono work,” she said. “Right now I’m working on a microfinance matter for a social business fund investing in social businesses in Haiti. This is something I’m passionate about. I also sit on the board of Edwin Gould Services for Children and Families, which is a New York State-sponsored adoption agency.”
Finally, she said she manages to take a few moments for herself. “It all comes down to that equilibrium,” she said. “You can’t forget about your self. I’ve found that it’s helpful to take a moment to take a deep breath and let it all sink in.”
“You do need to do that for yourself, even if it’s just ten minutes on the weekend – which is what I usually get!” she added with a laugh.
Voice of Experience: Denise M. Grant, Partner, Project Development & Finance Group, Shearman & Sterling
Voices of ExperienceA strong proponent of mentoring and the continued expansion of women’s leadership roles in the legal industry, Shearman & Sterling partner Denise Grant also believes it is important to step back and take a broad view.
“At the end of the day, when thinking about the challenges and barriers for women in law, they’re relative,” she explained. “Growing up the daughter of a diplomat and now as an international transactional lawyer, I’ve traveled all over the world. I’ve seen women denied basic rights and opportunities, like going to school, being able to vote, being able to speak for themselves. In relative terms, the barriers we face here pale in comparison.”
She continued, “The real challenge for each of us is to find our own path. You may bump into a wall, but the challenge is for you to decide how to get beyond that wall. Do you scale it? Do you dig under it? Do you find a way around it?”
Grant, a partner in Shearman & Sterling’s Project Development & Finance Group and co-chair of the firm’s Diversity Committee, was also the firm’s first black partner. She is proud of her career and the opportunity to open doors for others where there may have been a wall before, and she encourages other senior female role models to not only open doors but to help usher women through them.
A Lifer at Shearman & Sterling
Grant, originally from Guyana, grew up in the United Kingdom, Canada, Belize and several countries in South America, and came to the US with her family – her father was Guyana’s Ambassador to the United States – to attend college. She studied International Relations at George Washington University and then attended Georgetown University Law School.
“I’m a lifer at Shearman & Sterling,” Grant began. After working at the firm as a summer associate during law school and then becoming a full-time associate in 1989, Grant climbed to the top of the ladder at the firm and became a partner in 1998.
“With my background in international relations, my initial goal was to garner some experience at a private law firm and then eventually join an international organization like the World Bank, the IMF, or IFC,” she recalled. “But my work here at Shearman & Sterling has always felt like a great fit.”
“Shearman did – and still does – have a significant platform in Latin America, and so the firm was my first choice based on the ability to practice law on cross-border transactions in the region where I grew up,” she continued. “And, best of all, I’ve actually done some work for the IFC and have worked on matters involving the IMF and the World Bank.”
Today, over 20 years later, Grant continues to focus on financings in Latin America. In fact, she said, one of the most interesting things she’s experienced during her career has been the evolution of transactions and the players in the region.
“When I first started doing work there, Latin America was considered an ’emerging market’ and the region was comprised of ‘developing countries,’” she explained. “But now I’ve seen many of those countries emerge. It’s very exciting to see that transformation, to have the opportunity to represent Latin American companies and financial institutions that have actually grown to such a magnitude as to acquire companies in the US and to lead internationally syndicated financings.”
For example, Grant has played a key role in supporting the expansion of Brazilian beef producer JBS, which made an important acquisition outside of Brazil and into the US with the 2009 purchase of Pilgrim’s Pride, a major chicken company. She has worked with JBS on subsequent financings for its US subsidiaries.
In Grant’s view, JBS’s expansion is indicative of a bigger trend – a changing and growing acquisition finance market for Latin America. “The more acquisitions you are seeing from Latin America into the US means that that the market is going to shift,” she said. “It’s growing more similar to US sponsor – style leveraged financing.”
Sources of Pride
In a career filled with significant professional achievement, one special accomplishment stands out, Grant says. “The professional achievement I’m most proud of is becoming the firm’s first black partner,” Grant said. “It’s historic, and also a source of pride for my parents.”
“Really, it’s a professional and personal achievement,” she continued. “Professionally, my election helped to open doors to others coming after me. On a personal level, when I was deciding what I wanted to do with my life, I knew it would include making the road easier for those coming behind me. This is very important to me.”
