Tag Archive for: Thought Leaders

Women Leaders – Walking Out or Walking Onwards?

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For every woman at the director level that was promoted to the next level in 2021, two women directors walked out the door of their company. Women leaders are now demanding more, and leaving their companies at unprecedented rates, according to The Women in The Workplace 2022 report by LeanIn.Org and McKinsey & Company, who have released the research annually since 2015.

“We’re finally seeing the moment where women in leadership are voting with their feet,” said Alexis Krivkovich, a managing partner at McKinsey and cofounding report author.

In this “profound change,” women are indeed deciding to vote for the workplace they want with the most compelling power they will ever have: their presence, time and energy. Nothing short of this will shake up the workplace as we have known it. No matter the current representation, senior women are going beyond just getting access to upper levels and getting clearer on what they would like to experience and see happen there, and seeking that out. Could senior women’s participation from this place of self-empowerment catalyze greater change?

Women Aren’t Leaving, They’re Leaving For Better

“We are in the midst of a Great Breakup in corporate America. Women leaders are leaving their companies at the highest rate we’ve ever seen. They aren’t leaving the workforce entirely but are choosing to leave for companies with better career opportunities, flexibility, and a real commitment to DEI,” said Sheryl Sandberg, founder of Lean In, who leaned out of Facebook this past summer.

About 10.5% of female leaders (senior management and above) left their companies in 2021, compared to 9% of male leaders. On the average year, the spread is close with only a half-point gap.

Senior women leaders, after all the journey they have gained, aren’t walking out because they don’t think they have choices. They are walking about because they finally know they do – and they are taking their leadership assets with them in search of better opportunities. Having now recovered from pandemic job losses, women are more attuned to the relationship they want (and the ones will not tolerate) within the workplace. Women’s threshold to tolerate toxicity and inequity has been thinned, yet the broken rung is still there and the broken record of unequal outcomes plays wearingly on repeat. Women leaders are voting for the relationships they want to have with work.

Cultures That Work for Women’s Advancement

Women are as ambitious as men. Black women leaders (59%) and women of color (41%) are even more likely to want to be top executives (27%). But only 1 in 4 C-Suite leaders is a woman and only one in 20 is a woman of color. For every 100 men promoted from entry level to manager, just 87 women and 82 women of color are promoted.

And the signals that counter advancement come across in microaggressions or more overt dynamics: Female leaders are twice as likely as male counterparts to be mistaken for someone junior. 37% of women leaders said they’ve had a co-worker get credit for their idea, compared to 27% of men. Black female leaders are 1.5x more likely than women overall to have had their judgment or qualification questioned. Many women still feel undermined or passed over in the workplace.

Recognition for and Performance Consideration Of Essential Work 

While women are twice as likely to do be doing DEI-related and inclusion work that is helping with company performance, they are disproportionally carrying an increasingly ‘valued’ aspect of leadership that too often goes unrecognized and 40% say does not factor into the performance review. Meanwhile, women leaders are more burnt out (43%) than male counterparts (31%).

Flexible Work Cultures that Embody the Talk Around Diversity, Equity and Inclusion

Women want a better work culture. Only 1 in 10 women wants to work on-site most of the time, and women will move for flexibility. It’s not surprising considering that 52% of senior female leaders do most of the family housework and childcare compared to 13% of senior male leaders. Women who work the way they want to feel far happier, feel they have more equal opportunity to advance and are less likely to leave their job. Remote work also provides a reprieve from office-based exclusion and as McKinsey points out, that is a fundamental issue for organizations to address: “Companies cannot rely on remote and hybrid work as a solution; they need to invest in creating a truly inclusive culture.”

Over the past two years, being in a culture committed to well-being and DEI has become more important to women, and they are 1.5 more likely to have left a job because they wanted a more inclusive culture.

Better And More Supportive Managers 

Having a supportive manager is a top three criteria for women when thinking of joining or staying with an organization. Only about half of women say their manager encourages respectful behavior on their team regularly. Less than half say their manager shows interest in their career and helps them manage their workload. Black women and Latinas are particularly less likely to feel their manager shows interest in their career, checks in on their well-being or promotes inclusion on the team. They also experience less psychological safety. Women with various intersectional identities see gaps between the lip service to inclusion and what is actually happening in their experience.

Towards A Work Paradigm That Works For Women?

Female directors are becoming more sensitive to the conditions that don’t work for them, and it matters for them and future generations. Women under 30 are highly ambitious to become senior leaders, but 2/3 would be more interested if they saw senior women with a covetable work-life balance, an increasingly important career requirement for younger people.

The press isn’t focused on how bad this attrition of women leaders is for women. It’s focused on how bad the attrition of women leaders is for organizations. McKinsey has previously found that executives teams in the top quartile of gender diversity have a 25% greater likelihood of outperformance (above average profitability) than those in the bottom. LeanIn.Org and McKinsey have several recommendations for organizations following this recent report.

Stepping back, we are interested in what happens when women leaders take stock of their own value. All along, women have been trying to pave the way for those behind them by fighting to have a seat at the table. But increasingly, women are realizing that modeling leadership is not only about the rooms you are able to walk into, but also the rooms you are willing to walk away from. Because we need to walk towards creating organizational missions and cultures where all women (and people) are welcome and supported to lead and live their lives.

