Voice of Experience: Sandy Rubinstein, CEO, DXagency

voice-of-experience-sandy-rubinstein-ceo-dxagencyA second-generation immigrant from Chile, Sandy Rubinstein grew up in a close-knit Hispanic community in Miami with a family and heritage which had a sizeable influence on her career.

Her parents arrived in the country not knowing English, and her mom learned it along with her while they watched Sesame Street together. In fact, her mother wouldn’t speak Spanish outside the house, because she felt that the family was here and should conform to this country’s norms.

Rubenstein saw they came to this country not expecting anything, and that philosophy has stuck with her. “My parents instilled in me the mentality that you have to make your own path; you can’t expect anyone to hand anything to you.”

From Music to Advertising

A classically trained opera singer, Rubinstein attended college to study music, but also earned a companion degree focused on marketing and business administration.

“My parents were so excited that I was studying music — part of it was that they believed I shouldn’t waste an opportunity — but I assured my mom I needed to also take business courses to have something to fall back on,” she recalls.

And once she took an advertising and marketing class, she was hooked. “Part of it was the performer in me; I wanted to make people feel something, and advertising has the power to do that,” she says.

After 20 years in television marketing, she joined DX in 2009 out of a desire to get more involved in the digital realm. For several years she had been recommending media plans with more focus on digital initiatives, but when she received little traction she realized it was time to do something different and has never looked back.

As marketing evolves, she has noticed that clients are once again investing in email, which she sees as a smart tactic that she is thrilled is coming back in a big way. And since video continues to be a medium that will grow, the agency recently added a video studio for its clients.

Mentoring Brings Important Lessons to Others

Although she’s achieved much work-related success launching new products and supporting brands, Rubinstein says that her proudest moments have come from her mentoring efforts. “It only takes one person to change someone’s life, and nothing else has the same long-term impact as making a difference in someone’s career,” she says, noting that she has had a mentor almost from Day One who still guides her. She hosts interns in her office and also helps at the local high school which has a track with a marketing focus.

The lessons she teaches young women range from the practical — “Dress for the job you want, not the one you have” — to the philosophical, such as knowing themselves before they expect others to know them. “It’s difficult for people to view you how you want to be viewed if you don’t see yourself that way,” she notes.

She also warns women they are likely to have to work twice as hard as their male counterparts, especially if they choose to be a mom and have a thriving career. “I knew that I would have to make certain sacrifices, but it was worth it to work twice as hard at work to cover everything so I could focus on my babies at home.” She notes that women will have tough times personally and professionally but they have to work to build the career that allows them to achieve what they want.

Over the years, Rubinstein has learned the wisdom of not taking everything so seriously. “You have to laugh at yourself and stressful moments,” she says, citing the importance of perspective. “Unless you’re a doctor in the NICU, the issue is probably not as critical as you perceive it to be, and once you get out of the vortex and whirl of negativity, you’re likely to have better judgment regarding a given situation.”

Although she has never felt that being a woman has held her back, she notes that women do have common stereotypes with which they’ll be labeled, especially as they become more successful. A passionate woman will be called emotional, and a strong one will be seen as bossy.

“That’s not going to change but what has to change is that women have to say ‘So what? Move on. I don’t care if you see me as bossy.’ As women we are constantly looking to please everyone because it’s in our nature. But we have to start by pleasing ourselves too.”

She also believes that women need to have each other’s backs. “Be nice. Prop each other up, rather than tearing each other down,” she says. “Women tend to get in each other’s way, and we need to build each other up instead.”

Instilling Values in Her Children

Rubinstein has made sure that her twin boys, now age 14, have always embraced philanthropy. At every birthday, for example, they choose a charity and have their guests bring a donation to support it. Over the years they have raised money for a “Cookies for Kids” cancer program and their local fire station, which had lost its Jaws of Life in the 9/11 tragedy. “My kids had just learned what Jaws of Life were when they visited the station, and that year they wanted to help replace them.”

She models the behavior herself, having started a non-profit education foundation to raise money for STEAM grants for local kids in kindergarten through 12th grade, and has raised $130,000 thus far.

The family also loves to travel, having just returned from Italy, but relish any time they are together. “My kids went to summer camp, and we couldn’t wait to have them home so we could have adventures together,” she says. “The four of us are thick as thieves.”

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Forming and Keeping Women’s Initiative Programs: Tips from the Trenches

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Image via Shutterstock

Image via Shutterstock

You know we have to focus on a problem when the number of men and women starting off in law firms is 50/50 but then women are only at a 22% partnership level,” Shira Nadich Levin, partner at Cooley LLP alerted a special seminar of the Legal Marketing Association’s Metro New York chapter dedicated to developing business for female lawyers.

The solution? Some suggest that a Women’s Initiative can go a long way in helping solve this issue.

But how do you start one and, harder still, how do you keep it going? Here are some anecdotes from the event that hold true all year around.

Ms. Levin, who chairs Cooley’s Women’s Initiative, along with Julie Cohen, Marketing Director at Sidley Austin LLP; and Tracy Fink, Director of CohnReznick’s Executive Women’s Forum (EWF) offered their advice and experiences to an audience in position to effect change – business development leaders at many of the top law firms. Their top tips included:

Tip #1 Start with a clear mission and stick with it. “We plan meaningful events and experiences that create value to those who attend,” said Ms. Fink about the mission of the Executive Women’s Forum, which she created as a business development initiative for CohnReznick, the accounting firm where she was in a marketing director role.
Ms. Fink formed the EWF a little less than a decade ago, when women’s initiatives were not as prevalent as they are now. Women were struggling with balancing their lives and “we didn’t have Millennials who were very vocal about the workplace.” The Forum has since become a huge success, aligning with the strategic goals of each office, including bringing in business, enhancing the firm’s brand, and creating a haven for female employees and clients to develop and deepen relationships.

