Tag Archive for: female leaders

Alice Chun: Female Inventor, Founder and CEO of Solight Design, Inc.

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Alice Chun“We’re all drops in the ocean, but together we can move the moon. Small things matter. Because if we all do one small act, together, collectively and as a community, we can move mountains, and that’s always been the case,” says Alice Chun. “I think we each create a ripple in the water from just a drop, and that if we all work together, this change can really occur. It’s not just one thing that’s going to be the answer to our issues, it’s going to be an ecosystem of many things working together to create resilience.”

We interviewed Alice Chun, female inventor and co-founder and CEO of Solight-Design. Born in Korea, she immigrated to the U.S. as a child and grew up in upstate New York. Since learning origami from her mother as a girl, Chun has been fascinated with the possibilities of using imagination and design to change our world for the better.

Exploring emerging trends in material technology – lighter, faster and sustainable – she began experimenting with sewing solar panels to fabric while teaching Architecture and Material Technology at Columbia University. When her son Quinn was diagnosed with asthma, which is 40% more likely for children in New York City, she became aware of the staggering pollution from energy consumption and the deadly impacts of kerosene in off-the-grid places of the world. Chun became focused on creating clean light solutions that harness solar energy.

Her TedX talk, 10 Million Rays of Light, focuses on the story behind her first invention, the SolarPuff™, the world’s only self-inflatable, portable solar light. With the backing of a KickStarter campaign, Chun launched Solight Design. Her origami-inspired lights run the gamut from art exhibition to humanitarian aid. They’ve been exhibited at MOMA, featured in The New York Times for summer gatherings and lit the night for Syrian refugees.

Chun holds several patents and has won the US Patent Award for Humanity. Advocating that design provides dignity, Chun is passionate about getting her lights to people and children in crisis zones and off-the-grid areas. She’s brought many thousands of her lights to crisis areas, as well as worked with NGOS to deliver and distribute them.

Going on these “light drops,” she’s personally traveled to Nigeria, Puerto Rico, Dominica and Haiti (nearly 20 times). As we talked with her in December 2022, she was about to head to the Ukraine. More than anything, she seeks to spark the light in each of us that can together impact the world. We talked with Chun about creating impact as a female inventor.

On growing up in a creative household:

“I was born in Korea. I was blessed that my mother was an artist and my father was an architect. It was post-war and my parents had to immigrate to the United States because of my father’s position doing the World Trade Pavilion in Montreal for the World Expo. They came first, and then sent for me later. I was four years old when I came to join them.

My mom taught me origami, like many Asians. And back then it was more novel. I grew up in a very creative household that taught me, at an early age, that you can use your imagination to make things and you can help yourself through difficulties by using your creative senses.

Everything that I’ve done was never really planned. When I went to college, I went for Architectural design. After my masters at University of Pennsylvania, I started to teach architecture (Columbia University, Parsons the New School), but teaching first found me by accident. I didn’t find it.”

On how imagination is the ability to create something better:

“While I was teaching in architecture, we started to do community outreach projects with architecture students. Around Philadelphia, there were so many abandoned sites and parks that were just rotting away. We were putting in planters and benches and building a little playground. It was so rewarding to see how it transformed those communities.

Kids would come up curious and ask what we were doing. We’d tell them, ‘We’re architecture students and we’re building architecture for you.’ So they would ask what architecture was. And we would explain that whatever you can imagine, you can also make a model of and then you can build something new. It is all about design. Design is about imagining something different and more beautiful for your environment.

Being able to interact with the community and learn from them, as well as teaching them about architecture and empowerment, was a real moment of feeling that I could make a difference and what we were doing mattered. I wanted to continue to do that.”

Alice Chun in Haiti

Alice Chun in Haiti

On the moments that catalyze the impulse of innovation:

“Whenever I was teaching, I used to tell this story: the story of time. The Greeks believed that there are two characters of time. One is Chronos, who is old with a beard and a cane. His line of time is predictable and very straight. Then, there is Kairos, the young character of time. His line of time is very unpredictable and chaotic.

We all experience those two lines of time, every day of our lives. When those two lines intersect, those are the moments of opportunity and the moments of invention. And it’s a matter of leaning in or leaning back when those moments happen.

So if I look at the trajectory of my inventions, and why they occurred, it’s because of problems I saw. I would never have imagined that my child would be born with asthma. And there was climate change and natural disasters and the earthquake in Haiti. All of that was the impetus for me to step back and say, ‘Enough is enough. We have to do something to help.’

I was the materials lab director at Columbia University, and my focus was on natural materials. There’s far more intelligence and knowledge in natural materials than the petrol-based plastics that we’ve been using for four decades. So, I was sewing solar panels to fabric and then substrates, to basically invent something new as a material: a solar harvesting surface to make everything thinner, lighter, faster and smarter.

The only way I knew how to lean in to help in Haiti was to turn my studio at Columbia into an innovation studio. So, what I was doing before evolved. And that’s when we realized this detriment that’s happening globally. 1.6 billion people don’t have access to electricity, and they’re using kerosene to light their world at night. Two million children die from the toxins. In South Africa alone, there’s 200,000 house fires every year. That was the impetus for asking ‘What can we do?’ and ‘How can we help?’

So every time, it’s really about those two lines of time intersecting – and then saying ‘How can we solve this problem?’ and ‘How can we do better?’”

On the magic when necessity meets curiosity:

“Sometimes you’re confronted with a problem, and you don’t know what to do. You just know that something has to be done. It sticks in the back of your mind as something that gnaws at you. Every time, at that point for me, that’s where the spark of curiosity came.

They say ‘the mother of invention is necessity,’ but ‘the daughter of invention is curiosity.’ So with curiosity, you’re constantly questioning – What if? Or could it be like this? Or maybe there’s an answer here, or there? Once the problem sticks in your brain, everything else becomes a window for opportunity because then you’re already beginning to connect the dots.

Curiosity is directly related to imagination and creativity and problem solving. What’s most important are the questions that you ask, not so much the answers. It’s those questions that end up creating something new. So with asthma and pollution and health, for example, I had already been researching solar energy and the connection to cutting pollution. 75% of the pollution in NYC comes from buildings and energy consumption. But the sun is free and it’s limitless and it’s the most powerful source of energy that comes to the Earth every day.

So the dots begin to align and connect. You may not have the answer right away, but it’s a matter of continuing and keeping that thread open to connect to the next dot when it happens.”