That is the power of esteeming the self. How would that mindset shift, at a collective level, give rise to more change in our workplace?

By Aimee Hansen

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Grace Jamgochian: Partner, Mergers & Acquisitions, Shearman & Sterling

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Grace Jamgochian“Law professionals are not selling widgets. We’re selling thoughts. We’re selling our expertise. We’re selling relationships,” advises Grace Jamgochian. “So remembering the human nature of our business is so integral to what we do.”

Jamgochian speaks to why M&A is animating every single day, the pay-off of being goal-oriented and why it’s important to treat law as a service-oriented business.

Loving the Hub Responsibility of M&A

As a full-service Mergers & Acquisitions (M&A) partner at Shearman & Sterling LLP (Shearman), Jamgochian works across a broad general corporate practice — from public M&A, to private M&A, to private equity — gravitating towards the areas of tech, media, and telecom, infrastructure, and consumer products.

“M&A is a quasi-business and business strategy function. We advise our clients on more than just the technical aspects of the law. We partner with them to achieve their objectives, and we work closely with our internal specialists to make sure all bases are covered,” says Jamgochian. “As an M&A lawyer, you’re responsible for managing, coordinating and completing the entire deal. I love M&A because that responsibility fits well with my personality and drives me.”

Jamgochian thrives on the pace, breadth, variety and overview that M&A demands of her at Shearman.

“Every day is different. I have a general sense of my to-do list but M&A is often a series of fire drills,” she says, “Being on my toes is the type of practice that I’ve always wanted, and that’s why I’ve continued in M&A for more than a decade.”

Jamgochian also enjoys the teamwork needed for M&A transactions. “M&A is the central hub for a deal. My group handles the “corporate” pieces but we also collect the input of specialists such as in IP, Tax, Compensation, Real Estate, and Regulatory. I view a transaction agreement like a complex puzzle, and each person contributes a few pieces into the big puzzle that I’m ultimately 100% responsible for,” she says.

Jamgochian credits a year-ish long stint as an in-house attorney at Thomson Reuters, right after graduating from Cornell Law School, with immersing her into the business perspective of law from the very beginning.

“While others used the Shearman associate deferral year in 2010 for non-professional pursuits, I chose to work at a client handling M&A and securities matters so that I could get my feet wet right out of the gate. Having this opportunity set me up to be a practical, business-minded and solution-oriented attorney from the start,” Jamgochian reflects. “A deal needs business-minded lawyers. It can’t just be working in theory. You need to assess and advise on the risks, but you also need a good dose of reality and know what market practice is.”

Being Goal-Oriented As Her Key to Success

Though Jamgochian is newly elected to the Shearman partnership this year, it’s been in her sights since she first began her law career. Her journey to partner felt both intentional and linear.

“Always give yourself options. From Day 1, I tried to put myself in a position to be partner down the road, even if I couldn’t predict the future and would have been open to other paths. I volunteered for basically everything, from deals to extracurricular responsibilities like involvement in inclusion networks and bar associations. If you want to be a partner, you don’t wake up one day and suddenly have the skills. You should start thinking about business development early on and what technical and “soft” skills you’ll need to develop,” says Jamgochian.

She says her colleagues would most likely also remark on her efficiency, organization and ability to carry through a goal to completion.

“I’m a goal-oriented person. If we all have an idea in mind of what we think should be the finish line, let’s get there and let’s be efficient about it,” says Jamgochian. “In order to do that, you need to be organized, create processes, reduce any inefficiencies of people not knowing what their role is and communicate clearly. That’s me in a nutshell.”

When it comes to her next level goal, Jamgochian would love to continue to develop herself as an M&A lawyer to rank among the top of her field.

Law is Foremost About People

Early on, it was imparted on Jamgochian that law is a service-oriented industry in which the business is “people” and “our minds”.

“We’re getting paid to think. It’s about essentially our brains and our relationships: these intangibles. So the thing that lawyers need to focus on and remember throughout our careers is our clients and to develop those relationships with clients,” says Jamgochian. “Provide them with the best legal advice, which is essentially your thoughts and expertise, but then also don’t forget that everything is people-based in law firms, whether your clients or those you work with.”

When it comes to diversity, M&A as an industry is a more white male dominated area in particular.

“I have definitely had occasions where I’m the only woman in a room of thirty people. Once you already have a male-dominated industry, then you have the lack of mentorship, you have the lack of role models and it kind of snowballs from that,” observes Jamgochian. “But I think all firms, and the industry itself, are trying to pull the reins in. Shearman is really focused on D&I efforts, plus an increasing client focus on diversity is also helping to increase the law firm diversity focus as well.”

Busy Summer and Time for Family

As it’s only a block away from home, Jamgochian has been working out of the office this year, where her workload — focusing largely on tech, media, and telecom and infrastructure — has continued to boom when she might normally see a summer slowdown.