Tip #2 Be flexible and listen to your members. Ms. Fink envisioned that the Forum would offer events on substantive issues. What she found is that “women came and said, ‘we want to talk about what really matters in our lives.’” So, programs today are an eclectic mix of business and life skills, such as the power of kindness, mindfulness in the workplace, and a women’s golf event. “Through the EWF, we’ve introduced more than 350 women to golf,” she stated.

Tip #3 Think of events that allow members to “loosen up.” One particularly successful event that Ms. Cohen hosted for her group at Sidley featured a female poker expert who taught the group how to play poker and use poker skills to present themselves to clients and peers. “We had more than 150 people. The women were letting their guard down, and they used the time to connect with clients,” she related. The program received such great feedback that the group did a follow-up event a few months later for an “open play” poker session that attracted even more attendees.

Tip #4 If a program doesn’t work, don’t be afraid to tweak it. Cooley’s Women’s Initiative replaced their traditional mentoring program with what it calls “connection circles.” They firm came up with this, explained Ms. Levin, when the members realized a strict mentoring program that paired mentors to mentees was not effective enough and required constant follow-up with each mentor to make sure the system was working. The firm instead created groups of eight to 11 female members at various levels who get together informally. “We even planned somebody’s wedding at our last gathering,” she joked. But these gatherings enable the members to form much better connections than one-on-one pairings.

Tip # 5 Seek creative solutions to members’ problems. The Cooley’s Women’s Initiative created the liaison program as another way to improve life at the office for women attorneys. This program came about in a year when several young women happened to take maternity leave at the same time. When they returned, the women all felt that their re-entry was not really noticed. The firm, as a result, now assigns a liaison to each woman on leave to keep in touch during her leave and help with issues upon her return. “It has made a complete difference with little effort,” Ms. Levin reported.

Tip # 6 Pay no heed to the naysayers. All three panelists cited the usual resistance from within the firm: why should there be a group just for women? “Because,” said Ms. Fink, “when women succeed, everyone wins.” In a professional world where clients expect diversity from their law firms, “creating that culture is important,” said Ms. Cohen. “There’s no shortage of information on the business case for diversity,” Ms. Levin added.

“Creating a committee won’t solve all your problems,” stated Ms. Cohen, “but you can empower women to go up to the men who meet on their own and say ‘I’d like to join you next time.’”
Rosemarie Yu is Principal of Yu Communications, a New York-based communications consultancy specializing in professional services. She can be reached at ryu@yucommunications.com

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Voice of Experience: Anita Romero, General Counsel, Global Consumer, Citibank

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Anita RomeroBy Cathie Ericson

It is who you know. That’s what Anita Romero figured out over the course of her career, and wishes that she had known earlier. “When you’re first starting out, you’re so focused on doing excellent work that you don’t realize the many benefits of seeking advice from peers in your network,” she says. “People learn over time, but had I known that up front it would have really helped.”

From Government to Finance

Romero started her career at the New York City Economic Development Corporation (EDC), which is the City of New York’s primary economic development vehicle. During her tenure with the EDC, her goal was to help keep business in the city, including the redevelopment of Disney’s New Amsterdam Theater and other magnets in Times Square.

After 12 years she went to work for the Traveler’s Group which merged with Citicorp, creating what is today known as Citi.

Since her career up to that point had been in government, she didn’t have direct product experience at a financial services firm, so she completed a rotation through different legal areas of this financial services company. She said that although the experience felt a bit like being a first-year associate again, it was valuable in helping her stretch outside of her comfort zone – advice she offers to other professionals.

“Many attorneys are very focused on a career path that only goes up, as opposed to horizontally, but sometimes doing something complementary can really help you develop, whether you are new to a job or are more seasoned in your career.”

After a year of rotation, she chose a permanent home in corporate law, principally doing securities work as well as mergers and acquisitions, an active area since the company was in a buying mode.

Subsequently, Romero worked as Deputy General Counsel of Citi’s international business segment, in which she had to face one of her first challenges, the 2002 Argentine crisis, which involved lots of “firefighting” as she says. She then returned to the corporate law department to oversee corporate legal functions that support the company as a whole, including human resources, employment law and M&A. Now, she serves as General Counsel for the global consumer business and Citibank NA, the largest subsidiary of Citigroup.

The team that she’s built at Citi is the professional achievement she’s most proud of. “We are committed to having a high-quality and diverse team,” she says. As the Legal Management Committee sponsor of the company’s Talent Development program, she actually spearheads that function for the legal department as a whole.

Technology As an Industry Game Changer

As technology evolves, so will the industry. “Startups are seeking to disrupt what we’ve been doing as banks in the digital experience, and while some do it well, they are operating under a different regulatory environment,” she says, noting that fintech entities aren’t required to be licensed the same way that banks are. “The world has changed for banks in terms of regulatory expectations, and so we are constantly analyzing and adapting to the new model.”

Romero says that Citi is whole heartedly focused on radical digitization, always seeking ways to reduce friction for customers and improve their banking experience.

Promoting Hispanic Culture through Mentoring Others

Citi supports a number of employee networks, including Citi Women, a corporate-wide diversity effort for attracting, developing, advancing and retaining female talent at all levels within Citi.

Since one of her passions is to give back to the community where she lives, Romero, who is of Puerto Rican and Cuban descent, is the sponsor of the Hispanic Heritage Network for the New York tristate area.

“It’s a terrific organization that is trying to connect network members to each other. Our members appreciate the opportunities for both networking and career development.”

They have sponsored initiatives, such as Café con Leche, where participants have the opportunity to talk with senior professionals within the organization. “They can use them as a sounding board on their career, in an intimate environment where it is comfortable to discuss their career path or other specific situations,” she points out.

“It’s all about developing and advancing our people and realizing that we can harness our different backgrounds and heritages to promote workplace success.”

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Voice of Experience: Grissel Mercado, Counsel, Shearman & Sterling LLP

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grissel mercadoTo succeed in any industry, you have to create a profile for yourself both internally and externally, says Shearman’s Grissel Mercado. “Young attorneys tend to focus on delivering excellent work, which is important, but also expected. You also have seek out opportunities to network,” she says.

