“The problem just seemed so big, and I somehow had the naive courage to think that I could do something about it,” says Sylvana Q. Sinha, the Bangladeshi-American founder and CEO of Praava Health, Bangladesh’s fastest-growing healthcare company.
In 2014, Sinha left a promising career in international law to focus on the creation of a new disruptive, innovative healthcare company. The decision was prompted by a health scare her mother faced during a family visit to Bangladesh for a wedding; the challenges associated with the emergency appendectomy put Sylvana up close with the shortcomings of the healthcare system in that country.
Prior to founding Praava Health, Sinha led diverse, interdisciplinary teams in international law, business, development, and government relations at major international law firms (Gotshal, & Manges, LLP and Lovells LLP), management consulting firms (Boston Consulting Group and PricewaterhouseCoopers), the World Bank in Kabul and Afghanistan and New York, and think tanks in the Middle East and South Asia.
She conducted research on business and human rights issues for the Special Representative to the UN Secretary General, held the position of social protection specialist at the International Labour Organization, and served as a foreign policy advisor to the 2008 presidential campaign of then-Senator Barack Obama. Today, Sinha is also a PATH board member and a life member of the Council on Foreign Relations.
Currently serving more than half a million patients, Praava Health’s tech-forward model is designed to be efficient, accessible, and scalable across emerging markets, where 85% of the world lives. Praava’s work has been featured by Forbes Magazine and Financial Times and was recognized by Fast Company as a World Changing Idea in 2020. In 2021, the World Economic Forum named Praava Health a Technology Pioneer, and in 2023, they were named a Global Innovator.
Sinha shared with The Glass Hammer her experience as an emerging market entrepreneur and CEO in a male-dominated field and why she’s using her voice to speak out about the challenges women-led businesses face in emerging markets, particularly when it comes to raising capital.
On taking the wheel to improve healthcare in Bangladesh:
“I spent about a year at the beginning of this journey learning all the pain points of the healthcare system in Bangladesh and talking to patients and those involved in the delivery of healthcare, both in Bangladesh and all over the world. It was like a year long global listening tour.
“The more I dug in, the more I saw how deeply-rooted the problem was, and the more obsessed I became with trying to solve it. Candidly, I didn’t find anyone who both cared about solving this problem as much as I did, and had the global networks and local resources to be able to affect change.
“I came across a lot of people who complained about different parts of the system with no plans to do anything about it. Then, there were those who wanted to solve the problem but didn’t have the right skill sets to contribute. I felt that with my experience as a leader and as a global professional, I had the skills, tools, and access to make a difference. I had access to global leaders and innovators in healthcare that we were able to learn from, adapt the global best practice lessons and bring them back to Bangladesh.
“I’d been looking for ways to make more of a direct impact through my work, and I just felt like this was the opportunity I’d been seeking. This was the thing that was the culmination of all of my skills – managing international risk, managing political and economic risk in an emerging market, and having a direct impact, changing lives on the ground. All of those things together inspired me.
“The problem just seemed so big, and I somehow had the naive courage to think that I could do something about it. I became obsessed with solving this problem.”
On what drove her desire for more direct impact:
“I was on the ground in Afghanistan, but I was working in these large organizations and there was so much bureaucracy that was crippling us, as close as we were, from being able to have an impact. These large organizations are so challenged by their own size and by their own systems that it becomes hard to create change. I thought, maybe you have to just build it from scratch.
“Also, from the early stages of my career as a 22-year-old management consultant and junior lawyer – and throughout my career – I worked for men. In particular, when I worked in the services industry, the men were always pitching business to clients, and I remember they would always claim they could do things that we had never done before. I knew, because I was part of their team, that these were things they’d never done before. But then I realized we could do it. We would sell the business; then, we would go learn, and we would do it. And as a woman, just like many other women I know, I feel like we don’t like to claim we can do things until we’ve already done them.
“This experience taught me that, with the help of a skilled and motivated team, I can learn, and I can make things happen. With the right people, we can build the airplane while we’re flying it.”
On how Praava is disrupting the standard of healthcare in Bangladesh:
“The big challenge in Bangladesh is that in addition to the huge gap in terms of the quality of healthcare, there’s also a changing demographic. We now have a very quickly growing and urbanizing middle-income population.
“We have a country that was traditionally more dependent on foreign aid and charity to provide healthcare for our citizens, and just a generation ago, Bangladesh was considered one of the least developed countries in the world. But now, it’s one of the fastest growing economies. This means more people are accessing the private sector for healthcare. But the private sector is largely unregulated and offers very dramatic variations in terms of the quality of healthcare.
“I think the public system does a really good job in terms of prioritizing primary care. But for anything beyond basic vaccinations and deliveries, the masses are accessing the private system. In Bangladesh, 72% of health spending is coming from the private sector. And this is true across South Asia. In most countries, the opposite is true – the health funding is mostly coming from the government, but in South Asia, the private sector is driving the growth.
“The very specific pain point is providing quality healthcare at an affordable price point. When Praava entered the market, the average amount of time doctors spent with patients was 48 seconds. There were only four international standard labs for a country of 170 million people. And 20%+ of drugs in the market were counterfeit.
“What Praava offers, at an affordable price point, is a one-stop shop for all of your outpatient healthcare needs that’s truly at a world-class level: The doctors are practicing protocolized medicine and spending at least 15 minutes with each patient. Our lab meets international standards. Our pharmacy guarantees that there are no counterfeits because we source directly from manufacturers. We’re the only player that owns the outpatient healthcare experience and the only player that does so with both in-clinic physical services, as well as remote and virtual care. While there is still work to be done, we’re contributing to positive change.
“One of the greatest rewards has been hearing stories from our patients about how we’ve been able to change their lives. A lot of people say they never thought they could have healthcare like this in Bangladesh. They thought they would have to travel abroad. To hear that feedback is extremely rewarding and gratifying.”
On how her experience has prepared her to be an emerging market entrepreneur:
“This role is the confluence of all of the different things that I’ve done, particularly when I’ve been forced to manage uncertainty. I think my legal training gave me a framework for how to think in general and how to think about solving problems in a really methodical and logical way. My experience as a management consultant, and working in war-torn regions such as Afghanistan, helped me to learn how to navigate uncertainty methodically, how to problem-solve, and how to be constructive.
“Also, as a lawyer, advising clients on managing risk in investing in new countries and legal disputes in those markets helped prepare me. And my experience working in U.S. foreign policy allowed me to consider how different people think about the world and how Americans, in particular, see the rest of the world.
“The resilience of continuing to fight against daily, or even hourly, ups and downs is what I feel came from all of my various experiences.
“There’s an obsession with very young entrepreneurs, like Mark Zuckerberg, who quit college and go off to start their companies. “But I think building a new scalable business is really, really hard. I don’t think I could have done it when I was in my 20s. There’s a lot of evidence that the most successful entrepreneurs are people who start their companies in their late 30s and early 40s. I started when I was 37. I think that coming to entrepreneurship a bit later, after I had done a lot of different things, made me much more prepared for the resilience and patience that was required and is still required for what we’re building.”
On why we need to (sincerely) fund women entrepreneurs in emerging markets:
“My biggest surprise of this journey is how hard it has been to get funding. I really thought that if we proved the economics of our business, investors would want to invest. Once we prove our value proposition, investing should be a no-brainer. Well, our unit was profitable in ten months, as of November 2018, and I quickly discovered that it’s entirely untrue that proving the economics of your business alone is enough to get investors to invest.
“It’s been eye-opening for me to learn that 80% of venture dollars go to companies headquartered in New York, Massachusetts, and California – still sees the rest of the world as a charity case, not a place to make money.
“So that has pushed me to use my voice and platform to educate people on the opportunities that exist for emerging market entrepreneurs – and the overlooked opportunities financially, particularly for women. The amazing thing about emerging market businesses is you have an opportunity to make money and to have a big impact. Telling that story in a truly compelling and impactful way has been a challenge.
“As an American woman who moved to Bangladesh for the first time in my life to start this company, I’ve seen firsthand how hard it is for women entrepreneurs to access capital. There’s a lot of micro-money for women in emerging markets and outside the United States. But there’s not a lot of money for women to scale their businesses. There’s barely any, actually.
“When we hear about funding for women’s entrepreneurship and women-focused venture capital firms, unfortunately, it’s primarily U.S. and Europe-focused. Even Pivotal Ventures, founded by Melinda Gates, only invests in the United States.
“So the only way to help these countries stand up on their own and be less aid-dependent is to develop the private sector, which requires investment. And the only way to empower women in these countries is to help them build wealth. And the only way to build wealth is to have more access to capital.
“Women are not going to access power and be able to build their wealth if you only give them $10 a month to fund their micro-enterprises. That’s great. But once those micro-enterprises are ready to scale, at this moment, there’s no one to fund them.
“I’m still learning how to tell the story of how these problems are intertwined. Being a public figure and the public face of the organization is outside my comfort zone, so this role is really pushing me. But I realized these lessons are unique and need to be told.
I was at the Forbes 30/50 Summit on International Women’s Day in Abu Dhabi, which was supposedly one of the largest global gatherings of women leaders and innovators. Every single entrepreneur speaker was from America. The only speakers from outside the U.S. were focused on themes like human rights and charity.
“I found this offensive, and I gave that feedback. There are women leaders in other countries. There are female-founded unicorns in India. Canva was founded by a woman in Australia. We have to stop thinking that America is the center of the world. There are huge opportunities outside the U.S. Even BlackRock pointed out that in 2023, when you’re going through global recession, the only parts of the economy still growing are emerging markets.
“We must break out of thinking that the rest of the world needs charity, and America is where people make money.”
On leading in an industry where less than 15% of CEOS are women:
“Eighty-five percent of healthcare decisions for households all over the world are made by women. Sixty-five percent of health workers are women. I’ve always felt that being a woman ultimately makes me a better leader. It makes me better at building healthcare products for consumers and bringing the voice of women to the table. For that reason and so many more, we need more women leaders at the table.
“As a female leader, I think I have been both challenged and underestimated. I’ve been told directly by men who’ve been in the room when I pitch that I’ve been asked questions that investors wouldn’t think to ask men, and that investors challenge me and push back in ways they just don’t with men.