She notes that with the change of executive administration, as well as regulatory and tax changes in the air, many people and organizations are wanting to work through deals quickly. So these days, her expertise is a commodity in fast demand.

Jamgochian’s husband is also a Big Law lawyer, and with both of them having a high-intensity lifestyle, time with their five year old son is precious. They enjoy weekend picnics in Central Park and being surrounded by family in New York City and nearby.

With a background in dance history, Jamgochian turns to movement as part of keeping her balance, which may very well help in flowing with the pace of her work. She also loves learning instruments and reading music to stay sharp – along with piano and flute, she has recently also taken up ukelele.

By: Aimee Hansen

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Change Leader: A Q&A with Christine Hurtsellers, CIO Fixed Income, Voya

Christine HurtsellersWe caught up with Christine Hurtsellers, Chief Investment Officer of Fixed Income for Voya Investment Management (IM), to talk about the future of the financial services industry.

Nicki: What has changed since we last interviewed you back in 2010?

Christine: I still have the same role, however, following our IPO in May 2013 and separation from ING Group, we rebranded as Voya. It’s been an exciting process to define Voya’s values and recalibrate our investment policies. In 2015, Pensions & Investments Magazine named Voya IM one of its “2015 Best Places to Work in Money Management” list for the first time. The firm also recently received distinction as one of the World’s Most Ethical Companies® by the Ethisphere Institute for the third year in a row.

Nicki: Why do you think it is so important to help advance good talent, including more women in the industry?

Christine: I am passionate about making the investment industry better. I want to help rising stars in the industry that are women and provide them with a toolkit. I believe that women can be phenomenal investors, and I want to challenge and speak with them to help them grow as thoughtful investors. People entering this industry are looking for more than a paycheck. They value experience and want to work for places that are more values-based. I think it is great that millennials are thinking way more about linking their values to their workplace experience than previous generations.

Nicki: What is your advice to someone entering the industry or who is in the early stages of her career?

Christine: The cost of doing business is increasing and as a result we will see some consolidation. Some products are becoming more commoditized with ETFs showing up more for retail investors on that side of the business. It is an interesting time to be in the industry as institutional clients look for unique, customized approaches for their portfolio. The road is becoming more and more bifurcated. For people entering the industry, there is a temptation to become specialized early at a boutique firm. I believe it is critical to stay flexible to learn a variety of skills for the first 8-9 years of your career. My advice is to look for companies with multi-dimensional businesses to give yourself that opportunity.

Nicki: You recounted to me how one time a woman said you were an unrealistic role model. How did that make you feel?

Christine: I don’t want to be the poster child for women at work because I have five kids and I run marathons, that isn’t everyone’s version of life. How do we lift as we climb? That is the bigger question, and I think the answer is to share with people my failures and some of the decisions I have made. I try to be real and make sure my advice is very content oriented about the markets and investing. By challenging and teaching people, I can be a better role model. Lastly, if I can use my network to help women and make appropriate introductions, then I know I am walking the talk.

I try to hire women and I use my network because a long time ago a woman did the same for me and she was instrumental in helping me get my next job. She was in fixed income sales and she introduced me to many clients and people in the industry. This was crucial in me securing my next role at what is now Alliance Bernstein

Looking out for each other in times of trials is so important. To have someone put her credibility on the line and say “hey, talk to this person” is incredible, and this woman did that for me, so I want to pay it forward.

Nicki: How do we ensure other leaders are as accountable as they think they are for real change?

Christine: I think the best way to engage leaders in the discussion of having diversity in their teams is to challenge them to think about what they do to shape the culture.
Sometimes it isn’t obvious to other leaders that they need to create pathways and a culture for success for women that goes beyond mentioning their women’s network and other HR policies.

I want to see accountability for diversity, and if I start with the numbers – literally asking how many women are in senior roles – then it usually opens up an honest conversation with most male leaders to think more about how they can approach hiring and developing more women.

Nicki: How have you successfully built relationships in the industry – both within your firm and with people in other firms?

Christine: Networking can be such an implicit action; it’s just something we do. You meet interesting people along the way and share relevant insights with them – add value to the other person and they will reciprocate – like in a marriage you have to love and you have to love first.

I joined the Treasury Borrowing Advisory Committee in 2014 and I am enjoying working with really talented and intelligent people on a very interesting subject that has real consequences. I work at leaning in with them. Sending an article to a small group who share common interests, dropping them a note from time to time. It is about contributing as best as you can to further the task and mission. Building relationships is ongoing, and it is an honor to work with such great people providing recommendations to Treasury on a variety of debt management issues.

Nicki: Do women help other women at work?

Christine: I would go as far as saying that I believe that women help women in tough situations, more than men help other men. It is also important to look for your advocates in male and female leaders as I have great examples of how men have believed in me. Rob Leary, now CEO at TIAA Asset Management, was the person who gave me the job at Voya. I wasn’t the most obvious candidate, and he took a risk on me. He knew I was great with people and an exceptional investor, and I delivered for him.

Nicki: What is the one thing you know now that you wish you had known when you were first starting your career?

Christine: I went it alone for a long time. The power of networking peers and mentoring is something I wish I had considered when I started my career. I wish I had focused more on the quality of management, their values and ethics, and the culture they create at the company.

