By Cathie Ericson
Taking a risk is worth the reward, says Corinne Heyes, who knows firsthand the benefits.
In fact, as a naturally risk-averse person, she has nonetheless managed her career that way successfully, in a manner she terms “opportunistic, but safe.”
When she recently took a risk late in her career by changing firms after 16 years and assuming a much larger role, she says it was the best decision of her career. “My 19 months at Barclays have been challenging, energizing and stimulating — I’m having fun working with a team of smart, dedicated and motivated HR professionals,” she says.
The Road That Led Her There
Heyes graduated from Dartmouth College with a BA in Psychology in 1982 and started her professional career as a financial underwriter for Aetna Life and Casualty. The work entailed using claim experience and actuarial formulas to price group insurance products, such as employee benefits plans for large clients that included corporations like American Express and trade associations like the Securities Industry Association (SIA).
After a couple of years in Aetna’s Hartford home office, she asked to be transferred to the sales and servicing office in New York City, where she would keep her same accounts but move into a direct client service role. The largest member of the SIA was Wertheim & Co., a small, privately held investment bank and after serving as its account representative for two years, Wertheim asked her to join the firm to launch its benefits department.
Over the subsequent 11 years, she received an MBA in Finance from NYU’s Stern School and picked up the compensation function to complement her benefits role. The firm had changed names several times — from Wertheim to Wertheim Schroder to Schroders, and in 2000, Citigroup acquired Schroders, and Heyes joined the investment bank to manage the compensation team.
Over 16 years at Citi, she acquired additional businesses in her compensation management portfolio and for the last six years ran the compensation practice for the entire institutional side of Citi. She joined Barclays in October 2016 as the Director of HR and Rewards, Americas, where she now oversees the delivery of the full suite of HR services, including compensation and benefits.
In addition to that role, Heyes is a member of the U.S. Executive Committee for the Bank Holding Company Barclays has established in the United States, which has its own independent board and relationship with U.S. regulators like the Fed.
Culture as a Driver of Firm Success
For Heyes, one of the best parts of her job is helping define and promote the firm culture. “The challenge starts with defining your desired culture in words,” she says, noting that at Barclays, the culture is underpinned by its five values — respect, integrity, service, excellence and stewardship. But to drive the desired culture, firms need to be able to measure evolution in a consistent, replicable way. To that end, Barclays has developed a culture dashboard that includes qualitative and quantitative metrics that they measure quarterly, which enables them to track the culture over time and design strategies to address any area of opportunity.
This type of action is very topical in the financial services industry, she says, with firms focused on defining, measuring and driving culture. But that’s not all. “Our regulators are keenly interested in culture as an asset which mitigates misconduct risk,” she points out, adding that the Fed published a white paper which advanced the concept of “cultural capital” as an asset that can act as a loss mitigator by influencing decisions, behaviors and outcomes over time. And even though it is an intangible asset, the fact that its impact can be measured, assessed and influenced means it is an important one.
Firms must invest in cultural capital in the same way they invest in other forms of capital, like physical, human or reputational capital, or they will deteriorate over time and adversely impact a firm’s productivity, adding that Barclays shares this sentiment regarding cultural capital.
And the commitment to cultural capital extends throughout the organization down to programs that promote diversity and inclusiveness. Tone from the top is critical in establishing D&I as a central tenet to a firm’s mission, but the words are only given credence through real actions and programs. For example, at Barclays they have introduced gender-neutral paid child care leave and have championed dynamic working, which encourages employees to define the individual work arrangement that best integrates their professional and personal lives.
Heyes also has experienced the firm’s inclusiveness with no hesitation in being out at work. “You often hear the phrase ‘bring your whole self to work,’ which underscores the concept that authenticity frees up discretionary energy, enabling you to engage more powerfully,” she says.
“For those in the LBGT+ community who are in the closet at work, it’s not simply that they are choosing to leave behind certain discretionary aspects of their lives, but rather they are actively hiding this very elemental aspect of their personhood.” And while that puts up barriers to being able to connect fully with one’s colleagues, even more critically, it is intellectually, emotionally and spiritually exhausting to maintain a facade every minute of the workday.
And she knows this exhaustion firsthand, because she was not out for the 11 years she worked at Schroders. It wasn’t until she moved to Citi and decided that to be open with her colleagues that she realized how liberating it was not to be guarded in her daily interactions. She found her colleagues to be very supportive, and in fact, it quickly became unremarkable.
When she and her wife married in November 2013 after DOMA was overturned — on their 23rd “anniversary!” – her team threw them a surprise wedding shower. And she adds, she believes it is important to be seen as a senior LGBT role model.
A Fulfilling Personal Life That Includes Giving Back to Others
Despite her many professional achievements, the accomplishment Heyes is most proud of so far is much more personal. Through a firm program, Heyes mentored a high school student for her junior and senior years — the pair went to museums, plays and sporting events and spent countless hours discussing everything from current events, to their respective families and how to conduct a college search.
“While on paper we seemed quite different, we developed an easy-going relationship and discovered our commonalities,” Heyes says. “I feel very strongly that we have an obligation to the next generation, particularly those from disadvantaged backgrounds.” In fact, at Barclays, she has also engaged with Cristo Rey, a high school in East Harlem that offers students the chance to work with corporate partners as a core experiential learning component. Last year they contracted for one student one day a week, and are looking to expand their commitment to five for the upcoming school year.
Heyes also sits on the board of “Find the Courage,” a nonprofit that runs youth programs designed to inspire, educate and empower young people to be positive leaders by promoting respect, kindness, inclusion and resiliency in their communities. And for fun she enjoys reading, gardening, photography and travel, and as she says, “I’m a total sports junkie.”