On breaking through the ceiling of fixed perception:

“So-Light Design is a small company. I’m one person. I’m a mom, I’m a teacher. The paradox is that we’re a small company, but we’ve had a big impact – purely because we’re just doing what we feel is right. But we’ve been able to impact over a million lives worldwide because of our mission.

So what I’m always trying to break through is the boundaries that we all create when we perceive the world in a certain way.

For instance, early on when I was traveling to these red zones, everyone told me not to go. People said I would be shot or raped or kidnapped. But I went to Nigeria and Makoko there – which is the largest slum in sub-Saharan Africa. I met the most amazing and kindest people and witnessed the impact of the light that I brought. Then I went to Haiti. People were telling me not to go there, too. I’ve been there twenty times now, and I’ve befriended amazing people. Now people are telling me not to go to Ukraine because it’s a war zone, but I am going.

I want people to know that there’s always two sides of the story. There’s not just one narrative or only one way to see anything. Part of creating art is to break through the preconceived way we see the world. It’s a big issue right now – with racism, discrimination, with war – it’s so prevalent and we have to change it. There’s so much that we have to gain and to learn – historically and culturally – from breaking out of our narrow perceptions.”

On inventing a product that spans from MOMA to crisis zones:

“Because of my background as a designer, I have the three design cornerstones of durability, beauty and functionality or utility. Those are the same three cornerstones of architecture and they could also transfer into a way of thinking about business and being an entrepreneur.

It’s hard to get all three, but I think beauty is something that needs to be addressed in design. When giving out humanitarian aid in places like Haiti, I’ve witnessed some NGOs have a tendency to buy the cheap stuff to hit the mark on how many items they’ve donated. But they’re often the cheapest flashlights or the cheapest solar panels, and they end up in the landfill in a short time because they don’t work.

I’ve not seen many organizations who drop off supplies give any attention to beauty, wonder or awe. But I think all of that is just as important as utility. Why can’t we give beauty, wonder and awe? Because if you don’t have that, you don’t have hope. If you don’t have hope, you’re going to die.

I remember a fascinating moment after the earthquake in Haiti, when there was rubble everywhere and tent camps were popping up. I saw this woman coming out of a tent camp and she was dressed in red and perfectly made up with lipstick. I don’t know, but that lipstick seemed to make the day for her because it was the moment of beauty, wonder and awe.

In my perspective, design provides dignity and good design should be able to sustain a life in Nantucket or Nigeria. Good design doesn’t have boundaries – like culture or race. It doesn’t discriminate. So good design should incorporate awe and wonder as well as being useful. I don’t think many NGOs think about that, or how important it is for the stakeholders and the cultural societal aspects of wherever these issues exist.”

Syrian refugees with Chun’s SolarPuff™ lights

On igniting possibilities through ‘light drops’:

“I put a thousand lights in my luggage and I flew down to Dominica. I didn’t really know where I was going. I just wanted to go to the Kalinago territory. The Kalinago are the oldest Indian tribe in the Northern Hemisphere. I’d heard that they had been hit the hardest with Hurricane Maria.

Through a fortunate chain of serendipitous conversations as I arrived, I was positioned to visit seven different schools in the Kalinago region. I saw five kids living in a one room house with a single mom. They had their one meal a day at school and no electricity to do their homework at night. I resisted the urge to just hand out the lights, because I wanted to tell them why I was there, why they’re so important and why we haven’t forgotten about them.

I shared that I came from a poor beginning and was beat up a lot when I was a kid, because I didn’t look like the other kids. I was the only Asian. And I didn’t fight with my fists. I ended up fighting with the light in my mind and the light in my heart. And I tell the kids, ‘You have to fight with that light in your heart and that light in your imagination. Keep fighting with that light and don’t use your fist. And I’m giving this light to you because now you can hold the Sun in your hands. And the Sun is the most powerful source of energy that comes to the Earth every day. But the light of your imagination and the light of your heart is even more powerful than the Sun.’

The kids cackle and giggle and I reassure them, ‘Yes, you are that powerful and if you keep fighting with the light of your heart, there’s nothing you can’t do.’ I tell them to use this light for their homework, so their dreams and ambitions can grow. A lot of the girls look at me in disbelief and say, ‘What! You made this?’ Even some of the elderly women or teachers can’t believe it. That’s really important to me, because in that ‘aha’ moment, they are saying to themselves, She’s a woman and she did this. Maybe I can. I have the power to do that, too.

Sharing that narrative with them is more important to me than delivering lights. That’s the other reason why I go on the light drops.”

On encouraging more female inventors:

“In my research, I went back into history and some of the women were excluded from patents they should have been on. But, overall the number of women on patents is so small, and that needs to change, too. My hope is that when I speak to kids and young women, that it will inspire them to use their imagination and change the world for the better by solving a problem and creating something new.

It goes back again to two characters of invention – the mother of invention being necessity and the daughter being curiosity. Those are two female characters, but only 13% of inventors are women in the United States patent and trademark office. And then in terms of entrepreneurship, far less than 1% of IPO businesses are led by female founders and only 2.3% of venture founding partners are women.

We need more girls and women in STEM programs and more funding for women and female minorities in terms of scholarship and grants. But the only way we’re going to change the amount of investment that goes into female-run entrepreneurs is getting more female businesses to get an IPO. So there’s this kind of chicken and egg thing happening.”

On her trip to the Ukraine:

“We’re going to get about 5,000 lights to Ukraine. But in my luggage, I’m bringing 1,000 with me. Our colored light was used for PTSD for children after Hurricane Maria. It has different color options, and we hadn’t realized this would be helpful to the kids. But we found out that the different colors actually help them calm down at night and it helps them to sleep. After an earthquake and there’s no light, the kids are so frightened. So they were used as night lights for kids in shock or with PTSD after the hurricane.

When I heard about the blackouts happening in this children’s hospital in Ukraine, I knew I had to go deliver these colored lights. They told me the nurses were taking three hours to calm the kids down after the blackouts. There are over two hundred kids and most of them are refugees, and there’s two more hospitals in Lviv. I’ll also go to Kiev. Over 2.5 million children are currently displaced within the country.

These hospitals have generators, but they are using that for essentials like heat and the ICU. These lights and phone chargers are going to be critical for light at night and charging. This is a lifelong traumatic event. And after the war, it’s going to take years and decades to rebuild.