In life, you take every opportunity and you learn – in careers, as long as you maximize learning, you are on the right path. I ended up fine tuning my experience in mortgage derivatives when I made a move to Freddie Mac. Many advised me against it, but I knew it was important for me to spend more time with my family as previously I wasn’t seeing them from Sunday night to Friday afternoon. I learned so much. It meant I could come to Voya due to my deep knowledge, and for my life at that time it meant my family and I could be happy, which is of course really important.

It’s about making the best out of any experience.

Christine is also a panelist at our upcoming event – theglasshammer.com’s 5th Annual Navigating your career event on May 4th 2016.

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OP-ED: Employers must meet unprecedented female demand for international mobility – or face losing the war for talent

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Aoife FloodContributed by Aoife Flood. Based in Dublin, Ireland, Aoife is Senior Manager of the Global Diversity and Inclusion Programme Office at PricewaterhouseCoopers International Limited.

Did you know that we are experiencing a time of unprecedented – and as yet unmet –demand from female employees for international mobility?

Across the world, forward-thinking organisations are using international mobility experiences to develop future leaders and advance the careers of key talent. Yet despite unprecedented female demand for these assignments, women currently only account for 20% of international assignees.To boost awareness of this shortfall, celebrate the international career aspirations of women and shine a light on what organisations can do to help make these aspirations a reality, PwC is marking this year’s International Women’s Day by launching a new research-based report called Moving women with purpose.

The report highlights a number of other critical diversity disconnects beyond the wide gap mentioned above between female demand for mobility and the reality in the workplace. For example, the overwhelming majority of multinationals in our study told us that global acumen skills were a critical requirement for advancement into leadership positions at their organisations (77%) – and 67% of large multinationals said they use global mobility to develop their succession pipeline of future leaders. Yet only 16% confirmed that the number of female international assignees in their organisation was proportionate to their overall percentage of female employees.

Furthermore, only 22% of global mobility executives stated that their organisations’ diversity and mobility strategies were aligned. Even more worryingly, the same small proportion – 22% – said they were actively trying to increase their levels of internationally mobile women.

So it’s clear that organisations are using international exposure and experiences to develop and advance their key talent. But it’s equally clear that more action is urgently needed to close a significant mobility gender gap. To do this, CEOs must drive an agenda where women are both aware of – and also actively provided with – the critical experiences they need to progress their careers, including international assignment opportunities. Also, to respond to and capitalise on the demographics of the modern workforce mobility, mobility programmes can simply not be operated in a silo. Global mobility, diversity and talent management strategies need to be connected and coordinated to support companies’ successful realisation of their international business and people strategies.

Another disconnect that PwC’s research report highlights is a glaring lack of role models for female mobility. Less than half of the women we interviewed agreed that their organisation has enough female role models with successful international assignment experiences. And this shortcoming is negatively impacting companies’ wider female talent and global mobility programmes. In fact, both women and global mobility executives identified it as the second highest barrier inhibiting more women from undertaking international assignments.

To close this role model gap, international employers need to use the mantra ‘you can’t be what you can’t see’ as a catalyst to drive more gender-inclusive mobility. The 71% of female millennials who actively desire international mobility want to be able to look up and around them to see women who have already had such experiences at their organisation, and who have seen their careers benefit as result. If women can’t see such role models, then organisations will struggle to attract or retain female talent, who will look to other employers to provide them with the international opportunities they crave.

Speaking personally, I was very lucky to undertake a mobility experience at the age of 25 to PwC’s Boston office – and for the near-decade since then I’ve worked with an international mandate. So I know just how life-changing a mobility experience can be. I can’t imagine any other way that I could have benefited from such rapid and profound personal and profession development in a relatively short space of time. This is one of the reasons why our report includes profiles of several female role models from PwC and other international businesses.

We’d also like to share with you our Moving women with purpose role model video, which showcases a diverse range of PwC women talking about their international mobility experiences. If you are a woman considering undertaking an international experience, or perhaps hesitating about taking the plunge, it’s definitely worth a watch.

In identifying and publicising female role models, it’s important that organisations ensure they don’t all look the same. This means asking yourself whether your role models will resonate with all your female talent – or just a select few. And to ensure the widest possible relevance, it’s vital to profile a diverse range of female role models. Examples may include women who have had international experience early in their careers, and those who have benefited from them when their careers are more established; women who have been deployed to geographically diverse markets, both developed and emerging; women who have been deployed on their own, with their partners and with their families; and women who have undertaken widely differing types of assignment – whether business- or developmental-focused, and whether long- or short-term.In the face of today’s fast-changing workforce demographics, global mobility strategies that do not fully include women will simply not deliver to their full potential. Organisations must take heed – and act in response.
We invite you to find out more by visiting www.pwc.com/movingwomenwithpurpose
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Thought Leader: Monica Marquez, EY West Region Diversity, Inclusiveness & Flexibility Leader

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Monica MarquezIt was a subtle comment that kept Monica Marquez of Ernst & Young LLP (EY) in the closet at her first job – the sense that coming out would hinder her opportunities. And that’s one of the reasons she is so focused on improving the experience for other LGBT employees. “When you are able to be your authentic self, barriers dissolve and your performance becomes just about your performance. The LGBT piece becomes moot.”