“But what I say about that, ultimately, is that it makes me a better founder. Because I have to have the answers to those questions. Knowing my business better is always a good thing. So yes, I’m sure it’s challenged me in ways that are not equal or fair. But ultimately, it makes me better and it makes my company better.”
On leveraging her voice and platform to challenge the status quo:
“I was at the J.P. Morgan Healthcare Conference that happens in January each year in San Francisco. It’s the largest healthcare investing conference in the world, though it’s mostly U.S. focused, and there was a panel of eight white men. How is this happening in 2023? This was 2023, and it was a panel talking about healthcare with eight white men.
“I think leadership is a double-edged sword for women. Because it’s harder for women, women don’t necessarily want to go after it. So you have fewer women going into leadership roles in this sector. Also, America likes seeing women-founded companies that are wellness-focused or fashion-focused. Those are important companies, and no disrespect to those founders, but I just think America is more comfortable with female founders for those types of businesses. We need to see more women leading financial services organizations and building companies that are providing basic services for consumers who are more than 50% women. We all have these needs in our life, so we need women’s voices to create the solutions.
“The lack of women in leadership in my field has pushed me to recognize that because there are so few women in these roles, I have to push myself to be out there more and to use my voice.”
On ‘walking the walk’ of valuing women in the workplace:
“An unexpected outcome of this journey has been recognizing the importance of valuing women’s work in business.
“During my first year as a founder, every single woman who worked for me – aged 22 to 40+ – on my team of 25 people got pregnant. This accounted for about half the team. It was a challenging year, to say the least. When one of my management team members came to me and told me she was also pregnant, she cried. I’m committed to being a founder who supports women, and while it was hard to manage, we did it.
“My team was able to rise to the occasion and create a workplace that truly supports women – even at a small startup with only 25 employees, we were able to succeed even with half the team out for three to six months in one year. And we are stronger for it. Providing the support women need to thrive in their careers IS possible.
“As an employer, I have now seen firsthand that women ask for less money and undervalue themselves. In our first year, a member of my management team asked for a certain salary, and we gave her what she asked for. Then, we did a market study, and I learned she was earning 30 to 40 percent less than the market, even though she had foreign experience at multinationals in the U.S. So I bumped her up – she didn’t ask for it, and she wasn’t going to. But it was the right thing to do.
“It’s so powerful to see the impact of the choices that create a supportive workplace for women. For example, during the pandemic, we did a lot of COVID testing through part-time consultants. When we discontinued some of their contracts, one of the women lab technicians begged us to find a job for her, explaining that she’d never worked in an organization that valued women the way ours does.
“This experience was so humbling. Frankly, I don’t know that I’ve been as intentional as I could have been about creating that workplace. But when the senior leadership of an organization has women at several points (at times, more than 50% of the management team), it trickles down.”
On why the world is waiting for women to step up:
“Our world has a lot of really big problems that need solving. I’m focused on one of them, but there are so many more that affect our day-to-day lives and our futures. We need people who are willing to take on these issues. We don’t get it right every day – I know I don’t – but what’s important is that we continue to have a positive impact. That’s what makes everything worth it.
“During a period in 2021, we were facing some regulatory challenges. It was a really dark time for me as a leader. I personally didn’t know how we were going to get out of this situation. As a resilient leader, I had faith we would but I didn’t know how.
“I do a lot of one-on-ones with people in the organization at all different levels, and I was doing more at this time to make sure the team felt supported, that we were being transparent, and that they had an opportunity to ask questions.
“In that time, I learned that they totally have faith in us as a management team. They know what we’re doing is the right thing and that we’re going to get through this. That was so inspiring to me to hear that and to see that in them. They were at risk of not even getting paid next month, but they were sure we’d figure this out. They were all so blasé about it and were just focusing on their regular day-to-day work. They put so much faith in me, and in us as a management team, that it was a great reminder that they believe in what we’re doing. What we’ve built is so much bigger than me or them, and it needs to be.”
On how she defines her own integrity as a leader:
“I think we’re always driven by treating each other well. I listen to this podcast series, Wiser Than Me, by Julia Louis-Dreyfus. She herself is 62, and she interviews all women older than her. Yesterday, I was listening to the episode with Diane Von Furstenberg, and she said the only thing we can control in life is our character.
“This really resonated with me. We cannot control the weather. We cannot control the markets. We cannot control whether investors are going to invest or not. But what we can control is the way we treat each other — from giving the security guard at the entrance of a building a friendly hello to the empathy and kindness we give our patients, it’s all about treating each other well. That’s always my guiding force – to be able to feel proud of how I interact with other people.
“There have been some hard moments where someone on my team has let me down, and I’m upset and disappointed. And these are the moments when we show who we really are. No matter what, leading in a respectful and dignified way is always important.”
Interviewed by Aimee Hansen
Op-Ed: Want to be a CMO? Learn to Pivot.
Career Advice, Career Tip of the Week!I grew up playing basketball, and a pivot is a classic move in which the player stops, holds the ball, and looks around for an opening on the court. You can apply this move in your job and your career. It requires you to stop and evaluate potential next moves. You have to stop the daily grind and evaluate. The more you look around, the more opportunity you find to make the next big move. And, making a big move is the way that you help to accelerate your career and the success of your team.
Here are five ways you can actively bring a pivot-first mentality to your career:
There are similarities between these examples and all of them ladder up to mindset. The key to bringing the pivot forward is to be constantly learning, understanding the world around you and then leveraging that knowledge to help those within your team and company. The more you scale and grow yourself, the better you will be able to find roles that interest you and a career with exponential growth opportunities.
Marcy Comer is the CMO of the EagleView Commercial Business, a role she stepped into after leadership roles at Amazon, Sears, 7-Eleven, Dosh, and Spruce. As a leader who has worked across B2B, B2C, B2B2C and D2C, she has developed a perspective for herself and her team on what it takes to succeed. Her unconventional approach is this: focus on the pivot.
(Guest Contribution: The opinions and views of guest contributions are not necessarily those of theglasshammer.com).
Sylvana Quader Sinha, Founder and CEO of Praava Health
People, Voices of ExperienceIn 2014, Sinha left a promising career in international law to focus on the creation of a new disruptive, innovative healthcare company. The decision was prompted by a health scare her mother faced during a family visit to Bangladesh for a wedding; the challenges associated with the emergency appendectomy put Sylvana up close with the shortcomings of the healthcare system in that country.
Prior to founding Praava Health, Sinha led diverse, interdisciplinary teams in international law, business, development, and government relations at major international law firms (Gotshal, & Manges, LLP and Lovells LLP), management consulting firms (Boston Consulting Group and PricewaterhouseCoopers), the World Bank in Kabul and Afghanistan and New York, and think tanks in the Middle East and South Asia.
She conducted research on business and human rights issues for the Special Representative to the UN Secretary General, held the position of social protection specialist at the International Labour Organization, and served as a foreign policy advisor to the 2008 presidential campaign of then-Senator Barack Obama. Today, Sinha is also a PATH board member and a life member of the Council on Foreign Relations.
Currently serving more than half a million patients, Praava Health’s tech-forward model is designed to be efficient, accessible, and scalable across emerging markets, where 85% of the world lives. Praava’s work has been featured by Forbes Magazine and Financial Times and was recognized by Fast Company as a World Changing Idea in 2020. In 2021, the World Economic Forum named Praava Health a Technology Pioneer, and in 2023, they were named a Global Innovator.
Sinha shared with The Glass Hammer her experience as an emerging market entrepreneur and CEO in a male-dominated field and why she’s using her voice to speak out about the challenges women-led businesses face in emerging markets, particularly when it comes to raising capital.
On taking the wheel to improve healthcare in Bangladesh:
“I spent about a year at the beginning of this journey learning all the pain points of the healthcare system in Bangladesh and talking to patients and those involved in the delivery of healthcare, both in Bangladesh and all over the world. It was like a year long global listening tour.
“The more I dug in, the more I saw how deeply-rooted the problem was, and the more obsessed I became with trying to solve it. Candidly, I didn’t find anyone who both cared about solving this problem as much as I did, and had the global networks and local resources to be able to affect change.
“I came across a lot of people who complained about different parts of the system with no plans to do anything about it. Then, there were those who wanted to solve the problem but didn’t have the right skill sets to contribute. I felt that with my experience as a leader and as a global professional, I had the skills, tools, and access to make a difference. I had access to global leaders and innovators in healthcare that we were able to learn from, adapt the global best practice lessons and bring them back to Bangladesh.
“I’d been looking for ways to make more of a direct impact through my work, and I just felt like this was the opportunity I’d been seeking. This was the thing that was the culmination of all of my skills – managing international risk, managing political and economic risk in an emerging market, and having a direct impact, changing lives on the ground. All of those things together inspired me.
“The problem just seemed so big, and I somehow had the naive courage to think that I could do something about it. I became obsessed with solving this problem.”
On what drove her desire for more direct impact:
“I was on the ground in Afghanistan, but I was working in these large organizations and there was so much bureaucracy that was crippling us, as close as we were, from being able to have an impact. These large organizations are so challenged by their own size and by their own systems that it becomes hard to create change. I thought, maybe you have to just build it from scratch.
“Also, from the early stages of my career as a 22-year-old management consultant and junior lawyer – and throughout my career – I worked for men. In particular, when I worked in the services industry, the men were always pitching business to clients, and I remember they would always claim they could do things that we had never done before. I knew, because I was part of their team, that these were things they’d never done before. But then I realized we could do it. We would sell the business; then, we would go learn, and we would do it. And as a woman, just like many other women I know, I feel like we don’t like to claim we can do things until we’ve already done them.
“This experience taught me that, with the help of a skilled and motivated team, I can learn, and I can make things happen. With the right people, we can build the airplane while we’re flying it.”
On how Praava is disrupting the standard of healthcare in Bangladesh:
“The big challenge in Bangladesh is that in addition to the huge gap in terms of the quality of healthcare, there’s also a changing demographic. We now have a very quickly growing and urbanizing middle-income population.