Better Your Business with Better Storytelling
Career Advice, Guest ContributionThe business world is full of people telling other people that they must tell stories.
They’re right in a way, because we like a bit of drama. We resist or resent dull information. Our attention is more and more a scarce asset. None of us has time or energy to spare. And a brand is nothing if not a story.
But the word ‘story’ gets tossed around like litter in the wind. The great story mavens—from Hollywood screen-writers to wilderness faith-healers—are quoted wantonly in business environments everywhere. Urged to tell stories, well-intentioned organisations too often grow narrative moss: pseudo-stories, shaggy old news pages, voiceless forums, scattered chatter across any kind of social media, unread newsletters, explicit claims of brand “passion” that seduce too few…
Whatever tale you need to tell—elevator pitch, brand history, personal profile, case study, script scenario, project proposal—you can use these tips from the world of literary storytelling to boost your brand success.
Deep-vein authenticity.
Why are you telling a story—this story? What’s at its heart? Think philosophically about the essence. Think, really think, until you unearth its unique truth. If you find a paradox or contradiction, chances are that’s the narrative crux. If embellishment is needed, it will emanate from the heart.
Fresh, not stale.
Samuel Beckett wrote his best plays first in French. He must have been fairly good at French, but it was a foreign language. So why did he do it? He wanted to stop the fluent from flowing. It was a defence against cliché. He compelled himself to think quite carefully about every word, rather than lapsing into lazy ideas or phrases. Try to “think fresh” when you make your verbal and visual choices.
Plot.
Just for now, I’d like you to pretend your brand is a cat.
The cat sat on the mat, and then it sat somewhere else, and then it had a nap, and then…
Yawn.
Instead of “and then”, it’s better plotting to think “so”, “but” or “meanwhile”.
The cat sat on the mat, so the dog had to sit somewhere else.
The cat sat on the mat, but the mat reeked of dog.
The cat sat on the mat. Meanwhile, the dog lurked behind the door.
Concrete nouns.
Welsh-noir author and creative writing teacher Malcolm Pryce writes: “Concrete nouns are judgement free. They don’t tell you what to think, they give you the information and allow you to form your own opinion. Rather than tell me the food was disgusting, which is an instruction to be disgusted, imagine you told me instead, the cook ran out of stock, so she took the bandage off her foot and put it in the stew. Presumably this image arouses disgust naturally within you. This is really what we mean by show not tell.”
Emotion.
Try the cook’s stew above.
Poetry.
Think of a representational still-life painting, where a fly appears to have landed on an apple because the apple looks so real; it’s almost a photograph. Now, think of a more abstract painting—say, a group of apples by Cézanne—and you’re invited to notice the brush-strokes, the gestures of the artist, the qualities of the paint and grain of the canvas. That’s how I think of poetic prose. Beyond the job of information, there’s pleasure to be had in the movements and textures of language itself.
Dialogue.
Voiced utterances are like opening a window and letting in fresh air. “I love spoken words!” the reader says. Think quotation, endorsement, testimonial, user review…
Less is more.
“I would have written you a shorter letter, but I didn’t have the time”—so wrote the 17th-century philosopher Blaise Pascal. When you edit, your story will probably get shorter. That’s good. Each remaining word (or image) will work harder for you. Bonus: your audience will feel respected because you haven’t wasted their time.
Other people’s shoes.
When I write fiction, I imagine the world from each character’s point of view. They have their own beliefs and reasons for doing things—they are not me. Imagine the situation of your reader as they read your story. Don’t tell them what you think they should feel.
Tell your story to one person.
A business doesn’t read your story, a person does.
Action, reaction.
Be clear about your story’s purpose. Are you inviting people to feel, or understand, or spend, or take some kind of action? Don’t overload the narrative with too many wishes—they’ll cancel each other out.
The end is the beginning…
When we finish reading the last words of a good story, we feel a pleasurable little grief. Perhaps we want to read the whole thing again. Perhaps we want to share it with others. Our world has shifted subtly on its axis. We think about things differently now.
About the author
Elise Valmorbida is a communications consultant, multi-published author and teacher of creative writing. Her latest novel The Madonna of the Mountains (Spiegel & Grau, USA) is a New York Post “must-read” and The Times (UK) Book of the Month. Bestselling author Sara Gruen describes it as “powerful and entrancing, a riveting adventure for the soul.”
Disclaimer: The opinions and views of guest contributors are not necessarily those of theglasshammer.com
Voice of Experience: Jocelyn B. Redman, Counsel, Shearman & Sterling
Voices of ExperienceAll different types of people can succeed at law firms, says Jocelyn Redman.
“Even if at first you don’t see people who look just like you or come from the same background, remember that you can succeed with different goals by leveraging your strengths and forging the career that works best for you.”
As A Shearman & Sterling “Lifer” She Finds the Career She Always Sought
Redman’s goal had always been to become a lawyer, but she felt that working in an office environment in another field would afford her a useful perspective on her career. She spent her first four years out of college working on energy and environmental policy analysis, and then went to law school. While earning her law degree at American University’s Washington College of Law, she joined the firm as a summer associate and has been there ever since, and was promoted to Counsel effective as of March 1.
Redman started at Sherman & Sterling in the finance group in New York City, joined the real estate practice after two years and relocated to the Washington, D.C. office in 2014. She works with her colleagues in New York and London, handling issues such as acquisitions and dispositions, joint ventures and leasing; she particularly enjoys matters involving Washington D.C. real estate given how hot real estate development is currently in that city.