Marquez attended Texas Tech in Lubbock, Texas, studying biology with a dream of becoming a doctor. While in school, she realized she had a natural passion for student engagement and involvement. One of her professors, the vice president for Student Affairs, praised her abilities, telling her she would make a wonderful administrator in higher education. She did some soul searching about what drives her and what she most enjoyed doing, and for the first time realized she had options other than the careers she had seen growing up, such as doctors, lawyers or engineers.

With that, she earned her master’s degree in higher education, and after meeting her partner, decided to move to New York, where she felt people would be more open minded.

The timing was less than ideal: they were headed to New York City on September 11, 2001, but postponed their arrival until Sept. 21, right after the 9/11 tragedy. She soon found out that there was a job freeze at most schools, limiting her options. She accepted a position at an art school, which one would assume would have a more open-minded administration, but that was where she felt the perceived pressure not to come out in the role for which she was hired, so she spent her first four years in New York closeted at work.

That challenge convinced her that when she looked for a new role, she would share personal stories during the interview and essentially “out” herself from the onset. “I’m going to ensure they like me for me.”

Moving to Financial Services

When she was offered the opportunity to pursue a recruiting role at Goldman Sachs focusing on building out their diversity pipeline of talent, she hesitated. She had only heard “horror stories” about working in a corporate environment, especially the financial industry, but after consulting with friends with financial and business backgrounds she realized it was too good an offer to pass up.

And indeed it was. “Joining the financial services industry was the best choice I’d ever made. It was fascinating to watch the same student development theories I had learned during my graduate studies play out in the workplace, as employees entering the working world transitioned into discovering their skill sets and who they are,” she says. “It was the mirror image of freshmen and sophomores coming into college, and I realized I was able to parlay my background to develop professionals as I did students.”

She credits the recruiters, who saw potential in her ability to bring a different perspective.

One of her first efforts was rolling out the Goldman Sachs Returnship program, supporting women returning to the workplace, which stands as one of her proudest career moments. As she progressed in her career, she focused on expanding her diversity experience to work on initiatives focused on LGBT, women, Asian, black and Latino employees at Goldman for the next seven years.

At that point, she decided she didn’t want to get siloed in diversity, and took a role at Bank of America Merrill Lynch, where she focused on leadership development, working with senior leaders to help them shape culture, organizations, teams and talent. But after a year and a half, she realized she was passionate about diversity and began looking into other diversity roles. As serendipity would have it, her partner Alaina was asked to relocate to the West Coast by her employer, so Marquez used that opportunity to tap into her professional network and start searching for roles out West. Before she knew it, she was hired for a diversity inclusiveness and flexibility role at EY in Los Angeles, ironically with the same report date as her partner –December 2014.

At EY, Marquez has been working on assessing the environment for flexibility, diversity and inclusiveness, underscoring that it’s no longer just focused on women. As one example, gender neutral bathrooms were included in EY’s San Jose office redesign, a concept Marquez is encouraging teams to implement wherever feasible. Her goal is to capture momentum, engagement and energy and focus on creating high-performing teams while weaving in the concept of inclusiveness. And, she’ll be taking the firm’s global and Americas priorities and customizing them for the west, taking into account different cultural nuances based on client groups.

LGBT in Financial Services

As a whole, Marquez believes the financial services industry has been more progressive and more forward thinking than many.

“Having firsthand experienced being ‘closeted’ in the workplace, it was a priority for me to only consider employers with progressive and inclusive cultures during my job search. I found that, contrary to what I believed, the financial services industry was further along with LGBT initiatives than others. I’m excited to be at EY, a place I knew I could be myself from the beginning, instead of debating the right time to come out.”

She says even though EY has solid stepping stones in place, the firm is always looking for ways to improve and offer an inclusive environment. As part of its overall inclusiveness efforts, EY has initiatives geared toward LGBT professionals and their allies, that promote a welcoming work culture and make inclusiveness real for everyone, whether it’s through support or education.

The firm’s benefits include spousal-equivalent domestic partner recognition (from registration to benefits and policies), gender transition coverage in accordance with the World Professional Association for Transgender Health, and tax gross up on the domestic partner benefits imputed income. “These are subtle policy practices, but they have a big impact on the welcoming feel that things are equal.”

Encouraging Others

Marquez says she wishes that she had been strong and confident enough at the beginning of her career to say “This is who I am!” She believes she was initially unable to reach her full potential by not coming out, because she was always hiding something, which breeds a lack of trust with managers. “Over the course of my career, I’ve seen this mistrust manifest itself in manager-employee relationships. I’ve counseled closeted professionals who felt that their career trajectory was stalled. And I know why: for the manager and the employee, there’s something that’s off, but neither one of them can put their finger on it. In reality it’s that the LGBT professional doesn’t feel they are able to be their authentic self in the workplace, and the manager perceives the employee as being closed off or not engaged with the broader team. This misperception can adversely affect a career because the lack of a manager’s trust can lead to missed career opportunities for that employee.”