“We have a country that was traditionally more dependent on foreign aid and charity to provide healthcare for our citizens, and just a generation ago, Bangladesh was considered one of the least developed countries in the world. But now, it’s one of the fastest growing economies. This means more people are accessing the private sector for healthcare. But the private sector is largely unregulated and offers very dramatic variations in terms of the quality of healthcare.
“I think the public system does a really good job in terms of prioritizing primary care. But for anything beyond basic vaccinations and deliveries, the masses are accessing the private system. In Bangladesh, 72% of health spending is coming from the private sector. And this is true across South Asia. In most countries, the opposite is true – the health funding is mostly coming from the government, but in South Asia, the private sector is driving the growth.
“The very specific pain point is providing quality healthcare at an affordable price point. When Praava entered the market, the average amount of time doctors spent with patients was 48 seconds. There were only four international standard labs for a country of 170 million people. And 20%+ of drugs in the market were counterfeit.
“What Praava offers, at an affordable price point, is a one-stop shop for all of your outpatient healthcare needs that’s truly at a world-class level: The doctors are practicing protocolized medicine and spending at least 15 minutes with each patient. Our lab meets international standards. Our pharmacy guarantees that there are no counterfeits because we source directly from manufacturers. We’re the only player that owns the outpatient healthcare experience and the only player that does so with both in-clinic physical services, as well as remote and virtual care. While there is still work to be done, we’re contributing to positive change.
“One of the greatest rewards has been hearing stories from our patients about how we’ve been able to change their lives. A lot of people say they never thought they could have healthcare like this in Bangladesh. They thought they would have to travel abroad. To hear that feedback is extremely rewarding and gratifying.”
On how her experience has prepared her to be an emerging market entrepreneur:
“This role is the confluence of all of the different things that I’ve done, particularly when I’ve been forced to manage uncertainty. I think my legal training gave me a framework for how to think in general and how to think about solving problems in a really methodical and logical way. My experience as a management consultant, and working in war-torn regions such as Afghanistan, helped me to learn how to navigate uncertainty methodically, how to problem-solve, and how to be constructive.
“Also, as a lawyer, advising clients on managing risk in investing in new countries and legal disputes in those markets helped prepare me. And my experience working in U.S. foreign policy allowed me to consider how different people think about the world and how Americans, in particular, see the rest of the world.
“The resilience of continuing to fight against daily, or even hourly, ups and downs is what I feel came from all of my various experiences.
“There’s an obsession with very young entrepreneurs, like Mark Zuckerberg, who quit college and go off to start their companies. “But I think building a new scalable business is really, really hard. I don’t think I could have done it when I was in my 20s. There’s a lot of evidence that the most successful entrepreneurs are people who start their companies in their late 30s and early 40s. I started when I was 37. I think that coming to entrepreneurship a bit later, after I had done a lot of different things, made me much more prepared for the resilience and patience that was required and is still required for what we’re building.”
On why we need to (sincerely) fund women entrepreneurs in emerging markets:
“My biggest surprise of this journey is how hard it has been to get funding. I really thought that if we proved the economics of our business, investors would want to invest. Once we prove our value proposition, investing should be a no-brainer. Well, our unit was profitable in ten months, as of November 2018, and I quickly discovered that it’s entirely untrue that proving the economics of your business alone is enough to get investors to invest.
“It’s been eye-opening for me to learn that 80% of venture dollars go to companies headquartered in New York, Massachusetts, and California – still sees the rest of the world as a charity case, not a place to make money.
“So that has pushed me to use my voice and platform to educate people on the opportunities that exist for emerging market entrepreneurs – and the overlooked opportunities financially, particularly for women. The amazing thing about emerging market businesses is you have an opportunity to make money and to have a big impact. Telling that story in a truly compelling and impactful way has been a challenge.
“As an American woman who moved to Bangladesh for the first time in my life to start this company, I’ve seen firsthand how hard it is for women entrepreneurs to access capital. There’s a lot of micro-money for women in emerging markets and outside the United States. But there’s not a lot of money for women to scale their businesses. There’s barely any, actually.
“When we hear about funding for women’s entrepreneurship and women-focused venture capital firms, unfortunately, it’s primarily U.S. and Europe-focused. Even Pivotal Ventures, founded by Melinda Gates, only invests in the United States.
“So the only way to help these countries stand up on their own and be less aid-dependent is to develop the private sector, which requires investment. And the only way to empower women in these countries is to help them build wealth. And the only way to build wealth is to have more access to capital.
“Women are not going to access power and be able to build their wealth if you only give them $10 a month to fund their micro-enterprises. That’s great. But once those micro-enterprises are ready to scale, at this moment, there’s no one to fund them.
“I’m still learning how to tell the story of how these problems are intertwined. Being a public figure and the public face of the organization is outside my comfort zone, so this role is really pushing me. But I realized these lessons are unique and need to be told.
I was at the Forbes 30/50 Summit on International Women’s Day in Abu Dhabi, which was supposedly one of the largest global gatherings of women leaders and innovators. Every single entrepreneur speaker was from America. The only speakers from outside the U.S. were focused on themes like human rights and charity.
“I found this offensive, and I gave that feedback. There are women leaders in other countries. There are female-founded unicorns in India. Canva was founded by a woman in Australia. We have to stop thinking that America is the center of the world. There are huge opportunities outside the U.S. Even BlackRock pointed out that in 2023, when you’re going through global recession, the only parts of the economy still growing are emerging markets.
“We must break out of thinking that the rest of the world needs charity, and America is where people make money.”
On leading in an industry where less than 15% of CEOS are women:
“Eighty-five percent of healthcare decisions for households all over the world are made by women. Sixty-five percent of health workers are women. I’ve always felt that being a woman ultimately makes me a better leader. It makes me better at building healthcare products for consumers and bringing the voice of women to the table. For that reason and so many more, we need more women leaders at the table.
“As a female leader, I think I have been both challenged and underestimated. I’ve been told directly by men who’ve been in the room when I pitch that I’ve been asked questions that investors wouldn’t think to ask men, and that investors challenge me and push back in ways they just don’t with men.
“But what I say about that, ultimately, is that it makes me a better founder. Because I have to have the answers to those questions. Knowing my business better is always a good thing. So yes, I’m sure it’s challenged me in ways that are not equal or fair. But ultimately, it makes me better and it makes my company better.”
On leveraging her voice and platform to challenge the status quo:
“I was at the J.P. Morgan Healthcare Conference that happens in January each year in San Francisco. It’s the largest healthcare investing conference in the world, though it’s mostly U.S. focused, and there was a panel of eight white men. How is this happening in 2023? This was 2023, and it was a panel talking about healthcare with eight white men.
“I think leadership is a double-edged sword for women. Because it’s harder for women, women don’t necessarily want to go after it. So you have fewer women going into leadership roles in this sector. Also, America likes seeing women-founded companies that are wellness-focused or fashion-focused. Those are important companies, and no disrespect to those founders, but I just think America is more comfortable with female founders for those types of businesses. We need to see more women leading financial services organizations and building companies that are providing basic services for consumers who are more than 50% women. We all have these needs in our life, so we need women’s voices to create the solutions.
“The lack of women in leadership in my field has pushed me to recognize that because there are so few women in these roles, I have to push myself to be out there more and to use my voice.”
On ‘walking the walk’ of valuing women in the workplace:
“An unexpected outcome of this journey has been recognizing the importance of valuing women’s work in business.
“During my first year as a founder, every single woman who worked for me – aged 22 to 40+ – on my team of 25 people got pregnant. This accounted for about half the team. It was a challenging year, to say the least. When one of my management team members came to me and told me she was also pregnant, she cried. I’m committed to being a founder who supports women, and while it was hard to manage, we did it.
“My team was able to rise to the occasion and create a workplace that truly supports women – even at a small startup with only 25 employees, we were able to succeed even with half the team out for three to six months in one year. And we are stronger for it. Providing the support women need to thrive in their careers IS possible.
“As an employer, I have now seen firsthand that women ask for less money and undervalue themselves. In our first year, a member of my management team asked for a certain salary, and we gave her what she asked for. Then, we did a market study, and I learned she was earning 30 to 40 percent less than the market, even though she had foreign experience at multinationals in the U.S. So I bumped her up – she didn’t ask for it, and she wasn’t going to. But it was the right thing to do.
“It’s so powerful to see the impact of the choices that create a supportive workplace for women. For example, during the pandemic, we did a lot of COVID testing through part-time consultants. When we discontinued some of their contracts, one of the women lab technicians begged us to find a job for her, explaining that she’d never worked in an organization that valued women the way ours does.
“This experience was so humbling. Frankly, I don’t know that I’ve been as intentional as I could have been about creating that workplace. But when the senior leadership of an organization has women at several points (at times, more than 50% of the management team), it trickles down.”
On why the world is waiting for women to step up:
“Our world has a lot of really big problems that need solving. I’m focused on one of them, but there are so many more that affect our day-to-day lives and our futures. We need people who are willing to take on these issues. We don’t get it right every day – I know I don’t – but what’s important is that we continue to have a positive impact. That’s what makes everything worth it.
“During a period in 2021, we were facing some regulatory challenges. It was a really dark time for me as a leader. I personally didn’t know how we were going to get out of this situation. As a resilient leader, I had faith we would but I didn’t know how.
“I do a lot of one-on-ones with people in the organization at all different levels, and I was doing more at this time to make sure the team felt supported, that we were being transparent, and that they had an opportunity to ask questions.
“In that time, I learned that they totally have faith in us as a management team. They know what we’re doing is the right thing and that we’re going to get through this. That was so inspiring to me to hear that and to see that in them. They were at risk of not even getting paid next month, but they were sure we’d figure this out. They were all so blasé about it and were just focusing on their regular day-to-day work. They put so much faith in me, and in us as a management team, that it was a great reminder that they believe in what we’re doing. What we’ve built is so much bigger than me or them, and it needs to be.”
On how she defines her own integrity as a leader:
“I think we’re always driven by treating each other well. I listen to this podcast series, Wiser Than Me, by Julia Louis-Dreyfus. She herself is 62, and she interviews all women older than her. Yesterday, I was listening to the episode with Diane Von Furstenberg, and she said the only thing we can control in life is our character.
