The common thread among the successful women Sheila Patel has mentored over the years is their willingness to engage their networks, mentors, sponsors and managers in their ambitions and their journey.
“Two-way communications holds both women and their stakeholders accountable for their progress, and accountability is the key to advancement in the years ahead,” she says.
Moving Around, Moving Up
Patel has employed that strategy throughout her career. She feels fortunate that her career has taken her to three different regions, allowing her to work in multiple areas of finance throughout the last 24 years. “The constants of deep client relationships and rewarding partnerships with colleagues have paved the way for many transitions, as new opportunities emerged and Goldman Sachs has provided me with the room to grow,” she says.
She began her career as an analyst in investment banking at a different firm in New York, and then took a hiatus from the industry to explore retail, where she worked for one of the few women CEOs at the time. She soon realized she missed the fast pace of finance and earned her MBA at Columbia, while simultaneously working in derivatives sales and trading.
In 2003, she joined Goldman Sachs, where she has worked in both Asia and London. Over the years, Patel held a variety of roles in the Securities Division, culminating in becoming co-head of Asia Equities Distribution, before moving to London to join the Investment Management Division in 2009.
For Patel, this internal mobility represents the professional achievement she is most proud of – the transition from the “sell-side” to the “buy-side.” During this time, she moved from Singapore to London and undertook a major change in role and responsibilities following the financial crisis.
“It was a great opportunity to identify the skills I had that transcended divisions, such as strong relationships with clients, strategic management capacity and broad market experience,” Patel says. “The firm empowered me to expand my business and focus on investment performance despite the difficult market conditions. That allowed me to help grow the team while retaining our culture, our client base and assets over the following years,” she says.
Today, as CEO of International Goldman Sachs Asset Management, Patel works with clients across EMEA (Europe, Middle East and Africa) and Asia Pacific Ex-Japan to identify a broad range of investment opportunities around the world. Regular travel throughout Asia, the Middle East and Europe offers her an unparalleled vantage point to understand global capital flows and investor views.
New Developments Transform The Industry
Patel is particularly intrigued by recent efforts in two spaces – ESG (environmental, social, and governance) and Smart or Active Beta. “As with any new concept, part of the excitement is seeing the diverse ways our clients take and use these ideas and tools,” she notes. For example, there is widespread debate on whether the purpose of ESG is to drive better returns or better societies, but success over the past few years indicates it can be both.
Active Beta, which explores factor-based investing and indexing away from traditional market cap weighted benchmarks is a concept that offers a new dimension to passive index investing and could be transformative in the years ahead.
Patel notes that the ongoing technological transformation of the industry is a fascinating trend. She highlights the advent of technologies such as artificial intelligence, algorithmic or “robo”-based advice, and blockchain transactions as new concepts that will likely dramatically change the industry.
The Skills That Define a Successful Career
As many professionals can attest, it’s easy to assume early in a career that intellectual ability and business-relevant education are the main keys to success. But Patel has found that as you gain experience and insight, “you realize there are many smart people in our industry and the world, but not all of them can communicate complex ideas or develop long-term relationships.”
Since her first year as an analyst, she has saved all of her reviews, which have provided enlightening reading as she progressed through her career. One of her first analyst reviews suggested she should focus on client relationships and communication abilities, as they would be the key to her success.
“I discounted that feedback in my youth, when compared with the quantitative and analytical successes I felt myself achieving, but as I matured at work I realized the truth of the advice I received. Businesses of all kinds are about people – your colleagues and your clients – and fostering those relationships and networks are the foundation of any successful career.”
Success Is Built Through Curiosity and Relationships
Her advice to women is to continually focus on expanding horizons and goals and remain curious to the elements of the industry that are constantly changing, from market conditions to technology and client needs. New developments that drive the industry can also create personal opportunities, from new financial applications to technologies to evolving client bases, where women can make their mark.
“What makes finance evolve is the intersection of people, capital and ideas, and women at all stages of their careers need to drive that evolution,” she says.
Patel has found her role as a partner sponsor of the Asia Women MD’s Network particularly rewarding. The group focuses on providing support and advice for women aspiring to grow and advance within the firm. Many of the women MDs who are now part of the network have that group to thank for their mentoring and support to reach the MD level, she says.
In addition, she finds that the group has also had a tremendous impact on clients, who appreciate the unique panels and discussions the network organizes, especially if their own organizations don’t offer a robust women’s network. She finds that the geographical spread and diverse market environments of Asia make it especially important to develop a broad network, and she is proud that this group can offer a unique blend of commercial and personal empowerment for the women of the region.
A Traveler’s Eye
An avid traveler, Patel appreciates that living in Europe and Asia has given her family unique opportunities to visit a wide variety of far-flung places.
“Chances are you will find our family somewhere off-the-grid, where mobile phones don’t work very well,” she says, adding that it is both stressful but ultimately relaxing for her type-A personality.