But my greatest hope for the future is our children. Whenever something happens, dealing with children especially, I try to do whatever I can and often travel to deliver lights. I’m inspired by my own son and by all the kids that I meet along the way and in different countries. I’m inspired by how smart and intelligent and enthusiastic and hopeful they are about the future, and passionate that they know they can create.”

 

 

For more on Alice Min Soo Chun, check out coverage in Marie Claire’s Powertrip 2022, The Skimm, The Story Exchange, Fast Company, The New York Times, Cheddar, Huffington Post, and Men’s Journal. Chun was nominated for USPTO Patents for Humanitarian Winner in 2018. She was named among Forbes 50 Over 50 recognizable women of 2022. She is co-author of the book Ground Rules for Humanitarian Design. During the pandemic, she also launched a business selling patented transparent face shields and respirator masks, SEEUS95.

By Aimee Hansen

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Women, Men, and the Two Sides of Confidence

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Professional Women

Guest Contributed by Tomas Chamorro-Premuzic

Even when our assessment of other people’s competence is wrong, their self-confidence can still have self-fulfilling effects, opening doors and opportunities to those who simply seem more confident.

This is one of the reasons that so many well-intentioned people have advised women to be more confident to get ahead at work and in their careers. There are several problems with this kind of advice.

First, it fails to recognize that confidence has two sides. Although confidence is an internal belief, it also has an external side, which concerns how assertive you seem in the eyes of others. This external side of confidence is the most consequential because it is often mistaken for real competence.

The bottom line: regardless of how confident we feel internally, when we come across as confident to others, they will often assume that we are competent, at least until we prove them wrong.

This link between perceived confidence and competence is important. Although women are assumed to be less confident than men and some studies have shown that women appear to be less confident, a closer look at the research shows that women are internally confident. In fact, men and women are both overconfident—even if men are still more overconfident than women.
As Harvard Business School’s Robin Ely and Georgetown’s Catherine Tinsley write in the Harvard Business Review, the idea that women lack confidence is a “fallacy”:

That assertion is commonly invoked to explain why women speak up less in meetings and do not put themselves forward for promotions unless they are 100% certain they meet all the job requirements. But research does not corroborate the idea that women are less confident than men. Analyzing more than 200 studies, Kristen Kling and colleagues concluded that the only noticeable differences occurred during adolescence; starting at age 23, differences become negligible.

A team of European academics studied hundreds of engineers and replicated Kling’s finding, reporting that women do feel confident in general.21 But the researchers also noted that women’s confidence wasn’t always recognized by others. Although both women and men reported feeling confident, men were much more likely to be rated by other people as appearing confident. Women’s self-reports of confidence had no correlation with how others saw their confidence.

To make matters worse, for the female engineers, appearing confident had no leadership benefits at all. For the men, seeming confident translated into having influence, but for women, appearing confident did not have the same effect. To have any impact in the organization, the women had to be seen as confident, competent, and caring; all three traits were inseparable. For men, confidence alone translated into greater organizational clout, whereas a caring attitude had no effect on people’s perception of leadership potential.

We are, it seems, less likely to tolerate high confidence in women than we are in men. This bias creates a lose-lose situation for women. Since women are seen as less confident than men and since we see confidence as pivotal to leadership, we demand extra displays of confidence in women to consider them worthy of leadership positions. However, when a woman does seem as confident as, or more confident than, men, we are put off by her because high confidence does not fit our gender stereotypes.

If women don’t lack confidence, then why do we see differences in how men and women behave? Why are women less likely to apply to jobs or to request a promotion unless they’re 100 percent qualified? Why else would women speak less in meetings and be more likely to hedge their bets when making recommendations?

If the answer is not how women feel internally, it must be how they are perceived externally. In other words, differences in behavior arise not because of differences in how men and women are, but in how men and women are treated. This is what the evidence shows: women are less likely to get useful feedback, their mistakes are judged more harshly and remembered longer, their behavior is scrutinized more carefully, and their colleagues are less likely to share vital information with them. When women speak, they’re more likely to be interrupted or ignored.

In this context, it makes sense that even an extremely confident women would behave differently from a man. As Ely and Tinsley observed at a biotech company, the female research scientists were far less likely to speak up in meetings, even though in one-on-one interactions, they shared a lot of useful information. Leaders attributed this difference to a lack of confidence: “What these leaders had failed to see was that when women did speak in meetings, their ideas tended to be either ignored until a man restated them or shot down quickly if they contained even the slightest flaw. In contrast, when men’s ideas were flawed, the meritorious elements were salvaged. Women therefore felt they needed to be 110 percent sure of their ideas before they would venture to share them. In a context in which being smart was the coin of the realm, it seemed better to remain silent than to have one’s ideas repeatedly dismissed.” Thus, because we choose leaders by how confident they appear rather than by how confident or competent they are, we not only end up choosing more men to lead us but ultimately choose more-incompetent men.

ABOUT THE AUTHOR

Tomas Chamorro-Premuzic is the Chief Talent Scientist at ManpowerGroup, a professor of business psychology at University College London and at Columbia University, and an associate at Harvard’s Entrepreneurial Finance Lab. He has published nine books and over 130 scientific papers. His most recent book is Why Do So Many Incompetent Men Become Leaders? (And How to Fix It)?

This article is adapted by permission of Harvard Business Review Press. Excerpted from Why Do So Many Incompetent Men Become Leaders? (And How to Fix It)? by Tomas Chamorro-Premuzic Copyright 2019 Tomas Chamorro-Premuzic. All rights reserved.

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

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Voice of Experience: Beth Renner, National Director of Philanthropic Services, Wells Fargo Private Bank

Beth Renner featured
As a mentor, Beth Renner knows that women often need to find their voice—and when they do, it can be a powerful booster charge to their career.

As she recounts, she was recently working with a long-term mentee who had finally applied for a position. When Renner had asked why she had hesitated, the mentee said she believed she didn’t have the entire skill set, but as they walked through the skill set and experience, it became clear that the position was a perfect fit. “Sometimes the biggest challenge is the messages we tell ourselves.”

Finding the Ideal Niche to Blend Personal and Professional Interests

Renner’s clear confident voice has brought her a 28-year career in the financial services industry, during which she has essentially touched every part of a financial services company. She started on the retail bank side as a personal banker; then was a credit officer with a small business lender; went into the fiduciary side as a private banker and trust manager, where she subsequently oversaw the fiduciary investment and brokerage side; and for the past eight years has worked in philanthropic services, where she currently has $26 billion in charitable assets under management for clients.