“This really resonated with me. We cannot control the weather. We cannot control the markets. We cannot control whether investors are going to invest or not. But what we can control is the way we treat each other — from giving the security guard at the entrance of a building a friendly hello to the empathy and kindness we give our patients, it’s all about treating each other well. That’s always my guiding force – to be able to feel proud of how I interact with other people.
“There have been some hard moments where someone on my team has let me down, and I’m upset and disappointed. And these are the moments when we show who we really are. No matter what, leading in a respectful and dignified way is always important.”
Interviewed by Aimee Hansen
Spotlight on Asia Update: Women in Leadership
Career Advice, Spotlight on Asia, This Month's FeatureChanges in Women Executives
According to Grant Thornton’s Women in Business Report, for the first time all regions of the world have surpassed 30% of women holding senior management positions while the global average comes to 32.4%. The Association of Southeast Asian Nations (ASEAN) had the largest jump in women leaders from 37% to 40% making it among the top 2 regions for women in senior roles. APAC has increased to 32% and has outpaced North America (31%) for the first time in 5 years. It was found that India played a large role in this increase thanks to the 2020 government mandate that companies over 1000 employees must have at least one independent female director as well as the mandate for a minimum of six months maternity leave.
The Global Board Diversity tracker found that 84% of companies in Asia have at least one woman as a board member which increased from 73% in 2020 but still lags behind the global average of 93.4%. When looking at companies with at least two women, the percentage drops to 45.4% (78.3% globally) and with at least three the number drops to 17.5% (59.8% globally). Overall, women hold 14.8% of board seats in Asia, up nearly 3 percentage points since 2020. Comparatively, however, Asia is still trailing the global percentage of 26.9%.
Even if the numbers are not on par with the global average, they are still headed in a positive direction. While the numbers of women in leadership are increasing in Asia, some industries are doing worse than others. The technology industry is found to have the weakest profile of gender diversity at all levels. In Singapore, only 6% of executives are women and only 15% of board directors in tech are women. And worse, in Hong Kong, only 5% of executives are female and only 10% of directors are women. But Singapore and Hong Kong are not the only countries with prominent disparities in technology. Indonesia has the lowest share of women at any level employed at technology companies with only 22% compared to the women in the workforce at 32%.
The Boston Consulting Group and Singapore’s Infocomm Media Development Authority found that there are three “moments of truth” playing a key role in women pursuing careers in technology. These moments are their choice of major at university, their first job selection, and their decision to stay in technology as their career advances. The research provides suggestions as ways to combat the moments of truth for young women which include introducing the idea of technology as a major to high school aged girls to increase familiarity, providing programs that link university students to companies, and creating learning and development opportunities for women already in technology.
Though there are low numbers of women executives in technology in Asia, there are still trailblazing women leading technology companies in Asia. We chose three of the top leaders who are at the forefront of the industry to highlight. These three were all named among the Top 25 Women in Financial Technology of Asia in 2020 by the Financial Technology Report.
Paroma Chatterjee
Paroma Chatterjee is currently the CEO of Revolut which is a digital banking service app that includes many services like transferring money in 29 currencies, a debit card that enables cash withdrawal, crypto currency, as well as overseas medical insurance. Chatterjee received a Bachelor’s in Science with honors in physics from St. Xavier’s college then went to the Indian Institution of Management, Lucknow for a Post Graduate Diploma in Management. She began her career as a management trainee at Procter & Gamble. She then held multiple leadership roles at various companies before becoming Chief Business Officer at Via.com and Lendingkart. Now, Chatterjee is the CEO of Revolut where she builds and leads the company’s subsidiary in India. She hopes to continue to develop the subsidiary and build a talented team of people.
Cerulean Hu
Cerulean Hu is the Senior Vice President of Blockchain Engineering at Crypto.com in Hong Kong. Hu received a Bachelor of Engineering degree from the University of Hong Kong before starting financial technology journey as developer in algorithmic trading at HBSC. From there she became a software engineer at ANX International where she was also a team lead in finance and trading systems. She moved on to work at Equichain and FINCOVA as a senior software engineer. Then, in 2018 she joined Cyrpto.com as a Lead Blockchain Engineer and worked her way up to Executive Vice President of Blockchain Engineering. Crypto.com is an alternative to traditional financial service with the belief that “it is your basic right to control your money, data, and identity.” The company has 80 million users in 90 countries and offers products like the Crypto.com app and Visa card. Hu has been in this position for over a year and uses her previous leadership experience to continue to grow her team and in doing so, the company.
Jessica Tan
Jessica Tan is the Co-CEO, Executive Director and Executive Vice President at Ping An Group, China’s largest non-State owned conglomerate by revenue with an expansive portfolio including healthcare, financial services and automobile services. Tan completed her university schooling at the Massachusetts Institute of Technology where she received a Bachelor’s of Science in both economics and electrical engineering as well as a Master’s degree in computer science and electrical engineering. She began her career at McKinsey & Company as a consultant before working hard and being promoted to partner. She later joined Ping An Group as the chief information officer and worked her way up to the position of Co-CEO she holds today. Ping An groups hopes to expand their technologies globally and Tan hopes to help globalize professional services, such as the ability for remote doctors as seen with remote teachers. Outside of Ping An, Tan also holds memberships with the Monetary Authority of Singapore and the Securities of Future Commissions. She was also ranked 2nd Fortune’s Most Powerful Women’s international section while also making Forbes Power Women list in 2020.
It May Take Time, But It’s Worth It
While these successful women show advancement of women in Asia to high management positions is not impossible, it remains very uncommon. However, global research has shown that there is a positive correlation between companies in the top quartile of gender diversity and outperforming the other quartiles, from a total-return-to-shareholder’s perspective. These companies are 25% more likely to outperform lower ranked companies and better financial returns. When women match men’s participation in the workforce there is the potential for a significant financial gain. It is estimated to be roughly $12 trillion, or about 11% of the global GDP, lost while gender disparity is still present. Katie MacQuivey quoted in the Grant Thornton study, “It’s crucial that companies build a pipeline of diverse leadership across all levels and invest in long term programs to ensure success isn’t only focused on one point in time.” Having more women in executive positions would not only be beneficial to women but to the companies’ bottom lines.
By Chloe Williams
Wanda Woo: Partner, Capital Markets, Shearman & Sterling LLC (Hong Kong)
People, Voices of ExperienceDefining Her Own Growth Curve
Woo entered capital markets as a paralegal in 2004 after attaining a double degree in English literature and economics from the University of British Columbia. She planned to go the U.S. for her JD, but her trajectory was redirected after her father’s heart attack compelled a return to Hong Kong. Working as a paralegal with Linklaters in Hong Kong while studying undergraduate law via the University of London was not easy but her mentor at that time taught her to never underestimate herself.
“I made it, and it was painful, but I feel very proud of that process in the end,” says Woo. “I saw early on what I was capable of.”
Woo went onto join Shearman & Sterling for eight years as an associate, during which she had three children, and then after leaving for four years, she decided to rejoin the firm.
“It was destiny to have the opportunity to rejoin Shearman & Sterling as a capital markets partner. The timing couldn’t be better. The firm has really been the only place that has truly been very important for me throughout my career path. It’s like coming back home.”
Being a Mom of Three And a Partner
Woo confesses that she thought of resigning from Big Law after her first child, worried she would not be able to meet the travel and work demands, but instead the partner she worked for at the time encouraged her to instead take flexible arrangements.
“I’ve always found Shearman & Sterling to be very gender-equal, where male partners are working well with female partners, and very supportive. I couldn’t imagine another place that would have supported me so much when I was working in such an intensive field with three children.”
“It can be challenging, but I wouldn’t personally be a better mom if I was around 24/7,” says Woo of the multiple roles she balances.
She adds the importance of loving what you do, especially if you are carving your own possibilities: “If you have the passion for the work, there’s always a way. Pick the right field, pick the right industry, pick the right job that you have passion for.”
Doing The Work that Fulfills
“I always have felt like I belong to this industry,” says Woo. “You are always meeting new people or working on new deals or learning different business models. I really like transaction work because it’s a people business at the same time. That ability to contribute is what keeps me going – the work of helping corporate entities get listed and then being able to continue that relationship onwards.”
Woo feels most fulfilled by the companies she has helped bring to IPO status, to become publicly traded companies, and the amazing colleagues and clients she’s had a chance to work with over the past 17 years.
“For better or worse, I always say I am a bit obsessive-compulsive. I’m very motivated to finish the work, be on top of it, and respond quickly to inquiries or client requests,” says Woo. “Partially, I want to be able to return home to my kids. So, this obsessive quality has also helped me be efficient as a partner while also being a mother.”
Woo is especially good at handling conflict between stakeholders while also advising her clients through transactions legally – a skill of calmness that she picked up from watching partners that inspired her.
With three kids growing up to inherit this world, making a positive impact through ESG is important to her. “How to make an impact, give back to the environment and contribute to society is something I’m learning more about and sharing more about, beyond the notions of making money or having year-on-year growth.”
“In transactional capital markets law, the issuers may not know that ESG is something that will help them in the long run. But when we bring the ESG frame, along with the regulators, to these companies, they start to realize the impact they can make to society through these measures and policies,” notes Woo. “This is something to start earlier rather than later, so it becomes a part of your corporate culture, and is inviting to other stakeholders.”
Networking, Authentically
Since becoming a partner, Woo has moved from being more execution-focused to developing and stewarding client relationships. Having once pushed herself out of her comfort zone to seek partnership has helped her to push herself yet again.
“As a partner, people will ask you questions 24/7 and you have to be responsive. But the bigger growth area is to compel people to come back to you for more work and to assure them that you have them in your mind and heart as a client so you build that long-term relationship.”
“Now that I’ve been a partner for several years, I’ve realized networking is not really about wining and dining,” observes Woo. “It’s really about being authentic, reliable and trustworthy. I’ve always had these qualities I feel, but I had to learn to show people.”
Being Inspired and Inspiring Yourself
Woo has been most inspired by the lawyers before her that demonstrated integrity: “Being a good lawyer is never enough. They showed me what it means to be truly respectable and professional in all acts. They were doing the marketing work and actively engaging in the real work. It was never just about getting deals. The common quality in the figures I’ve aspired to is that they are still immersed and involved.”