“I’m always working with clients to suggest avenues that can guard against the tendency toward a boom-and-bust cycle,” she says, adding that the D.C. market is particularly appealing for investments – the continuous needs of the government can protect against the typical harsh fall that the real estate industry as a whole can have when markets turn. “We are always looking to tap alternative resources and be aware of trade-offs and how to protect our clients’ investments.”
Using Diversity As A Tool For Success
Over the years, Redman has found that participation in Shearman & Sterling’s WISER (Women’s Initiative for Success, Excellence and Retention) group has been useful as a way to get to know women partners and counsel from other specialty groups. She’s also found the “Lean In” circles to be applicable, particularly one module about body language that helped participants become more aware of the unintended messages they might inadvertently be sending through their presentation and carriage.
She believes that being a woman in the legal field can be a benefit, since clients are looking for diversity and differing perspectives in their legal teams. In fact, she finds that one of the biggest barriers for women in the legal field – especially at law firms – can be perception, rather than reality.
“I find that women worry that a legal career might take all your time, and that the only type of person who can succeed are those who put everything else aside,” she says. “And that in itself can cause women to self-select out, or decide they should take on a smaller role, when in reality those steps are not necessary and can just result in women lawyers taking jobs where they are being paid less and have less opportunity to grow in their careers.”
She cautions women not to assume you have to give your entire life to your career or play into the notion that success requires constant sacrifice. Unfortunately, she sees lawyers who perpetuate the stereotype by contributing to the myth that you can never have your weekends free or take vacations. “I am still learning to balance,” she says, “but there are ways to have hobbies and a family and be successful at your job.”
With a young daughter herself, Redman is learning to focus on other priorities outside of work while still providing excellent legal services to her clients on behalf of her firm. “Some of this ability to balance comes from maturing in your job,” she points out. In fact, traveling is another priority and over the years she has taken three trips to Africa with her mom.
The 10th Annual Top Women on the Buyside event coverage: What will the future bring for the Asset Management Industry?
Featured, Guest Contribution, Women on the Buy-SideBy Melissa Anderson
Artificial intelligence, big data and technology generally will impact the asset management industry in a big way, according to industry leaders speaking as part of The Glasshammer’s tenth annual Top Women on the Buy-Side breakfast.
After introductory remarks by Nicki Gilmour, CEO of theglasshammer.com, Jennifer Hanes, Head of Investment Management and Operations at technology company FIS opened the discussion in the moderator seat with a question around the outlook for near and further timelines for the industry. In a wide ranging discussion, the panelists discussed how they expect the industry will be with themes of innovative products, continued active management and human advisory, and the rise of big data and machine learning.
The panelists included Kristi Mitchem, CEO of Wells Fargo Asset Management; Lori Heinel, Deputy Global CIO of State Street Global Advisors; Kathryn Koch, Global Head of Client Portfolio Management and Business Strategy at Goldman Sachs Asset Management, Fundamental Equity; and Donna Parisi, Partner, Global Head of Finance at Shearman & Sterling LLP.
According to Kristi Mitchem, CEO at Wells Fargo Asset Management, over the last ten to 15 years, firms have honed their technology usage to be more efficient, for example integrating project management systems and trading systems. Now, she said, technology is moving from the back office to the front office.
“The big change we’ve seen in the last three to five years is a migration from thinking about technology as an operational construct to thinking about technology as a business construct and an alpha driver,” Mitchem said. In addition to applying big data to alpha generating processes, more companies will also apply it to risk management processes to improve the trajectory of returns, she said. Asset managers will also continue to think about how they are using technology in terms of distribution.
“How do we get much better and richer data about the clients we go after? How do we actually create very customized value propositions as part of the sales process by using technology to understand and target more efficiently and effectively?” Mitchem asked.
Indeed, according to panel moderator Jennifer Hanes, Head of Investment Management and Operations at technology company FIS, this shift is bringing positive outcomes already.
Her company recently completed its second annual readiness survey of 1,500 senior executives in the buy-side, sell-side and insurance industry.
“We are hearing a lot of enthusiasm and optimism from organizations … in terms of how they are thinking about technology and using it to drive business outcomes,” Hanes said. “Those businesses that are leaders actually because they leverage technology are seeing better performance in their results.”
Heinel said that her company is thinking carefully about how to retain value as technology migrates from the back office to the front office. Technology has, for so long, been seen as an efficiency driver, , she explained.
“In some respects, when you think about robo-advisory and you think about some of the other online asset management applications, that’s degrading, in some cases, the value that the interface between human and machine can actually add,” Heinel said. “We believe the combination between technology and human is ultimately what’s going to win, and so we’re being very protective of where we are adding value over and above some sort of automatable routine.”
Koch agreed, pointing out that while big data will surely be an important part of the asset management industry moving forward, the field is still in its infancy. She comments,
“ We have created more data in last two years than in all of history of mankind – but only 3 percent is actually been annualized,” she continued, “however because the rate of decay around big data as a potential alpha source is so fast, companies have to be willing to “get behind the capex to get on the bleeding edge.”
Koch comments,
“We can’t be luddites and we have to embrace technology, but there really is going to be a very important intersection with humans. I like technology, but I’m still very ‘long’ on human beings. In particular, she continued, “humans can “connect seemingly disparate points in the investment processes to make predictions about the future not dependent on past data”
Meanwhile, Parisi offered a few “cautionary tales” with respect to big data – companies making use of it need to be sensitive to privacy issues as well as other legal risks such as insider trading. For example, she highlighted a recent court case involving a Capital One analyst who scraped together internal credit card data and, based on his analysis, bought and sold stock in retail companies ahead of their earnings reports.
