by Elizabeth Harrin (London)
“Four Bottomless Closet clients are now homeowners in the New York City area,” Tami Peter says proudly. For those of us who are homeowners, that doesn’t sound like much. But when you understand what Bottomless Closet does – and what Tami has invested to get those four women there – you realize that she has every right to be proud of what they have collectively achieved. Bottomless Closet is a non-profit organization that provides professional clothing, job readiness and post-employment training and coaching services to women on assistance and working-poor women across New York City. The organization supports women in transition by providing career skills and image coaching, empowering them to interview with confidence, gain employment and achieve economic self-sufficiency.
Tami spends up to 20 hours a month volunteering for Bottomless Closet. “It’s important to give back,” she says, “though balancing this with my day job is sometimes a challenge, given that I travel approximately two weeks per month. But I do work it out; one can always make time for what’s important.” Tami’s day job is as a Director, Structured Finance Product Specialist at Moody’s Analytics. It’s a role that keeps her busy. “My day job includes me selling analytical software, data, and valuation services to a variety of Canadian and US institutional clients in 20 states that invest in structured finance bonds,” she explains.
Since 2001 she has balanced this responsible role around her work with Bottomless Closet. “I saw a magazine ad recruiting volunteers for Bottomless Closet,” she says. “It piqued my interest so I called and spoke with the executive director. I wanted to use my financial services and personal finance experience to help other women.”
Tami taught one seminar on budgeting that year and was deeply touched by the Bottomless Closet clients. “It amazed me how a small effort on my part could positively impact these women in a significant way,” she adds. Tami started off teaching one seminar on personal finance in 2001. The response to this was so positive that she went on to develop a year long course comprising of 17 sessions on personal financial management. She became more and more involved and now personally mentors over 20 women. She joined the Board in 2006 and is now its Treasurer.
“All course participants have set personal financial goals,” Tami says. “Scores of women are now budgeting; dozens of women have become completely debt-free – many had been ignoring their debt for years – and more than 40 women have started saving for retirement.” Tami is justifiably proud of the achievements of these women. “I relish the countless stories I receive of both small and major, yet all significant, personal financial triumphs.”
One particular success that Tami was responsible for was the creation of the Debt-Free Bootcamp. “Over the years, I discovered that the number one goal of Bottomless Closet clients was to become debt-free,” she explains. “My approach to the Bootcamp can be described as ‘tough love with a hug’. For those severely in debt, we get on the phone with their creditors, collection agencies, attorneys, etc, and they take responsibility for how they got into this situation. They own up to what they owe and we make a repayment plan.” Sometimes the idea of being debt-free has never occurred to the women that Tami works with. “I help the women help themselves and create a new and improved vision for their lives,” she says.
The Bootcamp spurred another initiative – and this one meant Tami putting her own money on the line. “I personally funded a 1% interest Financial Independence Loan for those women who have demonstrated progress in becoming debt-free and could achieve that goal within 12 months, if they weren’t mired in high interest rate debt,” she explains. For these women, compound interest keeps them stuck in a hole. The Bottomless Closet Board then matched her grant. Three women have now paid back their loans early, including the interest. “I envision that the Financial Independence Loan will continue to expand by obtaining outside sponsors to underwrite this concept,” Tami explains.
All of this has a significant impact on women’s lives. “First and foremost the clients have enhanced self-esteem,” Tami says. “They feel empowered by taking responsibility for their financial decisions having control over their money. They start having larger dreams for themselves and their children. They realize they can envision and achieve a plan for financial security and self-reliance. For those women who have stayed in unhealthy relationships due to finances, this knowledge is their liberation.”
It’s also had an impact on Tami’s life. “My volunteering has definitely influenced the work that I do in my day job and other aspects of my life,” she says. “One of the reasons I chose to work for Moody’s is because it’s a firm that has a culture of philanthropy.”
A few of Tami’s colleagues know about the work she does with Bottomless Closet and she was able to convince the firm’s foundation to generously donate, and to allow other staff time off to volunteer at Bottomless Closet. “My volunteering work at Bottomless Closet has enhanced my professional life,” Tami adds. “Several companies have hired me to lead personal finance seminars for their employees on topics such as budgeting, debt reduction and investing for retirement.”