Patel’s entire family loves safaris and remote fly fishing adventures, and she uses these adventures as an avenue to indulge her amateur photography hobby. “The great thing about my work is that my camera can always come along too, and if I get a spare minute, there is always something beautiful to capture, whether I’m in Muscat, Mumbai or Milan.”
Life Hacks: 3 Tips for Hassle Free Business Travel
Career Advice, Life HacksTip 1: Download Useful Apps
One of the most targeted apps for business travelers is Worldmate, which combines all your travel booking info (flights, hotels, cars, etc.) to create both business travel and meeting agenda itineraries. The app also aggregates smartphone features such as world clocks, maps, weather info, and both Outlook and LinkedIn options so your itinerary can be shared among colleagues and peers.
Packpoint is a free new packing app that organizes what you need based on travel length, weather, activities and your agenda. It even cross-references which tech gadgets you’ll need for where you’re traveling. Check out this video that displays its capabilities. It even has a ‘business trip’ option for clothes packing. PackPoint “will assemble a list of clothing, toiletries, gadgets, accessories,” and more for your tailored trip.
Fast Company favors the app ahead of Google Now, for example, writing that “a predictive system like Google Now would know your preferences intimately enough just to tell you to remember bike shorts. But PackPoint leverages a relatively spartan interface to learn a whole lot about you and your trip in a very short amount of time.”
Having problems with jet lag? The app Entrain can solve your sleeping habit woes. Developed at the University of Michigan, Entrain is an advanced alarm clock/calculator that allows users to share their sleeping habit data (wake up time, bedtime, time zone and amount of light exposure you are used to receiving. Then a lighting schedule is provided to help prevent or overcome jet lag.
Out of the country and need help converting to the local currency? No problem. The Converted by Ideon app is an all-in-one converter that not only covers your visiting country’s currency but its imperial-metric and conversions., Americans are the only ones still using the Dewey Decimal system and after many hours on a plane, jetlag can interfere with even the most talented mathematicians.
The Converted interface is very slick, and users can drag their converter bars of choice on to their screen, keeping your information private.
In a foreign country and need a quick translation for something like “where’s the bathroom”? iStone can help you in a language jam. It records and translates into 12 languages and carries more than 300 useful phrases in its data arsenal. It also features a native pronunciation feature. Better yet, it is also free and doesn’t require Wi-Fi.
Tip 2: Join loyalty programs
Whichever airline and hotel chain you frequent the most when travelling on business, joining their loyalty and frequent flyer miles programs can save you not only money, but time, and even buy you some convenience in the process.
American Airlines Business Extra program, for example, gives you incentive points for a variety of things, including the ability for your company to earn points for employee benefits with American Airlines, US Airways and US Airways Express, plus earn points on any AA flights operated by British Airways, Japan Airlines and more.
If you fly two trips per month, you and your company will reap some hefty gains. Two flights per month for a year will earn you approximately 2,160 points, including early check-ins, flight upgrades and more.
Delta also has a similar Sky Bonus program that earns your company points each time an employee from the company flies with their airline, or joint venture partners Air France, KLM and Atitalia. The company can redeem by seat upgrades, Sky Club passes and more.
Tip 3: Power Packs, Backups and Outlets
It’s always a good idea to have a handy all-in-one power adaptor, like the Travel Smart by Conair. These models generally utilize the four most common adaptor plugs (grounded and un-grounded) around the globe, covering Europe, Asia, Australia/New Zealand, North/South America, and parts of Africa. It also accommodates European appliances used in the U.S. The all-in-ones also have a surge protector to keep your appliances safe from foreign electricity spikes.
It’s handy to have a portable charger in your pack. Mophie has some great products for phones, such as dock solutions, belt-clips and USB cables. Portable powerstations are also sold to cover every piece of technology you might have, from your laptop to your iPad.
If you have an iPhone, one of the more innovative models Mophie has to offer is the smartphone juice pack battery, which delivers more than 100% extra battery directly to your phone 24/7, and can also double as a protective shell for your device.
As simplistic as they may be, these tips can give a little extra ammo to the savvy traveler, saving you time, money and a little convenience. Happy trails!
By Gina Scanlon
Voice of Experience: Sarah Churchman, Talent, Inclusion and Wellbeing Leader, PwC UK
Voices of ExperienceHelping PwC Lead as a Diversity Champion
Introducing PwC to the idea of diversity and inclusion back in the early 2000s represents a highlight as one of the professional achievements of which she is most proud
“While we had always been an equal opportunity employer, we had never measured our level of success,” she says. Since the beginning, and through the various mergers the firm has undergone, Churchman has helped spearhead the initiative. Today its diversity strategy is a business priority and PwC UK is recognized as a leader for its work.
She helped the firm look at work/life balance in a practical way, realizing that the environment and culture, combined with policy, can make a difference. And she made sure that a diversity agenda was integral to the broader talent management agenda.
