Tag Archive for: company culture

Rachel Goldin Jinich“Run towards the fire.  Go to where there is growth and where you can make an impact,” says Rachel Goldin Jinich.  “To me that’s always the recipe for success.”

Jinich exemplifies the drive to seize opportunities and master her craft amidst challenges. She reflects on how her authentic leadership style, commitment to growth, and dedication to supporting diverse talent and fostering a collaborative culture have defined her career.

Running Towards the Fire

From the beginning of her career, Jinich ran towards opportunity.  Pivoting from an undergraduate degree in political science and Spanish literature, Jinich studied finance in graduate school, finding a passion for commercial real estate.  Jumping at the chance to get experience on the lending side of real estate, Jinich joined the Wells Fargo commercial real estate team in 2006 in Boston, where only two years later she quickly learned how to weather a volatile market in the wake of the 2008 financial crisis.  Reaching out to her mentor and asking to join a new group dedicated to handling distressed debt workouts, Jinich gained valuable experience and established long-lasting connections throughout the firm.

“There is no better time than during a crisis to truly master your craft and discover what you still need to learn. I had the privilege of working with incredibly talented individuals, many of whom are still with Wells Fargo today and with whom I continue to collaborate frequently.”

Always looking for growth opportunities and embracing challenges, Jinich continued to broaden her skillset in commercial real estate, working across various groups including Real Estate Merchant Banking, Special Situations, Hospitality Finance, and Specialty Capital, where she started a specialized lending group for data centers.  Her breadth of experience and proven track record positioned Jinich to seamlessly assume the leadership role of her predecessor, becoming the head of Specialty Real Estate Finance (SREF) last year, with responsibility overseeing lodging and leisure, data centers, healthcare real estate, and manufactured housing.

“I am thrilled to lead this talented team focused on some of the most exciting sectors across real estate.”

Leading with a Growth Mindset

Jinich’s approach to seeking growth opportunities not only propels her career advancement, but also defines her leadership style.  She notes that being open to learning from others and drawing on their expertise is an important element of how she shows up as a leader.

“It’s having a healthy dose of humility and a growth mindset in order to learn from the people around you.  Put your ego aside, be a willing student and ask questions.”

Jinich also emphasizes authenticity as key to effective leadership, particularly as it engenders trust and respect from the team.

“Being candid resonates with people because they know whatever it is, they can trust that you will be transparent and direct.”

Jinich appreciates the authentic leadership style of her own manager, Kara McShane, head of Commercial Real Estate, and hopes to emulate that with her team.

“I believe people will respond positively to you if they see that you genuinely care about them, are invested in their success, and the team’s success.”

Finding Support in the Wells Fargo Culture

Jinich attributes Wells Fargo’s culture as a big contributor to her ability to lead authentically, including feeling comfortable sharing when she does not have all the answers.  She finds the thread of being humble and willing to ask clarifying questions woven throughout the organization’s leadership.

“What I truly appreciate about our culture is that even our most senior leaders can participate in calls and ask fundamental questions about the deal, the client, or the underwriting process without hesitation.”

She continues, “When I look at people who I respect and admire and see their ability to admit they don’t have the answers, and to learn and draw on the experience of others – that is the secret sauce.”

Jinich also highlights the emphasis on a team mentality as a particularly supportive aspect of the Wells Fargo culture.

“People understand that you win together.  When someone new joins, people invest the time in educating and helping them because in the end we are all just trying to get the best outcomes for our clients while supporting the team.”

As a leader, Jinich hopes to continue facilitating an atmosphere of collaboration, as she feels it is a unique and important element of Wells Fargo’s culture.

Creating a Team Culture that Elevates

Jinich is thoughtful about the culture she wants to create for her team, and how she aims to model that in her leadership style.  As a leader in a business that traditionally has fewer women in leadership roles, she is dedicated to supporting diverse talent.

“I’ve had a lot of support throughout my career to continue to advance and I want to make sure that everyone in my organization feels like they have a shot to get the big job, to win the big deal, and to be successful. Representation matters and Wells has incredible women in leadership positions and in the talent pipeline”

She continues, “I want to make sure that there are many women behind me who have that same opportunity and that we’re creating career paths.”