Woo urges junior lawyers to not get too caught up on monetary rewards for early career efforts but to frame it as an investment in yourself as a lawyer.
“You’re not just getting paid for the job that you are doing. You are also getting paid for the experience that you’re earning,” says Woo. “The more you earn the better. You’ll be prepared for the next step. When I was a paralegal, I treated myself as an associate. When I was working as an associate, I treated myself as a senior. I went the extra mile, put in two hundred percent, so the partners could see what I could really do, and then they would give me more opportunities. Not everything you’re doing can be measured in monetary value.”
Recently back from a 2.5 month trip to China to check in with the clients and teams in Shanghai and Beijing offices, Woo values time with her parents, her partner and her children, who are now 9, 7 and 6 years old.
Woo prides herself on taking challenging situations and turning them towards her favor – and ranks being both a mother of three and Shearman capital markets partner high among those accomplishments.
LaShonda Fuselier: Head of Multi-National Corporations Subsidiary Coverage, Corporate and Investment Banking, Wells Fargo
People, Voices of ExperienceAn Innate Passion for International Perspectives
That unique international aspect is what magnetized Fuselier to banking and what has kept her at Wells Fargo for over 18 years. Despite growing up in a small and rural town in Louisiana, her fascination with gaining international perspective started early. She took her first flight at 20 years old to Belgium. After graduating Dillard University with degrees in accounting and French, she interned in Paris and went on further to obtain her MBA from Emory’s Goizueta Business School – with an international exchange at HEC Paris.
“I love the need for a global perspective for us to be able to serve our clients. My clients are headquartered outside of the US in my current role, and I love working across borders and across cultures,” says Fuselier. “I love thinking about not just how these factors [cross-borders and cross-cultures] impact the business but also the individuals in the businesses.”
As a leader, Fuselier encourages new hires to not only execute on the “what” they are responsible for, but to also go beyond and consider the “why” (“why is it important?”) and “how” (“how can I add value/make it better?”). Embracing this herself, two years ago, while discussing the next potential stage of her career development, she pitched a new role to the Head of Corporate Banking – the one she presently finds herself in. This coming fall, she’ll host an inaugural Multi-National Corporations Conference as a means to be more consultative to Wells Fargo’s international client base.
Finance Is a Relationship Business
Growing up in a small town with hardworking parents, Fuselier was raised with a strong work ethic and sense of responsibility.
“Your word is your bond, my dad always said,” she shares. “I grew up in a family where if you say you’re going to do something, you’re going to do it. And if you want something, you’re going to have to put a little sweat into it.”
On top of trust-building, she’s recognized she possesses the important relational skill of making people feel comfortable: “You might think we’re talking finance. It’s numbers. But those are table stakes,” she says. “It’s a relationship business. People do business with people they’re comfortable with and they trust.”
Learning What Is In Your Control
Sometimes, it takes a difficult experience to learn how to be a leader.
While Fuselier has had many great managers, that has not always been the case. At times, she has even found herself offended by some past managers’ lack of leadership skills. Always committed to engaging professionally, she does surmise, she may not have engaged productively in one situation where she felt a past manager was not a great leader: “I have a tendency sometimes to stand on principle,” she says, “and so I focused on what I saw as the injustice about how this person was leading.”
But a colleague of hers with the same manager just focused on the work and ultimately had a better experience. As a result, she endeavored to engage more productively and constructively moving forward and it improved her experience.
“From that tough experience, I learned that you can’t control others. You can’t make someone a great manager,” she said, noting there will always be individual high-performers that are not as suited to be managers. “What you can control is everything that you do. You can control how you respond to the environment and use that response to make it better.”
Engaging and Empowering Others As a Leader
Today, Fuselier’s leadership is in part catalyzed by that experience. Fuselier has a clear view of what it takes to be a great leader and manager, which is a lot about encouraging and empowering her teams – in the same way some managers have done that for her. She advises mentees to “approach every assignment as an opportunity to develop and demonstrate your capabilities.” And as a leader, she prioritizes finding chances for others to do just that.
“It’s a practice I’ve developed to engage and empower others. One of the most rewarding aspects of being in leadership is when I have the opportunity to facilitate leadership opportunities for others and pull them out of their shell,” she says. “It feels really good when I get a chance to support somebody from behind and see them in the spotlight developing their skills, accomplishing things and being recognized.”
Fuselier likes to let her team take front and center where possible and be there in support. If someone mentions they don’t like public speaking, then they can expect to be invited to the next opportunity to push their comfort zone – and later on, they often express their gratitude for it.
“I subscribe to the theory that the best leaders – not only with words but through their actions – encourage and inspire others to achieve their best,” she says. “That is how some of the most influential leaders have impacted me in my career, and I aspire to have the same impact on others.”
Building Connection and Credibility
Many times, Fuselier has been the only woman in the room, person of color in the room, and certainly the only woman of color in the business room. Being culturally raised to believe that she had to be twice as good to earn half as much translated early on into over-preparation and focus. But it’s also gone further at times. Knowing that banking is a relationship business, LaShonda would try to find ways to connect with clients beyond the work. For example, with some clients she would research the highlights of the weekend’s local sport match – even if she had never been to that city.
“We talk within the community sometimes about assimilation and if it’s appropriate or inappropriate,” she says. “Even though I’m not a huge sports fan, this wasn’t an example of me losing my identify. Just like anyone who is new, you’re looking to connect and establish credibility, especially when you’re not like everyone else,” she says. “Once I could establish that connectivity and credibility, I felt like I could combine that with my unique perspectives to drive more meaningful dialogue and impact around the business.”
Once she gained credibility, it became easier to truly connect on a personal level.
“As I talked about things that mattered to them, they started to open up and we started to talk about things that reveal how much we have in common,” she says.
Fuselier has also learned to leverage being a unique voice in the room – whether on a transaction or an organizational decision. For example, she has been an advocate for diversity in recruiting. She also notes that being the only woman of color in the room at times means people will not forget LaShonda, and she’s willing to let that work for her, too.
Impacting Upon Diversity and Inclusion
Fuselier co-chairs the DEI counsel, is an advisor for the Black Connections Employee Resource Network (ERN) in EMEA, and is part of the steering committee of the WomenGoFar ERN.
This year, catalyzed with the idea from Judith Barry, Head of WomenGoFar, Fuselier created an initiative called Double Dimensions that tailors content and opportunities towards women of color within CIB.
“I’ve never been a ‘diversity person’ or someone who is solely responsible for diversity initiatives, but these are important, so I’m always eager to invest the time. However, what’s most important to me is that I’m not viewed as someone who is in my primary role solely because I am diverse,” says Fuselier. “I have always worked to demonstrate that I am a highly talented, hard-working, effective, successful banker who happens to be diverse.”
But with her and Wells Fargo’s passion for DEI, she has found the opportunity to develop and demonstrate her leadership, communication, collaboration and strategic planning skills beyond her client work while also building relationships with colleagues and leaders internally and on a global scale.
“It creates a real connection to the organization that keeps me going even on a day when you don’t get the transaction that you want or it’s not the best opportunity day,” she says. “It makes me feel like this is where I want to be.”
Fuselier’s gift of making people feel comfortable comes into its own in creating a permissive space for brave conversations.
“I think I give people the sentiment they can be themselves and say what they’re thinking. I’m not going to be offended,” she says. “I think people are often taken aback by just how open I am. So when I say ‘candor,’ which is an important value at Wells Fargo, I mean it – I’m going to be really open and so can you. That facilitates the type of environment where we can be collaborative and successful together.”
“Leadership is About Behaviors”
Some years ago, a mentor advised Fuselier to “own your position.”
“My younger mentality and work ethic was I’m going to execute to the best of my ability based on what they tell me to do and I’m not going to ask questions,” she reflects. “But that advice is about feeling empowered to do what you need to do to be successful and also to identify new opportunities and raise your hand to run with them.”
Tying back to creating the role she’s in now, Fuselier is a big advocate of catalyzing agency and ownership. It’s that notion that spurred her to create the Corporate Banking EmpowerHer women’s conference to foster professional development and greater engagement of women across the business. Now in its second year, the conference will be led by mid-level vice presidents and associates. More women will have the chance to step into leadership, develop their skills and be recognized for new contributions.
“You don’t have to be at a certain level or in a certain role to be a leader. Leadership is about behaviors,” she says. “It’s not about titles.”
Speaking of International Perspectives…
As at work, so it is at home: Fuselier’s entire family loves travel, culture and languages. In addition to her French, her whole family practices Spanish and her youngest daughter is studying Mandarin. They visit a few countries each year and like to seek out the cultural culinary delights – most recently they have been Egypt, UAE, Spain, France, Jamaica, Colombia, Costa Rica, the Netherlands, and Ecuador!
By Aimee Hansen
The Guilt Gap: Why Women Feel More Guilt Than Men and How to Overcome It
Career Advice, Career Tip of the Week!If you share that internalized guilt, it doesn’t have to follow you around forever. Learn more about why the guilt gap exists and how to overcome it.
1. Feeling Rushed to Achieve Milestones?
Everyone’s felt the pressure to reach a big milestone. Whether that’s graduating from college, landing your dream job or starting a family, the stress can lead to guilt when you don’t accomplish those things quickly.
You’re not alone if the pressure stresses you out. A recent survey found 40% of Americans feel like they haven’t reached their life milestones fast enough. When stress turns into guilt, it’s time to shift your perspective.
Solution: Focus on Your Accomplishments
Recognizing and celebrating your accomplishments can reverse the guilt that may come with working toward long-term goals. Instead of looking at your timeline negatively, reflect on how many incredible things you’ve done in the meantime. Setting aside time to do this regularly could battle your guilt on your journey toward your goals.
2. Feeling a Sense of Competition?
Women may feel a more significant guilt gap in the workplace if there’s a toxic environment. A sense of competition among co-workers can be healthy — unless it becomes all-consuming. The result is a sense of frustration that may lead to guilty worries that you’re never doing enough to be worthy of your spot on your team.
Research backs the reality of women feeling pushed or called to do more in their jobs. A recent study found women have significantly higher corporate social responsibility than men — especially in the first decade or two of their careers.