On top of that, Tami’s friends and family regularly ask her for her presentation handouts to assist them with their finances. “Unfortunately,” she says, “we do not learn enough in the educational system about financial literacy and, unless they learned good habits from their parents, the subject intimidates most people.”
Tami’s work has certainly led to demystifying personal finance for many women, as well as removing the intimidation factor that comes with numbers and mounting debt. “For me, it’s empowering women to help themselves financially and to believe in themselves,” she says. “Each time I volunteer, I walk away with a sense that I received more out of the experience than the recipients did. It is such an amazing feeling to know that you have made a difference in someone’s life. When someone tells you, ‘you’ve changed my life’, how could you not continue to give of yourself?”
Linda Cook: Another Female Executive Feels the Effect of the Gender Recession
Featured, NewsEarly last week, Linda Cook, one of just two women on the Royal Dutch Shell board of directors, announced her decision to step down from her position at the company. The reason? Cook, a 29-year veteran of the company, was nixed for consideration as Royal Dutch Shell’s new chief executive officer, a position that is currently held by Jeroen van der Veer. The top spot will instead be filled by Peter Voser, the company’s current chief financial officer.
Cook’s relinquishment means she will be giving up the $1.26 million loyalty bonus she would have received had she stayed on board until 2011. Now, no one is suggesting the making of anti-men propaganda. The company said Ms. Cook left as part of a mutual agreement and will continue to advise the company until her new successor is implemented.
Instead, the real concern is the economic recession and the steadily declining tally — better known as women in the workplace — that is following close behind. But can the two be linked? Marilyn Tam, a global corporate consultant and executive director of the Us Foundation, says while it may be subconscious, the pair show a definite relationship. “In times of crisis people often revert to what they are most familiar with,” Ms. Tam said. “In the case of corporate America that frequently would mean that people gravitate towards people who look and think like themselves. Since the predominant number of top positions are filled by men, this can place women business leaders in a vulnerable position.”
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Executive Women’s Competencies, Benchmarked.
Expert AnswersContributed by Tracey Carr of eve-olution
Over the past seven years, we have had the privilege of having over 1500 hundred women go through our leadership programmes. The women have largely worked in the professions for large Blue Chip organisations and have been in the marshmallow layer, ready to take the next step into senior executive positions. In other words they are within the top 15% of employees within their organisation and already enjoying considerable success.
A significant proportion of these women also completed eve-olution’s 360 degree performance review, developed in 2004 and based on well researched leadership theory. We have utilised the aggregate data from these reviews to come to some conclusions about competency benchmarks for women leaders. This information is being made available to you, the readers of theglasshammer.com, as we believe it may be a helpful tool to assist with drawing up a developmental plan to progress your career to a more senior executive position.
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Ask-A-Recruiter: How To Research A Career Change
Ask A Career CoachCan you recommend resources for exploring careers and learning about the skills/education needed to be successful in that career?
A lot of the advice I’ve seen about researching a career change focuses on talking to people in the target career. There is definitely merit to this: these people know firsthand what the career is like; they can give you ideas on how to get started; they may know the important players and trends in that sector. In other words, talking to people could shortcut a lot of the heavy lifting you might have to do had you researched this on your own.
But therein lies the reason that I strongly counsel my career changing candidates to start by talking to people. It’s a shortcut, and cutting corners invariably means you may miss something. First of all, people who are doing a job day-to-day may not have a broad perspective on the industry as a whole. Their recommendations of key players and trends reflect their opinion, not necessarily a wide swath of research. Secondly, their ideas for how to get started will likely be influenced by how they or people they know got started. You may have a very different background, and their advice may actually prove counterproductive. Finally, their knowledge of the career path, growth prospects, and day-to-day again reflects their opinion, not necessarily the typical experience. Therefore, by relying on what people say, you are ceding control of your information-gathering to the information that they happened to have gathered along the way. Read more
Catalyst Award Winner: Baxter International
Industry Leaders, LeadershipTwo years ago, the new President of the Asia Pacific division of Baxter International, a company which develops and manufactures healthcare products, set a lofty goal: to achieve a 50/50 gender balance across management-level and critical positions throughout the 14 countries in the region (Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, and Vietnam).