For Jinich, elevating others involves providing the constructive feedback they need to improve and advance emphasizing, “it’s making sure that same level of feedback is available to all of our employees.”  She aims to foster a culture that encourages ongoing dialogue by addressing actionable feedback promptly rather than waiting for mid-year reviews.

“Although it can at times be uncomfortable, people are receptive and crave that input. I want that feedback, too. I don’t expect it to be a one-way communication.  I want to create a culture where people feel comfortable speaking up.”

Setting Boundaries for Success

Navigating a fulfilling career and motherhood, Jinich understands that balancing time and energy between one’s personal and professional life is challenging.  She acknowledges, “sometimes it’s going well and you feel like you’re nailing it on every level and then there are days where you feel like you’re failing at everything.”  She continues, “I’ve had to learn to say no to things that aren’t important in my personal and professional life, so I can say yes to what truly matters.”

As a leader, she aims to create a culture that emphasizes setting boundaries, encouraging her team to take the time they need or ask for resources to avoid burnout.  She wants to be sure that balance is available, promoted, and supported for everybody.

Jinich finds balance outside of work by embracing the outdoors, whether she’s cycling with her kids or volunteering on the board of a nonprofit summer camp. She believes that being in nature and staying active are essential for self-care, enabling her to better support others.

“Whether it’s your son’s baseball game or a Pilates class, wherever you are in life, and whatever you have going on at home, setting boundaries is important.  It’s the key to a sustainable career.”

By Jessica Robaire

women in techThe lack of sufficient representation of women in tech at all levels is hailed as a “crisis” for the global economy. Yet the accelerating tech industry, while in massive need of highly skilled talent, is still fumbling to both bring women back to and keep them in an industry that they, for the large part, pioneered.

Global Acceleration of Tech Transformation

In 2019 and 2020, technology compromised 10% and 10.5% of US GDP, nothing compared to where it will go. The 2020 McKinsey Global Survey of executives reports how much COVID-19 has accelerated the global tech revolution: speeding up digital customer interactions by three years and digital products/services by seven years.

Whereas executives had envisioned shifts such as remote working capabilities and increased used of advanced technologies in business strategy to take 454 and 635 days respectively, these shifts happened in real time in just 10.5 and 25 day in 2020.

The U.S. Bureau of Labor Statistics projects that tech and computer related occupations will grow by 13% from 2020 to 2030. Tech occupations have a median annual wage that are 117% more than median annual wage for all occupations.

The Dice Tech Job Report shows that after a dip in 2020, tech job postings were up by 30% in Q2 of 2021 versus a year ago, creating “one of the hottest market since the dot-com era.”

Shortage of Tech Talent Is Most Acute in U.S. Financial Services

Meanwhile, a shortage of tech talent is considered the top restraining factor for adopting 64% of new technologies, and Korn Ferry is forecasting that by 2030, 85 million jobs could go unfulfilled globally, resulting in a $8.5 trillion talent shorted.

The U.S. financial services sector is anticipated to be most affected by the talent shortage, resulting in a $435.69 billion shortfall forecast, a third of the global sector total, and is anticipated to be in acute deficit within the financial services sector. India is the only country projected to have a surplus of highly skilled finance and business services tech talent by 2030, with current surplus countries such as China, Russia and UK losing that footing.

“Global financial services players are already experiencing skilled-talent shortages and are set to face the greatest talent gap of any industry sector in the next decade,” states Michael Franzino, President of Global Financial Services at Korn Ferry. “Financial services leaders need to act now or they will forfeit substantial growth opportunity.”

Women’s Representation in Tech Industry

According to the Anita B report, 2021 Top Companies for Women Technologists, women’s participation in tech (among their wide sample of firms with 100+ tech employees) slid by 2.1% from March 2020 to January 2021, to just 26.7%, a backslide after five years of progress. (Tech giants such as Apple, Facebook, Netflix and Google did not participate, where women make up about 25% of tech positions.) 18% fewer women were brought into tech positions due to hiring freezes in 2020 with a rebound in January 2021, women representing 31% of new hires that month. The share of women being promoted remained steady.