She says that this valuable lesson has made her even more passionate about teaching leaders to be careful about their words, to educate them on how to create an inclusive environment.

When talking to younger LGBTs about career opportunities, she counsels them to research companies where they think they want to be employed and dig in to see the culture: to make sure they embrace diversity and inclusiveness and see how other LGBTs have fared. “You’re going to spend the majority of your time there so you have to make sure it’s a good fit, and you don’t realize how important that is until you’re in the midst of it,” Marquez said. “I tell them, ‘Don’t put more time into choosing a car than your workplace.’”

Marquez counsels LGBTs to avoid making it an issue by seizing an opportunity to out yourself to make others feel comfortable. “Talk about your partner like anyone else would. People take your cues so don’t make it awkward; make it a non-issue.”

She says that managers are often afraid to say the wrong thing, but when you see them trying that says a lot. “We shouldn’t get upset if their response isn’t perfect, but instead look at those as teaching moments.”

Outside the Office

Marquez is involved in the Association of Latino Professionals for America (ALPFA), where she has hosted panels to discuss the nuance of the LGBT journey in the Latino community, which tends to be conservative.

She also works with students, helping broaden the definition of success for young minorities. “Growing up in a small west Texas town, success was defined narrowly. I have a huge passion for educating students about what it takes and how it works,” she said, noting for example that they wouldn’t necessarily know that if you want to get an internship at EY you need to apply early in the fall of your sophomore year in college.

Marquez and her partner, Alaina, now live in Los Angeles and have begun to explore all of the amazing areas and outdoor activities the West Coast has to offer. “The adjustment from New York City to Los Angeles has been significant, but we are enthusiastically determining for ourselves if the West Coast really is the best coast!”

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Thought Leader: Donna Parisi on the Derivatives Industry 2015

Donna ParisiDonna Parisi, Partner and head of Shearman & Sterling’s Derivatives and Structured Products practice, sits down with theglasshammer.com to share her thoughts on the outlook for the derivatives industry in 2015 and beyond. Donna was profiled back in 2010 on theglasshammer.com.

Donna will be a panelist at our Annual Navigating Your Career event on 26th February that will address the topic of “Engaging Men as Diversity Champions.” Shearman & Sterling is a sponsor of this event alongside Goldman Sachs and BNY Mellon.

Read more

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Thought Leaders: Donna Parisi on the Derivatives Industry

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Donna ParisiDonna Parisi, a Partner at global law firm Shearman & Sterling, recently sat down with theglasshammer.com to share her thoughts on the future of the derivatives industry. Donna was profiled on the site in 2010 when she participated in our “Top Women on the Buyside” management event, which she will be chairing again this year. Since 2010, Parisi has assumed the roles of co-head of Shearman & Sterling’s Asset Management Group and head of the Derivatives and Structured Products team. Over the past few years, Donna has been focusing on financial regulatory reform matters. At London’s Chatham House Conference on Global Financial Markets on March 17, Parisi will be discussing cross border derivatives harmonization.

The Glass Hammer: What is the outlook like for the derivatives industry at large?

Donna Parisi: The OTC derivatives industry, which has only been around for about 30 years, has constantly innovated and I believe will continue to do so. Over time products become commoditized and profits compressed, but new products have been introduced to meet customer and market demand. The inherent power and beauty of a derivative instrument is the ability to link it to an unending supply of asset classes limited only by a financial professional’s creativity. I believe the outlook is bright – different from what it has been in the past – but one of opportunity.

TGH: What impact does the most recent regulation have on the industry?

DP: The three central tenets of Dodd-Frank are improving transparency, mitigating systemic risk and protecting against market abuse. The regulations attempt to improve transparency in what has been called an “opaque” derivatives market by requiring exchange trading of more liquid derivatives instruments and requiring reporting of all derivatives transactions. Systemic risk is addressed by requiring liquid derivatives transactions to be centrally cleared and providing for higher margin requirements for uncleared instruments. Registration and regulation of major market participants such as swap dealers are intended to prevent market abuse and give regulators greater enforcement powers. Both the sell side and buy side are well past debating the need for or efficacy of new regulations and instead are fully focused on implementation and getting back to business. One major implementation challenge is compliance with regulations across multiple jurisdictions that are substantively similar as a policy matter, but differ in the details, presenting compliance complexities in what is a global marketplace. Related to this is the need for major infrastructure build-outs, including on unrealistic timeframes imposed by regulators on the technology side.

TGH: What do you think is keeping senior execs in derivatives up at night?

DP: What worries senior industry professionals are liquidity and capital. A perhaps unintended consequence of the new regulations has been fractured pools of liquidity largely resulting from cross-border issues such as broad extraterritorial scope, differing regulatory implementation timelines and a lack of mutual recognition of regulatory schemes in other jurisdictions. What does this fractured liquidity mean for the market? Who will the winners and losers be? What will be the impact on pricing and spreads? In some ways, capital considerations instead of regulatory requirements are driving business decisions. What capital is needed to support my business, and do my returns justify this allocation? I expect that in the next few years banks will be scaling back or even abandoning more capital-intensive businesses, perhaps creating opportunities for other credit intermediaries.