Solution: Practice Saying No
Telling someone no means you’re reserving time for your mental health. You’ll have less stress, which might be the primary factor intensifying your guilt.
However, you might also feel guilty when you say no to someone. It’s easy to think spreading yourself thin is healthy because it helps others. In reality, it only leads to burnout that takes the joy from your daily life.
Practice saying no to little things and work up to bigger things. It’s a healthy way to value your time and mental health. Use your reserved time for more practical efforts, like self-care habits or resting. There will always be other opportunities to grow or help others when your guilt and stress aren’t draining your energy.
3. Feeling Guilty About Your Self-Care?
When parts of your life feel unmanageable or outside your control, the daily stress and anxiety can negatively affect your mental health. Self-care is a helpful resource to reduce that stress, but you might feel guilty about taking time for yourself.
Researchers found that 19% of single women feel selfish for setting aside time for their self-care. The same research concluded that 86% of married women feel the same way. Selfish feelings can come with extra guilt because you don’t want to let anyone down by spending time on yourself.
Solution: Pursue Healing With Self-Care
Life isn’t always perfect for anyone, so you’ll need self-care to maintain your mental health at any age. This guilt that comes with taking time for yourself can be extra exhausting if you’re one of the 31% of millennials with depression or another mental health condition.
It’s harder to process and release lingering stress when your mental health feels frayed. Self-care habits ensure you’re putting your needs first so things like stress and anxiety don’t degrade your quality of life.
Consider which activities or habits might relax you the most. An evening walk, an aromatherapy diffuser or an adult coloring book could reduce the anxiety triggering your guilt. Research shows self-care behaviors are equally effective at home compared to socialized environments. You don’t need to attend an in-person yoga class or exercise group to improve your mental health.
Starting healthier self-care habits may require the hard work of setting your negative feelings aside. As you get used to prioritizing your needs, the sense of selfishness and corresponding guilt will fade with practice.
4. Feeling Guilty for Pursuing Your Career?
Whether through messages they receive from loved ones, movies or TV shows, women can feel pressured to have specific chapters in their lives. People might have celebrated you starting a career after graduating college, but eventually, they started talking about when you would get married, settle down and start a family.
Those things can bring some women immense joy. Other women want to focus on their careers. When you’re caught in the middle, research shows gender stereotypes trigger guilt when women work longer hours and pursue their careers more purposefully. This specific guilt may feel impossible to overcome, but it’s manageable if you prioritize your dreams.
Solution: Cheer Yourself Toward Your Goals
Overcoming this guilt requires daily work, but it could bring you peace. Commit to cheering yourself on when you wake up each day. Everyone has the right to live a life that makes them happy — career-oriented people are no exception to that rule.
If you aren’t sure which path will make you most happy, consider making a pros-and-cons list. Compare potential futures and listen to your gut instinct. Whichever seems most enjoyable to you will give you the confidence you need to overcome this particular type of guilt.
5. Feeling Like You Can’t Make Mistakes?
When women carry immense responsibilities, letting one of them fall to the side can feel devastating. Guilt may crop up when simple mistakes happen because you don’t want to let anyone down.
One study found that women feel more guilt when they don’t care for their loved ones efficiently. Making mistakes of all sizes account for 10.5% of the reasons participants felt guilty every day. It was the largest mistake category for both men and women, with women feeling the worst about mistakes that compromised their loved ones’ care.
Although no one wants to make mistakes purposefully, the stress of fearing mistakes isn’t healthy. People make accidental bad choices every day. No one can live a life without doing things they regret.
Solution: Look for the Lesson
It’s much easier to use this guilt positively when you reflect on your mistakes. See if you can learn a lesson from the moments that make guilt follow you like a shadow. Was there something you could have done differently? If so, make a purposeful commitment to avoid the same mistake in the future. Acknowledge how your guilt helped you learn and let it go.
If you can’t find a lesson from your guilt, that’s fine, too. It won’t always appear after a learning opportunity. When that happens, it may help to thank your instincts for trying to learn and help you grow. Let your mind know everything’s OK so it can relax. It may ease your guilt back to a manageable level where you can release it or let it passively simmer until it evaporates.
Start Erasing the Guilt Gap
Guilt could make you feel locked into place or shamed away from your dreams. Overcome it by recognizing the source of your guilt and the little truth it holds. It takes courage and bravery to fight internalized misogyny, but it’s possible with a daily commitment to making life more enjoyable for yourself.
Mia Barnes is a freelance writer and researcher who specializes in mental wellbeing and workplace wellness. Mia is also the Founder and Editor-in-Chief of Body+Mind magazine, an online women’s health publication.
(The opinions and views of guest contributions are not necessarily those of theglasshammer.com).
Tiffany Fleming: Vice President, Client Onboarding & Trading Documentation, PGIM Fixed Income
People, Voices of ExperienceFollowing in Her Mother’s Footsteps
Prudential runs in Fleming’s family. Growing up, Fleming’s mother worked for Prudential while raising three children as a single mom. Fleming dreamed to follow in her mother’s footsteps but wanted to pave her own way by earning a job based on her own merit.
At a career fair at 16-years old, Fleming omitted her mother’s name from her Prudential application and accepted a position in Human Resources as part of a co-op program where she worked after school. Looking back, Fleming smiles when remembering her mother’s excitement, which turned to frustration, when she found out she would not be receiving the employee referral benefits.
After graduating from college and holding various positions within Human Resources, Fleming accepted a full-time position with the Prudential Mutual Fund Investment Management department (now PGIM Fixed Income), after she became the first person in her family to graduate from college.
From Self-Criticism to Self-Encouragement
“Throughout my 33-year tenure at Prudential, I’ve held different roles that have helped me identify my strengths and areas of improvement,” she says. “We all have areas that we feel comfortable and confident in – where we’re on our A game – as well as those areas where we’re not.”
Stepping into those areas has been tricky. Especially once Fleming was asked to take on a new role, with a new manager, after working for the same one for most of her career. In this role, she was given the opportunity to take on a stretch assignment, working with the COO of Fixed Income, doing management fee work, which she thought was totally outside of her wheelhouse.
She went in feeling worried about failing. Months later, when asked if she thought she did a good job, Fleming responded that the assignment didn’t represent her best work. She was asked who told her this, and it was then she realized that the expectations that she placed on herself weren’t always what others expected.
“Even when he told me I did a really good job, I still didn’t feel like I did. However, I must have done a good job because I ended up getting promoted shortly thereafter,” she reflects. “I’ve learned that sometimes the expectations I have for myself are not the expectations others have for me, and I need to embrace that more.”
Fleming admits that sometimes she still puts too much pressure on herself and used to turn to her mom for reassurance and guidance before losing her to breast cancer when she was just 30-years old.
“My mother played a really big role in my life, giving me positive reassurance and building up my confidence. She always acknowledged when I did a good job and that she was proud of me,” she recalls.
Since her mother’s passing, Fleming has worked on reprograming herself to find that voice of self-confidence from within. “When I do find it, it tells me that I can do anything I put my mind to, which is exactly what I always tell my four daughters.”
From Productivity-Focused to People-Focused
As a leader, Fleming is empathetic and encourages the people around her – but it wasn’t always that way. In her early years of leadership, she was so tough that she found out her team nicknamed her, “the warden.”
“When I first started at PGIM, I was very demanding. I was all about getting the work done by all means necessary, and I didn’t think much about the people aspect,” she says. “I had blinders on. I was tunnel-focused on the results I could generate and how much I could do.” It was not until one of her direct reports gave her feedback that they did not feel seen or appreciated that she took the time to reflect, becoming more aware, which ultimately contributed to a change in her management style.
“This feedback made me realize that I was not the type of leader that I wanted to be. It made me realize that you’re only as good as the people that you work with and for,” she says. “I didn’t put the same focus on people as I placed on getting the work done. I wasn’t very aware of how I made other people – the ones I interacted with daily – feel. It takes teamwork, collaboration and partnership – without those things, you can’t get much done.”
The other catalyst in softening her leadership approach was becoming a mother. She notes that even her Myers Briggs personality test results, before and after motherhood, are like night and day.
“Becoming a mom was a life-changing event that required me to step back and really look at myself. It changed how I viewed work, the world and life in general,” she says. “Today, I ask how I can be a better manager, provide opportunities, coach and develop my team. People first. Work, second. When people feel supported by their managers, it tends to increase how fulfilled they are by the work they’re doing.”
Looking back, Fleming’s biggest regret is that she did not realize sooner how important it is to support people – but now it is her passion. When she moved into a new role in 2020, she didn’t realize how much her team enjoyed working with her. In fact, many members of her team mourned her departure – a testament to her growth as a leader.
Champion of Inclusivity
Fleming never appreciated how much being a Black woman in a senior leadership role inspires others. To her, it was where she was always headed.
“Although My mom would encourage me to do a good job and work hard, she didn’t stress that I had to work harder or differently than others to be recognized, rewarded and valued. She taught me to be a good, caring and kind person to get ahead, so, I didn’t have the awareness that I think others did.” Fleming added, “It was much later that I started to realize the subtleties of being a woman – and being a Black woman – and how, in some cases, I would feel excluded, not considered or given the same opportunities as my peers.”
With Diversity, Equity and Inclusion (DEI) continuing to increase in importance and visibility, Fleming has made it her mission to lead with a “people-first” mindset that is inclusive of all backgrounds when growing talent. “There are so many areas of diversity that I’m continuing to learn about. My children are teaching me things about diversity that I had not been exposed to,” she says. “I’m so motivated by feeling like I am a part of something bigger than myself, and it’s important that others have the opportunity to share that same feeling – the feeling of being part of the team.”
Currently, Fleming is a member of the Culture Council, in which she was a founder and co-head, a sponsor of PGIM Fixed Income’s Black Professional Alliance affinity group and a member of the Black Executive Leadership team at PGIM Fixed Income. In addition, she is proud to serve as an ally to other affinity groups. “I’m an ally of every walk of life. I enjoy meeting new people, learning about different cultures and forming connections about how much we have in common.”
Stretching Her Comfort Zone – Again
In January 2020, Fleming decided to step out of her comfort zone again. She accepted a role in Client Onboarding after having spent more than 25 years in Operations.