“It’s exciting to look at the values we want to promote and the culture we want to create and realize that inclusion is at the root,” she says.
Under her management, PwC became one of the first firms to experiment with unconscious bias in 2005. While commonplace today, at the time not many organizations were exploring its impact.
She also helped introduce the concept of sponsorship combined with mentorship as a way to drive diversity, and published a groundbreaking gender pay gap survey. “Our maturity in this area means we’ve been a step ahead of the curve, always aiming for the next big thing,” she says.
Establishing an Inclusive Talent Culture at PwC
Most people believe they are open-minded, and it’s only when they see data that shows the opposite that they become interested in changing their inclusion mindset, Churchman has found. That’s why a key part of the diversity and inclusion initiative has been to track solid data around talent management decisions. Showing who’s being promoted and hired by gender and ethnic background is critical and serves as a way to prove that very little of a company’s exclusion is intentional, but rather an unintended consequence. “Bringing diversity to the forefront is fundamental to moving an organization forward,” she says.
And that includes making it a societal issue as well. “Organizations are a microcosm of society and there shouldn’t be expectations on women that are different from men in terms of who should be a caregiver. We’re trying to evolve the workplace, but we have to evolve society as well,” she says.
Resilience as a Key to Female Career Success
Churchman has long championed resilience as a key component of PwC’s well-being strategy, emphasizing it as a core skill as part of PwC’s leadership development strategy.
She finds that most women tend to be resilient, because in many cases they are juggling two jobs – at work and at home. “Women and men need to maintain a razor-sharp focus on where they want to go, and realize the importance of bouncing back from setbacks,” she says.
Cultural issues, however, have historically gotten in the way; for example, stereotypes that assume some people don’t want to be leaders. “I see that women can hold themselves back by ruling themselves out and not believing they can do the job at the next level.”
She encourages women to share their ambitions with others who can help them on their journey, rather than just assuming they will know. And outside of work, she advises professionals to choose their long-term partner carefully. “Don’t be the one who tries to do everything,” she says.
Family Life Matters
Churchman has seen the benefits of an equal partnership play out in her own life, saying that her family is a real leveler for her. She has been able to combine her career with raising two children, who are now adults, ages 22 and 20. “I find it incredible; how did that happen?” she says, adding that they will always be her “little prince and princess,” fitting since they are called George and Charlotte.
They have always been part of her career as well; in fact, she says that they have always been her biggest critics. “They would give me honest – and occasionally brutal — feedback when they would hear me on the radio,” she laughs. Always up for a family trip, she is looking forward to a family holiday to the Amalfi coast in Italy.
She now shares her home with a labradoodle called Poppy, which means her relaxing and thinking time includes long walks. In addition, she makes time for charity work; she was a trustee for a breast cancer charity and is now looking forward to joining the board of another group, the Employers Network for Equality & Inclusion, which is working to support employers committed to driving the diversity agenda forward, an endeavor she anticipates will complement her work at PwC.
Promoting CEO-Ready Women
Career Advice, LeadershipBy Melissa J. Anderson
Image via Shutterstock
Companies must work harder to nurture the pipeline of diverse CEO-ready leaders, experts say. As the number of women CEOs dwindles, it seems that there are few female leaders ready to take their place, or, rather, that there are too few companies ready and willing to give them a shot.
Indeed, the percentage of female CEOs in the S&P 500 dropped to a miniscule 4.4% in 2016, down from a slightly less miniscule 4.6% last year, according to data from Catalyst.
Additionally, high-profile female CEOs have stepped down from their roles in the past year. For example, Xerox’s Ursula Burns announced this summer that she will leave the company after its planned split is completed later this year. DuPont’s Ellen Kullman retired after the company’s bruising proxy battle last fall. And it’s not clear where Marissa Mayer will land after Verizon takes over Yahoo’s core businesses. Because there are already so few women in the CEO position, the loss of one or two makes a big difference. And the bright spots — like Shira Goodman being named interim CEO of Staples in June — are few and far between.
It’s not clear that companies are doing enough to bring diversity into the C-suite, says Brande Stellings, Vice President of Corporate Board Services at Catalyst. Moreover, the work is hard and constant — if companies lose focus on diversity, they could wind up dashing any positive work they’d achieved.
“Ensuring both diversity and inclusion at leadership levels requires constant attention and intention – as does any behavior until it becomes a habit,” says Stellings. “Change is not happening quickly enough and leadership at the board level and in the C-suite does not reflect the world we live in today, where women represent half of the workforce.”
Companies must be intentional in their efforts, says Stellings.
“Set a target for representation of women in the C-Suite and reverse engineer from that target,” she says. Stellings suggests companies focus on a couple key areas to reach that target: “hot jobs” and sponsorship.