Political Risk and Diplomacy Skills
The road to achieving this professional success has been paved with hard work. Grant’s practice is multifaceted and calls upon so many of her skills.
“When working on cross-border transactions you often times have to deal with issues of political risk — we’re talking about expropriation, nationalization, currency conversion issues, etc. We’re also talking about war and political insurrection,” Grant said. “All of these issues come into play in my work.”
She continued, “In the past, mitigation of political risk was dealt with by lenders and investors buying an insurance policy against such risks occurring. For example, in the early 2000s, when Argentina decided to redenominate all US dollar-denominated obligations into Pesos, which created losses for many foreign lenders and investors, many of our clients made claims under their political risk insurance (PRI) policies.”
Grant explained that the insurance companies pushed back, arguing that “pesofication” was not covered by the standard PRI policies. Of course, the policyholders disagreed. As a result, many of the claims were taken to arbitration. “We had to arbitrate a number of these political risk claims – and we were successful on a number of them – but not without a lot of cost and time to our clients and significant questions about the effectiveness of these types of policies,” she said. “So now, many people try to structure their deals in such a way to work around these political issues.”
Recently, for example, Grant worked on an acquisition financing in Peru that was closing right around the time of the country’s elections. This meant that she had to assist her clients in navigating that transaction in a way that didn’t offend either political party, but at the same time provided the client with adequate protection. This called for strong diplomatic skills.
“Maybe this is genetic, because of my father’s career, but I’m interested in using diplomacy skills to have a variety of interests come together to consummate a deal, to meld all of these things together,” she explained.
Wisdom for New Lawyers
Grant’s sound practical perspective has benefited her outside the deal environment.
“One of the things I wish I had been more cognizant of when I was first starting my career was the importance of building relationships and networking. The earlier that starts, the better it is for you,” Grant advised. “It’s a small world, and it’s helpful to know as many people as you can. That includes business relationships and the like, but it also means mentoring.”
She continued, “Another point I do raise with young people is that it will help enrich your life to build up your personal profile and take stock of what you have attained. I always remind associates in our firm to enjoy the journey. Sometimes you’re so worried about what’s next that it’s hard to step back and maintain some perspective. Time goes so quickly that you’ve got to be able to stop for a moment and celebrate your achievements.”
Advice for Women in Law
“For more than half of my career I have been fortunate to be in practice groups at the firm led by women,” she said. “The women partners here at Shearman & Sterling are very supportive, and we meet regularly to discuss challenges we face individually and collectively and to support and advocate for our women lawyers. I have seen women succeed and do very well — I do think there are challenges to find the right path for each person.”
She continued, “I would be remiss if I didn’t mention that I’m also a mother of two young children. And finding that equilibrium – to be an excellent parent and, at Shearman & Sterling, an excellent lawyer, partner and business developer – is challenging.”
“We always want to give 100% to all aspects of life – it’s not a barrier, but it comes with a lot of work, to achieve the success you’d like to achieve as a mother and a partner at a successful law firm. But at the same time, my son, for instance, really wants me at his violin concert. And I want to make it look easy – I want my daughter to believe she can do anything she wants to achieve. You don’t want to let them see any chinks in your armor.”
“Luckily, I have a wonderful support system at home which really makes a huge difference,” she added.
For women entering the legal profession, Grant advises that they not allow themselves to be wallflowers. “Make sure you’re visible,” she said. “From the time you get into the firm, make sure you’re noticed. You have to do a little bit more than just be an excellent lawyer. You have to create your own opportunities.”
She added, “Do not hesitate to promote yourself at work. I do see our male counterparts doing it regularly. In fact, I see how my son already takes credit for many things, but my daughter will hesitate. We encourage her to be more proactive and not to be shy. I would say the same thing to young lawyers.”
She continued, “One of the other important things I would mention is to always remember where you came from and who helped you get to where you are. And you need to be able to afford others that opportunity.”
“Often when you are successful, it is easy to forget how important it is to mentor and help people. Here are Shearman & Sterling, even as we partners gain greater seniority, we work hard to build that next generation of partners. And in client relationships, we need to make sure to include junior women and minority lawyers in our transition plans,” she advised.