The Securities and Exchange Commission charged the analyst with insider trading and the courts agreed, saying that the data met the level of materiality that would give rise to an insider trading claim because it was so highly correlated and predictive.
“You need to think about even though it may be only a small slice of data, if it is highly correlated or highly predictive, if it’s not widely disseminated, you better think carefully about whether or not you have material, non-public information,” Parisi said.
Finally, the panelists were asked to sum up their expectations of the asset management industry of the future. Panelists touched on clients’ desire for innovation as well as the growing importance of environmental, social and governance-focused (ESG) investing.
Mitchem ended with her vision of the asset manager as a “total coach.”
“How could financial services companies, through data arrangements with other people, really become the coach for your life?” she asked. “You want to think about, not just your 401k business, but you want to think about your HSA business. You want to figure out [whether you could] be that integral provider that coaches people across the spectrum on everything from healthcare to wealth management.”
Theglasshammer wants to thank the panelists, moderator, sponsors and attendees for making this a great event.
Voice of Experience: Jennifer Barbetta | Partner, Goldman Sachs
LGBT celebration, Voices of Experience“Be on the short list,” recommends Jennifer Barbetta, a partner in Goldman Sachs’ Investment Management Division.
From her own experience, she knows that unique and challenging projects don’t simply “fall in front of you,” and that when senior managers are kicking off a new business, they’ll look to add people to their team who offer both a specific skill set as well as those with whom they have built a relationship.
As such, she advises junior analysts and associates to be “willing to work hard at everything put in front of you,” because individuals who jump in to solve problems and also work on building honest, trusting relationships are rewarded. “When people think of someone they want to work with, you want it to be you,” she recommends.
Creating a Multi-Faceted Career
And being someone with that mindset contributed to how Barbetta has managed to enjoy such a fruitful and varied career at Goldman Sachs. She joined the firm directly after graduating college, assuming she would work at the firm for several years prior to pursuing an MBA or law degree. Fast forward 23 years, and she’s still enjoying her work at Goldman Sachs, having worked in a variety of different roles across businesses.
Today, Barbetta is helping to lead the Global Portfolio Solutions Group in Goldman Sachs Asset Management (GSAM), which provides custom asset allocation advice, risk management and portfolio construction to both institutional and retail clients. The business has steadily expanded its service offerings over the past few years, resulting in GSAM becoming one of the top providers globally.
The custom solutions-oriented offering is one with a lot of potential, Barbetta says, noting that the work GSAM is doing was referenced in Goldman Sachs’ annual letter to shareholders as an effort with significant growth potential. That’s partially because trends in the industry are aligned with the business’ growth, as pension plans or healthcare organizations look for greater expertise in generating investment returns, because they may not have the breadth of internal capability to support all asset classes, portfolio construction and asset liability analysis. In other cases, they may be looking to outsource this functionality to save costs. “What we offer is so customized yet we have the expertise, investment platforms and risk management tools to scale this work effectively.”
“There is clearly a trend in this space, and at Goldman Sachs, we feel we have the skills sets, scale and resources to deliver for our clients,” Barbetta notes. “We have a diverse and experienced team, and we have significantly added to our capabilities over the past several years.”
Proud to be Part of A Firm That Embraces Diversity
Barbetta notes that as women progress in their careers, firms experience difficulty promoting and retaining senior women as they begin to start families. “It becomes more of a balancing act, and I know there’s more we can all do to enhance flexibility,” she says.
She also finds it uniquely beneficial to be out at work, primarily because you can take energy that you might have spent covering up a part of who you are and redirect it to a more useful need. She is proud to be associated with Goldman Sachs, and notes that the firm focuses on building an inclusive culture, with the tone being set at the top.
“If someone feels confident that senior management gets it, it makes it that much more comfortable to be out at work,” she notes. For Barbetta, a defining moment came when Goldman Sachs CEO Lloyd Blankfein spoke out in support of marriage equality in 2011, highlighting to both employees and the public that he supports diversity.
Involved with the LGBT network since it was founded in 2001, Barbetta now serves as an advisor, and during Pride Month will be moderating a panel on embracing transgender talent. She also is active in Goldman Sachs’ women’s network, having championed strategic initiatives focused on high-performing women. She also has been involved with the Black network and led a mentoring cohort that worked with managing directors and vice presidents.
Barbetta has three children with her wife Victoria, and when not spending time with family, she is active in philanthropic organizations. For almost a decade, she’s been on the board of the Point Foundation, which offers scholarships and mentoring to LGBTQ students of merit. She is also on the board of Junior Achievement New York, where she recently helped host a Bowlathon that raised almost $300,000. In addition, she is a board member at her children’s school.
Being LGBTA at Work – Out and Awesome
Career Advice, Featured, LGBT celebration“People are strange when you’re a stranger” or so croons Jim Morrison from The Doors. Being different from the historical majority group still has its challenges, and being LGBT in a world of heteronormativity, no matter how cool people are, can make you feel “other” or outside the core group.
So, how do you navigate the challenges of coming out again and again ( that’s right people, it isn’t a one shot deal!). Here are 3 tips to being out and awesome.
1. Know yourself.
Like everyone else, your preference is just that, its not your actual personality, although both are intrinsic and therefore everyone else should understand that words like choice and lifestyle are not accurate. If you are shy naturally, only work within your comfort zone of who you tell and when. Trust in this area, like other areas is built over time. Equally if you are an extrovert and want to wave a flag, do it! Much of this also depends on where you are at with your own journey, don’t feel rushed one way or the other to express yourself.