“The lifeblood of our business is the advice we provide our clients around their donations and assisting nonprofits in making sure they are sustainable,” Renner explains. Having always been personally involved in charitable work with both her time and treasure, the chance to marry that in her professional life is the achievement of which she’s most proud.

“For me it’s not about achieving a certification or designation, but about what I do every day, and I’ve really found a home for myself in this area that allows me to align my personal and professional values,” she says.

A Sea Change in the Philanthropic World

As the country prepares for an impending generational “wealth transfer,” Renner finds several themes consistently emerging. First, as a matriarch or patriarch who is naturally at the maturing point is engaging in legacy planning, they are asking how they can ensure that their values will be represented. The goal is to engage multiple generations from the family in their philanthropic pursuits.

Others are wrestling with the question of how much to leave their kids and wondering how to engage philanthropy as a tool to stave off entitlement.

“Donors are viewing themselves as an investor in these causes more than ever before, and we are adjusting the advice we provide them to create a more disciplined process.” To that end, she has helped develop a series of philanthropic planning modules that they are currently honing through focus groups, and she looks forward to rolling them out. “It’s a pleasure to be able to work more deliberately on these issues and adjust our business to how our clients are telling us they need counsel.”

Renner has become attuned to the absolute value of listening with intention and mindfulness which is helping inform this new initiative. When her father passed away shortly after she turned 50, she hit a point of reflection. “It causes you to look at things differently, and one of the things that has stuck with me is the art of listening and how it helps you understand others and yourself. Being mindful means that if I’m in a situation where I’m listening to clients or my team and find myself having an internal reaction, it spurs me to dig deeper to figure out where it’s coming from.”

Finding a Mentor Helps Your Career Path

One thing Renner learned from her mentor early on in her career was to focus on developing transferrable skills. For example, you don’t just want to be an expert in credit analysis, but you need to know how to solve complex problems. “In any position, consider what skills you can learn that you don’t yet have or want to cultivate,” she says.

And today she encourages women to be intentional about mentoring other women. “Don’t wait to be asked; when you see someone with potential, proactively reach out to them,” she suggests. That’s because we all are a collection of our past experiences and to give someone that gift of your accumulated knowledge will allow them to make progress faster.

She takes that outlook to her work on Wells Fargo’s Women’s Team Member Network, a diversity and inclusion employee resource group she finds valuable for its focus on broadening everyone’s lens around diversity and how to foster and develop it.

Her outside philanthropic pursuits are a perfect match for her professional life: She is absolutely passionate about the American Red Cross, and is the national chair of the women’s giving group called the Tiffany Circle. The group has flourished in five different countries, and in her role she helps develop the strategy around mobilizing this women’s segment. “A lot of the work I do at Wells Fargo helps the Red Cross with their fundraising and stewardship because I can share national trends and the emerging role that women are playing in philanthropy,” Renner says.

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Voice Of Experience: Amanda Segal, Partner, Katten Muchin Rosenman LLP

Amanda Segal
There’s no set path to success, says Amanda Segal, head of Katten’s Distressed Debt and Claims Trading practice.

“Everyone’s professional journey is different, and for a planner—as many attorneys are—it can feel unsettling when the road starts to twist and turn. But one of the best things you can do is be flexible, patient, and let your trajectory develop organically.”

When Segal started her career, she thought she would progress up the ladder as a bankruptcy litigator, but her career path took a different course as dynamics in the financial market helped steer her towards attractive new opportunities. “You will be better equipped as a professional if you are open-minded and able to adapt to the evolving needs and priorities of your clients and employers.”

Building a Career Unique to Her

For Segal, that approach has led her to a successful career. After law school, she joined Kramer Levin Naftalis & Frankel LLP as a bankruptcy associate. Three years later, with the financial crisis looming, she saw an opportunity to parlay her experience into a more transactional practice in the area of distressed debt at Richards Kibbe & Orbe LLP. She spent ten years at the firm, where she secured the requisite expertise and experience to make the move a little over a year ago to head Katten’s Distressed Debt and Claims Trading practice.

At Katten, she leads a team of attorneys advising clients through the acquisition and sale of distressed assets, including trade claims against bankruptcy estates, litigation claims, bank loans, and a variety of other investments. Her team—well versed and deeply immersed in financial services—works with related practice areas, including bankruptcy, commercial finance, tax, private equity and more, to provide the firm’s clients with tailored legal advice and transactional support in a wide range of circumstances. Segal believes this will be increasingly important as volatility in the financial market continues to rise.

“Because our practice integrates the talents of so many dedicated attorneys and professionals across the firm, we have the unique ability to look at large bankruptcy cases across multiple sectors. This will enable us to offer ‘big picture’ guidance as our clients navigate the next distressed cycle.”

For attorneys just starting their career, Segal highlights the importance of being empathetic to clients and colleagues. “When you are able to put yourself in someone else’s shoes and view an issue from multiple perspectives, it helps make you a more relatable professional and leader and, ultimately, a more effective advocate.”

She also advises young attorneys to “play the long game.” “Surround yourself with trusted advisors and mentors; use every occasion to network, and work hard to maintain and build upon relationships. Over time, those relationships will provide the backbone for a more productive and fulfilling career.”

Finding Balance in the Workplace

Segal points out that even though law firms have become far more open and accepting of work/life balance, there is no one-size-fits-all solution. “Every woman’s professional and personal needs are different, so there’s no formula. Each woman must determine what works best for her and her family—sometimes simply through trial and error. The end result won’t look the same for everyone.”

Katten hosts a Women’s Leadership Forum that she has found valuable for building relationships across the firm, and also provides skill building, internal and external networking, mentorship and professional development. “Katten has consistently been recognized as a top firm for women, which I have been fortunate to experience first-hand,” she says.

With five-year-old twin daughters, Segal prioritizes a balance between work and family time, running marathons and maintaining a healthy lifestyle, and cheering on the basketball team of her alma mater, Duke University.

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Voice of Experience: Managing Director, Citi US Retail Bank

Harp RanaWhen Harp Rana’s daughter was younger, and they watched Scooby Doo together, she would say, “Be a Velma, not a Daphne, but don’t let Fred take all the credit.”