“Review the ‘hot jobs’ in the company that provide a fast track for executive development: are women getting their fair share of those opportunities?” she says.
For example, the gender diversity of PwC’s Global Leadership Team increased significantly this year, moving from 20% female to 42% female with the appointments of the company’s new global chairman Bob Moritz.
“Getting there was part of a long journey which we are still on,” says Dale Meikle, Global Diversity and Inclusion Program Office Leader at PwC.
“This has been the result of many years of our top leadership personally sponsoring diversity as a business imperative, of ensuring that along with male talent, female talent has been identified and developed to create a more gender diverse slate of leaders when vacancies come up; it’s also been challenging ourselves to not make assumptions about what the barriers to diversity are, but rather letting the data lead us,” Meikle says.
According to Meikle, PwC’s creation of data-driven diversity programs that are tied to leadership accountability have produced a “sea change” at PwC.
As for sponsorship, Stellings tells of one S&P 500 CEO who asked his senior leadership team to make a list of people whose careers they had championed, and then to ask whether any of the people they had supported looked different from themselves. If not, he challenged the team to do something about it.
Stellings says women executives can play a key part of corporate efforts to bring more women and people of color into the CEO-pipeline. Not only are women executives necessary to mentor and sponsor the next generation of diverse leaders, but they are integral in driving the cultural infrastructure needed to help them thrive at work.
“On an organizational level, [senior executive women] can ensure that the business case for advancing women’s leadership is well understood, both in terms of winning in the marketplace for talent and in the marketplace for customers,” says Stellings.
For female executives who already have their eyes on the CEO job, Stellings says, an outside board seat can raise their profile and offer experience that CEO-search committees view as valuable. They should know what their CEO would say about them, and ask him or her to make introductions to search firms or other directors on their behalf.
“They should also take advantage of opportunities to present to, work with and socialize with their own company’s board,” she adds.
What’s more, when women move into board roles to enhance their own profile and meet their own career goals, they start a diversity feedback loop, according to Stellings.
“Catalyst research indicates that having more women board directors is correlated with subsequently having more women in the C-suite,” five years later, she says.
These women officers were also more likely to be in line positions. “Profit-and-loss responsibility at the executive level is a key experience for CEO succession planning, as well as board succession planning,” Stellings adds.
Elevate Yourself: How to Articulate Your Value and Advance Your Career in Two Easy Steps
Career Advice, Guest Contribution, Next LevelImage via Shutterstock
What are your career aspirations? When you’re dreaming about the future, do you see yourself in a bigger role, leading your team to impressive results and having a powerful influence in your company? Then there’s good news. You are the one who can elevate yourself to reach that higher-level position.
It’s true. The leaders who are most successful are the ones who lead themselves and lead others to see them as successful high-achievers worthy of promotion.
Unfortunately, many leaders miss this opportunity. Either they don’t realize how much influence and control they have over their own careers, or they neglect to communicate their value. You can speed up your advancement by taking ownership of your career, knowing your value, and articulating your successes in a way that leads to new opportunities.
Being able to articulate your value is a key tool for success and advancement. Here are the two steps you need to take.
Know Your Value.
Ask yourself these questions:
1. Do I know the impact of my efforts?
2. Have I defined the specific contributions that I’ve made?
3. Can I gracefully, elegantly, and clearly articulate the value that I bring?
If you have difficulty answering these questions, it could be for one of two reasons. One, it may be that you are not adding as much value or making as big a contribution as you would like. If that’s the case, it’s time to rethink your approach so you can be more impactful. Two, it may be that you’re adding plenty of value to your company and even excelling in your role, but you haven’t taken the time to clarify that value in an effective message. If that is the case, it is time to do some wordsmithing and craft the message you can easily share with others to help them see your value.
Either way, whether you are focused on improving your impact or communicating your impact to others, this is an effort that is worth your attention. By knowing and describing your value to others, you will open new doors of opportunity and advancement.
Prove Your Worth.
Once you succeed in identifying and articulating your value, the next step is to prove your worth.
Here are some more questions you can ask yourself:
1. What specific role have I played that created a positive outcome for the company?
2. What outcomes or deliverables have I achieved?
3. What are those roles, outcomes, and deliverables worth?
What you are searching for as you do this analysis are specific metrics: your concrete, measureable results. Look for numbers, percentages, dollar figures and other persuasive metrics that quantify the impact you have made. You’ll know you have proved your worth when you can effectively identify the specific benefits your company has gained as a result of your efforts and achievements.
Remember: when it comes to career advancement, you have more control than you think. Take the time to identify and communicate your value. When you do this for yourself, you’ll increase your confidence and impact. When you share it with others, you’ll elevate yourself into the positions you want.
You really do make an impact. Give yourself the opportunity to be the leader you most want to be by helping others see your value, too.