Her area of capital markets has been particular fruitful in this regard, since the work is with client teams at her same level. “It’s a great way to build relationships with clients, and Shearman has supported this throughout in my career,” says Mercado, noting that partners would encourage her to network with the team after a deal – a practice that has paid off. She also was encouraged to join industry groups and write articles and find other ways to subtly promote herself in addition to producing great work.

Devoting Her Career to Latin America Issues

Mercado studied international economics and Latin American affairs at Georgetown, not initially intending to be an attorney. But after a stint as a legal assistant at Sullivan & Cromwell on the project development and finance team, mainly working on Latin American transactions, she decided to pursue a legal career, earning her degree from NYU.

She became a summer associate at Shearman, pursuing the firm based on the strength and depth of its Latin American practice, but also because it’s where she felt most comfortable during her interviews. “I was drawn to the collegial and friendly environment from Day One,” she says, adding that she senses less hierarchy than at many firms, and more opportunities to work directly with partners.

She rotated through several departments and ultimately chose capital markets because it affords her the opportunity to be a lawyer half the time and a trusted advisor half the time. “It offers elements of both the theoretical and practical,” she says.
One of the professional achievements she is most proud of is the first transaction she led in only her third year. “The partners in the Latin America practice were willing to give substantive work early on, and it was both challenging and rewarding to be a leader and team player,” she says. While her first two years were devoted to thoroughly learning different aspects of a transaction, she noted that “you often don’t stop to realize how the pieces fit together, but then it all comes to fruition when you’re leading a transaction”.
Right now she is working on a transaction representing a company who will be the first corporate issuer in its country to offer bonds in the international markets. “As a capital markets attorney, I can add value to deals like this as most of my clients don’t have exposure to the international market. I become very personally attached to my clients and deeply invested in their success,” she says.

It’s also gratifying to see how a transaction in a developing country can be a turning point, opening the door to foreign investment. “When you do the first deal, investors become more open to investing in that country,” she notes.

Latin America is an area where they’ve seen numerous innovative deals, like green bonds, which is a structure where proceeds are designated for environmentally friendly projects, such as financing renewable energy projects like wind generation.

She has also seen increased liquidity come into the region, as well as changes that have occurred in collective action clauses in sovereign offerings as a result of the difficulties faced in the Argentine debt restructuring process. Mercado enjoys helping her clients work through the ongoing changes in rules and regulations.
“As a Dominican-American I want to see the region advance,” she says. “I am directly connected to what I do.”

A Woman in a Man’s World

Mercado cites a dearth of women in Latin American markets: Although the status quo is slowly changing at companies, it’s not uncommon to be the only, or one of very few, women in the room. “It’s a well-known challenge everywhere, but Latin America is at a different level,” she says. Nevertheless, that has never affected her performance; one reason she cites is the culture at Shearman which has a significant number of women partners in leadership positions. In fact, one of the female partners she’s collaborated most closely with heads the Latin America practice and has served as the head of the capital markets practice.

She encourages young women to speak up. “Nobody is a better advocate for you than yourself,” she says. Women are more apt to think that their work will speak for itself and hesitant to self-promote but as she has become more senior, she sees that male junior associates are more confident about speaking about themselves. “Women need to take more initiative,” she says. “If you’re talking with the team before a call, mention a success, just as a man would.”

For women who are her peers, she encourages them not to “give up too soon.” She sees women leaving private practice thinking they will achieve a better life balance elsewhere, but she thinks that can sometimes be at the expense of substantive work. “We can create a balance at a law firm, especially as we explore technological advances. You can be the best possible attorney for your clients, and still carve out the personal time you need.”

Since joining Shearman, Mercado has been in involved in WISER (Women’s Initiative for Success, Excellence and Retention), always finding an event that will boost her skills. Just recently she participated in a speed networking program where participants got tips on how to spark a conversation in a short time; if, say you’re heading up an elevator with a senior executive. She also participates in Lean In sessions, where she gleans information on how both women and men are processing work/life balance issues.
An advocate for formal mentoring both inside and outside your practice group, she also finds informal mentoring to offer a career boost as it allows one to create connections with others in a very organic way.

Globe Trotting

While she’s had the opportunity to travel extensively in Latin America, Mercado loves to experience different cultures, such as in Peru or Guatemala, even if it’s for a short period. She also recently returned from a trip to Thailand, China and Hong Kong.
Outside of work, Mercado still enjoys giving back by participating in pro bono assignments for groups such as New York Family Court, where she provides legal advice to families in short consultations. “It’s very rewarding and as different from capital markets as you can get,” she says. “Shearman is a big proponent of pro bono work and offers an excellent program where we can do what interests us.”

Mercado has also been active in Cafecito, an informal network of Latina women lawyers and law students in the New York City area which meets about once a month. She believes it is a great forum to share common issues and celebrate Latinas’ accomplishments across various different fields of law.

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Voice of Experience: Ilka Vázquez, Advisory Partner, PwC US

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ilka-vazquez“Bragging or self-promotion ” has a bad rap, but according to PwC US’s Ilka Vázquez, it shouldn’t when done right. “I think it’s ok to brag a little about your impact and what you’re bringing to the table,” she says. “We assume someone is noticing our great work and will reward us, but the reality is that you can speed up the process if you talk about your success to people who are influential. Your elevator speech gets better the more you give it and can help you establish a personal brand.”

She finds that women in particular struggle with asking for what they want and articulating a perspective on where they want to go. “Men are negotiating all the time, and women need to get in the habit of speaking up when there is a particular opportunity that interests them,” she says. “How do you get to the next level? Ask for it.”

From Engineering to Consulting

Born and raised in Puerto Rico, Vázquez attended the University of Michigan and earned both a bachelor’s and a master’s degree, pursuing Industrial Engineering with a focus on manufacturing. After several manufacturing-related internships, she began exploring career options her senior year and was introduced to the world of consulting.

