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by Pamela Weinsaft (New York City)
Nitu Gupta, Vice President of Product Development at integrated food and facilities management giant Sodexo, knows something about the power of leveling the playing field by doing the right thing. Born and raised in New Delhi, India, she had wanted to pursue a degree in economics and math and have her own career. However, her parents’ notion of the right path for a girl was to go into a home economics program and be married soon after graduating from a university.
After studying to be a teacher, she gained entry into a competitive graduate program in food and nutrition, which was the closest thing her university had to a career oriented program. Unfortunately, she had to leave the program when she met her soul mate and moved to the United States. Of the move, she said: “It was quite a challenge. I was learning how to be married and getting used to a new culture.”
She added, “I am very open minded and willing to adapt. I believe if you go into a situation willing to learn, it makes it much easier. Of course, there are going to be conflicts and confusion. But, as long as you stay positive things work out in the end.”
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In Case You Missed It: Business News Round-up
NewsContributed by Martin Mitchell of the Corporate Training Group.
The eurozone emerged from recession in the third quarter. U.S. senator Chris Dodd proposed consolidating the four agencies that inspect banks into a single regulator. The London Stock Exchange suffers an embarrassing technical outage. These are but a few highlights of important market events that we’ve gathered to help you start the week well informed.
Economic Backdrop
Retaining Technical Talent
Breaking the Glass CeilingBy Liz O’Donnell (Boston)
According to a recent report by the Anita Borg Institute (ABI) for Women in Technology, “Retaining a Diverse Technical Pipeline During and After a Recession,” top talent is at risk of disengagement during a recession and should be considered a high flight risk when the recovery starts. Dr. Caroline Simard, vice president of research and executive programs for the Anita Borg Institute and author of the study, cautions that while companies undergo cost-cutting measures to weather a downturn in the economy, they should protect the practices that support a healthy work/life balance. Otherwise, they may experience a spike in turnover when the economy improves.
It makes sense. Often the “survivors” of layoffs are burdened with more work and no extra pay, if not reduced pay, as employers cut staff in order to maintain profitability. The team that remains can experience significant stress from bigger workloads and longer hours. And at the same time that job demands increase, benefits and perks often disappear. While no more free coffee may be disappointing, no more flex time can put pressure on an employee trying to manage childcare, elder care or health issues as well as a career. And the loss of professional development programs such as training and mentoring can lead to cynicism and disengagement from once motivated employees. Simard says these conditions create “a perfect storm” and increase the likelihood that talent will leave once they get the chance.
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Pay Czar Cuts Comp: Can Women Help Correction?
NewsBy Liz O’Donnell (Boston)
The recent announcement that pay czar Kenneth Feinberg would cut executive compensation for the 25 most highly paid employees at seven Troubled Asset Relief Program (TARP) recipients (AIG, Bank of America, Citigroup, General Motors Co., GMAC Inc., Chrysler Group LLC and Chrysler Financial) drew strong opinions from Wall Street observers. Most industry insiders feel strongly in favor or against the move. Many believe it demonstrates an over confidence in government. This from a recent op-ed in The New York Times by David Brooks:
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Voice of Experience: Stephanie Hauge, President, Financial Women’s Association
Voices of Experience“Gender diversification represents a range of approaches to risk analysis and problem solving. All of that is part of the equation of getting better decisions made in a company; it isn’t just to dress up the boardroom or the C-suite with females. If there had been different perspectives and different experiences among the leadership and decision-makers [of the companies that were at the center of the financial meltdown], I believe it could have had a very different outcome.” said Stephanie Hauge, president of the Financial Women’s Association.
Hauge started her own financial career at a pharma company in New Jersey. Working as a marketing customer service representative while attending night school at Seton Hall—first for her B.A. in Accounting and then her M.B.A. in Finance—she saw firsthand the importance of gender diversity and the challenges women face in the workplace.
“I was one of just a few women in the accounting department. A senior accountant at the time, I ended up filling in for my boss when he was not doing his job. When he was eventually let go, there was a lot of external and internal support for me to be moved up into his position. But, [some months later when I still hadn’t been promoted and/or gotten a pay raise], I went to the head of the department to ask why, since I was already doing the job. The department head actually said to me, ‘If I promote you into this position, then all those guys I play golf with will work for a woman and I can’t do that to them.’ Although after some further conversation, I was officially appointed into the position, that incident made me question whether or not I would want to continue there, but it also was a seminal moment in terms of my focus on helping other women. ”
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The end of the road for women’s networks?
Featured, NetworkingBy Elizabeth Harrin (London)
“About 30 years worth of effort has gone into promoting more women into senior leadership,” says Avivah Wittenberg-Cox. “We have to stop bringing groups of women together to talk about what we know is going wrong.”