In 2005, Gerald Lema took over as President of Baxter in Asia Pacific. As part of the consolidation process, he put into place a “culture of respect for individuals and their contributions by emphasizing high performance standards, knowledge transfer, continual learning, innovation and the role of gender balance in supporting innovation.” Lema and the Asia Pacific Leadership Team he formed, developed a cutting edge program designed to develop a more effective, diverse and sustainable organization through talent acquisition, leadership development, and development of technical abilities. That program – Building Talent Edge – was recognized this year by Catalyst for the extraordinary results it achieved.
To ensure a 50/50 gender balance in talent acquired, Baxter requires that candidate slates, whether provided by internal or external sources, be 50% women. To ensure that the women within Baxter are provided with the leadership, technical and functional training to enable them to advance, women are chosen to participate in development and leadership programs within the company in the 50/50 ratio. Finally, to facilitate the advancement of women within the organization, leaders share succession plans which must be comprised of slates of individuals that reflect a 50/50 gender balance. Also, there is an increased focus on internal promotions, with the number increasing form 34% in 2005 to 48% in 2008.
And the results really are staggering. In China, the percentage of women on the executive team jumped from 44% in 2006 to 85% in 2008. In Corporate Japan, an environment traditionally unreceptive to gender diversity in leadership, even saw some improvement in the percentage of women on its executive team– increasing from 17% to 33%. There was a significant increase of the percentage of women in all levels of management across the region – from 28 % to 48% of women for the director level or above.
The most important thing is the buy in from senior management and the creation of quantifiable goals said Victoria Elegant, Vice President of Regulatory Affairs and Pharmacovigilance at Baxter Asia Pacific at a corporate culture panel at the Catalyst event in March. “[The Initiative] comes directly from Gerald. It comes at the country level, by creating diversity teams as well. It is very important that we are not just saying things – that we are actually doing what we say.”
She continued, “You want to have a clear plan. If you don’t, you’ll fail. We’ve seen programs that have failed and, for the most part, it was because there was not a strategic plan on the way in. [You need to be clear about] what exactly the initiative is intended to do. [You need to be] need to be able to communicate to your senior management. It is important to make the business case for diversity inclusion and explain it to people that may or may not be interested in what you have to say. If you don’t have buy in, it will just be “talk” and not “walk.”
Just Add Women: Ensuring Executive Women Have a Place at the Negotiating Table
Featured, Industry Leaders, Leadership“One of the things I’m worried about is the impact of the economy on women’s initiatives,” says Carol Frohlinger, Esq. Frohlinger is the cofounder of Negotiating Women Inc. and co-author of “Her Place at the Table: A Woman’s Guide to Negotiating Five Key Challenges to Leadership Success.” Negotiating Women provides negotiation and leadership training for women at every stage of their career.
As budgets are slashed at law firms nationwide, the fate of many employee programs, including women’s resource groups and initiatives, are uncertain. “Law firms, in particular, are fragile,” says Frohlinger. That’s because most women’s initiatives have only recently been started at legal firms. To help firms maintain the momentum of nascent initiatives, Negotiating Women, Inc. is launching the “Just Add Women® Meeting Toolkit Series”. This prepackaged program offers a solution for law firms and affinity groups that are committed to implementing professional development programs for women lawyers but can’t afford the time and money to create their own in this economy.
The Just Add Women® Toolkit comes with ready-made meeting agendas, facilitator’s guides, PowerPoint presentations, meeting checklist s and even sample email invitation describing the sessions. Topics include building a strategic network, positioning yourself for high visibility assignments, building client relationships and getting the resources you need. Negotiating Women, Inc. offers complimentary facilitator training for staff and organization members as part of the Just Add Women® Meeting Toolkit Series too. “I think people need to understand that support for this is critical,” says Frohlinger. “Women are crying out for substantive content.”
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Mover and Shaker: Dale Meikle, Regional Human Capital Communications Manager at PricewaterhouseCoopers
Movers and Shakers“As a temporary secretary without the first clue about how business worked, I would never have seen myself ten years down the road as a senior manager working outside of the U.S.,” says Dale Meikle, Regional Human Capital Communications Manager at PricewaterhouseCoopers. Dale says it was “total chance” that she ended up in consulting. “I had just graduated from university and was temping at PwC in Washington, D.C. as a partner’s secretary,” she explains. “I was saving up to attend a master’s programme in Shakespeare. Working for what I perceived as an accounting firm was pretty much the diametric opposite of my career vision at that time.”