2. Know your audience.
Fact; the world is divided into people who have thought about their own mental models and those who just take on whatever stuff their father/granny told them and are still living with values that Sophia from the Golden Girls would be proud of when she says “picture this, Sicily 1923”. Kegan and Lahey- Harvard developmental psychologists write about this subjective lens to life approach in “Immunity to Change” (this book changed my life if you all haven’t noticed how much I reference it). You don’t have to tell people who are just too cognitively/emotionally limited to understand anything outside their own direct experience, or you can choose to. Up to you.
3. Authenticity pays off.
Studies show that hiding can damage your career as it takes massive effort to change pronouns etc. Just be you, as there are so many people who will love you for you. On that note, Allies come out and vocalize your support for anyone who needs it.
Sponsor your LGBT network as an ally, get involved !
We just do not have to tolerate dinosaurs anymore. The revolution will be televised!
Voice of Experience: Francesca Harris, Business Development Manager, PwC UK
LGBT celebration, Voices of ExperienceBy Cathie Ericson
“Know your worth, and keep striving for where you want to be compared to where you are,” says Francesca Harris.
She advises tapping the knowledge of the people and talent that is all around to develop yourself further. “Find someone you can reach out to who has already arrived where you hope to be and seek their advice and support to see how they got there,” she says.
Over the years she has realized the power of reaching out to people who are more senior than yourself and investing time in those relationships, rather than being intimidated by who they are.
“Be fearless and take risks,” she says. “You can never be wrong trying to do something right so run with it, and there will always be people there to support you.
A D&I Pioneer
Harris started her career in London in the online digital space, primarily in the music and entertainment industry. It was a similar skill set as business development, and after four years she accepted a job offer from PwC and moved to Birmingham where she currently focuses on the private business market and growing client portfolios. Each day is a fascinating mix of helping businesses conquer a challenge or entrepreneurs who are working toward getting to the next level.
But the professional achievement of which she is most proud is her recent honor as Barclays Diversity Champion DIVA 2018. “When I saw the short list, I was amazed at the heavy hitters and outstanding women who had been nominated so it was a complete surprise when I was named the winner,” she says.
Over the past few years, diversity and inclusion has been her “pet project” that she has worked to drive forward by building connections among friends and colleagues. Harris is also a very active PwC GLEE ambassador – PwC’s LGBT+ internal network, headed up by PwC partner Brian Ashmead-Siers established to drive equal representation.While there is still much to be done, she is proud of the progress that has been made and the work that PwC is doing in particular. One new initiative centers on the pay gap and the firm’s move toward a 50/50 short list for each positon, meaning which an equal gender split will be considered.
She also is active in external networks such as the Midlands Alliance Network that she and other corporate colleagues have built over the past three years, and LB Women, which is focused on lesbian and bisexual women.
While it can sometimes feel as though there’s a double glass ceiling, she is encouraged that people are routinely breaking through that barrier, and she knows that past generations probably had it a lot harder. “People’s behaviors around inclusivity are changing for the better, and now it’s important to continue to be visible so others can be educated on the challenges that they might not realize exist,” she says.
And of course as diversity and inclusion improve at a rapid rate, she looks forward to how far it can progress so the next generation won’t have to deal with the same issues.
Out and Proud
Harris finds that being out has helped her build better relationships because when you are closeted, there is a lot of your life that people don’t see and can’t understand. “You’re always frightened you will slip up and share things you don’t want to, so you tend to be more closed off,” she says. But when you’re just meeting someone and can feel free to share personal details, it adds a level of trust to that relationship right away.
She also appreciates that she can be a role model for others, even sometimes from afar. When you are open and visible about who you are, others who may be struggling can see that and say “She’s doing it and seems to be ok, and maybe I will too.”
“Even if you never interact with them, you can be a lighthouse that offers that level of comfort,” Harris notes. She says that she occasionally mentors people who are frightened they won’t be accepted as being out, so she urges them to realize they will always be able to find a support system. “The most important thing you can do is be yourself; in fact you can’t be successful without it,” she says.
And she finds it beneficial on the client side to show that the firm has diverse people and therefore is apt to offer better, more-rounded solutions.
“Once you take everyone’s strengths, the whole becomes better. Why would you have a team that all thinks the same,” she wonders.
Harris relaxes by painting, and an avid traveler, she will soon head to South America. But to her, family is most critical, and she is over the moon proud that she has just found out she is soon to be an aunt.
Voice of Experience: Stephanie Smith, Executive Vice President and Marketing COO, Wells Fargo
LGBT celebration, Voices of ExperienceSuccess in your career can be determined by your network, which is why women can’t overlook the importance of building and maintaining relationships — not just in your company or department, but across a broad swath of the industry.
“Like many women, at the start of my career, I was very heads down on my work as I sought to perform at a high level,” says Wells Fargo’s Stephanie Smith. “While I created relationships in my company, I learned over the course of my career how critical it is to have those relationships across an industry, whether you’re trying to build a team or benchmark best practices.”
Capturing the Opportunities Available in Marketing
Currently Smith is COO for Wells Fargo Marketing, and her goal is to create a world-class marketing organization within Wells Fargo. The domain is vast, as marketing is a centralized enterprise function that supports every business in the company, as well as digital marketing and other functions.
Before moving into this role, Smith had spent a decade in leadership roles in digital channels at Wells Fargo and Bank of America, where she oversaw the online banking and electronic payments functions as well as digital marketing and sales.
Before joining the corporate world, Smith had been a political appointee in the Clinton administration, where she was the General Deputy Assistant Secretary for Housing; prior to that she had worked with national and regional non-profits that focused on affordable housing and community development.