“We need to continue to build that cadre of women and diverse partners throughout the firm. The only way to break through any ceilings or walls is to work together.”
Diversity at Shearman
Grant serves as co-chair of Shearman’s diversity committee, a committee she co-founded in 1992 as a third-year associate at the firm, with John Cannon, a partner and practice group leader, and Anna Brown, a colleague and today the firm’s full-time director of global diversity and inclusion. “We have a strong culture in place here at Shearman & Sterling, and women can see that they can do very well here,” she said. “It is about charting your own path with support from others.”
In Her Personal Time
While her work at Shearman & Sterling is challenging and time consuming, Grant does work hard to maintain some important priorities.
“I’m a staunch believer in doing pro bono work,” she said. “Right now I’m working on a microfinance matter for a social business fund investing in social businesses in Haiti. This is something I’m passionate about. I also sit on the board of Edwin Gould Services for Children and Families, which is a New York State-sponsored adoption agency.”
Finally, she said she manages to take a few moments for herself. “It all comes down to that equilibrium,” she said. “You can’t forget about your self. I’ve found that it’s helpful to take a moment to take a deep breath and let it all sink in.”
“You do need to do that for yourself, even if it’s just ten minutes on the weekend – which is what I usually get!” she added with a laugh.
Perfect Your Personal Brand – Without Coming Across Like a Narcissist
Office PoliticsIf you’ve heard it once, you’ve heard it a thousand times – you need to work on your “personal brand.” You need to be sure you are broadcasting the real you – your authentic self and the professional skills that you want to be famous for – in a way that gets you noticed, networked, and needed.
But that’s not all. Somewhere along the line, the concept of personal branding – introduced in the early ’80s and then made popular by Inc. Magazine writer Tom Peters in 1997 – began to include the internet. The rise of social networking in the past decade means you can’t just brand yourself in the office, amongst your colleagues and clients. Personal branding means putting yourself out there in the digital space for all the world to see and search. And networks like Facebook, LinkedIn, Twitter, and now Google+ make it easy to set down the stakes in your personal brand – empowering you to make sure the world knows why your commitments, your best skills, and your passions make you indispensable.
That’s the good news. The bad news, though, is what many of us already know about social networking: it can be a slippery slope to narcissism. The very ease of publishing photos of ourselves, links about our interests, and questions about our curiosities means we do. And we do it a lot. Rather than being a platform to sell our strengths and abilities, social networking can be simply become a showcase for them.
Here’s how to make sure your efforts toward personal branding are actionable, effective, and authentic – rather than narcissistic, solipsistic, or gratingly, unabashedly self-absorbed.
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Overcoming Roadblocks to the Executive Level: What Steps Can You Take?
Expert AnswersHave you ever heard any of these statements in the course of your career?
If any of the above statements have been said to you, then you probably need to figure out how to overcome roadblocks to the executive level. Although many companies have learned that including women at the top is just good business, there have been many obstacles for women in the path to the executive suite. In my book, Developing Women Leaders: A Guide for Men and Women in Organizations (Wiley/Blackwell, 2009), I suggest that there are strategies and tips that organizations, managers and women can apply to women’s leadership development. Before explaining how you can be proactive in your own leadership development, it helps to understand the challenges in your path.
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Women: The Next Emerging Industry
NetworkingWhat’s the next emerging industry? Women, according to the panelists at last week’s New York Women of ALPFA Summit held at Goldman Sachs.
In a discussion that spanned small businesses, emerging economies, sustainability, alternative investments, and more, the panelists explained how women are the key to unlocking greater economic growth.
Moderated by Theresa Torres, Director for Diversity and Employee Experience for Verizon Communications, the panel included Elizabeth I. Diep, CPA, Senior Manager at PwC; Erika Karp, MD and Head of Global Sector Research at UBS Investment Bank; Heather M. Kellett, Global Director of Operations at KPMG; Silvina Nunez, Senior Business Manager at JPMorgan Chase; and Maria Otero, Esq., Founder and President of the Women’s Venture Fund.
