Tag Archive for: KPMG

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A new report by KPMG for 2019 called “Risk, Resilience, Reward- Mastering the 3 Rs: The Key to Women’s Success in the Workplace” suggests that women are still cautious when it comes to risk taking in their careers with 69% of report respondents saying they are are open to taking small risks to further their career, but a lower number (43%) revealing that they are open to taking bigger risks that may be associated with career advancement.

Just 8 percent of respondents say risk taking has contributed most to their professional success, crediting task-oriented factors over leadership traits. Instead, women attributed success to good habits such as working hard (73 percent), being detail oriented (45 percent), and organized (45 percent) to their success. Other highlights from the report suggest that women are willing to take risks to ask for new assignments and projects (69%) but less keen to ask for more salary if they deem it to be risky or moving locations for a job (both 35% respectively).

Risk studies that are available on the topic and that we have written about over the years are inconclusive since there are many factors to risk taking, including personality, environment and what is perceived as risky by the taker or even by the system.

However, KPMG’s research is mostly consistent with trends that show women are not as confident as men when it comes to risk taking, including how women think about risk. Research also shows that in some cases, women are more concerned about risk and the impact on a group than men and feel more accountable for the implications of the riskier decision. There are so many factors that correlate and cause women to not want to take risks as well as societal and organizational eroders of even the most confident woman over time, not least the double bind of being “Damned if you do, Doomed if you don’t”. So, knowing all this and still being undaunted, we caught up with Michele Meyer-Shipp, KPMG’s Chief Diversity Officer to discuss this report’s trends and actions for women and men to take in light of the findings.

Nicki (NG): What parts of the report resonated with you personally or otherwise?

Michele (MMS): This report really spoke to me, as throughout my own career I’ve definitely been hesitant at times to take risks. Like the respondents in the report, I thought ‘if I just work hard, everything will happen for me’. It was all about working hard. That’s what I was taught growing up and I truly believed that was all there was to it. It was never ‘go forth and ask for what you want’ – I had to figure that out along the way.

NG: What advice do you have for women regarding risk taking?

MMS: We have to take ownership of our careers, we have to speak up and ask for what we want, and navigate the politics along the way. Don’t assume someone is going to hand you the next job just because you’re working hard; it just doesn’t work that way. Engage your board of mentors, and identify those who are sponsoring you. Your mentors are the people you choose to give you career advice. Your sponsors are the leaders who are advocating for your career. Both are incredibly important.

NG: What role does the organization have in helping women who do take risks?

MMS: Organizations have a huge role to play in helping women who take risks. First and foremost, they must make it clear that risk taking is a welcomed and valued leadership trait. This message has to come not only from the very top of the organization, but also from a woman’s immediate supervisor. From there, when a woman does take that risk, the company must support her in those efforts. For example, a risky new role requires the woman assuming that role to have the support she needs to get the job done. Does she have the right team, the right budgetary support, and so on. These are all factors an organization must consider.

NG: Since most leaders are still men, what role do men have in this?

MMS: Men need to “lean in” and support women on their teams. Some men have hit the snooze button in the wake of the #MeToo movement out of fear and uncertainty, but this is not a moment to sit on the sidelines. It is a great time to decide who we are and what we stand for and to be intentional about it. Whether you are a man or a woman, my advice is to proactively support each other, mentor each other, partner on teams together and advocate for one another. We must ‘assume good intent, until you see otherwise’ as it is a two-way street.

Men must also beware of their unconscious biases as related to women. Let’s face it, if you have a brain, you have a bias. It’s human nature. That said, men need to interrupt stereotypical assumptions they may make about women as that can inevitably lead them to make a bad decision.

NG: What surprised you about the findings in the report?

MMS: I found it really interesting that money remains the top motivator for risk taking. It runs counter to a lot of research and I kind of like that it debunks the notion we are so different. If 40% of women who responded said that they would take risks when there is an opportunity to make more money, then we know that along with the finding that 70% of women tend to be very resilient even in the face of failure, then I have great reason to remain optimistic that we will continue to see women taking smart risks that bring long term rewards.

women smilingConfidence is a big deal. It’s one of the biggest differences between men and women in the workplace. According to this infographic by Invisalign, women underestimate their abilities and performance even though their performance does not differ in quality from that of their male counterparts. It’s a common theme in the gender discourse. Men are overconfident in their abilities, while women struggle to advocate for themselves, particularly for things like equal pay.