Among the participating companies, women as tech CEOs jumped from 3.9% in 2020 to 10.0% in 2021. While white women were represented from entry level (13.1%) to executive leadership (15.3%) at similar levels, representation for women of color declines as the ladder goes up. And while Asian women begin almost in parity to white women at 12.6%, they only comprise 3.7% of executive seats.

In the UK, The Guardian notes that despite the decade long agenda of boosting female representation in technology, “the percentage of women employed in tech in the UK has barely moved from 15.7% in 2009 to 17% today. And women hold just 10% of leadership roles in the industry.”

Pioneered by Women, Now Unable to Attract and Retain Them

The underrepresentation of women in STEM is a persistent theme, with hurdles across seven different levels including the drastic erosion of women’s sense of belonging in the STEM field.

“Ironically, America’s tech industry started as a majority-female industry. As Mary Ann Sieghart notes in Wired, during the 1950s and ’60s, roughly 90 percent of programmers and systems analysts were women,” writes Victoria Mosby in BizTech. “By the 1990s, however, men held most of those positions.”

As recently as 1984, women comprised nearly 40% of computer science majors at U.S. universities, and women comprised 35% of tech workers. Today, fewer than 1 of 5 Chief Information Officers at the 1,000 biggest companies are women.

Accenture’s Resetting Tech Culture 2020 report shares that women leave tech roles at a 45% higher attrition rate than men, and 50% of women who take a tech role drop it by the age of 35, 2.5x more than attrition in other positions. Meanwhile, there’s a huge disconnection between HR leaders perception and the women working in tech: HR is twice as likely to perceive it’s easy for women to thrive in tech.

What needs to shift? Next week, theglasshammer focuses on how COVID-19 has impacted women in tech and why tech is crying out for what Accenture calls a “widespread cultural reset”.

By: Aimee Hansen

neurodiversityRoben Dunkin, chief operations and innovation officer at PGIM, talks about the importance of neurodiversity in creating a culture of innovation in the workplace.

A Lesson From Mom

When she was just a little girl, Roben Dunkin received one of the biggest lessons that would later help shape her nearly three decades in the finance industry, most recently as chief operations and innovation officer at PGIM, the $1.5 trillion asset management business of Prudential Financial Inc. It was a lesson she learned from her mother, a teacher at a school for children on the autism spectrum. Meeting the children her mother worked with and seeing how she related to them was eye opening.

“The autism spectrum is such a broad range of so many different ways the brain works,” Dunkin says. “I could see my mom’s frustration, because the ability to communicate for some of these kids wasn’t there. But at the same time, I saw her compassion and patience. She found a way to understand what each one of them needed and she found a way to get through. She never gave up on anyone.”

That experience was something that stuck with her as she began her career in finance at Lehman Brothers, where she rose to global head of sales and investment banking technology.

“What I learned from my mom actually makes me a good manager—having that patience, and really trying to understand the different levels of how people communicate with each other,” Dunkin says. “It’s not just people with autism, everyone is so different and kind of quirky in their own way. Within my own family, we have a lot of dyslexia and ADHD. When you grow up with that around you, you learn that some people need extra time and attention to bring out their best. And their best might astound you. Not everyone understands that. They think if someone has one of those conditions, they’re not smart, or they’re not good enough.”

After Lehman’s failure in the financial crisis, Dunkin joined Credit Suisse and became a leader in the firm’s technology organization. In a position to influence the company’s talent strategy, she set her sights on changing management’s perception of what traits made a valuable employee.

The Great Untapped Population

“Everyone seems to understand now how important diversity is to a company, but too often, they overlook a large part of our population that is truly underserved, but also incredibly talented—one that crosses, race, religion, gender, sexual orientation and national origin,” Dunkin says. “People across the neurodiverse spectrum, which includes everything from Asperger’s and autism to ADHD and dyslexia, have to face a stigma. Their levels of unemployment are quite higher than the general population—as high as 80%.”

And yet, Dunkin points out, even if someone doesn’t have any of these conditions, they almost certainly know someone who does.

“Earlier in my career, one of my peers had a son who had Asperger’s syndrome and couldn’t get a job. And we talked about how so many people who are on the spectrum, their brains think differently—sometimes they can see patterns other people can’t, they go about solving problems differently, and that can be a good thing. We started just kind of brainstorming, asking, ‘What can we do about this?’”