Howard J. Morgan and Joelle K. Jay, PhD, of the Leadership Research Institute (LRI) are co-authors of THE NEW ADVANTAGE: How Women in Leadership Can Create Win-Wins for Their Companies and Themselves (Praeger / 2016). For more information please visit www.TheNewAdvantageBook.com.
Why Wanting More at Work Can Be a Good and a Bad Thing
Career AdviceImage via Shutterstock
I am very guilty of living in the future and this can lead to not being 100% engaged in the present. I justify it by saying that I am a good planner who understands that companies don’t build themselves and argue that the power of an arc in anyone’s professional narrative is part of one’s brand. My executive coach (yes, I am an executive coach who has an executive coach, because I can’t say it enough, everyone can benefit from having one) and several close friends might argue that I am a malcontent. We are all right as there is a fine line between strategy and sabotage regarding your own career plans and happiness in life.
It turns out that neuroscience confirms that seeking out new situations is very much a part of what the brain is supposed to do. Neuroscientist Jaak Panskepp argues that of seven core instincts in the human brain (anger, fear, panic-grief, maternal care, pleasure/lust, play, and seeking), seeking is the most important.
Here are three reasons to live in the present:
1) You may actually have what you want professionally (and personally). Write down your ideal life in a realistic way or aspects of it and map that against your situation and you might see you are closer than you think and if not, then you at least can see where some gaps are and then you can go back to seeking, happily.
2) You may not have what you want, but you may have what you need. See above, this mapping exercise can help you see the positive aspects of your current situation. For example, if you have young kids and you want to see them more then weigh up if you really want that job that requires 80% travel.
3) There is a certainty in the present that you cannot guarantee with a future potential job. The devil you know and all that. You can also get real perspective on the situation to know if you need change or if you are forging change for the sake of it.
To be coached by Nicki Gilmour, CEO of theglasshammer and executive coach or by her coach and vetted partner Valerie Cherneski, contact Nicki today on 646 6882318 or nicki@theglasshammer.com
Sheila Patel, CEO of International Goldman Sachs Asset Management
Voices of ExperienceThe common thread among the successful women Sheila Patel has mentored over the years is their willingness to engage their networks, mentors, sponsors and managers in their ambitions and their journey.
“Two-way communications holds both women and their stakeholders accountable for their progress, and accountability is the key to advancement in the years ahead,” she says.
Moving Around, Moving Up
She began her career as an analyst in investment banking at a different firm in New York, and then took a hiatus from the industry to explore retail, where she worked for one of the few women CEOs at the time. She soon realized she missed the fast pace of finance and earned her MBA at Columbia, while simultaneously working in derivatives sales and trading.
In 2003, she joined Goldman Sachs, where she has worked in both Asia and London. Over the years, Patel held a variety of roles in the Securities Division, culminating in becoming co-head of Asia Equities Distribution, before moving to London to join the Investment Management Division in 2009.
For Patel, this internal mobility represents the professional achievement she is most proud of – the transition from the “sell-side” to the “buy-side.” During this time, she moved from Singapore to London and undertook a major change in role and responsibilities following the financial crisis.
“It was a great opportunity to identify the skills I had that transcended divisions, such as strong relationships with clients, strategic management capacity and broad market experience,” Patel says. “The firm empowered me to expand my business and focus on investment performance despite the difficult market conditions. That allowed me to help grow the team while retaining our culture, our client base and assets over the following years,” she says.
Today, as CEO of International Goldman Sachs Asset Management, Patel works with clients across EMEA (Europe, Middle East and Africa) and Asia Pacific Ex-Japan to identify a broad range of investment opportunities around the world. Regular travel throughout Asia, the Middle East and Europe offers her an unparalleled vantage point to understand global capital flows and investor views.
New Developments Transform The Industry
Patel is particularly intrigued by recent efforts in two spaces – ESG (environmental, social, and governance) and Smart or Active Beta. “As with any new concept, part of the excitement is seeing the diverse ways our clients take and use these ideas and tools,” she notes. For example, there is widespread debate on whether the purpose of ESG is to drive better returns or better societies, but success over the past few years indicates it can be both.
Active Beta, which explores factor-based investing and indexing away from traditional market cap weighted benchmarks is a concept that offers a new dimension to passive index investing and could be transformative in the years ahead.
Patel notes that the ongoing technological transformation of the industry is a fascinating trend. She highlights the advent of technologies such as artificial intelligence, algorithmic or “robo”-based advice, and blockchain transactions as new concepts that will likely dramatically change the industry.
The Skills That Define a Successful Career
As many professionals can attest, it’s easy to assume early in a career that intellectual ability and business-relevant education are the main keys to success. But Patel has found that as you gain experience and insight, “you realize there are many smart people in our industry and the world, but not all of them can communicate complex ideas or develop long-term relationships.”
Since her first year as an analyst, she has saved all of her reviews, which have provided enlightening reading as she progressed through her career. One of her first analyst reviews suggested she should focus on client relationships and communication abilities, as they would be the key to her success.