Traditionally, women’s networks have been the ‘answer’ to the issue of getting more women into senior positions. Networks provide the opportunity to, well, network, and to meet and listen to senior women who then become role models. After all, if your after-dinner speaker made it to the top, why can’t you? But according to the women on the podium at a recent event hosted by Morgan Stanley, women’s networks are an outdated concept that do more harm than good.
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Ask-A-Career Coach: From Entrepreneur To Employee
NewsI took this last year to work on a business idea. I’ve had some success but am unsure of the long-term viability of the business so I’d like to start looking for a corporate job. How do I explain my past year without coming across as a business failure?
Many of the people who will interview you, for both informational and job interviews, will not view the transition back to corporate as a failure. So it’s important not to telegraph this by being apologetic or speaking sheepishly of your business. Instead focus on your accomplishments with the business and the revenue that you did generate. Give details of how you estimated the market for the business. Even though it turned out that the market might be too small, it is a valuable skill to be able to research and understand a market. Finally, be excited and proud that you had the courage to go for it when many people stop at the analysis stage. Your level of engagement is infectious, and people will see your can-do spirit and risk-taking in a positive light, regardless of the ultimate outcome.
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The Boston Club Event: Women Executives in New England’s Fortune 500 Companies
Pipeline, What's OnBy Liz O’Donnell (Boston)
Almost a full year has passed since we reported on the number of women executives and directors in Massachusetts’ 100 largest public companies and sadly, not much has changed. The Boston Club, an organization that provides networking and professional support for women in business, just issued its 2009 annual census of women directors and executive officers of Massachusetts public companies. The report is aptly titled, “Building for the Future or Stuck in the Past?” and can be downloaded here.
Women in the Commonwealth still represent just a small percent of directors (11.3%) and executive officers (8.6%). Those numbers show almost no growth in women directors and a loss in the number of women executives. In 2008, the census reported that 9.2 percent of the C-suite at the top public companies was filled by women. In fact, the number of women executives is the lowest it has been since The Boston Club began tracking the data in 2003. And although we reported last year that the percentage of companies with a woman among their most highly compensated officers also fell to its lowest point (24%), it dropped another percentage point this year to 23 percent. Also trending downward is the number of companies with no women at all among the executive officers. Of the 100 companies surveyed, 56 percent have all male executive teams. For women of color the data is even worse. Of the 697 executives across all 100 companies, just two are women of color. And only 1.2 percent, or 10 directorships, are held by women of color.
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Rising Star: Nitu Gupta, Vice President of Product Development, Sodexo
Rising StarsNitu Gupta, Vice President of Product Development at integrated food and facilities management giant Sodexo, knows something about the power of leveling the playing field by doing the right thing. Born and raised in New Delhi, India, she had wanted to pursue a degree in economics and math and have her own career. However, her parents’ notion of the right path for a girl was to go into a home economics program and be married soon after graduating from a university.
After studying to be a teacher, she gained entry into a competitive graduate program in food and nutrition, which was the closest thing her university had to a career oriented program. Unfortunately, she had to leave the program when she met her soul mate and moved to the United States. Of the move, she said: “It was quite a challenge. I was learning how to be married and getting used to a new culture.”
She added, “I am very open minded and willing to adapt. I believe if you go into a situation willing to learn, it makes it much easier. Of course, there are going to be conflicts and confusion. But, as long as you stay positive things work out in the end.”
Read more
In Case You Missed It: Business News Round-up
NewsContributed by Martin Mitchell of the Corporate Training Group.
The European Commission raised its forecast for European economic growth for 2010, while U.S. unemployment rose to 10.2% in October. These are but a few highlights of important market events that we’ve gathered to help you start the week well informed.
Economic Backdrop
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Giving for Good: Philanthropic Wealth Management
Industry Leaders, LeadershipBy Elizabeth Harrin (London)
Most people associate fund management with the hard-edged side of financial services. But it’s not all about fighting over the top stocks and knowing which off-exchange trading venue is hot. There’s a whole industry around getting the best out of other people’s money – philanthropic services.
“Our role is to offer guidance and support to our donors in every aspect of their charitable giving,” says Elizabeth Brown, Vice President of Philanthropic Services at the Marin Community Foundation, one of the largest community foundations in the U.S. It manages the assets of the Leonard and Beryl H. Buck Trust and 350 funds established by individuals, families, and businesses, and has invested over $800 million in the work of nonprofit organizations. “Each of our donors works with a personal philanthropic advisor to determine their giving strategy, which varies depending on their values and interest areas,” she adds.
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