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Voice of Experience: Birgit Neu, COO, Corporate Development, Global Banking and Markets, HSBC
Voices of Experience“All things are possible,” said Birgit Neu, COO, Corporate Development, Global Banking and Markets, HSBC. “This industry can be challenging, but if women really want it, it’s theirs to take if they grab it with both hands.”
Neu’s career path has led her through various industries and environments – from working with “blue-haired, mohawked” creatives to the more traditional financial industry. She is passionate about the importance of getting every part of an organization motivated toward gender equality – including the men.
“We need to have everybody take part in the conversation about gender equality,” she explained, “because everybody can make an impact.”
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Five People You Need On Your Personal Board of Directors
Featured, Mentors and SponsorsDirection and guidance are two things that are always helpful in the business world, whether you’re a seasoned professional with years of experience under your belt – or you’re working your first major job out of college. Many women are under the impression that obtaining leadership assistance requires intervention from their company in the form of a mentor or sponsorship, but there are options that fall outside of a company’s official capacity, and some would argue they are better than anything your company could offer.
Welcome to your own personal board of directors.
By definition, a board of directors is a body of elected or appointed members who jointly oversee the activities of a company. In this case, not only are you the company, but you’re also the chairman of the board and it’s up to you to handpick each board member according to your needs. How’s that for power?
According to Caroline Dowd-Higgins, a career coach and author of the book This is Not the Career I Ordered, the idea behind creating your own board is a spin on the “it takes a village” philosophy and it encourages women to gather a group of trusted confidantes that can empower her, motivate her, and give her a nudge in the right direction to help her meet her goals. Dowd-Higgins explored the board concept in her column, which outlined seven functions prospective board members can be accountable for, including motivation, connecting, and training.
But let’s not get ahead of ourselves. First, you have to pick your board members… here’s how.
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Thought Leaders: Prioritizing Risk Management
Thought LeadersThere are countless individuals who want better information from their service providers about risk and are prepared to vote with their feet if they don’t get good answers. After all, these institutional investors themselves are confronted with a bevy of new mandates that require transparency. The good news is that change opens the door to business opportunities. Enlightened organizations that have good processes in place and have nothing to hide can differentiate themselves from competitors. Providing clients with education and data tools offers yet another way for asset managers, consultants, banks, and advisors to forge stronger relationships with their pension, endowment, foundation and family office clients. On the flip side, those who are reluctant to explain how they manage their financial, operational and legal risks may lose clients or worse yet, could end up as defendants in a lawsuit.
Pay to play conflicts, questions about hidden fees, state and federal legislation and new accounting rules are a few of the forces at work to ensure that trillions of institutional dollars are in good hands. Effective investment stewardship is no longer a luxury. Recent surveys confirm that buy side decision-makers continue to emphasize governance and risk management for their organizations as well as providers of products and services. Institutional investors can ill afford to lose money after a tumultuous few years. Investment committee members who give short shrift to fiduciary duties could end up being investigated by regulators or sued. According to federal court data, the number of ERISA lawsuits is going up. Factor in investment arbitrations, enforcement actions and “piggyback” securities litigation allegations and it is clear that unhappy investors are not going to accept the status quo.
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Movers and Shakers: Maria Coyne, Executive Vice President, Business Banking Segment Group, Key Bank
Movers and Shakers“I wanted to be a banker my whole life,” said Maria Coyne, Executive Vice President, Business Banking Segment Group at Key Bank. Coyne graduated with a degree in finance from Notre Dame in 1982, and besides a three year foray into the non profit sector, has spent her 25 year career in banking. While she has worked in just about every part of the bank, she said, she’s always come back to small business.
“It’s where my heart was,” she said. “Particularly the women’s business sector.”
Among her proudest achievements, Coyne includes the work she’s done with the Key4Women program – Key’s program for female business owners, providing financial solutions, networking opportunities, and education. She explained that, going back to the late ’90s, Key Bank was studying the needs of women business owners. “We saw that they just weren’t applying for loans.”
“We identified it as a need and wanted to make it real.” She said the program has gone a long way in helping understand the economic value in women-owned businesses. “This is not just a “feel good” project,” she said. “These women have sophisticated business needs.”