“I discounted that feedback in my youth, when compared with the quantitative and analytical successes I felt myself achieving, but as I matured at work I realized the truth of the advice I received. Businesses of all kinds are about people – your colleagues and your clients – and fostering those relationships and networks are the foundation of any successful career.”
Success Is Built Through Curiosity and Relationships
Her advice to women is to continually focus on expanding horizons and goals and remain curious to the elements of the industry that are constantly changing, from market conditions to technology and client needs. New developments that drive the industry can also create personal opportunities, from new financial applications to technologies to evolving client bases, where women can make their mark.
“What makes finance evolve is the intersection of people, capital and ideas, and women at all stages of their careers need to drive that evolution,” she says.
Patel has found her role as a partner sponsor of the Asia Women MD’s Network particularly rewarding. The group focuses on providing support and advice for women aspiring to grow and advance within the firm. Many of the women MDs who are now part of the network have that group to thank for their mentoring and support to reach the MD level, she says.
In addition, she finds that the group has also had a tremendous impact on clients, who appreciate the unique panels and discussions the network organizes, especially if their own organizations don’t offer a robust women’s network. She finds that the geographical spread and diverse market environments of Asia make it especially important to develop a broad network, and she is proud that this group can offer a unique blend of commercial and personal empowerment for the women of the region.
A Traveler’s Eye
An avid traveler, Patel appreciates that living in Europe and Asia has given her family unique opportunities to visit a wide variety of far-flung places.
“Chances are you will find our family somewhere off-the-grid, where mobile phones don’t work very well,” she says, adding that it is both stressful but ultimately relaxing for her type-A personality.
Patel’s entire family loves safaris and remote fly fishing adventures, and she uses these adventures as an avenue to indulge her amateur photography hobby. “The great thing about my work is that my camera can always come along too, and if I get a spare minute, there is always something beautiful to capture, whether I’m in Muscat, Mumbai or Milan.”
Voice Of Experience: Beth Campbell, Senior Vice President, Citadel Securities
Voices of ExperienceBuilding a Career of Entrepreneurial Ventures within Established Firms
After graduating from NYU Stern, Campbell began her career at Bank of America, handling prime brokerage multi-strategy accounts, a new business for the bank at the time. One of her accounts was Citadel, and her efforts and dedication contributed to the firm inviting her to help launch the sales effort for a new hedge fund administration platform in 2007.
“It was a unique and exciting opportunity to build a new business for such a reputable, respected firm,” Campbell says, and the beginning of an interesting career working for “start-up” divisions within the larger firm.
She worked in that business for four years before it ultimately was sold to Northern Trust.
She then worked briefly in business development at another hedge fund, but a year later returned to Citadel as Head of Sales for a technology business within Citadel.
“I had loved working at Citadel and helping to build a business for the firm before, and because I kept the relationships strong and doors open, Citadel invited me back to lead the sales effort for its technology business at the time,” she says, ultimately handling it for over three years.
In 2015 Campbell was internally recruited to work on the FICC Sales and Relationship Management team at Citadel Securities, the firm’s market-making business, which was another new venture for the firm. Launched in late 2014, it rapidly ascended to top market share, becoming a top 3 dealer of USD interest rate swaps on the Bloomberg SEF (the largest trading platform for those products) in under a year. Campbell needed to learn the business in short order to make immediate inroads with clients and prospects.
Skyrocketing Growth
Citadel Securities’ fixed income business has seen tremendous growth in the past 18 months. In response to client demand, in less than two years the division has expanded from a single product – vanilla U.S. dollar interest rate swaps (IRS) – to a fuller fixed income offering, including an array of USD IRS products, EUR IRS, U.S. Treasuries and CDX. The team continues to aggressively roll out new products, including a comprehensive product pipeline for the year ahead. “Our greatest successes come from listening to our clients, which helps us develop products that meet their liquidity needs,” Campbell said.
The FICC market making business brought on hundreds of clients in what she calls an “intense, challenging, but successful first two years.” Its efforts were recognized when Citadel Securities was named “Interest Rate Derivatives House of the Year” by both IFR and Risk Magazine, the first time that these prestigious honors have been awarded to one firm in the same year. “It’s exhilarating to be part of the team that has earned such notable recognition in such a short period of time,” she says, adding that she feels proud to work with a team comprised of several women in senior roles and benefits extensively from their experience.
The industry as a whole is evolving, as fixed income markets continue to transition to electronic trading. This trend plays to Citadel Securities’ “sweet spot,” she says, giving the firm an edge over traditional market participants.
Confidence That Comes with Experience
Looking back on her career, Campbell says she wishes she had always been as confident as she is now, though she realizes that comes with time, as you hone your expertise.