When she later had a son, she changed the messages slightly and added “Don’t be a Fred.”

The message, she says, is that you have to be confident in your abilities but refrain from stepping back because it will make someone else more comfortable. “Yes, we are all team players, but make sure your voice is heard when you have a role in a given decision or success,” she says. “You’re better than you think you are most of the time, but sometimes you’re not as good as you think.” The secret is in knowing that it will all shake out if you focus on building your career.

Consumer Behavior Drives Her Passion For Retail Banking

The majority of Rana’s career has been at Citi; she entered as a corporate financial management associate in finance, then moved to the retail bank in 2003 and eventually switched to the business side in 2014 when the right manager and opportunity came along.

One of her proudest moments came a couple of years ago, when she was placed in her current role with an immediate task of turning around efforts to complete the replacement of underlying systems at the US Retail Bank – without disrupting clients or Citibank’s reputation. She succeeded, while at the same time injecting a sense of goodwill and humor to rebuild morale. “There is great power in pulling together a functioning and productive team that can have fun even in difficult moments.”

“I have moved some big rocks. But the work that always has my heart is the work that we are doing to enhance our customers’ experience, products, or financial lives. For example, I am really excited about the work we are doing on Digital Banking. It has exemplified the power of our integrated cross functional teams – working on delivering the best to our customers and meeting their expectations around how they want to bank.”

Always eager to embrace the next challenge, she currently finds this to be a particularly interesting time to be in banking, in terms of client expectations and the economic environment. “I love retail banking because every advancement you read about on the macro side ends up being pertinent to your daily life in terms of client behavior and experience and how that impacts your numbers,” Rana says.

She adds that she is always excited to know what’s next, whether it’s digitization or another disruptor in the marketplace, in an industry that is constantly evolving. “Trends I read about that are not even specific to my seat eventually end up filtering down in a meaningful way through customer behavior,” she says; for example, something as simple as how to pay a friend evolves into advances in mobile. “I read anything I can that has to do with customer behavior and banking and then overlay the changing expectations clients have today around any company they engage with.”

Evolving from the Viewpoint of Gender as a Challenge

Rana has been fortunate to have had a host of sponsors over the year— mostly men, which means she’s never seen her gender as an obstacle. She acknowledges that there are personal challenges that most grapple with, specifically motherhood, but these days she has seen that the concept of “motherhood” has morphed to “parenthood,” as she sees men on the team wrestle with similar challenges.

She also sees that women’s attitudes toward one another have evolved. While there used to be the notion that there was just one seat at the table that women were fighting for, she sees that as a byproduct of yesteryear. “You have to know how good you are, but then also be supportive of the other women. There is more than one seat at the table, and none of us want that seat because we’re a women, but because we’ve earned it.”

While Rana has participated in multiple professional development programs, one that has been noteworthy is the Citi Women’s Leadership program, which she found extremely beneficial not only for the panelists and learning opportunities, but for the camaraderie she developed with fellow members. “We had many similar concerns or issues we were navigating, and it was helpful to have a group to discuss them with,” Rana says.

With two children, ages 16 and 19, Rana spends the majority of her “free time” outside of work with them. In fact, recently when asked to name something she was proud of in a meeting, she immediately said “My kids,” and heard several women mention they wished they had thought of it, too. “We’re so ingrained not to talk about being a mom, but if we truly want to be authentic at work, we can acknowledge that it’s a huge part of our identity.”

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Think Sustainable and Ethical Returns, Think Female Leaders

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Latina

Guest Contributed by Lawler Kang, CEO, League of Allies

Socially responsible and impact investing models have been around for decades (centuries, in fact).

What has changed is the amount of money that is being managed to these ends. CalPERS and CalSTRS, two pension funds for the State of California employees that manage upwards of $550 billion, are on the forefront of integrating ESG factors into their investments and the NYC and NY State pension funds, worth roughly $350 billion combined, are nipping at their heels. And European pension and sovereign wealth funds, some with a trillion in the bank, are considerably ahead of the United States.

Larry Fink, CEO of Blackrock’s recent clarion call to capitalism that managing “environmental, social, and governance [ESG] matters demonstrates the leadership and good governance that is so essential to sustainable growth” should not fall on CEO deaf ears. The proxy shareholder voting power in those companies in which it actively or passively invests (with $6 trillion under management) means companies who don’t make concerted and palpable efforts to service their communities as well as their stakeholders they could find themselves with a new board, and management team, who will.

What is behind this shift in thinking? Doing the “right thing” aside, immense amounts of research from organizations such as Sustainable Accounting Standards Board (SASB) reveal that proactively coming up with ways to either minimize or mitigate businesses’ impacts related to ESG issues can have material positive effects on financial performance, traced down to the level of income statements, balance sheets, and costs of capital. And while there are a few frameworks companies can use to measure and report, leveraging women and talent appear across the board in the mix of proscriptions companies should use to deliver these performances.

What has this got to do with women at work?

In the returns context, McKinsey estimates a $12 trillion bump in global GDP by 2025 if management gender parity were realized. A Credit Suisse study of 3,000 listed firms reports companies with 50% senior front office management who are female outperformed the growth of the market index from 2008 to 2016 by upwards of 60%. A MSCI review of 1,600+ public firms has correlated companies with three women on their boards in 2011 as outperforming those with none by median gains of 37% EPS and 10% ROE over the last five years. Certain prescient asset managers, such as Boston Common Asset Management, founded by a woman, have been generating market-beating returns for 15 years.

It can be argued that there is no other singular factor can have such a pronounced impact on company performance, again irrespective of industry, as gender parity. And what’s more, women are not only accretive to financial performance, they are at the core of the sustainable and ethical part of the equation.

A study by the UC Berkeley Haas School of Business of 1,500+ traded firms concludes that companies with women on their boards are more likely to address a litany of ESG factors. A research paper coming from The University of Toronto’s Rotman School of Management found that women bring six important skills that have been lacking in board composition and that are vital to decision-making: corporate governance, an eye for regulatory/compliance issues, human resources, sustainability, politics/government relations, and risk management. Of note, the last four are presently the least represented of all skills on boards. Another report from MSCI cross-referenced gender board composition with a likelihood of “fewer instances of governance-related controversies such as cases of bribery, corruption, fraud and shareholder battles” and general overall reductions in risk. Dealing with these issues, many of which result in fines, can be distracting and expensive, in both outlays and reputation/brand. Findings published in the Journal of Financial Economics noted that female directors have better attendance, can actually increase men’s attendance, and are more likely to be assigned to committees that monitor performance. The same study found that boards with more gender diversity are more likely to hold CEOs’ feet to the fire for sub-par execution.