She joined Chicago-based Diamond Management & Technology Consultants, Inc., which was acquired by PwC US in 2010, and has been a career consultant ever since. Her first project was in financial services at an investment bank, which she notes was a critical point that established her future career, primarily spent in capital markets. “Coming from engineering, it was a completely different perspective; I had no finance background but here I am working with an investment bank.”

Given her lifelong career as a consultant she credits becoming a partner at PwC US in 2014 as a professional achievement she’s most proud of, based on what it represents. “It was the culmination of what I’ve accomplished and yet also the beginning of a new professional journey,” she says, adding that from her first interaction with partners at Diamond, she knew she wanted that role one day.

Her work now largely entails helping financial services clients manage regulatory expectations while promoting the sustainability of the programs put in place to comply with those regulations. She helps them make those processes become part of their DNA to facilitate their long-term effectiveness.

Given her engineering background, she also enjoys learning more about the ever-changing role of technology and the impact of innovations such as block chain and digital labor, which can revolutionize the industry. “I am constantly considering how these disruptive technologies will impact clients and what they need to do to take advantage of them.”

Being Agile Will Contribute to Success

Moving from an engineering background to consulting with financial services firms was a pivot, and yet, it underscores a skill that Vázquez encourages professionals to cultivate: the ability to be agile. She developed competencies core to any consultant that are applicable in a wide range of experiences. “Regulations or technology could drastically change what you’re working on today, and you need to adapt and be prepared to move your focus to something else,” she says.

One way to exercise this philosophy is to constantly be willing to step out of your comfort zone by asking for stretch assignments, even if you don’t readily fill all the requirements. It calls for having the confidence that you can learn and looking for ways to expand your experience.

She also believes that learning takes place throughout your career, and more seasoned professionals can glean wisdom from their junior counterparts.

Participating in Latina and Women’s Groups for Collaboration and Skills Development

An active member of PwC US’s Latino Inclusion Network, Vázquez is part of the leadership committee, advising the group on how to create a strong community where members can learn from one another. The firm recently celebrated its Global Diversity Week, which focused on the power of inclusion and overcoming unconscious biases. “We have to make sure we promote the idea of diversity based on ethnicity as well as gender, and how it contributes to a greater array of thoughts and ideas.”

She notes that the Latino community is very open to different perspectives, with a culture that inspires inclusiveness. “When we get together, it’s not just four people but 20,” she says. “This perspective of the ‘more the merrier’ means we are open to different viewpoints and that helps me motivate a diverse team.”

She also holds a role of partner sponsor for PwC’s New York Metro Women’s Advisory Network and the Working Moms Group, two groups focused on supporting women within Advisory.

Over the years she has participated in firm-sponsored programs that support the advancement of women, such as the Breakthrough Leadership and Diamond programs which not only offered exposure to senior leadership, but also provided the coaching and advocacy opportunities that helped her cultivate relationships with partners.

Married with two children – a seven-year-old daughter and a 21-month-old son — Vázquez enjoys spending time with them, often conversing in Spanish as she encourages them to be bilingual.

An avid Michigan sports fan, she participates in regular recruiting activities at the school, both for PwC and to help attract minority students to campus. As a graduate of the Harvard Business School, she is also connected to the HBS Latino Alumni Association.

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Voice of Experience: Cristina Estrada, Head of Derivatives for the Latin America Financing Group, Investment Banking Division, Goldman Sachs

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cristina estradacristina estrada“Pursuing what you are passionate about and chasing your dreams are key to having a successful career,” says Cristina Estrada of Goldman Sachs. “Being patient is important though: there are ups and downs in everybody’s journey. Persistence and seeing beyond occasional difficulties pay off.”

From Colombia to Goldman…and back

Estrada was born and raised in Colombia, in a time of great uncertainty for her country. She aspired to pursue a successful professional career, while at the same time help her country with its economic development needs. With this goal in mind, she applied for college in the United States, which excited but also scared her. “I had dreamed of pursuing a foreign degree, but going abroad and not being with your lifelong friends and relatives seemed like a big risk at the time. That being said, I knew that studying here would allow me to expand my professional horizons.”

She was accepted to the Massachusetts Institute of Technology, where she pursued an economics degree and played varsity basketball. It was at MIT that she became aware of Goldman Sachs for the first time, as one of her closest friends praised her internship at the firm and encouraged Estrada to apply.

She became an intern at Goldman Sachs the following summer. “I worked on the trading floor and was part of the sales team, working with Latin America. Goldman provided me with an experience that was nothing like I had ever had before: a fast-paced, no-frills environment, with extremely interesting and smart people, working with highly sophisticated clients.”

Estrada graduated from MIT in 2001, where she received the Malcolm G. Kispert Award for female senior scholar-athlete of the year. She started at Goldman as a full-time analyst that July as part of the Latin America FX Sales team, primarily covering Latin American corporations to serve their currency needs. “We structured derivatives for Latin American clients, allowing them to protect against currency risk. It was gratifying to stay close to my roots.” Over time, that team became part of the Emerging Markets group, where Estrada still focused on Latin America but now covered a larger array of products, and early in 2016, Estrada and her team moved to the Investment Banking Division.

After working for years with clients in Mexico, Central America and other markets in Latin America, Estrada is now excited to be working on a new series of infrastructure projects in her home country. The Colombian government launched an ambitious infrastructure program, the key pillar of which is the Fourth Generation Highway Plan, or 4G. This plan aims to modernize and expand the national highway system through the concession of 11,000 km across 40 toll roads, with investments valued at an approximate $25 billion. Goldman Sachs has taken a lead role on structuring and funding three of the first nine toll roads that were awarded, with Estrada in charge of structuring risk management solutions for the projects as well as helping line up financing from international investors among her clients in Latin America.

“We have pooled resources from many different teams across divisions and geographies at Goldman to help Colombia; this is Goldman at its best. These roads will make the flow of goods cheaper and smoother throughout the country. Goldman is doing business while at the same time making Colombia a better country — proof that you can do business by doing good.”