“I kept saying, ‘Why would I do this to myself? I have another eight to ten years before I retire. Why would I take on a new role, possibly not do well and risk my reputation that has taken so long to build?’” she says. “My husband said to me, ‘Why wouldn’t you?’”
It was then she realized that this role, although challenging and outside of her wheelhouse, would enable her to learn and grow. “I can’t be someone who preaches to my kids about how you can do anything if you put your mind to it, work hard and take chances, and that the worst that can happen is it doesn’t work out. How could I not take my own advice?” she says.
So, Fleming took the plunge, taking on a new role right before the pandemic hit. More than three years later, she is still judging herself for being out of her comfort zone: feeling like she always has more to learn and is not performing at her true best. Yet, she is getting the same feedback that she is doing great. She has a supportive manager and is encouraged that her team members admire how easy she makes it look to excel in her role while juggling her husband, three younger children (who are highly involved in high school athletics), grandchildren and her 80-pound super doodle, Oreo, who is the love of her life.
“I’ve realized that others look to me as an inspiration, and I have that influence,” she says. “If they see that they too can be successful as a mom, a wife and a grandmother, it makes me feel good. I am learning not to downplay my capabilities or others.”
Not Counting Herself – Or Others – Out
One of Fleming’s daughters taught her a lesson in not underestimating yourself or others. Recently, at a track meet, Fleming assumed her daughter wouldn’t make it to the finals, although she did not share this with her. After all, she was up against a lot of girls who were much older than her and had faster times –they were stiff competition. However, her daughter defied Fleming’s expectations, and not only made it to the finals, but took home bronze and won a school grant. This taught Fleming that all things are possible with hard work and when you believe in yourself.
“I tell my children not to count themselves out, so how could I?” she reflects. “I need to remember how strong that voice that I dig deep inside of me is – that voice that empowers me to accomplish my goals is the same one I am teaching my daughters to use to accomplish theirs.”
By Aimee Hansen
A Checklist for Women Moving Abroad to Work
Career Advice, Career Tip of the Week!The best way to minimise stress before a big move is to be prepared, so be sure to tick off these five steps if you’re planning to pursue a new life overseas.
1. Research visa requirements
Securing a visa is one of the most complicated aspects of moving abroad, so begin your research as soon as possible. If you have a job lined up, your employer may be able to advise you on the most suitable visa to apply for. In some instances, your employer may need to submit evidence to support your application.
Consider your long-term plans and how visa laws could affect them. Some can be extended or transferred into permanent residency visas, while others could prevent you from applying for permanent residency in the future. If you haven’t chosen a destination country yet, researching visas could help you decide where to move. For example, Estonia, Iceland, Luxembourg and Germany are some of the easiest countries to secure a work visa.
2. Examine your finances
It’s important to feel confident you’ll be able to support yourself in a new country, so examine your finances carefully and research financial matters in your chosen destination. Look into average living costs and compare them to your current living costs. Ask yourself what kind of salary you’ll need to live comfortably, and research the job market to determine whether that salary is achievable. This information will also help you to negotiate pay with a prospective employer.
You should also research other matters such as tax rates and pension schemes to get an accurate idea of your monthly take-home pay. If you expect to buy a property abroad, either immediately or in the future, research typical interest rates and criteria for loan approval.
3. Learn about local labour right
Each country has unique labour rights and it’s vital you familiarise yourself with the laws of your destination country. When you’re educated about your labour rights, you can make sure your employer is abiding by them and you won’t be faced with unexpected surprises if certain rights you’re used to aren’t applicable in your new job.
If you’re yet to settle on a destination, learning about labour rights in different parts of the world could help you decide where to move. Some countries have significantly better rights for workers than others, making them more suitable for expats looking for a new start in their career. Belgium and Greece are two of the highest-ranked countries when it comes to labour rights, with Finland following closely behind.
4. Budget for moving expenses
Moving abroad can be incredibly expensive depending on how far you’re travelling and what you’re bringing with you. On top of shipping any belongings, you’ll also have to consider the costs of transferring money, hiring storage space and insurance. When importing household goods and vehicles, don’t forget to factor in customs duty and compulsory quarantine costs.
If your move abroad will be temporary, it could be more cost-effective to put your household goods in storage and rent a furnished home. Those making a permanent move should compare average costs of new furniture and appliances in their destination country with the cost of moving their existing goods. If you’re moving abroad because your employer has transferred you or you’ve been headhunted, you might be able to negotiate a relocation package where your employer covers part or all of your moving costs.
5. Connect with fellow expats in your destination country
One of the best ways to prepare yourself for a move overseas is to chat to people who have gone through the process themselves and are living in your destination country. They can share tips, point you towards local resources or services, and even provide practical support to help you get settled in when you arrive.
You can find expat community groups online and via social media. Your employer may also be able to direct you to local expat groups, or it might host its own group if it regularly hires international applicants.
Look forward to new opportunities
Moving abroad is a complex process, but the five steps outlined above will help you prepare for this exciting new phase of your life.
(Guest Contribution: The opinions and views of guest contributions are not necessarily those of theglasshammer.com).
Nadiya Kreynin: Chief Executive Officer, Forte DGTL and Chief Operations Office, Forte Group
People, Voices of ExperienceLeading on New Business Development
Moving to the U.S. when she was 20, Kreynin neither anticipated to end up staying in the country nor to end up running multiple businesses in technology. Having completed her undergraduate study in Ukraine, she came to the U.S and by chance started working in the IT industry. By immersing herself in the IT industry and interacting with professionals, she became fascinated with technology and soon found herself at Northwestern University studying for a master’s degree.
For years, Kreynin has run operations for Forte Group, having previously headed up recruitment and talent. Forte Group is a privately owned and globally operated custom software development company with 900 people. Kreynin and her husband are founders and majority shareholders. In the fourth quarter of 2022, they hired an executive team to run and scale it up further. This transition has allowed Kreynin to nurture and grow another new venture that initially rapidly blossomed during the pandemic.
Forte DGTL, formally launched in 2022, is a female-owned and 120-person strong Salesforce Commerce implementations company for global clients and partners. As the CEO, Kreynin is leading the charge, accelerating its growth to new heights. In fact, Forte DGTL was the first to help clients take B2B commerce to live status on the new Salesforce Lightning Platform. Forte DGTL holds the most B2B Salesforce Commerce implementations- ahead of giants such as Accenture.
This year, Kreynin will also be launching a Salesforce based Applicant Tracking product company, providing a shared platform for managers and recruiters.
To say that Kreynin is a force of nature is an understatement.
Finding People Who Make A Difference
Kreynin is always meeting fascinating people. In her twenties, she thought that she could conquer the world. In her thirties, she really began asking, what really makes a difference in creating impact? And when she looked around, she found that in the technology industry, as with most, it was about the people.
“I realized that my goal is to make sure that I’m in touch with the people who make a real difference in this industry,” she says. “Through my life, I’ve encountered people who wanted to achieve something and they stayed steady in that. They were able to change industries and change professions and succeed.”
Kreynin looks for people who are grounded in a strong values system and looking out for others. It’s a touchstone of integrity that one can return to, no matter what is going on. When faced with challenges, such as the war in Ukraine, having core individual and collective resilience and perseverance matters and makes a difference.
“It’s about how many times you stand up and make things happen for the better. It’s not about how many times you’re being pushed or how many times something challenging is happening,” she says. “This world for the past three years has my husband and I asking, ‘what next?’ We went through Covid in the services industry and we actually grew in the process. We are going through the war in Ukraine, and we are helping hundreds of people to find a new profession and support multiple charities.
Kreynin emphasizes, “No matter what comes, resilience, perseverance, and grit are the most important. No matter what is thrown at me, I will deal with this challenge and see what’s next. A lot of people find excuses not to be present and do what’s needed. These three qualities are what made me successful and are ones that I also look for.”
Growing up in Ukraine helped cement these qualities in Kreynin early on in her life. For example, at seventeen years old, she was faced with difficult tasks and had to raise NGO funds. She turned these into learning opportunities and along the way, they reinforced her grit.
“Going through those mission impossible challenges early on helps quite a bit,” says Kreynin. “I often encourage people and tell them ‘don’t find the reason to say no. Find the reason why it’s a yes; why it’s possible.’ At the end of the day, if you want this goal, how do you make it happen throughout all of the challenges you will have? Because challenges are inevitable.”
Know What You Want and Let Passion Follow
Kreynin hated learning English as a child in the Ukraine, but she came to realize that learning it was not about liking to learn English. She needed to learn English to be successful, so knowing what she wanted brought the passion to devote herself. She even wrote prize-winning work for the National Science Academy.
“Some people believe that you have to be passionate about what you do. I don’t believe in that,” says Kreynin. “I believe that you have to know what you want. Knowing what you want and doing something actionable towards it will bring the passion.”
Recently, Kreynin wanted to hire a marketing team but realized she did not have the context against which to gauge candidates’ responses. She took a data analytics and marketing course at the University of Chicago so she could be more enabled to find the right candidate and skills that match her company’s needs. She recommends that expanding the knowledge base and diversifying the ability to work across broad teams are two important traits of leaders. While she may not have planned going to school to help her build her marketing team, she did it because she needs to grow her knowledge base and gain other perspectives.
“It’s a must to keep growing if you’re a leader, or otherwise you will always have blind spots,” she says.
Kreynin also encourages women not to be afraid to start things. We can spend too much time overthinking and over-consulting others. Create the plan and find a way to move a step forward towards what you want and then let that momentum bring the passion with it.
“I don’t have all good days. Sometimes, I have bad ideas where I think that I want to quit all of this,” she admits. “But it’s the desire to achieve something bigger, and knowing it is something that I want and where I can make a big impact on people. Going through the bad days with that thought in mind helps me moving forward.”
Standing Her Ground In Every Room
“I can be one woman in a room of investment bankers. It may even be a half hour before I notice there’s not many other women,” she says. “It’s never been an issue for me to hold myself within the room. I suspect dealing with software engineers for most of my career supports that.”
Kreynin advises that having the perspective that you are going to meet many amazing people in the world is important. Some will be fascinated with you and what you can do. Some will be less interested and underestimate you. What matters most is being okay with yourself as you go through each of those kinds of experiences and learning from them.