She continued, “The most thrilling thing for me has been to see these companies grow and expand through the program.”
In 2005, Key Bank has committed to lending $1 billion over the next three years, and accomplished that goal early in 2007. “So we said, ‘Let’s double it.’” That goal, she said, was achieved in 2009. The bank is on track to achieve its next goal of 3 billion by 2012.
On the horizon, Coyne said, is a program for non profit entities similar to Key4Women. “We want to help non profits find financial solutions. We’re very excited about it.” Additionally, Coyne said, so many of the bank’s employees sit on non profit boards that the program is energizing the entire leadership team. “We’re well suited to serve non profits,” she added.
Coyne is particularly excited about the financial education portion of the two programs.
She said, “I think financial education is so important in virtually every aspect of our industry. On the consumer side, particularly in the “unbanked,” there is heightened awareness around people better managing their finances. One of the good things that came out of this bad cycle is that we are building the tools to help people manage their finances better.”
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Ask-a-Career-Coach: Is “Excessive Subjectivity” Sabotaging Your Career?
Ask A Career CoachOnce upon a time, when managers made implicitly gender-biased judgments about which staff got the pay raises and the promotions, we called a spade a spade: gender discrimination. When Wal-Mart Stores, Inc. v. Betty Dukes et al. was recently heard by the Supreme Court, we gained a new euphemism for structural sexism in the workplace: “excessive subjectivity.”
This phenomenon is no news to most women: When a company fails to establish objective criteria for its managers to decide on pay raises and promotions, then personal, subjective, unexamined biases kick in. And if you’re operating in a male-dominated environment, you can bet that those cultural biases ain’t gonna benefit the women. If the workplace lacks a rational process for making a decision (it’s called a “policy”), then bosses fall back on the most primitive assumptions, including sexist ones.
The result? In the case of Wal-Mart: Women fill 70% of the hourly jobs but make up only 33% of management employees. Women working in the company’s stores are paid less than men in every region, and the salary gap widens over time even for men and women hired into the same jobs at the same time.
Lawyers for the female employees argued that local managers exercise their discretion over pay and promotions disproportionately in favor of men, which has an unlawful disparate impact on female employees, and that Wal-Mart’s refusal to restrain its managers’ authority amounts to disparate treatment.
While the Supreme Court minority opinion, including all three female justices, found that excessive subjectivity was sufficient grounds to proceed with the class action suit, the majority did not. For reasons both technical and ideological, the Supreme Court reversed the lower court’s opinion that the women of Wal-Mart constitute a legitimate class with a common complaint. Women employees at Wal-Mart can move forward with gender discrimination suits, but on a smaller scale rather than as a single class.
As you can imagine, women’s advocates are dissatisfied with this diminished legal protection against gender discrimination in the workplace.
But not to despair! If you find yourself facing the invisible hand of excessive subjectivity, you are far from powerless.
Remember “subliminal advertising”? Take a page from that playbook and launch a subliminal counter-campaign of your own. Here are four simple, on-the-ground tactics to protect yourself from excessive subjectivity. These tactics will enable you to transform it into an objective framework for conversation, evaluation, and decision-making:
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A “Winner” Company or a “Zero”? Ranking System to Bring More Women to Boards
Industry Leaders, LeadershipThere’s nothing wrong with using the stage when you have it, and Diana Taylor, the former New York State Superintendent of Banks, did just that when she was recently honored for her leadership role by the Women’s Forum of New York City, a conclave of influential executive women.
Deftly, she worked into her remarks a clarion recruitment pitch. She looked out into the vast ornate ballroom of the Plaza Hotel and simply invited any interested party there to send her a CV to be considered for a seat on a Board in which she is involved. That is called casting the net widely, I thought—there were hundreds of qualified candidates in that room, and she was looking to recruit a woman for the position. This was an efficient use of a wide pool at hand.
But that was a “seize the day” appeal, the proverbial golden opportunity. Improving the representation of women on Boards appears to be one of those interminable journeys that needs permanent attention. Despite much discussion, we face stagnation in the ranks of women on Boards in the U.S. with the percentages sticking at just 11 percent for Fortune 1000 companies, according to Catalyst, which collects data on women in business.
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