Diversity as a Constant

Beginning her career on a trading floor, Estrada highlighted that she occasionally felt like a minority, both due to her gender and ethnicity. She says that in these situations, “You have to remember that you are hired for who you truly are, for your capacity and the experience that you bring,” noting that Goldman Sachs champions the importance of a diverse workforce.

Estrada is proud that she has become one of the few senior women who cover Latin American companies across the financial industry. “As a senior female executive, you have to develop your own style in a male-centric culture,” she says. By becoming a technical expert in her field while also building and maintaining strong client relationships, she has earned the respect of her colleagues and clients.

She reminds women at all levels to take time to build relationships with others in order to create a network of peers and sponsors. “The only constant in our industry is change, and having a strong network will allow you to be more adaptable and prepared for what’s to come,” she says. “A year ago I didn’t think I’d be moving to a different division, but things evolve, and your network can guide you through those types of changes.”

With a trajectory that took her from interning in 2000 to becoming a managing director in 2015, Estrada has been able to reflect on her career over the years. “There have been ups and downs just as for everybody. I tended to overthink and overstress about situations when I was first starting my career, but I can now view things with perspective. What matters most is working with people with whom you are comfortable and doing a job that you enjoy. That, combined with a focus on assisting clients with their needs while challenging my skills, is what makes working at Goldman satisfying.”

She participated in one of the first classes of the Women’s Career Strategies Initiative (WCSI) over a decade ago and has come full circle, serving last year as a Senior Divisional Champion of the program for the Securities Division. This program is designed to provide strong-performing associate women with developmental opportunities and to teach them to proactively manage their professional advancement.

Also active in the firmwide Hispanic and Latino network, Estrada has seen it evolve over the last few years into a catalyst for Hispanics across divisions to meet each other and identify business opportunities, as well as provide access to senior leadership. The group has also steadily been sponsoring interesting events, most recently celebrating Hispanic Heritage Month.

An Active Down Time

A former basketball player as a student athlete at MIT, Estrada is now also a fan of spinning. Married to a Brazilian, she and her husband have been exploring Asia for a few years now. “Since I travel a lot for work, sometimes it’s hard to head back to an airport on my free time, but we are enjoying discovering new cultures together.”

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Voice of Experience: Rocio Lopez, IT Executive at Accenture

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Rocio LopezBy Louise Magrath

Passionate about advancing diversity in tech, and currently leading several initiatives aimed at growing Hispanic American technology talent, Accenture’s Rocio Lopez says: ‘The one piece of advice I would give to anyone is to be authentic.’

As a Mexican woman-in-tech for over two decades, Lopez learnt through Accenture’s Hispanic American Employee Resource Group (ERG) that she needed to be authentic about what she brought to the table as a talented Hispanic technologist.

‘For the longest time, I was trying to run in a different size shoe – actually a male size 8. It wasn’t until I met my ERG family that I realized I like my 7.5 size red high heels,’ she comments.

Longevity in her career

Lopez has a long career at Accenture having worked for the professional services company for 22 years since leaving University. Currently leading a team that helps the company and its clients adapt the latest IT solutions and flexibilities, she connects with Accenture’s business leads to understand their day to day, on the job behaviors. This helps her innovate new solutions to get them performing at their highest, delivering the best they can to clients.

‘I love it when I see them adopting the latest technology and get their feedback that it’s made their life easier and helped them to be more efficient. I’m excited that my job allows me to be creative and present and deliver ideas that transform the way our teams work. Being able to experiment and challenge my team to learn new technologies is the part I love the most,’ comments Lopez.

Increasing Hispanic Leadership in IT

‘Inclusion and diversity is an inherent part of Accenture, and as a company, we are committed to advancing diverse talent in technology,’ states Lopez.

One initiative led by Lopez, of which she is particularly proud, is the Accenture sponsored, Hispanic IT Executive Council’s (HITEC) Women’s Program, aimed at growing Hispanic American technology talent.

‘HITEC is an organization whose focus is to develop the next generation of Hispanic IT Leaders, an ethos in common with Accenture, as we share a commitment to advancing diverse talent in tech and increasing Hispanic leadership in IT around the Globe,’ she comments.

She describes the program as a breakfast series and learning session, focused on developing, retaining and attracting women in tech careers by bringing them together in one place to network and establish connections. Lopez believes the key to the Accenture and HITEC mission is the structure they have in place to carry out the strategic goal to ‘push up and pull up’ its’ workforce and members. The Accenture partnership with HITEC, including the Accenture sponsored Women’s Program, demonstrates a partnership whose focus continues to be the growth of Hispanics in technology careers.

Lopez is proud and excited to lead the Women’s focus with HITEC and says, ‘I already see the impact the program has on inspiring women along their journey and I’m looking forward to this coming year and the technology learnings that our women will gain during the sessions.’

Support and Mentorship build success

For Lopez mentorship has played a critical role in her career, ‘I could not have a career without this. You need a mentor or sponsor to keep you honest about what success means and to help you along in your career journey,’ she comments.

An example where the importance of mentorship came in to play for Lopez was when she was given the opportunity to participate in the HITEC Emerging Executive Program and was assigned a C-Suite mentor, Ramon Baez. She notes,
‘The relationship I built with Ramon was key to a turnaround in my career journey, as I was facing some critical career decision points at Accenture. The conversations we had, helped me gain tremendous self-confidence and inspired me to believe that I could be CIO of a company.’

As a leader at Accenture, Lopez also is a mentor to people for whom she is directly responsible for engaging, supporting and growing. She is passionate about encouraging her mentees to be authentic as she believes it generates great thinking and increases their level of engagement overall. She comments, ‘My professional role model is our global inclusion and diversity lead, Nellie Borrero, an amazing, authentic woman that has managed to stay true to her values throughout her great successes.’ Lopez believes that every employee at Accenture is extremely talented and that it is her obligation as a company leader to ensure that they are listened to and tended to,
‘We are changing the game within the Accenture family by staying close to every single individual and focusing on their unique needs and wants. We create a place where everyone is a member of the family that is always cared for and nurtured,’ she says.