Where are the women going to come from?

A recent Lean In/McKinsey report reveals that while 45% of the entry level workforce is female, only 37% are Manager level, 27% are Vice Presidents, 17% occupy C-level positions, and the vast majority of these roles are in Administrative functions: Human Resources, Legal, etc. Women run only 5% of the S&P 500 and represent 22% of those companies’ Board seats. To say that opportunities for advancement aren’t abundant is akin to postulating our climate is not changing. The problem is the pipeline: the entire system, from recruiting to manager training to development and succession planning, is institutionally biased in a variety of unconscious and conscious ways. Expanding and re-weighting our definition of leadership and the skill sets required to succeed, per the afore-mentioned Board study, is a great example of a change that will have profound ripple-down effects on the entire system’s mechanics. And there are many more dials that can be turned, levers pulled, that will increase the flow of diverse talent that increase profit and valuations.

In his February letter Mr. Fink stressed the importance of diverse boards, and in that same month BlackRock requested all companies on the Russell 1000 in which it has positions and that have less than three female board members to share their rationale. State Street, with $2 trillion in assets under management, made similar Board-related waves when it unveiled its Fearless Girl statue last year and a similar call to action. And organizations such as The 30% Coalition and Paradigm 4 Parity are making great strides in signing up backers from both the investment and corporate communities who are taking the pledge to increase female representation in executive and director ranks. The stage is being set.

Mainstream momentum for sustainable and ethical business is growing. PE shops and hedge funds are now donning ESG garments and are flaunting them to both investors and the general public. Mutual funds and ETFs with organic flavors are flooding the market; Barron’s recently had a cover article on the top 200 sustainable funds, though marketing and reality must be further examined.

We must let women lead, because if parity is left untested, we have much to lose financially and otherwise.

Disclaimer: The opinions and views of guest contributors are not necessarily those of theglasshammer.com

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Female Leaders Share Their Strategies On Creating Change at 5th Annual Navigating your Career Event

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glasshammer event

By Melissa Anderson

Women leaders from the financial and professional services industries, shared their advice on how women can be agents of change at The Glass Hammer’s fifth annual career navigation event at PwC’s headquarters last Wednesday, sponsored by PwC, TIAA and Voya Investment Management.

“Change leadership starts with people who want to do better,” said The Glass Hammer’s CEO Nicki Gilmour as she opened the event, encouraging the audience to probe the speakers with difficult questions.

“We’re here to talk about how we can lift as we climb.”

The panel was moderated by Mary McDowell, an Executive Partner at Siris Capital Group and was a panelist at theglasshammer.com’s women in technology event last Fall.

Panelists included Christine Hurtsellers, Chief Investment Officer of Fixed Income at Voya Investment Management; Liz Diep, Assurance Partner for Alternative Investments at PwC; Pam Dunsky, Managing Director of Client Services Technology at TIAA; and Deborah Lorenzen, Managing Director and Chief Operating Officer for Global Product and Marketing at State Street Global Advisors.

While the panelists’ careers varied significantly and were spread across different industries, one factor emerged that all of them seemed to have in common: intention. Whether describing their career paths, discussing their experience mentoring, sponsoring and networking, or talking about the ways in which they lead change toward workforce diversity at their companies, it was clear that the women went about their business with purpose.

For example, in discussing how she chooses junior staffers to mentor or sponsor, Diep says,

“You have to seek out those people you want to mentor and sponsor – you can’t be a passive participant if you want to see change,” she said. Mentoring someone means serving as their sounding board and offering advice on career advancement, while sponsorship involves putting forward one’s personal capital behind closed doors to expand their career opportunities.

Diep mentioned that a motivating factor to grow in her own career is to see more junior colleagues progress along with her and how walking the walk on “lifting as we climb” strategy is important to her When discussing how she keeps her network fresh, Diep described how she blocks time on her calendar months in advance for networking coffees and lunches, and fills in the “who” later on.

Hurtsellers described how she tries to proactively work with other leaders in her company to develop a business plan that increases diversity.

“Being a female business leader in a very male-dominated industry can be quite a lonely spot,” she said. Clients are beginning to require asset managers to disclose their numbers on staff diversity during the RFP process; but Hurtsellers said that’s not enough.

“We need more than a check-the-box mentality around diversity to effectively tackle the issue. I try to challenge a bit of the establishment thinking,” she said. “I ask the elephant-in-the-room-type questions like ‘How do you get women into financial services if they don’t think that the industry matches their values?’”.

Hurtsellers further stated that she felt being a woman in a male-dominated industry can also be a competitive advantage if you’ve worked to build a personal brand, like authenticity.

“But it has to come back to who you are – be true to yourself,” she said.

Similarly, Dunsky shared how she had established a brand for herself earlier in her career, only to revise it later on.

“Earlier, my brand was being really hard working – but, I realized, you don’t just want to be known as a hard worker,” she said. “After taking a step back, I realized it’s not the only thing I want people to say about me.”

Dunsky said she started thinking more critically about what she wanted to be known for: leadership, the ability to execute, being able to guide and direct and grow her team.

“You have to be conscious of what your strength is,” she said. Sometimes a strength can be a weakness if it bars advancement to the next level, she explained. That’s why it’s important to always be thinking of your strengths and what you can build upon to help get to the next level.

“You want your brand to be natural – so people can conceive of you doing it,” she said.

Lorenzen added that being true to yourself is critical to advancement. Trying to ‘be one of the guys’ to blend in can ultimately hold you back, and so will shying away from big opportunities. She advised to take calculated risks early and often.

“Show up and say yes when you are asked, even if you only have 50% [of the qualifications], because the men will say yes if they only have 25%,” she said.

Finally, during the question and answer segment, one audience member asked a question that must have been top of mind for many of the guests.

Being head of a business unit or a partner at a firm comes with a lot of power that enables women at the top to open difficult conversations about diversity, she reasoned so the question is ‘How can someone be a change agent earlier in her career when there is a greater risk of retaliation for speaking up?’

To get to the top as a woman in a male-dominated industry, you have to stand up for those conversations throughout your career, said Lorenzen.