Dale ended up getting on well with the partner she was working for: he saw the talent in her and recognised that she would be an asset to the firm. “He let me sit in on conference calls with clients, he brought me with him to meetings on Capitol Hill and with firm leaders – always making sure I had an active rather than passive role,” she says. “He trusted me with sensitive tasks and was transparent in all of our communications. He always asked me, ‘what do you think about this?’ This early and intense trust and exposure to high level client and PwC executives developed me at a quick pace and primed me for future roles.”
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In Case You Missed It: News Round-up
NewsMergers and Acquisitions
India’s biggest mobile operator Bharti Airtel is talking to South African rival MTN about a cross shareholding deal that could lead to a full merger. Under the proposal MTN would acquire 25% of Bharti with a cash payment of $2.9bn as well as some new shares. Bharti would buy 36% of MTN’s existing shares for R86 plus 0.5 a Bharti share per share.
A deal to rescue the European arm of General Motors is nearing a conclusion. Canadian company Magna International looks the likely winner with a deal that also involves Russia’s Sberbank. Magna and Sberbank have offered €700m for 55% and also will provide €300m of emergency funding. Confirmation of the deal will unlock a €1.5bn bridging loan from the German government. General Motors is expected to file for Chapter 11 bankruptcy in the US on Monday.
City of London headhunter Whitehead Mann has held talks with US recruiter Korn/Ferry aimed at selling a majority stake in the business.
Social networking site Facebook has accepted a $200m investment from Digital Sky Technologies, a private Russian internet investment group, that values Facebook at around $10bn. Goldman Sachs facilitated the deal by introducing the two parties.
The London Metals Exchange (LME) has joined the consortium that already includes 11 banks and Icap, in the €830m bid for European clearer LCH.Clearnet. The banks are Deutsche Bank, JPMorgan, Royal Bank of Scotland, UBS, Barclays Capital, Morgan Stanley, Credit Suisse, Citigroup, Goldman Sachs, HSBC and Nomura.
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Surfrider
Women and PhilanthropyIt’s uncommon for a C-Suite executive to hope for the demise of her company. Many of them are just praying they stay afloat. But when you are working to preserve the stunning waters and beaches that surround the world, coming to a time where your work is no longer needed — well, that would be heaven. That’s at least why Michelle Kremer, the Surfrider Foundation’s Chief Operating Officer, is keeping her fingers crossed. Because, for her, losing her job means she has accomplished exactly what she set out to do.
“Preserving and enjoying the beauty of our coasts is something that is very important to me,” Kremer said of her position at Surfrider. Created in 1984 in Malibu, CA, the Surfrider Foundation was established as a non-profit organization dedicated to protecting the world’s oceans, waves and beaches. Since then, the foundation has gained more than 50,000 members and implemented 80 chapters across the world, including locations in Australia, Japan France and Brazil, in addition to its 60 spread throughout the United States.
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Volunteering with Bottomless Closet: Director at Moody’s Uses Financial Service Skills to Helps Working-Poor Women
Women and Philanthropy“Four Bottomless Closet clients are now homeowners in the New York City area,” Tami Peter says proudly. For those of us who are homeowners, that doesn’t sound like much. But when you understand what Bottomless Closet does – and what Tami has invested to get those four women there – you realize that she has every right to be proud of what they have collectively achieved. Bottomless Closet is a non-profit organization that provides professional clothing, job readiness and post-employment training and coaching services to women on assistance and working-poor women across New York City. The organization supports women in transition by providing career skills and image coaching, empowering them to interview with confidence, gain employment and achieve economic self-sufficiency.
Tami spends up to 20 hours a month volunteering for Bottomless Closet. “It’s important to give back,” she says, “though balancing this with my day job is sometimes a challenge, given that I travel approximately two weeks per month. But I do work it out; one can always make time for what’s important.” Tami’s day job is as a Director, Structured Finance Product Specialist at Moody’s Analytics. It’s a role that keeps her busy. “My day job includes me selling analytical software, data, and valuation services to a variety of Canadian and US institutional clients in 20 states that invest in structured finance bonds,” she explains.
Since 2001 she has balanced this responsible role around her work with Bottomless Closet. “I saw a magazine ad recruiting volunteers for Bottomless Closet,” she says. “It piqued my interest so I called and spoke with the executive director. I wanted to use my financial services and personal finance experience to help other women.”