In a traditionally male-dominated industry, women have to learn to find their voices and expect to be treated as equals from the outset. According to Campbell, one of the keys to professional growth is conducting yourself with honesty, integrity and passion.
“The key is to find something you really care about so you can be authentically passionate,” she says. “Think long and hard about the roles you take and leverage mentors who can help you make the career choices that are the best fit for you.”
A Satisfying Life Involves Interests Outside of Work
Campbell says it is important to find a firm that supports you both inside and outside of the office. Whether training for a marathon or planning a wedding, she appreciates the flexibility that Citadel has always provided. “Ahead of my wedding last year, I was juggling hundreds of new clients and looming projects, but the firm still gave me the time I needed,” she said.
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Vacation Days: How to Negotiate for More PTO
Career Advice, Career Tip of the Week!, Office PoliticsImage via Shutterstock
As a smart, powerful woman, you’re used to negotiating. You’ve made your case for a higher salary equal to your peers, and gotten it. You’ve held your own against both male and female colleagues on projects, and won respect because of your fair, level-headed approach. All these reasons, and more, are why you’re on your way up the ladder.
But what about negotiating for other benefits, like vacation days? Assuming that benefits like paid time off are set in stone when you join a new company or are in a bargaining position during your yearly review is just that — an assumption.
You tend to forget about time off as a bargaining chip, but it’s a valuable asset to negotiate for. Next time the opportunity arises, think about how you can position yourself for more vacation time.
The Importance of Vacation
It’s no secret that America is way behind the rest of the world in vacation time when it comes to guaranteed, nation-wide benefits.
Although some firms have great benefits, legally, you aren’t entitled to any vacation days. Compare that to Brazil, where they’re entitled to 30 vacation days a year.
Work burnout is serious and can cause a lot of issues that can be detrimental to your health. Additionally, studies show that burnout subjects have issues managing their emotions, which could make them more vulnerable to depression. You don’t need something like that getting you down after how hard you’ve worked to make it this far.
In the long run, more paid time off could be even more valuable than a pay raise. Here’s how to get more than those guaranteed 10 days of vacation:
1. Negotiate Right Away
If you’re just starting a job, try to negotiate during the interview process. You can tell if the company really wants you and your skill set is in high demand. Use that as a bargaining chip. The more the company wants you, the more likely they’re going to give you that extra vacation —perhaps even more than you were expecting.
2. Know What You Want
Know the number you’re looking for before you go into the meeting. If you’re negotiating for more PTO instead of some sort of raise, figure out how much vacation time would equal the raise you would be getting. If you know what you want, you know you won’t stop until you get it.
3. Do Your Research
Here’s where your networking skills come in. Find out what other people in your industry have done to successfully negotiate – whether it’s a business deal or a PTO negotiation. See what other requests have been granted or denied to employees in your company. How much were they getting on average? This helps you come up with a number and also gives you insider info on how to get what you want.
It also helps to know the boss you’ll be asking for it from. If you have some trusted colleagues, start asking through the grapevine and see if there’s any timing in particular that works best or if there are certain ways to propose it. Knowing more about the boss lets you mold your presentation to be as attractive as possible.
4. Propose the Benefits of Vacation Time
In addition to the various health benefits it offers, vacation can improve your productivity. A study found that for each additional 10 hours of vacation an employee took, their performance ratings improved eight percent. If you show what a good refueling session can really do for your productivity, it’ll give incentive for both you and other employees to get the amount of vacation they need — and for your boss to grant it.
5. Make a Plan
How can your boss say no when you adequately demonstrate that no work will be left undone in your absence? Explain how you plan to work ahead and cover your work. You can even suggest a cross training program.
Cross training makes it easier for people to take vacations because other people are trained on how to do their job. Basically, as a powerful, smart woman, you get your work done before you leave, and anything that pops up while you’re gone will be covered by people you’ve trained to kick butt in your absence.
With jobs covered at any time, it’s easier for you — and other employees — to take the vacations you want. That’s just one of the benefits.
Tell them how it could lead to higher efficiency and productivity, as well as letting employees learn new skills and possibly discovering new talents in their job capabilities. Research stats to back up the benefits of cross training and create a whole presentation so it’s not just about your vacation time. Implementing this program could be beneficial to your career as well.
6. Be Prepared for a “No”
There’s a good chance your boss has a reason to say no, so don’t let it catch you off guard. You know how to prepare for this, so make sure you keep your cool when it happens. Ask if there are any circumstances that would allow more PTO to happen. Try and work together to find some sort of compromise, if there’s one to be made. Find a way to make it happen.
Show that you can get all of your work done before your vacation would even happen. You’re a powerful woman that can get everything done before you leave. If something were to come up while you’re gone, direct the boss towards the couple people you’ve trained to kick butt in your absence. Prepare ahead and make it hard for them to say no.
Time is something you can never get back. While the hassle of negotiations is never fun, this is something you want to take charge and make sure you get it.