And it shows. Women hold more than 50 percent of college degrees and more than 40 percent of MBAs, according to the KPMG Women’s Leadership Study, but less than 5 percent of Fortune 500 companies have female CEOs. Somewhere in the stretch between college and high-level positions, women get lost.

Young women enter the workplace full of confidence, with 43 percent aspiring to top manager roles. However, after a mere two years on the job, these levels drop to below 25 percent. There’s something that happens after women enter the workforce that steals away their enthusiasm.

It may be easy to say, “Yes, but women take a long break mid-career to have children.” Trust me – I have 3 kids, ages 4-8, and am compassionate for the unique type of stress working mothers face. Did having children require me to push pause on my career?Absolutely not.Does being an executive make me a better mother?For me, it does. My career completes me and sets a wonderful example of a strong woman for my three young boys.Recently, Marissa Mayer announced that she would not be taking a full maternity leave.I applaud her for being confident enough in herself to make that decision under intense public scrutiny.I have no doubt that her children are cared for and loved, and I am certain that her girls will grow up to be incredibly proud of the strong, female leader they get to call mom.

Leaders are created at a young age, and young girls aren’t encouraged to lead the same way that boys are. The “ban bossy” movement has been targeting this social phenomenon by giving parents the tools they need to embolden their daughters.

Of course, that’s all great for the women of the future, but what about us? What about those of us in the workforce striving to become CEOs of our own companies? We can’t wait around for the next generation to change what we want changed for ourselves.

If you feel as though you’re being held back in your career by a lack of self-confidence, do the following three things:

1. Define Your Own Success

Not everyone wants to be CEO of a Fortune 500 company. That’s ok. Maybe you want to grow your own company, or run a nonprofit, or be a mentor. It is important to define your own success early on in your career. Following a path predetermined by society will only make you unhappy in the long run. Really spend time thinking about your long-term goals.
This will ultimately make big decisions easier further on in your career. When you’re offered a new position, or you take on a new job, you can measure it against your long-term career goals and decide if it’s helping you move in the right direction.I was recently asked to run for Congress, and, as attractive as that may sound, it wasn’t compatible with my career goals.Not only did that make turning down that opportunity easier, it made me more self-assured in my decision.

2. Support Other Women

Women get a bad rap for not supporting other women. We’re sometimes envious of the way men can bond and connect in a way that women feel they can’t – we call it the “boy’s club.”
In reality, things aren’t actually as far off for women. Columbia Business School conducted a study and found that the “Queen Bee Syndrome,” in which women in power are more critical of female subordinates, is actually a myth.

Women do have a strong network that’s just as good as any boy’s club. Spend time cultivating your relationships, and support the women around you.

3. Stay Hungry

The best way to boost your own confidence is to excel at what you do. Never settle for just completing a task when you can blow it out of the water. Take on projects that are outside your comfort zone, and constantly work toward making yourself better.

Society is changing for the next generation, but you have to make change happen for you. Work at being self-confident, and others will be confident in you too.

By Melissa Beck

5033967967One of the best ways to enhance your career, according to KPMG’s Leann Balbona, is to speak up. “It’s important not only to demonstrate you can do a good job, but you have to tell people, too. Managers can’t read your mind, so you have to let them know what you’re interested in for the next step in your career progression,” she said, adding that otherwise, they might not know if you are ready or willing to move to a position that might be a perfect fit. “Tell them that if they see an opportunity for x or y, you’d like to be kept in mind.”

That has been key to the ascension Balbona has achieved in her career, which she describes as both interesting and rewarding. Currently a Managing Director with KPMG’s equity tax practice, she has traveled around the world and worked in five different countries on projects. “The ability to be creative has always been important to me because of my natural curiosity so it’s been wonderful to have had so many opportunities.”