The idea that Dunkin and her colleague eventually developed was to actively seek out neurodiverse individuals for a pilot program in data science—specifically, to identify anomalies in data surrounding trade fails. Trade fails can happen when there are mistakes in processing or mismatched information, and they can be a costly problem for a firm. One of the goals of Roben’s team was to discover if there were particular clients, types of trades, or other patterns that would help them identify where problems might occur. While AI and machine learning could parse huge amounts of data, the computers had their limitations. There were still reams of data to filter out.

Participants in the pilot program, as it turned out, were quick to find patterns others had missed. “They were able to look at the data and pinpoint the issue, pinpoint the problem. They had the ability to redirect the technology to ask the right questions. That’s such a specific skill set that most of us really have to learn. There seemed to be an innate ability in some of the people that we were working with to be able to do that,” Dunkin says. “It was just really impressive the amount of positive feedback that we got from people working with the individuals in the pilot program. And those participants—they were so thrilled to be employed and really contribute. It was so rewarding on so many levels.”

Dunkin doesn’t want to make it sound simple, because it isn’t. A lot of legwork went into making sure the program was set up for success.

The Right Goals, The Right People, The Right Projects

It’s the same work Dunkin is putting in now to establish the neurodiversity program at PGIM, with one big difference.

“We’re not looking to narrowly focus this on one area of the business,” Dunkin says. “Individuals on the spectrum have skills and interests that are just as diverse as their neurotypical peers, and we see this as something we want all our asset managers to be involved in and benefit from.”

That begins with a firm commitment from the top.

“Neurodiversity can be a very emotional topic,” Dunkin says. “Recently we had a panel with many of our senior leaders at PGIM, some with children who are on the spectrum, even leaders who identify as neurodiverse themselves. The head of our largest asset management business spoke at length about his two sons who have autism. We had hundreds of employees attend and it was game changing for a lot of people who were able to put their hand up and self-identify. We broke through a lot of walls.”

Secondly, for a neurodiversity program to succeed, managers need to be trained and prepared to work with individuals who may miss social cues. Those managers need to be clear about expectations and literal about tasks.

“Cues and signals that we might expect would be normal are not normal for a lot of people on the spectrum. So you have to ask questions differently—you have to be more nuanced, and can’t worry about body language and eye contact. Job interviewers and managers should be able to understand how to engage with people differently,” Dunkin says. “It’s important to learn where someone is on the spectrum and understand how to help them thrive and deliver their very best. Do they feel more comfortable emailing, do they not do well in a group setting? You want to always be learning how you can give and receive feedback so you can course correct relatively quickly.”

The remote work environment brought on by the pandemic has added to this challenge.

“In some cases, if you talk to some of the people who are on the spectrum, they’re loving remote work, because they don’t have to interact with people in person,” Dunkin says. “At the same time, for a manager, it makes it even more difficult to engage with that individual and make sure they feel included.”

Finally, Dunkin says you need to connect individuals with the right projects, with a clear business case and business value.

“You can’t necessarily put someone on a trading desk environment, but you can put someone on in a data science role. So it’s being very clear about matching the person and the right skill set with the right job and being really explicit about what you’re aiming to accomplish,” Dunkin says.

Why all this matters

“The financial services industry is struggling to hold onto talent,” Dunkin says. “And here is a talent pool that is able and willing to work, and has skills to contribute in the right roles.”

Her prior experience tells her the effort is worth it.

“It’s hard to find data scientists—you can’t train them fast enough. And we know there’s high attrition rates in data science—when you train them, they leave. But our neurodiverse employees in the pilot program were super loyal. We built a team of data scientists from scratch who were able to help us leapfrog ahead quite drastically to meet our goals. We’d done right by them, we gave them a chance, and they rewarded us by staying with the company.”

Dunkin believes that attention paid to neurodiversity in an organization has a much wider impact on company culture, leading to better outcomes for all employees.