While her career has encompassed very different assignments, Smith says that the connective tissue among all her positions has been her passion for thinking about how capitalism can help working- and middle-class Americans achieve their goals.
While it’s hard to choose just one professional achievement across a career that spans so many domains, Smith says that she is most proud of the role she has had in building high-performing teams no matter where she was.
Today she sees a number of opportunities and challenges, as the function of marketing is changing rapidly due to the impact of technology, as is every part of the business world.
Smith finds herself most excited about the work Wells Fargo is doing to apply robotic process automation, artificial intelligence, agile methodology and process reengineering to make marketing functions more efficient and effective. These new capabilities that are coming to market fit well with her background, which has been focused on the intersection of determining how you best serve customers and their financial needs using technology, along with the impact of digital technology on every aspect of marketing, including creating customized experiences.
In the operational centers of marketing, she sees that digital technology and automation are streamlining work that used to be highly manual. “Even five years ago we had a smaller set of capabilities to work with; the acceleration brought on by the expansion of marketing technology has been so constant,” Smith notes.
Seeing Diversity Across the Organization
Over the years, Smith has seen that women are given fewer opportunities for stretch assignments — partially because they aren’t offered to them as much, but also because women don’t tend to ask for them as often as men. She attributes this to women’s propensity to feel like they have to be 100 percent ready for a role before taking it, whereas men feel like they need to about 50 percent ready.
“I often share the message with young women that they don’t have to know everything on day one,” Smith says. She adds that mastering a steep learning curve will contribute to your competency and your career, supplemented by asking for support when you need it.
She relays one of her favorite pieces of advice, shared by her boss in her first job out of graduate school where she was developing affordable housing: “You don’t have to have all the answers; you just have to know the questions to ask,” which she has found helpful in a variety of new roles and challenges.
In addition she urges women not to assume that their work will speak for itself and get duly recognized since the reality is that you have to do the great work, but promote it as well. She appreciates when women in senior roles promote the work of other women, a strategy that is even more important in support of women of color.
Smith has been “out” at work as a lesbian since she left college, but acknowledges that it’s been a distinct advantage to live and work for most of her career in the accepting Bay Area. “For many others in the corporate environment, they may not have the benefit of geographic location as I do.”
Being out allows her to bring her whole self to work and not worry about expending energy on hiding her sexual orientation or her family, which makes her a better leader and team member. She also enjoys being an advocate for others as she knows how important it is to see people who are like you in the senior ranks.
As the former executive advisor to the LGBTQ employee group at Wells Fargo for a number of years, she has been proud to help lead productive discussions surrounding how the company can best support team members.
As an example, Wells Fargo’s decision to sign on to the amicus brief in support of the 2015 Supreme Court case on freedom to marry (Obergefell v. Hodges) was important, as it underscored that Wells Fargo is a company that supports the rights of its LGBTQ team members and customers. She finds this open support, combined with equal benefits for team members in same-sex relationships, to be an asset in attracting and retaining employees, and goes to the heart of Wells Fargo’s values of diversity and inclusion.
A Values-Driven Personal Life
With 17- and 15 year-old daughters, Smith and her wife structure their non-work time around their kids in a values-based way. The first is voluntarism, and they work together as a family at several homeless programs on a monthly basis; the second is education and they volunteer at the girls’ schools, which allows them to support education while also being around their daughters. And finally, they value cultural experiences so they frequently travel internationally as a family. “We structure our time around these three dimensions, which both lets us reinforce what we value as a family and gives us meaningful time with our children.”
Op-ed: If We Want LGBT+ Talent to Succeed, Leaders and Allies Need to Stand Up and Be Counted
Career Advice, LGBT celebration, Op-EdBy Jon Terry, Diversity and Inclusion Consulting Leader, PwC UK
Growing up in multicultural London, I saw how diversity can enrich our communities.
My childhood experiences helped to inspire my passion for strengthening diversity and inclusion in the workplace and focus on doing so within my internal and client-facing roles at PwC. From fresh perspectives to stronger engagement and motivation, the power of inclusion is something I see right across my work with colleagues and clients.
What’s also clear to me is that businesses prosper in an environment that enables all their talent to thrive. For LGBT+ talent, as with all employees, this means ensuring that they can realize their full potential without barriers and bias. It also means creating an environment where LGBT+ talent can feel safe to be their true selves and fully participate in the workplace. Just as I can talk openly about my wife and what I did at the weekend, my LGBT+ colleagues should be able to engage with their colleagues without feeling the need to be guarded or closeted.
Are businesses around the world creating an environment where LGBT+ talent can thrive? Are businesses realizing the full benefits? These are some of the key questions addressed in Out to Succeed: Realising the full potential of LGBT+ talent, a survey of corporate leaders and high performing LGBT+ talent, which was carried out earlier in the year by PwC in conjunction with Out Leadership, the global LGBT+ business network.
The case for inclusion
The business case for LGBT+ inclusion comes through loud and clear from the survey findings. Around two-thirds of the LGBT+ employees taking part believe that having a supportive focus on LGBT+ talent has given their organization a better understanding of customers’ wants and needs. Employers are even more emphatic, with nearly 90% believing that a supportive LGBT+ focus has enabled them to gain a better understanding of customer demands.
In a competitive labor market, inclusion is also a talent differentiator – more than 80% of employees believe that having an openly supportive focus on LGBT+ has provided their organization with wider access to the best talent. Almost all the employers we asked agree.
Being your true self
Yet, while progress on inclusion is being made – more than 80% of the LGBT+ employees in our survey feel comfortable being out at work – support for LGBT+ talent is still falling short in many organizations.