Commitment to Diverse Talent Pools

Lopez’s passion for advancing diversity in tech has led to her involvement in Accenture’s sponsorship of teams of Cristo Rey High School students to code at Accenture. She describes Cristo Rey as the largest network of high schools in the United States whose enrolment is limited to low income youth. Its distinctive approach to education equips students with the knowledge, character and skills to transform their lives. From freshman year, Cristo Rey schools blend rigorous academics and four years of professional work experience to and through college.

‘I became involved with Cristo Rey because I wanted to promote STEM jobs for these students in the Chicago area. To that end I proposed and created a program within our CIO organization that sponsors diverse students in to programming roles. This has evolved our internal IT talent strategy and has led to us identifying new talent,’ states Lopez.
Her passion for inspiring Hispanic American students to continue their education and to seek a career in tech along with her overall commitment to technology careers and diversity has led to Lopez being named on the Board of Cristo Rey High School.

Family

Even outside of work, Lopez continues inspiring young people to take up careers in tech. In the fall she will travel to Leon, Mexico, where her family is from. She will use her time there to inspire her teenage nieces and nephews to consider a tech as a career choice.

She comments, ‘They ask me questions about my Facebook posts during my network events, as they are excited to see me travel the world and meet so many new people. My answer is always to go in to technology! It’s very cool and allows you to truly impact the world we live in!”

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Latina Leadership: Will Companies Ever Catch On?

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By Aimee Hansen

Image via Shutterstock

Image via Shutterstock

If you scan Fortune’s 50 Most Powerful Women in 2016, you will be hard-pressed to find a Latina executive, amidst an overall drop in female CEOs to 4% in the Fortune 500 in 2016.

According to a 2016 report from the American Association of University Women (AAUW), Hispanic women make up 6% of the workforce but only 1.3% of senior-level executive roles in the private sector.

According to the Heidrick & Struggles Board Monitor, “the share of new board appointments for Hispanics (male/female) remained flat for the seventh consecutive year” across the Fortune 500. 4.7% of new directors on average are Hispanic each year, and only 4.0% in 2015.

What makes this even more striking is that new director appointments reached a seven-year high in 2015 (up by 60 appointments from 2014), and women appointments stagnated too. During a recent record (and opportunity) year for new appointments, diversity lost out.

The report indicates a resurgence of selecting new board members from “the usual suspects” (sitting and retired CEOs and CFOs took 73.2% of new seats). Only nine of the Fortune 500 CEOs were Hispanic in 2015, which doesn’t bode well for diversity if the “usual suspects” continue as the primary candidate pool for board appointments.

Meanwhile, a Mercer report predicts female representation at executive level in Latin America to out-pace North America by 2025, rising from 17% (2015) to 44% (2025).

A Perplexing Incongruence

The glaring elephant in the room is that the population, and consumer purchasing power, is rapidly changing, and Fortune 500 boardroom composition shows little proof of catching on.

The gap in representation of Hispanics in corporate leadership has the potential to create a dangerous gap in diversity of thought and insight, driving a deeper wedge between business leadership and consumer composition. Hispanic purchasing power was projected to have increased in the U.S. by 50% from 2010 ($1.0 trillion) to 2015 ($1.5 trillion).

Not only are Hispanics the largest ethnic minority in the country, but according to the government report “Fulfilling America’s Future: Latinas in the U.S., 2015”, 1 in 5 women and 1 in 4 female students are Latina.

Entrepreneurial Power

Scan the entrepreneurial landscape, and you’ll find a different picture: women are the new face of entrepreneurship, and Latinas are playing a strong role in leading that change.

According to the 2016 State of Women-Owned Businesses Report, there are an estimated 11.3 million women-owned businesses in the U.S., a number which has grown five times faster (45% increase) than the national average (9% increase) over the past nine years.

Nearly 8 out of 10 new women-owned businesses launched since 2007 (2.8 of 3.5 million) have been started by women of color, with the greatest growth among Latinas.

According to the report: “As of 2016, there are just under 1.9 million Latina-owned firms, employing 550,400 workers and generating $97 billion in revenues. Between 2007 and 2016, the number of Latina-owned firms increased by 137% – the highest increase seen among minority women-owned firms.” Trending back 18 years, the 2015 report showed that the number of Latina owned businesses has increased by 224%.

Make no mistake. Latina women are carving their own paths to business leadership.

Playing Down ‘Being Latina’

As the AAUW report authors state, “There is no monolithic ‘women’s experience’ of leadership. Women always have a race and an ethnicity, so a discussion about gender without reference to race and ethnicity (or vice versa) is simplistic and can be misleading.”

A recent Latina@Work study of over 1,000 Latina professional women released by People en Español, sought to understand the experience of Latina women in today’s corporate workplace.

The report found that, “As trailblazers among their families, they are simultaneously breaking cultural barriers and managing cultural expectations, which results in a feeling of ‘otherness’ both at work and at home.”

In the study, 80% of women agreed that “At work, I want to be seen as who I really am, including being Latina.” But many of the women struggled with managing how they are perceived at work, including not being seen as “too Latina.”

Women played down their accent and played up their university degrees. They also moderated appearance more than average. 31% reported having to dress more conservatively than co-workers to be taken seriously (versus 21% of non-hispanic Caucasian women), and 35% reported feeling the way they styled their hair impacted their success at work (versus 25%).

Hispanic women were also twice as likely to agree they have to work twice as hard because of their cultural background.

Intersectionality of Barriers

Latinas and Black women are the most underrepresented at senior leadership levels.

The AAUW report highlighted the intersectionality of barriers and bias: “Not only do women of color confront race and ethnic discrimination that white women do not face, they also experience gender bias differently than white women do—and they experience racial bias differently than do the men in their racial or ethnic group.”