By Nicki Gilmour, CEO theglasshammer.com

This week The Glass Hammer is profiling successful women in the derivatives industry.

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Thought Leader: Pamela Ravare Browne, National Chief Operating Officer, ALPFA National Office

Pamela Ravare Browne

“I consider myself to be a southern girl with big dreams and a lot of faith that they would come true,” said Pamela Ravare Browne regarding the career journey she embarked on before joining ALPFA as the Chief Operating Officer in 2010. She continued, “I have been very blessed as an executive leader with over twenty years of professional experience to utilize my skills and talents as well as my passion for non-profit.”

Ravare Browne was born in California, but spent her childhood in Germany. “This was my first introduction to the international world and gained the perspective that the world is so much bigger and broader than what we see,” she recalled. After growing up overseas, Ravare Browne returned to the United States and completed her undergraduate degree in Marketing and graduate school education at Louisiana State University, earning an MBA with a concentration in Marketing and International Business.

An Unlikely Career Path

“I recognized my desire to pursue higher education and became very passionate about it after being one of the few members of my family to complete a MBA degree,” said Ravare Browne. She continued, “I worked in the corporate arena for a few years at General Motors, IBM, and Proctor and Gamble in the marketing division at each firm.” While Ravare Browne felt very privileged to be working at these Fortune 100 companies, she felt like she was not tapping into her true passion. She explained, “There was something from a contribution standpoint that wasn’t quite gratifying for me.”

After spending some time in China, Ravare Browne came back to the United States and accepted a visiting professor position at the University of Miami-Ohio and began to consider the option of returning to school herself to pursue a Ph.D. “I realized that I loved sharing knowledge and giving back to younger individuals who needed guidance and mentoring,” she said. Ravare Browne continued to pursue her teaching career, accepting positions at other universities across the country, including the University of Dallas. Here, she became the Director of the Pre-MBA program where she had the opportunity to interact with international students from over ninety countries.

Within years, Ravare Browne was promoted to become the Executive Director of International Relations at the University of Dallas. This appointment set the stage for Ravare Browne to spend a lot of time working abroad in different countries facilitating the process of getting international students to come to the United States for their graduate education. “I fell in love with working in a non-profit and academic arena,” said Ravare Browne.

Once again, she started thinking about the possibility of furthering her own education by earning a doctorate, but these plans were placed on the backburner when she was approached by The National Society of Hispanic MBAs, ALPFA’s sister organization, where she accepted a position in the office of the CEO.

Ravare Browne was eventually approached by ALPFA, and three years ago, she moved out to their headquarters in Los Angeles to serve as the Vice President of Strategic Initiatives and was quickly promoted to her current position as Chief Operating Officer. She said, “My journey has been a fabulous mix of corporate American, academia, and non-profit.” She attributes her success in all of these different fields to the cross-functional skills acquired in business school, but ultimately Ravare Browne knew she would be the most effective in the industry for which she is the most passionate. “I found my niche in the non-profit sector because I had the desire to give back,” she explained.

Carrying Out ALPFA’s Mission

“The mission of ALPFA to build Latino business leaders is very clear,” said Ravare Browne, “and I was very attracted to the work ALPFA was doing, especially in the graduate space.” With 22,000 professional and student members, 41 professional chapters, and 120 student chapters, ALPFA is not only the largest Latino business organization in the United States, but also the oldest. “We build leaders through the work that we do,” explained Ravare Browne, “and ALPFA is a safe space for our members to develop their leadership skills and take on professional roles that may not be available to them yet within their own companies.”

Ravare Browne is proud that ALPFA is able to develop leaders who can then go on to work for some of the biggest companies in the world. “We provide talent to major corporations and they view ALPFA as the premier organization for recruiting Latinos in accounting, business, and finance,” she said. “On the other hand, we also bring in the best of the best in executive leadership to our programming. Our members are exposed to top leaders from many different industries.”

Women of ALPFA is one of ALPFA’s core programs that was established about ten years ago and has been instrumental in developing Latina business leaders through networking, training, and development. “We are continuing to expand our programs to serve our female members,” said Ravare Browne. She noted that fifty percent of ALPFA’s national chapters have female presidents.

ALPFA began as a professional organization that evolved to include programs for students at the high school, community college, and university levels. ALPFA also has over 2,000 members who are in graduate school. “We have outreach programs that impact all levels of the pipeline,” said Ravare Browne.

Career Advancement Tools for Latino Business Leaders

According to Ravare Browne, any non-dominant group will face challenges in their professional careers. The mission of ALPFA is to equip Latino business leaders with the tools they need to advocate for themselves and move forward in their careers. “Communication and relationship building are two hurdles that our members encounter, especially our student members,” said Ravare Browne. “Learning how to network as a professional in a room can be intimidating for anyone. It is a common anxiety, but a very real one that can hold someone back in their career if they don’t master these skills.”