“If you fail to raise your voice on matters of ethics and therefore accept a status quo at odds with your beliefs, you won’t be happy,” she said. Of course, she continued, there is a measure of balance to find. It’s important to choose the right battles to fight.

Lorenzen continued “You have to choose when to speak up. It never gets any easier, and opportunities arise throughout your career to do the right thing. It is about leading from where you are.”

Summing up the evening’s discussion, McDowell said, “Be of good courage, build great relationships, don’t forget your peers and be true to yourself.”

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Are Investors the key to increasing the number of women leaders?

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Elegant leaderThere are many ways to create change and arguably one of the most effective ways to get people on board with any concept, including gender equality, is to show them that doing the right thing can also be the most profitable path also.

For nine years theglasshammer has reported on the stagnant numbers of women on boards and in senior management. Yet there is an ever growing body of research the latest of which comes from McKinsey in January 2015 that shows that companies which commit to diverse leadership are more likely to have financial returns as much as 35 percent above their national industry median.

So, why is there still a disconnect? What can give companies the carrot or the stick that they need to do better beyond fluffy aspirational goals and lip service when it comes to promoting women?

One group that can help create change are investors. State Street’s newly launched ETF index fund – the SSGA SPDR SHE Gender Diversity ETF as well as the Sallie Krawcheck endorsed fund – the PAX Ellevate Fund allows for options when as an investor you want to see companies hire and promote women into senior leadership.

So what has changed?

Simply put, there are three things that are changing the game:

Firstly, data for who is on boards and in senior management team has only been relatively newly available. BoardEX and MSCI have dedicated teams to produce independent data on the gender breakdown of large companies’ executive teams.

Secondly, the continued bifurcation of the market is providing more choice for investors. ETFs and other passively managed and more commoditized products are in direct conjunction with more actively managed fund approaches and is certainly driving down costs and increasing transparency.

Thirdly, investors want to live their values and are more aware of what their values are

We aren’t just talking about a handful of aware women putting a few dollars into their pension plan. The California State Teachers’ Retirement System (CalSTRS) announced its initial investment of $250 million in the SSGA Gender Diversity Index, a large- cap U.S. stock index primarily tilted toward companies with a greater than usual number of women in senior leadership positions.

CalSTRS Chief Investment Officer Christopher J. Ailman. “We are entering a new era of impact investing — one based on looking for values or purpose that generate investment returns based on diversity of thoughts and perspectives, while also creating change with our capital. I believe it’s time to change the face of Wall Street and corporate America.”

What is the SHE index?

The SHE index itself is an index which is based on a methodology involving measuring the number of women at senior management levels in the largest firms.
The resulting product is an ETF that tracks a newly created, proprietary gender diversity index comprised of the largest companies in the US with senior women leaders relative to other firms within their sector. Rather than wait for companies to take action themselves or rely on legislation to be enacted, SHE provides a way for people to fight the gender gap directly by investing in companies that put a premium on women in leadership positions.

Jennifer Bender, Managing Director and creator of the SHE index explained to theglasshammer.com that prior to launching this ETF product, Statestreet has been working with rule based large data sets on the institutional side of the business. She comments that it seemed like a natural transition to provide retail investors with the same ability. She comments,

“If investors want to vote with their feet plus get the long term equity return they are looking for then this product allows them to do this.”

When asked about how the companies are picked for the index, Jenn Bender explains that top firms are picked to meet specific criteria using independent research. She explains,

“We want the index to be sector constrained so that we have similar sector weights as the US large cap universe which ensures we have a diverse group of industries represented. The companies in our index have the highest ratios of female senior managers in their sector. “

Walking the talk

Allison Quirk, executive vice president and chief human resources and citizenship officerat State Street believes that it is another way to tackle gender equality work.

When asked about the new SHE index, she sees the importance of reflecting the work State Street continues to do the inside to create that pipeline of female leaders with an external commercial product that aligns with the State Street culture. She comments,

“It is good for business to ensure women have what they need to navigate – it is our responsibility to engage the entire talent pool to ensure a sustainable pipeline of female leaders. We have eighteen female EVPs now who each sponsor other women just below them, this effort along with our male colleagues taking the lead also on mentoring and sponsoring women, means that we really believe we will see the rewards of paying it forward. “

With 27% of their SVP’s and 23% of their EVP’s being women, it seems that this firm is taking gender parity seriously.

State Street’s SHE fund also has an innovative charitable component to it that focuses on the next generation of women leaders. The company will take a portion of revenues and direct them to the newly created Donor Advised Fund, which will in turn support organizations that inspire and equip girls to be future business leaders – particularly in industries where women have low representation today, such as STEM (Science, Technology, Engineering and Math).

Pipeline at all levels is what more firms need to think about.

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Learning from Others: The Toigo Foundation’s Annual Groundbreakers Summit

In December, the Toigo Foundation, a partner of theglasshammer.com held its fourth annual Groundbreakers Summit for female leaders. This year’s theme was action-based and explored the key resources, tools and relationships needed to help women advance in their careers.

Founded in 1989, the Toigo Foundation established an educational fellowship program (The Financial Services Fellowship) focused on careers in financial services for minorities. Now in its 25th year, the Toigo Foundation has provided MBA fellowships and internships for women and minority professionals, and has since added lifelong mentoring, career development programs, and networking. The group now counts over 1,000 alums in key leadership roles across finance, government and academia.

The day’s presentations were equal parts analysis, inspiration and brainstorming. The morning plenary session called Journey to the Top: What’s in Your Toolkit? This session explored the challenge of rising to the top from both internal and external perspectives. Adena Friedman, President of Global Corporate and Information Technology at NASDAQ, encouraged the attendees to consider the possibility that they can succeed “if they think and act like a woman.” She acknowledged that women face all sorts of external hurdles to success and gender parity – structural, cultural, systemic, but that in her opinion, the keys to success are one’s internal perceptions. Freidman advised,

“Just as someone can’t make you a leader without your consent, they also can’t make you inferior without your consent.”

Friedman then advocated actions over words, “Saying yes to a challenge makes you a risk taker. You don’t have to say, ‘I am a risk taker.’”