By Sarah Landrum
Voice of Experience: Barbara Reinhard, Head of Asset Allocation and Senior Portfolio Manager for Voya Investment Multi Asset Strategy and Solutions
Voices of ExperienceFor example, Reinhard taught herself time-saving Excel tricks such as using shortcuts to manage big data sets. “You can participate in an Excel class, but until you’re playing around with it yourself, you won’t know what you need to. It’s the difference between reading about a vacation and actually taking one,” she says. “If you can teach yourself, you can learn anything.”
That skill came in handy when she first started out as a fixed income analyst. When Reinhard saw challenging bond markets on the horizon, she looked beyond fixed income and learned what she could about equities to expand her skill set and opportunities. “It’s easy to become very specialized, but your intellectual curiosity trumps all.”
A Career In Asset Allocation
During her 20 years at Morgan Stanley, Reinhard worked in the Fixed Income, Institutional Investment Management areas and eventually became deputy Chief Investment Strategist. Advancing from an analyst to a managing director was an unusual path, she acknowledges, but one that beckoned because of the ongoing opportunities she sought.
In 2011 she joined Credit Suisse as Chief Investment Officer for private banking in the Americas, running discretionary asset allocation portfolios. Five years later, in April 2016, Reinhard joined Voya.
Of her professional achievements, she’s most proud of becoming a managing director, earning her Chartered Financial Analyst® designation and being hired by Voya: she set her sights on the position as soon as she met the Multi- Asset team.
Not only does Reinhard appreciate the challenging work at Voya, she finds it particularly rewarding because of the firm’s mission to be “America’s Retirement Company.”
“Every individual in America at all wealth levels — from a Rockefeller to a Reinhard — will face retirement,” she says. “At Voya, we can touch every American’s life, and it’s a powerful investment mission when you realize that the decisions we make will help someone realize their lifelong goals.”
To help make smart decisions, Voya completes an annual exercise in October where they develop 10-year asset class forecasts and anticipate the peaks and troughs that markets might see over the next decade. This becomes the foundation for their future asset class strategic investment recommendations.
Reinhard worries that the finance and analytical elements of a career similar to hers might be off-putting to women, especially those who specialized in liberal arts and think that they need to be more mathematically and quantitatively inclined. But the truth, Reinhard says, is that statistics and quantitative theories are actually relatively easy to learn, as they are very finite. “Once you’ve done it once, you can do it 100 times. Don’t be put off by the quantitative aspects of the industry,” she says.
Urging a Savings Mentality From a Young Age
Reinhard sees one of the industry’s biggest struggles as trying to help Americans think about retirement. “It’s difficult when you’re 25 to save for that long-term goal; you can’t even intellectuality conceptualize it,” she notes. But she has seen the importance of starting early. The youngest of five children and raised by parents who were products of the Great Depression, she started saving for retirement with her first paycheck.
“The most important contributor to my retirement account hasn’t been an investment decision I made, but rather letting my asset base compound year in and year out. Compounding interest is one of the best mathematical advantages you can give yourself,” she says, stressing that the one thing young adults should do is put money toward their retirement as early as possible.
The Career-Changing Influence of Mentors and Sponsors
Reinhard credits some of her success with two sponsors who paved the road for her based on her goals, helping her acquire the skills she needed to earn subsequent promotions.
She advises that whether your mentors and sponsors are formal or informal, neither of these people should be your boss. A sponsor is typically far more senior in the organization, someone who sees your value add and will champion you. By cultivating these relationships, and making sure that the leadership team in the organization knows you, opportunities and connections will happen that can change your career path.
The best way to gain that visibility is to be ready for unexpected opportunities that might present themselves, the quintessential “elevator experience.” Reinhard is always ready with a two-minute anecdote in her back pocket about a recent significant business win or something material to the investment strategy she is working on. For example, when the S&P finally broke new highs, she ran into Voya’s CEO and was able to give him a quick analysis and recommend he use the information when he met with important shareholders over the next couple weeks as a proof point for why active management still works.
The key, she says, is to adapt your ideas over the years as your career expands so you always have something ready for your two-minute speech.
And for women who are more senior, she urges them to sponsor a younger professional. For her part, she’s always found someone to watch out for, maybe someone who volunteered to help with an unpopular or time-consuming project, which she says is a smart strategy to gain a champion. “I’ve gotten the most bang for my buck by fixing things that were broken when others said it couldn’t be done.”
Family, Running and Volunteer Work Balance Her Work Life
A former marathon runner, Reinhard says that physical fitness tops her priority list as a calming influence that can help control how she reacts to markets. While she devotes most of her non-work hours to her husband and young son — “they are the most important people in my life” — she makes time for non-profit work as well, serving on the finance committee for the Jerome Green Foundation, a group involved in activities related to education advancement, social justice, arts, health and human services.