“Going through that experience of being the only woman in the room — just walking in and doing it multiple times; having the experience is going to help,” encourages Kreynin. “The fact that you don’t do that or don’t have the opportunity to do that – that you don’t walk in that room and own your place – is what will hinder you.”
In her early days, she recalls holding her tongue in meetings where she didn’t agree with senior leaders. She rationalized that they probably knew better, but several times it turned out that that was not the case. Her perspective would have served the discussion and decision-making well. She recommends not censoring yourself when you have a dissenting opinion. Don’t be afraid to speak up.
“When you question yourself too much, you hold yourself back,” she says. “If you have a thought on how to approach something, you should speak up, because you may end up as the senior person or the person with the most helpful perspective in the room, no matter your age.”
Kreynin notes that being a woman in tech brings its own challenges and benefits: “People tend to make assumptions, and I think those assumptions usually work to my advantage,” she smiles. “Because when they begin to work for me, they are quickly surprised and realize they have to be much better.”
She has found that regardless of her position, some people do tend to underestimate how much she knows, only to be called to attention when the opposite proves true – but that also encourages people to play at the top of their game and to check their own biases.
The Value of Honesty and Directness
Kreynin would consider herself a good judge of character with a sharp ability to read the dynamics of a room. Being in the industry has given her unique insights into the challenges and pitfalls, as well as the qualities that are required to thrive in different roles in technology. In a meeting room, you can expect directness. She manages her teams by providing clear and transparent expectations and support. She feels that it’s critical to surround yourself with people who are open, humble, and can truly support one another through transparent discussions. So when it comes to manager relationships, the ability to be frank, honest, and transparent is important to her.
“If you are not able to talk openly to someone who is your subordinate, and they are not able to tell you what they truly think, because there is fear or intimidation in the manager-employee relationship, then there are a lot of things that you cannot solve at the table,” she says. “That block will create a lot of challenges.”
Selling and Recruiting and Selling Yourself
“I think everyone always sells and everyone always recruits – ensuring our clients are successful each and every day. Those are two jobs in services industries, no matter what your title is,” quips Kreynin. “Our new CEO is selling and recruiting. Our new CFO is selling and recruiting. Everyone in the service industry should be doing that job aside from everything else. Because every time you talk to someone in the industry or not, you’re talking about your company and what you’re doing in the service of the client success.”
When interviewing people for senior positions in her company, she has developed a keen ability to observe how people sell themselves and listen between the lines.
“I like to hear stories from people. So when I hear a story once, I look for consistency. Can they tell the story consistently? I am also listening for holes and areas where I need to dig deeper. I also listen for if they talk badly about employers, as I strongly suspect that if they talk badly about someone else, they will talk the same way about this organization if we were to part ways,” says Kreynin. “I listen for if they talk about themselves from the standpoint of ‘I built it’ or are they talking about being the one to drive a team of people who, together, built it. We know it takes a village to create something better and bigger.”
Making Real Impact in Ukraine
Kreynin is proud to have built different businesses and to be working as a support system for others. She also is highly motivated towards supporting causes in Ukraine, where she has family in Kyiv and the Western Ukraine regions.
One such cause is Friends of Ukraine, a charity that funds the training of Ukrainian men and women to undertake vital de-mining work within Ukraine while also giving them paid work so they can live through the uphill battle that the nation currently faces. Another cause has been helping people in and displaced from Ukraine to reskill in Information Technology so they can earn remote income and continue building their lives. Through the Forte Group educational platform, Kreynin decided they could teach ‘quality assurance’ as a viable skillset. Within two days, they received 2,000 applicants to the program. The company even hired some of the trainees.
“If you’re helping people to change professions or gain new marketable skills, you can make a long-term impact.”
Kreynin and her husband also support LeoDoc Foundation for Doctors Online in Ukraine. Before the war started, they invested in an online telehealth platform (Doctors Online) for people in Eastern Europe. Since the war began, they have supported a fund that helps this platform providing free medical consultations to the Ukrainian people who otherwise have no access to medical help. Talking about impact, Kreynin and her family are certainly making a difference.
Kreynin cherishes spending time with her two children, aged six and ten. Additionally, she finds solace and peace in nurturing living things and has established a serene morning ritual of tending to her garden while savoring a cup of coffee.
By Aimee Hansen
Leadership and the Challenge of “Pricing the Priceless”
Career Advice, Corporate Sustainability, Leadership(by Paula DiPerna)
Visual ecstasy for free, in theory, is how we’ve largely thought about nature — its beauty timeless and ineffable, and all its systems there around us, stable and present and taken for granted. Aesthetically exquisite, but, unless being drawn upon as raw materials, pretty much doing nothing.
Yet, all of nature is constantly at work, providing countless daily services well beyond the obvious: flowers are lovely to look at, but they provide incalculable pollination services; standing trees can provide lumber, but also soil stability and water filtration when left alone, not to mention sequestering carbon dioxide released into the atmosphere by the burning of fossil fuels and causing climate change; coral reefs offer divers a paradise but, meanwhile, they are invaluable buffers against raging storms to protect the coasts and indispensable nurseries for fisheries. Yet, just to take the coral reef example, we book coastal property at high value, sea views inestimable, but the reefs themselves are assigned no value at all in our conventional accounting systems.
Our Failure to Financially Value Nature
Meanwhile, while nature serves us for free, climate change wrenches our balance with nature, as extremes of weather unleash forces we can neither fully predict, nor prepare for. Dryness and wildfire conditions so plague California, major insurance companies have declared they will no longer write fire insurance for homes and property there. In Florida, flood insurance is essentially impossible to obtain.
We face urgent environmental problems because of a gaping flaw in our financial systems no longer possible to ignore: failure to financially value the ineffable elements of life on which our environmental and social stability now increasingly depend. The result? Intangible indispensable natural assets taken financially for granted and, therefore, essentially laid waste.
Or in perhaps the most dramatic example of under-valuing nature, how can it make sense to value mere conveniences like Uber, nice but utterly dispensable, in billions of dollars, and our atmosphere, or the biodiversity of life on earth, utterly indispensable, at zero?
This skewed accounting has rendered nature economically invisible and the most tragically unpaid laborer in history. Because nature charges us nothing for its services, we have over-used and pushed those services to the brink.
The Paradox of Our Time
And so we must embrace the paradox of our time—pricing the priceless, by definition impossible perhaps, but nevertheless essential. How to do this—assign nature and its intangible services a tangible and economic value that can be transacted and expressed in credible financial terms? In essence this means treating nature’s services and natural resources as indispensable infrastructure and assets, thus requiring ongoing maintenance and care, compared to the current situation, where protecting nature is mostly viewed as a budgetary cost center, where expenditures should be minimized.
Calculating the value of the labor performed by nature, known as “ecosystems services,” continues to evolve but estimates have been as high as $125 trillion per year, higher than global GDP, indicating that ultimately all economic activity depends on environmental health one way or another. But this subsidy nature provides our economy remains largely unrecognized and unseen by conventional finance, thus, so does the risk that the subsidy will break down, leaving us likely startled and without the fallback of nature to which our economy is now addicted.
This spring, Susan Berresford, former President of the Ford Foundation, a visionary in philanthropy and a champion of women leaders, received an honorary degree from Bates College. In her remarks she focused on key questions of leadership, likely indeed to be critical as we confront the entwined economic and environmental challenges ahead.
First, she said, today’s leaders must know “am I comfortable being different?” Second: “Can I thrive in situations of ambiguity? There are very few reform efforts in which the pathway for decision making and action is utterly clear. You need to be ready for confusion and uncertainty; in fact you have to like confusion and uncertainty and find opportunity in those moments.” And thirdly, “Do I enjoy managing struggles with generosity? Leadership usually means you are trying to redistribute authority or power or influence.”
Flipping our economic systems so that nature is economically valued, however paradoxical, requires all these qualities, specifically, the courage to see and act anew.
Depreciation of Natural Assets
Renowned economist, Sir Partha Dasgupta, embodies such radical re-thinking. He was commissioned by the Treasury of the UK government to examine questions of nature’s value, resulting in his landmark 2021 review, “The Economics of Biodiversity.” There, he framed today’s environmental dilemma in terms of financial portfolio management, writing, “The view that the biosphere is a mosaic of self-regenerative assets also covers its role as a sink for pollution. Acid rains damage forests; carbon emissions in the atmosphere trap heat; industrial seepage and discharge reduce water quality in streams and underground reservoirs; sulfur emissions corrode structures and harm human health, and so on. The damage inflicted on each type of asset (buildings, forests, fisheries, human health) should be interpreted as depreciation.”
Fortunately, new investment vehicles are cropping up that value and securitize the benefits of nature—such innovations as the Forest Resilience Bond, being pioneered in Lake Tahoe, California; or coral reef insurance, throughout the Meso-American reef system. Still, however, these are experiments and need to come to scale.
All trend lines indicate that indeed depreciation of our natural systems gallops ahead. Certainly climate change advances, even if in zigs and unpredictable zags, and even the best intended plans to switch to renewable fuels, electrify economies, limit deforestation, encourage recycling and cutting down “carbon footprints” lag dangerously behind.
Pricing the Priceless
Time has come for a radical flip in how we conceptualize nature and its value, and implementing this radical change is perhaps the greatest challenge facing today’s leaders across all sectors, requiring fresh optics and views of economic purpose and where best to invest capital.
An exciting opportunity is at hand for institutional and private investors to redeploy capital and financial assets away from environmental “bads” to “goods,” take on the ambiguities and question conventional financial thinking. Otherwise, we risk remaining mere bystanders to forces at work, and that’s one trajectory we simply cannot afford.
By: Paula DiPerna is the author of Pricing the Priceless: The Financial Transformation to Value the Planet, Solve the Climate Crisis, and Protect Our Most Precious Assets, published in June by Wiley and listed by the Financial Times on its roster of “Best Summer Reading: Economics.” Her novel, The Discoveries of Mrs. Christopher Columbus, published formerly in the US, Germany and Turkey, has just been published in Portugal by Group LeYa. She is a member of the Women’s Forum of New York and the Council on Foreign Relations and is a frequent public speaker. She also currently serves as Special Advisor to CDP.