Tag Archive for: Industry Leaders

A Holiday Message from Our Managing Editor

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christmasThis time of year is one of reflection, of wrapping last-minute gifts, spending time with family and friends, and making resolutions for the year to come.

As we complete our second year, we at The Glass Hammer are grateful to everyone who has played a part in our growth and success. Our readers and sponsors have helped us reach new heights of journalistic excellence. You have inspired and transformed us.

2009 has presented all of us with challenges and opportunities. We have listened as you have shared your stories with us. We recognize how lucky we are to find ourselves in the company of those who are transforming their industries. We are indebted to those who have given of their time to make our community better by speaking with our writers, sharing  feedback, or contributing articles for publication.

We expect that 2010 will be another year of what you’ve come to expect from us editorially—informative profiles of top women and thought-provoking news stories.

Sharing in the growth of this blog and online community as Managing Editor has made me incredibly proud. Although I will be leaving The Glass Hammer at the end of this year to return to the practice of law, I am confident that The Glass Hammer editorial will continue to be a must-read for top female business executives globally.

I have enjoyed meeting so many of you over the past year and a half, and have learned a great deal from this experience. I could never have imagined that that a chance meeting with Nicki Gilmour, the CEO and founder of The Glass Hammer,would result in such a fun and exciting adventure!

Happy Holidays and a prosperous New Year! And look out for my editorial contributions in 2010.

Pamela Weinsaft
Managing Editor
TheGlassHammer.com

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Against All Odds, Women are Thriving in Michigan – Here’s How

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Portrait of happy young businesswomanBy Andrea Newell (Grand Rapids, Michigan)

The latest Inforum Center for Leadership report shows that the number of women reaching the boardroom in the Top 100 public companies in Michigan hasn’t improved in recent years and, at 9.6%, is far below the national average of 15.1% (in 2008). 46 companies (46%) have no women directors (up from 41% in 2007). And, as of October 2009, Michigan has the highest unemployment rate of any state in the U.S.

In light of its bleak economic picture and seemingly unbreakable glass ceiling, Michigan’s business climate appears to be a cold one for women. However, these businesswomen aren’t singing the blues. What do they have in common? They work for either a woman-owned business or a large company with a balanced executive suite.

What’s their secret? Collectively, these companies value their female (and male) employees by implementing work/life balance initiatives, supporting mentoring programs, and fostering good communication and a team-oriented environment.

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Managing Men

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woman managerBy Liz O’Donnell (Boston)

The Institute of Leadership and Management, a UK-based organization that helps companies improve standards of leadership as well as individual and team performance, recently released a research report titled, “Index of Leadership Trust 2009.”

The report looked at six areas by which leadership is measured: ability, understanding, fairness, openness, integrity and consistency and asked respondents to assign importance to each of them. The Institute then examined the results based on the size of the organizations, the length of time in leadership, and the age and gender of managers and subordinates. The report revealed that, “Ageism and sexism are largely and reassuringly absent from the findings of this research. The most significant trend to emerge is that employees show slightly more trust in managers ‘in their own image’ – that is, of the same sex and similar age to themselves.”

While sexism doesn’t play an obvious role in managers building trust, the findings do underscore one of the key challenges in advancing women to the C-suite. Many believe that businesses “hunker down” in difficult times, like the recession and jobless recovery, and tap the resources that walk, talk and look like them. So even though more women are now reporting to work than men are, with so few women still at the top of businesses, the men already in power will typically turn to other men to make key decisions and fill critical roles.

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Attracting and Retaining Women at Boston Consulting Group

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By Liz O’Donnell (Boston)iStock_000006712763XSmall

Something is working. The number of women at the Boston Consulting Group (BCG) has doubled over the last five years and now three women sit on the firm’s 13 member Executive Committee, up from none in about the same time frame. Women represent 33 percent of the firm’s approximate 4,300 consultants. These numbers are inching towards the kind of critical mass a company needs to realize the benefits of gender diversity.

How is Boston Consulting Group, a business built on the grueling model of consulting and billable hours, able to not just attract and retain, but also promote women? How does it make the Fortune magazine list of “100 Best Companies to Work For” and the Working Mother magazine “Best Company for Working Mothers” lists?

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Giving for Good: Philanthropic Wealth Management

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By Elizabeth Harrin (London)iStock_000009444427XSmall

Most people associate fund management with the hard-edged side of financial services. But it’s not all about fighting over the top stocks and knowing which off-exchange trading venue is hot. There’s a whole industry around getting the best out of other people’s money – philanthropic services.

“Our role is to offer guidance and support to our donors in every aspect of their charitable giving,” says Elizabeth Brown, Vice President of Philanthropic Services at the Marin Community Foundation, one of the largest community foundations in the U.S.  It manages the assets of the Leonard and Beryl H. Buck Trust and 350 funds established by individuals, families, and businesses, and has invested over $800 million in the work of nonprofit organizations. “Each of our donors works with a personal philanthropic advisor to determine their giving strategy, which varies depending on their values and interest areas,” she adds.

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FN100 List: Where are the women?