Latinas have a unique set of preconceived biases around leadership perception. For example, “among college and university faculty, Latinas who behave assertively risk being seen as ‘angry’ or ‘emotional,’ even when they reported that they were not angry—they just weren’t deferential.”

According to the report, 60 percent of faculty Latinas reported a backlash against expressing anger, and they tended to shoulder most of the office housework.

As feminist and media-challenger Kat Lazo reflected to The Huffington Post, prominent and narrow media stereotypes have the ability to damage both perception and self-perception, and reinforce barriers to leadership: “What we see in the media right now is a limited version of our humanity.” Lazo stated, “So we internalize these messages and we put limits to who we can be in terms of our professions, in terms of our own identity.”

But nothing is one-dimensional. Lazo highlights that even “Latinx” (a gender neutral alternative) have to check their own privilege.

Amplifying Leadership Presence

In a Latinas Think Big article about developing and amplifying leadership presence, Sandra Tibbs, founder and CEO of Neverest Solutions, writes about cultivating and amplifying leadership presence:

Find your authentic leadership voice – Navigate through the stereotypes, cultural scripts, biases and arising inner conflicts to embrace your whole story and find your own voice.

Create a shared sphere of influence – Cultivate a sphere where listening and connection leads to stronger, and more influential, leadership.

Build resilience in yourself and others – Something every Latina leader will do as she challenges the status quo, and can help to nurture in others.

Tibbs writes about Latina leaders who own their presence: “They are irrefutable leaders who have a presence about them that is unique, authentic and strong. They know exactly who they are, and what impact they want to have. And, they don’t apologize for either. Their leadership presence enables them to overcome stereotypes, biases and even their inner obstacles so they can devote all of themselves to designing the lives they want.”

It is strongly evidenced that Latinas will keep on unapologetically rising to lead business, with or without that coveted access pass from the Fortune 500.

The choice for the corporate world when it comes to cultivating Latina participation in leadership would appear to be this: either catch on, or inevitably you’ll be playing catch up

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Closing the Investment Gap – Why Is It As Important as the Pay Gap?

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man-and-woman-standing-on-money-featuredBy Nicki Gilmour

Closing the investment gap for women as well as the better- documented pay gap needs to happen. What is the investment gap? And why are most women, even highly paid professional women still missing out? Sallie Krawcheck just wrote a post about the cost of not realizing what we are missing financially by not investing properly on LinkedIn.

Sallie is inviting theglasshammer.com readers to join Ellevest, her new women- orientated advisory for women (and men too) to close the investing gap. I caught up with Sallie this summer and she is someone who I admire greatly and Sallie is a woman who has been there, formidably at the top of the best financial institutions in the world for many years. I asked her why should we care about solving the investment gap?

Sallie responded,

“The investment gap is real and closing it is the best professional advice that nobody is telling you. We need to talk about the real costs of a career break and the real cost of earning less and investing less. We want to empower the individual. I am about unleashing the power.”

Why should we want both men and women managing our money?

A recent survey conducted by The CFA Institute called “Gender Diversity in Investment Management – New research for practitioners on how to close the gender gap” found that most female CFA members (70%) and nearly half of all CFA members in total (48%) believe that mixed gender teams of investment professionals lead to better investment performance results because of more diverse viewpoints.

Interestingly, these are the people who are involved in funds, and often run them directly. In the same survey, institutional investors also scored high in believing there was positive aspects to having a gender diverse team in place as seen in the California State Teachers’ Retirement System encouraging State Street Global Advisors to create the SSGA Gender Diversity Index ETF (ticker: SHE) in 2016 and seeded it with a $250 million investment.

Meanwhile, in the same study, retail investors were less convinced in the value of women working in wall street bringing higher returns with nearly 50% of those surveyed believing diversity does not matter when it comes to who manages money.

We can conclude from this that the people least close to the process saw the least value in it. That means people like you and me, and people who are not like you and me, can have a range of differing values, education and identities and yet have the same sexist ideas about who we think should lead companies and run money for us.

There is research including the most recent piece from Credit Suisse last week that suggests adding women makes a difference, obviously the right women, but we would say the same about men so we have to be careful to not over scrutinize this concept.

I am a fan of testing reality against research and Joe Keefe, President and CEO of Pax World Management LLC is a leader who is seeing real results.

We caught up last week and chatted about the Pax Ellevate Global Women’s Index Fund, which is chaired by Sallie Krawcheck, and has just reported a recent milestone, outperforming the MSCI World Index* for the two-year period ending June 30, 2016 and has $100 million in assets under management.

Joe is a man who gets it and one of the first men to grace our column of the same name. What is it that creates this higher performance when women are present in decision-making seats? Joe comments,

“I believe that having higher female representation at board and senior management level is a causal factor, not just a correlative factor, for higher performance because it is the entire corporate governance structure that tends to improve with women in place.

Pressing Joe on the finer details on being sure that the factor that drives the performance, he told me,

“We try to keep all other variables neutral to allow for an apples to apples comparison for performance analysis.” And added, “This is the only global index of its kind and beyond the research, this is real money from real investors in real time proving the point, not theory.”

How can we link investor gains to the talent pipeline inside firms?

As I reported earlier this year, rather than wait for companies to take action themselves or rely on legislation to be enacted, the Pax Ellevate Global Women’s Index Fund is the only global fund and the original index. State Street’s U.S. based SHE Index and other new funds also provide a way for people to fight the gender gap directly by investing in companies that put a premium on women in leadership positions.

Morgan Stanley launched a proprietary gender-diversity framework for ranking more than 1,600 stocks globally this year citing,

“Calls for more female participation in the economy have grown louder, often based on political or cultural arguments founded on fairness. Yet, a persuasive argument for diversity and equality can also be anchored to the bottom line, where ensuring that more women are working and leading in the workplace is simply good business, especially for investors who not only care about the ethics, but also want returns.”

To make sure this theory of ensuring more women are leading becomes action, the onus falls on three groups.

Group 1: The investors have to vote according to their belief in diversity. That means you and me as well as the institutional investors.