One of those opportunities that helped shape her career was being asked 15 years ago to be a team lead on an important IT projectto help build a web application from the ground up. Web technology was just emerging, and this role offered the chance to learn more about using this new technology to automate international tax processes and assignment management. After developing the application, she was able to spend three years on the road, traveling throughout Asia, Europe and North America to meet with corporate clients and discuss how they could use it to enhance their businesses and better manage mobile employee populations. To this day, some of KPMG’s largest clients, as well as the internal KPMG teams, use this technology to manage their mobility programs and deliver services.

Now, as Balbona is one of the leaders in the rapidly growing Global Incentive Compensation Services, a business in KPMG’s Global Mobility Services Tax practice, she finds it particularly rewarding to build a team, create efficient processes and deliver a service offering that truly helps clients become more tax compliant in delivery of equity awards to their employees around the world.

A great way to give back is to serve on boards.Balbona has served as a leader of KPMG’s New York office’s Network of Women for five years. This leadership experience with one of the firm’s largest offices helped position her for her current role as a board member of the Global Equity Organization (GEO), a non-profit trade organization.In this position, she helps guide the organization, which serves the equity industry from an educational and trade perspective on best practices and industry trends. “The current regulatory pressure and enhanced emphasis on corporate governance means that companies must be ever vigilant and focused on mitigating risk, especially since the mobile workforce can create unintended liabilities and multiple tax obligations. It’s more important than ever to proactively address and properly report tax obligations in an efficient manner to avoid unplanned costs for the company,” she says.

Advice for Early Careerists

Balbona’s experience underscores that “Big Four” firms are a great place to start and build a career, with their emphasis on a strong foundation in accounting, tax and advisory with a focus on both classroom and on-the -job training and advancement. There’s also a high potential for challenging and unique assignments including international assignments or projects, which are important opportunities to take advantage of early in a career. “The skills you learn at a Big Four firm will pay dividends throughout your career.”

She also believes that while mentors are important, sponsors play an even more vital role as you move up the chain. “I can’t emphasize the impact of having someone watching out for you, offering opportunities and championing you when you are not in the room.”

Building a strong network is key and it doesn’t happen without effort. Balbona urges professionals to build personal contacts by getting out of the office for lunch, coffee or networking events. “Others are more willing to help you if they know you on a personal level,” she says.

A Progressive Work Force

Over the years, Balbona has seen an evolution in policies and perspective that has increasingly led to the retention of high-performing men and women. She has seen that achieving work/life balance is increasingly important to all professionals. “Here in the 21st century, where technology has allowed so much more flexibility in our industry for alternative work arrangements, such as working remotely, I don’t feel as though there are gender-based issues.”

Despite these advances, Balbona sees the value of women’s networks after spending five years leading the chapter in the New York office. “It was a great way to give back to the organization and mentor our women professionals while developing programs to help them become better leaders,” she said, adding that she was able to meet people she otherwise wouldn’t have met, who have served important roles over the course of her career.

While there, she helped pilot and roll out a program that is already having an impact on retention. Intended to help younger professionals manage their career and life choices, it provides a framework for evaluating their progress and then setting actionable goals and priorities.

She also recently completed a one-year program at the Executive Leadership Institute for senior women, which was led by an external coaching firm and attended by both KPMG partners and managing directors, as well as those from equivalent levels from other companies. She found that mix provided an interesting perspective and the skills she learned have already enhanced her leadership.

At Home and Around the World

Close to home, Balbona supports Harlem RBI and YWCA and enjoys walking her dog in Central Park. She also loves traveling with her husband and meeting people in other cultures around the world. “Journeys come in all shapes and sizes, and you can learn from all of them, whether you’re at home or abroad.”

By Cathie Ericson

Lynne DoughtieLynne Doughtie, KPMG’s National Managing Partner for Advisory Services, had one goal when she entered the firm upon graduating with an accounting degree from Virginia Tech: she wanted to be an audit partner serving banking clients out of KPMG’s Richmond office.  But, ten years out, due to a major consolidation effort going on within the banking industry, that goal was becoming more elusive each day.  “That was a really difficult time for me because, within a two-year time period, one after the other, my banking clients were disappearing.  So by the time I was ready to get promoted to partner, I had no clients. That was a huge crossroads for me.” 

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