“The pandemic has been a very challenging time,” she says. “We’re all uncomfortable, we’re all re-learning how to interact with each other, we’re all working differently. We all need compassion and patience. If we’re not using this moment to identify talented individuals inside and outside our organizations and do what we need to do to support them, then we’re wasting a golden opportunity.”

Guest Contributed by Michael Volkmann

Only 10 years ago did the idea of remote work seem like an outlandish proposition.

Recently, however, the tide is beginning to shift. With remote work becoming more feasible, and employees becoming more receptive, remote work is due for a boon.

For some, remote work is still a strange idea but the benefits are becoming obvious. With companies as large as Yahoo! taking part in the remote work revolution, its appeal is growing rapidly. While many employers are still doubtful about the logistics of remote work, the cultural trend towards it is apparent. What are the benefits of remote work? Some are more apparent than others, but all in all remote work is cost-effective and productive for companies of all sizes.

One of the more obvious benefits of remote work is the reduction in cost for most businesses. When the bulk of a business’s employees telecommute the need for an office is greatly reduced. Decreasing the need for a large office with multiple cubicles has a positive effect on a business’s finances. While the monetary side of it is nice, the important part might be how it affects the culture.

In telecommute environments, there are less office politics and more working. Those companies that have large telecommute employee bases are oftentimes immune to the machinations of office personalities. There is less self-aggrandizing and less cutthroat behavior. The culture of remote work typically leans toward a more progressive and open view.

Those environments are generally less about ladder climbing and more about the work speaking for itself. The benefit of less office gossip and interpersonal drama is immense as it tends to lead to friendlier interactions and work-focused employees. When the weight of office drama and expectation is lifted from an employee they tend to perform better and are happier. In the new age of work, happiness is very important to employees.

Those who work in remote companies post the highest job satisfaction ratings. What employers sometimes fail to realize is that office culture can weigh heavily on employees and reduce the comfort they feel doing their job. By taking the office away, companies can create very positive and uplifting work environments.

On the subject of money, businesses that use remote work forces typically post higher profit margins. This is due to a number of reasons, but one of the largest is the lack of expenditure. This, coupled with higher productivity, leads to an inevitable increase in revenue. Another strong factor in this is that remote work also leads to less employee turnover.

Companies that use telecommuting have more satisfied employees that are less likely to quit and, because of their increased productivity, are less likely to be fired as a result.

Companies that adopt early are in for an evergreen opportunity for profit. The reduced cost and better productivity of remote work is creating a business environment that is ideal for revenue generation. This is helping the popularity of the model tremendously. In a few years telecommuting will go from being a fringe idea to the secret for a growing revenue-generating business including companies such as WordPress, Toptal, and many other tech companies.

On the employee-focused side of things, there are a number of great benefits as well. One thing that helps employees tremendously is the reduced cost of not having to go to an office. No more shopping for work-specific clothes or burning all that gas driving to and from work. For those that work telecommute jobs, traffic becomes a thing of the past.

Being able to work in the comfort of your own home without office politics or over-eager managers gives employees a comfortable work environment. This can also improve the health of employees as they can focus on the most crucial tasks and get more done than if they had the luxury to chatter with coworkers in a traditional working environment. This also works well for aging employees as the physical requirements to go to work lessen tremendously.

For new families as well, telecommute work can provide a way to generate income while not being away from their families. This employee-oriented style of work creates a positive environment while also being a more generous employer strategy.

With a positive impact on both profits and employees, remote work is clearly a beneficial pursuit. The remote revolution is coming in fast and companies keeping up will be rewarded greatly. The strategy of telecommute employment pays off incredibly well. It is a more positive environment for both owners and employees than a traditional office environment.

The numbers for remote work and the feedback from employees strengthens the argument. The new age of work is heavily focused on employee happiness and satisfaction. No other strategy accomplishes this like telecommute work. As remote work continues to grow, and technology follows, remote work will become the rule. The world is ready to work from home and you should be too.

About the Author

Michael Volkmann is a tech entrepreneur with a focus on business operations and finance. He has worked with many small businesses helping them with their M&A for over 6 years. When not in front of the monitor thinking about the future of AI and robotics, he spends his time snorkeling and traveling.

The opinions and views expressed by guest contributors are their own and do not necessarily reflect those of glasshammer2.wpengine.com