Group 2: The intermediaries need to better inform clients better and this could involve reducing the biases of some financial planners and advisors who regardless of being male or female harbor ideas and loyalties that do not help their clients.

Group 3: The other group that needs to do something to ensure that there are companies to list on these indices is of course the leaders and talent process people inside firms.

Sometimes the research on diversity enhancing performance is lost on gatekeepers such as financial advisors and consultants who often do not understand the importance of diversity. I have had a personal experience with that myself with a very “old fashioned” shall we say female advisor who told me point blank not to invest in a women’s fund (and could not seem to say the LGBT acronym). I asked Joe Keefe what to do in these situations and he told me that people should invest directly in the Pax fund or find advisors who understand the benefits of seeing the research in action.

Joe Keefe comments,

“I truly think that we are heading towards higher numbers of women on boards and in senior management teams, and I believe that we could reach 40/50% female representation in our lifetimes. More and more people are realizing that the research is right and the returns are there.”

Sallie Krawcheck, chair of the Pax Ellevate fund agrees,

“It is simply smart business to invest in women and we believe that this investment case will continue to be borne out over time by the performance of this Fund.”

Awareness is the first step, and people like Sallie Krawcheck and Joe Keefe are giving us the chance to put our money where our mouth is and maybe make up for that pay gap that most of us are experiencing (whether we choose to believe it or not.)

Save

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Empowering Future Women Starts Today by Empowering Ourselves

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woman sitting at deskThe business world is still dominated by men. Sure, we’ve made inroads into the executive level, but we fill few seats — especially in the science field and the corner office.

Yet the statistics tell another story. Not only are we keeping pace with men in the boardroom, but we also run circles around them. Last year, Philadelphia venture capital firm First Round Capital unveiled findings that startup firms featuring at least one woman founder outperform those with solely male founding teams by 63 percent. And women play roles in the upper echelons of First Round’s 10 most valuable companies.

To vault forward in science (or any industry, for that matter), we need to look differently at leadership and our gender. Men and women aren’t wired the same, and to get where I am today, I’ve had to do things that don’t necessarily come naturally.

Women as Pioneers

Women leaders are trailblazers — the more we assert ourselves as leaders, the more other women will follow.

I didn’t realize I was breaking new ground until my daughter, a recent college graduate, said to me: “Mom, you know something? You’re a pioneer. When you were rising throughout the leadership ranks in the ’80s and early ’90s, the ratio of women leaders to men leaders was extremely low.”

She told me that a professor of hers had asked the students to raise their hands if their mothers held a senior leadership role in a company. Out of nearly 50 students in my daughter’s class, she was the only one whose hand went up. She told me, “Mom, you are a unicorn.” I never looked at myself that way. And personally, it meant so much to me to know that I stood out in her mind and had such a deep impact.

As women, we’re still dismissed on the basis of our emotional, connected nature. And our people-centered leadership styles are looked down upon by men — the very people who are often making the decisions about promotions and hiring.

Men vs. Women

Looking back on my career, I know there are some things I could have and should have adjusted that would have made it easier to advance. Growing up with only brothers, I believed I had a leg up on many other aspiring female professionals. But in terms of business, I didn’t really know the difference between a man and a woman. I thought, “I’m just a different sex, but we’re all equal.”

That thinking is a bit backward — even in today’s diverse world. Men and women behave and act differently in every situation. And as professional women, we need to embrace this fact and work it to our advantage. Back when I entered my field, I didn’t really take note of my female tendencies, and I strongly believe it may have held me back.

Leveraging Our Strengths

By nature, we aren’t nearly as boastful as men. We often recognize people around us as opposed to recognizing ourselves. But we need to be able to talk the talk and walk the walk. We need to sell ourselves as strong thinkers and business leaders.

We need to understand our value and make sure we can represent it correctly, whether it’s in front of a board of directors or our senior management. In general, we’re not programmed this way in our DNA, so we need to recognize how important this is and show our value in every aspect of our jobs.

We are much more conscious of physical responsibility and the people element in business and life. Women in a business setting will often say, “How are you doing, and how can I help?” We won’t find a man doing that.

And we don’t need to hear that we’re better than men. We need to know that we’re different and that in certain roles, that difference makes us stronger and “better.” Of course, the opposite is true, too; men are better than us at some jobs.

But we need to think about where our strengths are and leverage those advantages. Recognizing this will put us in front of investors and business leaders and boost our careers.

Our Path Forward

What can we do to build upon the foundation set by our predecessors and ensure that future women will carry on to greater success?

1. We have to work twice as hard as men. This is not only because we’re trying to overcome some of our natural tendencies, but also because it’s still a male-dominated world.

2. We need to be more selfish. We’re raised to be selfless; we don’t think of ourselves first. But speaking louder is the only way we’ll break into the boardroom. In a room full of men, we need to be heard.

3. We have to assume we’re all the same and that we deserve the same treatment. We should take more risks and wait until someone says “no” rather than avoid confrontation. Sure, we ask for more responsibility. But we don’t ask for or expect a raise or promotion to go along with that added responsibility.

4. We need to cultivate our passions and find a way to make a difference within that arena. Invest in a passion, build a business or project around it, and use it within a brand. It will help us get noticed and stand out in front of a group of men.

5. We need to work together and empower one another to build success among women. Springboard Enterprises is a great resource for women with an entrepreneurial spirit, and it’s not necessarily just for entrepreneurs — it’s for any woman who wants the firepower to move ahead in business.

We need to be pioneers for other women; it’s the only way to close the gender gap that still exists. The more we assert ourselves as leaders, take risks, and let our passion do the talking, the sooner “our day” will come when we will not only be 50 percent of the population, but also 50 percent of the leaders driving change in the world!

Valerie Palmieri was appointed president and CEO of Vermillion in January 2015 and joined the company in October 2014. She brought with her more than 30 years of experience in the diagnostic laboratory industry, holding sales, operations, and executive leadership positions in laboratory service and consulting organizations.

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