One of the most telling findings is the two-year gap between the median age when gay male participants came out to family and friends (age 21) and when they come out at work (age 23). Among women, the gap between coming out in their personal and professional lives is an even wider at five years with the average age of coming out at work then being 26. This reluctance to be their true selves at work should be a cause for concern for companies that think they’re doing enough to create a safe and supportive environment.
It’s also telling that even among the openly LGBT+ talent in our survey, a high proportion prefer to cover aspects of their lives and behave in a guarded way in the workplace. Two in five avoid mentioning their life outside work. One in three have kept quiet when they’ve heard negative comments about LGBT+ people. The fact that so many LGBT+ professionals remain guarded not only hinders organizations in recruitment and retention, but, more importantly, this hinders the careers of LGBT+ professionals.
Realizing potential
And this uncertainty extends to opportunities for advancement. Career progression is the number one priority for the LGBT+ developing leaders in our survey. The majority according to the survey, see LGBT+ specific training and development programs as important elements in making them want to work for an organization. Yet, less than 30% of the businesses we surveyed have programs specifically focused on the retention, development and progression of LGBT+ talent. Many of the LGBT+ employees who do have access to such programs aren’t even aware that they exist.
It is our belief that if LGBT+ employees don’t feel they can realize their full potential within their current organization, they will vote with their feet by looking for opportunities elsewhere. In turn, businesses will miss out – only 35% of the LGBT+ employees in our survey believe that their company leverages LGBT+ inclusion for business advantage.
True inclusion
So how can businesses give LGBT+ talent the confidence they can succeed within their organizations? Drawing on the survey findings, the Out to Succeed report sets out five key recommendations for promoting real equality and opening up the full business benefits of LGBT+ inclusion:
1. Set the right tone from the top and engage with CEOs
2. Create clear pathways for career progression
3. Stand up and advocate for LGBT+ equality
4. Build and empower LGBT+ ally networks
5. Create inclusive communications
What comes through most strongly for me is how important it is for leaders to be active advocates for LGBT+ equality and inclusion. When the LGBT+ talent in our survey were asked about their priorities for creating an inclusive organization, more than 90% pointed to a leader who is prepared to be a visible and vocal LGBT+ ally. This includes both LGBT+ and non-LGBT+ executives. Leaders set the tone from the top and ensure that inclusion for all minority groups, including LGBT+ employees, is an organization-wide priority. They can also help give LGBT+ employees the confidence that they can be themselves and succeed within the organization.
Sometimes, however, speaking out and being an active ally creates challenges. There are many countries where homophobia and discriminatory laws are still prevalent. Even in relatively liberal societies I know of colleagues who’ve received online abuse for supporting developments such as equal marriage. In turn, some leaders may be nervous about saying anything about LGBT+ issues in case they say the wrong thing. Yet this can be the worst thing to do, as LGBT+ employees may assume that the silence signifies a lack of real support. Leaders can’t hide or ignore these issues – they should stand up and be counted.
My own experiences as an LGBT+ ally and support for groups such as our GLEE network have been both eye-opening and life-affirming. It’s fun to take part in network events and if people hear me speaking or see me at these events, they’ll know I’m on their side and that they can come to me if they need my support or have an issue at work.
So, everyone has a part to play in creating genuinely inclusive organizations. And leaders should be at the forefront as allies and role models. If you as a leader stand shoulder to shoulder with your LGBT+ employees, they can deliver their full potential in support of your organization.
Be a Better Champion for Women, LGBT and People of Color (Even if You Are a Woman)
Career Advice, LGBT celebrationIn Ireland, we have an expression that says, “The road to hell is paved with good intentions”.
Although this probably comes from some ancient religious threat, it reminds me of diversity and the work that needs to be done by all people.
Most people have good intentions but without action, the status quo prevails. It is not a well kept secret that historical behaviors, norms and laws have not exactly favored women, people of color or LGBT people, so inaction is a form of collusion.
The quote from Edmund Burke, “ The only thing necessary for evil to triumph is for good men to do nothing,” is a good one for equality. If we do nothing, while other people are endorsing racism, messaging misogyny as a norm and creating homophobic laws as is happening right now in the USA, it is going to be a race to the bottom.
Of course, if you feel that you are not a “bad person” as most of us do, that doesn’t let us off the hook with what we do and don’t do for equality in our circles. This work starts with real awareness of how there are many versions of life out there and that one’s subjective lens is just that. Subconsciously the brain assigns value to everything. A better than and worse than frame from tea and coffee to straight and gay “lifestyles” (Yachting is a lifestyle, not being LGBT.)
Social scientists and neuroscientists finally agree that unless you override your brain, biases will kick in based on what assumptions were built from messaging over time. Kegan and Lahey do a great job talking about this in their book ‘Immunity to Change’, pointing out that the socialized mind can only work with subjective truths while the goal of seeing through your lens while also examining your lens will free you. To see the glass as not half empty or half full will take you to a place of knowing it is just a glass while understanding others are limited to the binary is very valuable.
So, if you want to be a good ally or champion to others even if you are a woman, LGBT or a person of color, start with a hard look at your thoughts, your paradigms and how this comes out of your mouth as words. Your actions have a chance of changing if you know how they are formed because behaviors come from beliefs. Your audio and your visuals need to match or simply put, people won’t know whether you are proactive in making progress happen or if you are a fan of status quo, or worse and we all know what worse looks like as 2018 is the year of explicit examples.
Voice of Experience: Corinne Heyes, HR Director for the Americas at Barclays
Voices of ExperienceBy Cathie Ericson
Taking a risk is worth the reward, says Corinne Heyes, who knows firsthand the benefits.