Tami taught one seminar on budgeting that year and was deeply touched by the Bottomless Closet clients. “It amazed me how a small effort on my part could positively impact these women in a significant way,” she adds. Tami started off teaching one seminar on personal finance in 2001. The response to this was so positive that she went on to develop a year long course comprising of 17 sessions on personal financial management. She became more and more involved and now personally mentors over 20 women. She joined the Board in 2006 and is now its Treasurer.
“All course participants have set personal financial goals,” Tami says. “Scores of women are now budgeting; dozens of women have become completely debt-free – many had been ignoring their debt for years – and more than 40 women have started saving for retirement.” Tami is justifiably proud of the achievements of these women. “I relish the countless stories I receive of both small and major, yet all significant, personal financial triumphs.”
One particular success that Tami was responsible for was the creation of the Debt-Free Bootcamp. “Over the years, I discovered that the number one goal of Bottomless Closet clients was to become debt-free,” she explains. “My approach to the Bootcamp can be described as ‘tough love with a hug’. For those severely in debt, we get on the phone with their creditors, collection agencies, attorneys, etc, and they take responsibility for how they got into this situation. They own up to what they owe and we make a repayment plan.” Sometimes the idea of being debt-free has never occurred to the women that Tami works with. “I help the women help themselves and create a new and improved vision for their lives,” she says.
The Bootcamp spurred another initiative – and this one meant Tami putting her own money on the line. “I personally funded a 1% interest Financial Independence Loan for those women who have demonstrated progress in becoming debt-free and could achieve that goal within 12 months, if they weren’t mired in high interest rate debt,” she explains. For these women, compound interest keeps them stuck in a hole. The Bottomless Closet Board then matched her grant. Three women have now paid back their loans early, including the interest. “I envision that the Financial Independence Loan will continue to expand by obtaining outside sponsors to underwrite this concept,” Tami explains.
All of this has a significant impact on women’s lives. “First and foremost the clients have enhanced self-esteem,” Tami says. “They feel empowered by taking responsibility for their financial decisions having control over their money. They start having larger dreams for themselves and their children. They realize they can envision and achieve a plan for financial security and self-reliance. For those women who have stayed in unhealthy relationships due to finances, this knowledge is their liberation.”
It’s also had an impact on Tami’s life. “My volunteering has definitely influenced the work that I do in my day job and other aspects of my life,” she says. “One of the reasons I chose to work for Moody’s is because it’s a firm that has a culture of philanthropy.”
A few of Tami’s colleagues know about the work she does with Bottomless Closet and she was able to convince the firm’s foundation to generously donate, and to allow other staff time off to volunteer at Bottomless Closet. “My volunteering work at Bottomless Closet has enhanced my professional life,” Tami adds. “Several companies have hired me to lead personal finance seminars for their employees on topics such as budgeting, debt reduction and investing for retirement.”
On top of that, Tami’s friends and family regularly ask her for her presentation handouts to assist them with their finances. “Unfortunately,” she says, “we do not learn enough in the educational system about financial literacy and, unless they learned good habits from their parents, the subject intimidates most people.”
Tami’s work has certainly led to demystifying personal finance for many women, as well as removing the intimidation factor that comes with numbers and mounting debt. “For me, it’s empowering women to help themselves financially and to believe in themselves,” she says. “Each time I volunteer, I walk away with a sense that I received more out of the experience than the recipients did. It is such an amazing feeling to know that you have made a difference in someone’s life. When someone tells you, ‘you’ve changed my life’, how could you not continue to give of yourself?”
Simmons Survey: Businesswomen Take Risks Too
Office PoliticsContributed by Michelle Fabio
A recent survey of more than 650 managerial women by the Simmons School of Management in Boston has concluded that women business leaders are indeed risk takers, contrary to the common misconception that they are risk-averse; as a glaring example, according to the report, the current financial crisis is often characterized by the media in gendered terms and phrases such as “credit default swap cowboys” with “too much testosterone” in Wall Street’s “Wild West” atmosphere.
Although most mainstream research regarding risk-taking often focuses on hypothetical allocation of financial resources, when the definition of “risk” is expanded to include professional and business opportunities as it was in the Simmons’ survey, the results show that between 56% and 80% of women business leaders are risk takers, especially involving pursuing major changes, new programs, new jobs, and major business development opportunities.
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