One of ALPFA’s goals is to have a positive impact on the percentage of Latino leaders at the highest corporate levels. This underrepresentation results in a somewhat limited network for emerging leaders in the Latino business community. Ravare Browne said, “ALPFA helps to tighten these networks and helps members facilitate valuable business relationships and connections.”

Ravare Browne places a lot of emphasis on the importance of sponsors to the career advancement of high potential talent, and this is a message she works hard to deliver to the members of ALPFA. “Many of our members don’t have that inside edge, so we provide mentoring and coaching in addition to connecting them with individuals who will be sponsors for them within their own companies,” explained Ravare Browne.

She continued, “Culturally, it is not common for Latinos to self-promote themselves. By creating this mentoring and sponsorship concept within the organization, it helps them to see the importance of having both in order to advance in their career.”

Going forward, Ravare Browne hopes that ALPFA will continue to grow and evolve as much as it has since it was established 41 years ago. By continuing to focus on building strong executive leadership programs, she is confident that ALPFA will be increasingly instrumental in ushering strong Latino business leaders through the leadership pipeline over the next 40 years and beyond.

The Glass Hammer is celebrating Hispanic Heritage Month by featuring profiles of Hispanic Women Business Leaders all week long!

By Michelle Hendelman, Editor-in-Chief

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Thought Leaders: Chris Crespo, Inclusiveness Director, Ernst & Young LLP

Chris CrespoWelcome to Pride Week on The Glass Hammer — we’ll be profiling successful LGBT business women all week long!

When Chris Crespo was applying for her first job out of college, professional services firms hadn’t yet taken many steps to address diversity challenges. “When I started in the industry, we didn’t talk about diversity and inclusion. They made an effort to have a woman interviewer, if you were a woman. And that was it,” she recalled.

“Now we see diversity and inclusion as part of what we do to brand ourselves as leaders in the industry in terms of meeting client needs, learning new things, and doing everything we can to be as strong as we can in this area,” she explained.

Crespo has had a lot to do with that change. In addition to working as Inclusiveness Director at Ernst & Young LLP, she was the catalyst behind the firm’s lesbian, gay, bisexual and transgender (LGBT) professional network, Beyond.

“The biggest way I’ve changed over the course of my career is listening more and figuring out what it is that I don’t know. It used to be very easy for me to argue with people,” she reflected. “It’s been an important lesson for me along the way that sometimes what seems so obvious to me is not obvious to other people. I needed to learn to ask more questions and find out the reasons behind why people were seeing something differently from me.”

She continued, “There were times on the LGBT side where it was easy for me to get angry – for example, ‘why don’t we have partner benefits?’ And more often than not it was a lack of other people’s understanding. It became evident to me that there are some things other people had never thought of. The Beyond network is a good example of that. We had a women’s network, a few ethnic minority networks, and I said, ‘Why don’t we have an LGBT network?’”

“And the next thing I know, I’m leading one,” she said with a laugh. “That’s the other thing – when you ask questions, be prepared to follow up on them.”

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Thought Leaders: Ranji Nagaswami on Leadership, Investing, and Managing Your Career

Ranji Nagaswami“I am very concerned and alarmed at issues of financial integrity,” began Ranji Nagaswami, former Chief Investment Advisor to Mayor Bloomberg and the City of New York when asked about what institutional investors see as the important issues facing the buy-side.

Nagaswami spent over two decades successfully climbing the ranks of the investment management industry in the private sector. Then, in 2010, she took a job with Mayor Michael R. Bloomberg in the City of New York (NYC), where she would work on solutions to one of the administration’s biggest challenges: pension funding and managing investment risks of the NYC Retirement Systems’ $120 Billion plus in pension assets.

She was tasked with illuminating the administration and NYC Pension Board’s understanding of the drivers of the current pension crisis and successfully persuaded various stakeholders (with contentious mutual relationships to say the least), to restructure New York’s pension investments policy with an eye toward better balancing the long term risks. Having seen the buy-side from the unique vantage points of a manager and an institutional investor, she sees the need to change the tone of leadership in the investment industry as a whole as critical to furthering the interests of beneficiaries and shareholders – who, she says, “after all we are all in the industry to serve.”

“For over a decade now there have been deep issues surrounding our conduct as investment and financial services professionals. It is not just the conduct of the few who epitomized the worst behaviors during the accounting / insider trading / mortgage lending / leverage induced scandals, I am talking about all investors – research analysts, portfolio managers and financial advisors who bear our share of responsibility through our collective complacency in failing to enforce higher standards of due diligence and fiduciary behavior,” Nagaswami said. “We need to set a higher bar, a far more robust code of conduct for the asset management industry that sees improving end-investor outcomes as its ultimate mission. But to build a higher ethical culture we need leaders in the asset management industry who hold themselves accountable on this dimension. Thinking through standards to create accountability is deeply linked to the future of finance.”

“We need leaders who have the right values and prioritize integrity over asset gathering and profits.”

She added, “These may sound like easily said platitudes, but to many thoughtful investors it is very real and goes to the core of rebuilding confidence in the US financial system.” Nagaswami sits on the CFA Institute’s Asset Manager Code of Conduct Committee, but also uses her many public speaking opportunities to drive this issue home.

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