In fact, as a naturally risk-averse person, she has nonetheless managed her career that way successfully, in a manner she terms “opportunistic, but safe.”
When she recently took a risk late in her career by changing firms after 16 years and assuming a much larger role, she says it was the best decision of her career. “My 19 months at Barclays have been challenging, energizing and stimulating — I’m having fun working with a team of smart, dedicated and motivated HR professionals,” she says.
The Road That Led Her There
Heyes graduated from Dartmouth College with a BA in Psychology in 1982 and started her professional career as a financial underwriter for Aetna Life and Casualty. The work entailed using claim experience and actuarial formulas to price group insurance products, such as employee benefits plans for large clients that included corporations like American Express and trade associations like the Securities Industry Association (SIA).
After a couple of years in Aetna’s Hartford home office, she asked to be transferred to the sales and servicing office in New York City, where she would keep her same accounts but move into a direct client service role. The largest member of the SIA was Wertheim & Co., a small, privately held investment bank and after serving as its account representative for two years, Wertheim asked her to join the firm to launch its benefits department.
Over the subsequent 11 years, she received an MBA in Finance from NYU’s Stern School and picked up the compensation function to complement her benefits role. The firm had changed names several times — from Wertheim to Wertheim Schroder to Schroders, and in 2000, Citigroup acquired Schroders, and Heyes joined the investment bank to manage the compensation team.
Over 16 years at Citi, she acquired additional businesses in her compensation management portfolio and for the last six years ran the compensation practice for the entire institutional side of Citi. She joined Barclays in October 2016 as the Director of HR and Rewards, Americas, where she now oversees the delivery of the full suite of HR services, including compensation and benefits.
In addition to that role, Heyes is a member of the U.S. Executive Committee for the Bank Holding Company Barclays has established in the United States, which has its own independent board and relationship with U.S. regulators like the Fed.
Culture as a Driver of Firm Success
For Heyes, one of the best parts of her job is helping define and promote the firm culture. “The challenge starts with defining your desired culture in words,” she says, noting that at Barclays, the culture is underpinned by its five values — respect, integrity, service, excellence and stewardship. But to drive the desired culture, firms need to be able to measure evolution in a consistent, replicable way. To that end, Barclays has developed a culture dashboard that includes qualitative and quantitative metrics that they measure quarterly, which enables them to track the culture over time and design strategies to address any area of opportunity.
This type of action is very topical in the financial services industry, she says, with firms focused on defining, measuring and driving culture. But that’s not all. “Our regulators are keenly interested in culture as an asset which mitigates misconduct risk,” she points out, adding that the Fed published a white paper which advanced the concept of “cultural capital” as an asset that can act as a loss mitigator by influencing decisions, behaviors and outcomes over time. And even though it is an intangible asset, the fact that its impact can be measured, assessed and influenced means it is an important one.
Firms must invest in cultural capital in the same way they invest in other forms of capital, like physical, human or reputational capital, or they will deteriorate over time and adversely impact a firm’s productivity, adding that Barclays shares this sentiment regarding cultural capital.
And the commitment to cultural capital extends throughout the organization down to programs that promote diversity and inclusiveness. Tone from the top is critical in establishing D&I as a central tenet to a firm’s mission, but the words are only given credence through real actions and programs. For example, at Barclays they have introduced gender-neutral paid child care leave and have championed dynamic working, which encourages employees to define the individual work arrangement that best integrates their professional and personal lives.
Heyes also has experienced the firm’s inclusiveness with no hesitation in being out at work. “You often hear the phrase ‘bring your whole self to work,’ which underscores the concept that authenticity frees up discretionary energy, enabling you to engage more powerfully,” she says.
“For those in the LBGT+ community who are in the closet at work, it’s not simply that they are choosing to leave behind certain discretionary aspects of their lives, but rather they are actively hiding this very elemental aspect of their personhood.” And while that puts up barriers to being able to connect fully with one’s colleagues, even more critically, it is intellectually, emotionally and spiritually exhausting to maintain a facade every minute of the workday.
And she knows this exhaustion firsthand, because she was not out for the 11 years she worked at Schroders. It wasn’t until she moved to Citi and decided that to be open with her colleagues that she realized how liberating it was not to be guarded in her daily interactions. She found her colleagues to be very supportive, and in fact, it quickly became unremarkable.
When she and her wife married in November 2013 after DOMA was overturned — on their 23rd “anniversary!” – her team threw them a surprise wedding shower. And she adds, she believes it is important to be seen as a senior LGBT role model.
A Fulfilling Personal Life That Includes Giving Back to Others
Despite her many professional achievements, the accomplishment Heyes is most proud of so far is much more personal. Through a firm program, Heyes mentored a high school student for her junior and senior years — the pair went to museums, plays and sporting events and spent countless hours discussing everything from current events, to their respective families and how to conduct a college search.
“While on paper we seemed quite different, we developed an easy-going relationship and discovered our commonalities,” Heyes says. “I feel very strongly that we have an obligation to the next generation, particularly those from disadvantaged backgrounds.” In fact, at Barclays, she has also engaged with Cristo Rey, a high school in East Harlem that offers students the chance to work with corporate partners as a core experiential learning component. Last year they contracted for one student one day a week, and are looking to expand their commitment to five for the upcoming school year.
Heyes also sits on the board of “Find the Courage,” a nonprofit that runs youth programs designed to inspire, educate and empower young people to be positive leaders by promoting respect, kindness, inclusion and resiliency in their communities. And for fun she enjoys reading, gardening, photography and travel, and as she says, “I’m a total sports junkie.”