Erika Hayes James was named the John H. Harland Dean of Goizueta Business School at Emory University in May 2014 and opened by saying that she was “unprepared for the attention” she received as the first minority female to lead a major business school. Dr. James’s presentation discussed the challenges to one’s confidence of being “different from the majority” and went on to comment on the effects of being in the power minority,

“As a woman in business we are always in the spotlight, under scrutiny, simply because we are different from the majority, and this often causes women to cast doubt upon ourselves.”

According to Dr. James, women generally rely on three coping mechanisms to deal with their confidence issues, which she stated as ‘overachievement, assimilation or hiding in support roles’.

Unfortunately each of these coping mechanisms is limiting at best. A philosophy of overachievement often sets a person up for failure; cultural assimilation doesn’t let a person use their own unique strengths and insights and hiding in support roles is often just that – hiding.

Head of Global Research for Bank of America Merrill Lynch, Candace Browning, recounted her personal story of success despite not fitting the finance mold but stated that “I was okay as an outsider.”

Born in the Virgin Islands and a History and Russian Language major she entered a joint program at Columbia to study business and International Affairs, Browning “fell in love with case method” and eventually graduated with an emphasis in marketing. She joined PanAm and eventually leveraged her knowledge of the airline industry into equity research. Looking back she commented, “There wasn’t a lot of planning but I was willing to take risks.” Along the way she was constantly learning and asking questions, she advises women to “tell the story to get the promotion.”

Dr. Anne-Marie Slaughter, closed the morning plenary sessions with her thoughts on balancing competition and care. Dr. Slaughter is President and CEO of the New America Foundation and author of “Why Women Still Can’t Have it All”. Dr. Slaughter stated in her polarizing interview in the Atlantic in 2012 that women can ‘have it all’ and explained that women can even ‘have it all at the same time’ but takes the stance that there are structural and societal barriers that need to change to allow women to fully enjoy success at work and home.

Dr. Slaughter contended at the event that women are doing themselves a disservice by holding onto self-defeating beliefs such as, “It’s possible if you are just committed enough” and “It’s possible if you marry the right person.” She advocates for women to look instead at finding solutions to obstacles such as default rules about when and where and how work has to be done.

The final two sessions of the day were inspirational and examined how women’s decisions can change the world – and how much need there is for change. Nevada State Assemblywoman, Lucy Flores, recounted her personal tale of growing up poor, early run-ins with the justice system, becoming a politician and, most powerfully, her failed campaign to be Lieutenant Governor of Nevada. “Always go with your gut” is a cornerstone of Flores’s philosophy. Her strength was tested when she testified regarding a sexual education bill in Nevada. The bill promoted abstinence and Flores, relying on her gut, revealed that she had an abortion as a teen and that at the time it was her best option. “The backlash was horrible,” she recalled, “and I thought that following my gut was the worst mistake I could have made. However, eventually more and more people came forward to support me and I am happy to say that my disclosure helped move the needle nationally in the discussion of teen sexuality.” Flores also encouraged women to choose work that “makes them happy, even if it is hard. If fear is holding you back you are missing opportunities. Failure is difficult, but it is harder to live with regret.”

The final presentation was given by Terri McCullough, Director, No Ceilings Project at the Clinton Foundation. The project looks at ways to better integrate women into all aspects of political, social and economic life across the globe and the costs of leaving women out of the equation. McCullough encouraged attendees to “think more broadly about where opportunity and support may lie for women’s progress.”

After McCullough’s presentation, attendees broke into small discussion groups to brainstorm and present possible solutions to the gender parity situation. At the conclusion, Jeanne Sullivan, a technology venture capitalist with StarVest partners, addressed the crowd saying that she was particularly optimistic about the outlook for women in business and financial services. “Men who are marrying now have come up through the ranks and have seen how things work against women. They want their daughters to succeed and they will do what they can to change the culture to help them succeed.”

By Beth Senko

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OP-ED: Next Generation Diversity: Developing Tomorrow’s Female Leaders

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diverse women in the boardroomContributed by Aoife Flood, based in Dublin, Ireland, Aoife is Senior Manager of the Global Diversity and Inclusion Programme Office at PricewaterhouseCoopers International Limited.

Saturday, 8 March, marks International Women’s Day. As we celebrate the achievements of women in the workforce and beyond, my advice for leaders is don’t limit your focus to the gender leadership gap.

We know that organisations the world over are currently challenged with a lack of women in leadership positions, and concerned with the competitive and financial toll this could mean for their organisation. However, to achieve sustainable change CEOs must be committed to driving parallel efforts which tackle enhanced leadership diversity in conjunction with systemic change efforts targeting their workforce from day one. Organisations need to be focused on developing talented junior women now for future leadership roles – because when talent rises to the top, everyone wins.

At PwC Diversity and Inclusion is a strategic priority. We recognise that diversity is fundamental to the success of our business strategy and with the sponsorship of our Global Chairman, Dennis Nally, we are working hard to get this right. But we also recognise that to do this PwC, like other organisations, must first understand how to attract, develop and retain female millennial talent.

We are passionate about this, so to mark International Women’s Day this year we are launching the research based report Next Generation Diversity: Developing tomorrow’s female leaders which focuses on the attraction, development and retention of the female millennial.

A New Era of Female Talent

Born between 1980 and 1995, female millennials make up a significant proportion of the current and future talent pool. Female millennials matter because they are more highly educated and are entering the workforce in larger numbers than any of their previous generations. The female millennial has likely outperformed her male counterparts at school and at university and is the most confident of any female generation before her. She considers opportunities for career progression the most attractive employer trait. When it comes to the female millennial we really are dealing with a new era of talent; both in terms of the make-up of the workforce she enters and the career mind-set with which she enters.

The female millennial sounds pretty amazing, right? But how will organisations lean in to this new era of talent so they are successful in capitalising on these stellar traits? The Next Generation Diversity report shares six key themes that matter to the female millennial and positions the difficult questions that employers need to be cognisant of when it comes to this significant cohort of talent.

Female Millennial Demand for Global Careers

Let me delve a little deeper into one of the themes: ‘Global Careers’. I choose this theme because I am a millennial woman who was lucky enough to undertake an international assignment to PwC’s Boston office in 2006. This experience was life changing – throughout my 14 year career it is un-paralled as an experience in driving such an intense level of both personal and professional development. In essence, I know the impact an international assignment can have on a woman’s career.

Millennials have a strong appetite for working abroad, with PwC research telling us 71% are keen to do so at some stage in their career. What’s compelling – and critical for employers – is to realise that this is not a male phenomenon.

Read more

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