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By Liz O’Donnell (Boston)Feminine Business 2

If you’re paying attention, then you know that women are good for business. Even outside of women-focused news outlets like ours, people are finally talking about the positive link between women in leadership and bottom line results. Just last week, the Clinton Global Initiative held a programming track at its annual meeting, called Investing in Girls and Women. There was a special topic dinner held one night during the meeting to celebrate people committed to addressing the challenges and accomplishments of women around the globe. The participants included: Sarah Brown, Wife of Prime Minister Gordon Brown of the United Kingdom, Melanne Verveer, Ambassador-at-Large for Global Women’s Issues, Office of the Secretary, U.S. Department of State and Muhammad Yunus, Founder and Managing Director, Grameen Bank. A plenary session on gender inequality featured speakers including: Lloyd C. Blankfein, Chairman and CEO, Goldman Sachs and Robert B. Zoellick, President, The World Bank. So why, if awareness is raised, if the data exists, if heavy hitters like the ones mentioned above are discussing the issue, why are there still so few women at the top?

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Life in a Boutique Firm: Pros and Cons for Women in Fund Management

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by Elizabeth Harrin (London)

There’s more to fund management than the big players like Santander and Jupiter.  Fixed income boutique firms might be smaller, but they are more agile and offer different career opportunities.

“In a boutique firm, people may find themselves wearing many hats,” says Carolyn Dolan, founding principal at New York-based Samson Capital Advisors.  Samson is a fast growing money management firm designed to meet the special needs of affluent families, foundations, corporations and endowments.  The firm currently manages over $5 billion.  “This can be good as well as bad.  It is good in that a person is exposed to various parts of the business.  The negative is that one may have to worry about things that are taken for granted at a larger firm.  For example, during the past two weeks I have worked closely with an attorney on the lease for our new space,” she adds.

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NAFE Names Top Companies for Executive Women

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by Tina Vasquez (Los Angeles)

 

The National Association for Female Executives has once again released their list of the top corporations for executive women-or as the site puts it, their “annual scrutiny of America’s corporations.” The 2009 list, which takes into account succession plans, metrics for managers, and commitment to bringing women into P&L posts, was expanded to include 50 companies instead of its usual ten. According to the organization, the pool of applicants increased so drastically over the past year that the expansion was necessary.

 

NAFE’s top ten list features some familiar faces, as well as a number of newcomers who made their presence and dedication to hiring and retaining female talent known this year. Here are the top ten companies for women, according to NAFE:

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Managing the Business of Asset Management

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stone_house_-_holly_h_miller_-_photo11Contributed by Holly H. Miller, Partner, Stone House Consulting LLC

In the wake of plummeting revenue streams, particularly with client concerns over operational risk and managers’ needs to control costs, the lines between traditional investment managers and hedge funds have blurred and will continue to do so.  Traditional investment managers and hedge funds alike need to focus on the business of managing money as well as the management of the assets.  Though the industry’s historically high margins have allowed managers to pay scant attention to the decidedly unglamorous and hugely complex expense side of the business, they must do so now.  The winners will be those who manage their firms as well as they manage their clients’ portfolios.

While buy-side revenues are driven by assets under management, costs and, ultimately, profit are driven primarily by the number of accounts and secondarily by the number of products or strategies the firm offers.  Even with automation, more accounts or products equate to more people and salaries, typically the single biggest expense item.  This disconnect between revenue and expense drivers frequently went unnoticed by many senior managers because of the industry’s incredible profitability.  That clearly is no longer the case.
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WOMEN Unlimited: Helping Women Rise in the Ranks of the Fortune 500

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womanladder.JPGby Tina Vasquez (Los Angeles)

“WOMEN Unlimited is based on my experience of doing everything wrong for the first half of my career. I often think back and agonize over it, wondering how I could have been so stupid. When I became an executive, I noticed many women around me who were smarter, but had not achieved the same level of success. That’s when it all started coming together. I realized that they weren’t doing what they were supposed to. Business is a game and they didn’t know the rules; they were taking things too personally.”

So said Jean Otte, the founder of the organization. Named one of the first female executives in her industry at the age of forty-seven, the achievement was bittersweet because, while she was happy to have had the success, she was unable to find other upper-level women with whom to communicate and network.   And thus sparked the creation of WOMEN Unlimited, an organization which provides development opportunities for high potential women who have been selected by the organization’s corporate partners.

WOMEN Unlimited has three levels of programs that they offer their participants. TEAM was specifically designed for women who are new to or just entering management positions, LEAD is for mid-level managers with seven or more years management experience, and FEW (Forums for Executive Women) is for senior level executive women. Each program is limited to twenty participants and features 360° assessments, individual/peer coaching, and panel discussions. Dawn Farris, Manager of Customer/Inventory Services for Bridgestone North America, is so enthusiastic about what she’s learned in the LEAD program that she’s planning on creating a website detailing how it’s changed her career. “My idea stemmed from a statement I read in the program: If I had a mentor or had known to ask for one many years ago- where might I be today? I have no regrets about what could have been,” Farris said. “But I am certain that the information I share with others will help those interested in growing personally and professionally.”

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