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Women in Business Special “We need real models not just role models”
F EBRUA RY 2 016
Contents
Cover Story– Women’s Forum Conference Roundup
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60 Seconds – Vivian Hunt, Managing Partner UK & Ireland - McKinsey & Company
Diversity as a Business Imperative – Michael Cole-Fontayn, Chairman, BNY Mellon EMEA
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Author Spotlight – Vanessa Vallely Managing Director, WeAreTheCity.com
2 Welcome from Sarah Baxter, Deputy Editor The Sunday Times New IAB and Board Members 3 Meet The New Members
9 Diversity as a Business Imperative by Michael Cole-Fontayn, Chairman, BNY Mellon EMEA
Insight
Cover Story 4 Women’s Forum Conference
Features 6 60 Seconds with Vivian Hunt, Managing Partner, Mckinsey & Company 7 Interview with Gail Grimmett, Senior Vice-President and Nadia Clinton, Country Sales Manager, Delta Air Lines 8 Interview with Carolyn Fairbairn, Director General of the Confederation of British Industry (CBI)
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Interview with Carolyn Fairbairn, Director General of the Confederation of British Industry
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Event Highlights – BAB Rugby Breakfast Club with AIG
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Culture 14 Interview with Vanessa Vallely, Managing Director, WeAreTheCity.com and author of ‘Heels of Steel’
10 Why Aren’t More Women Attracted to a Events Career in IT? Reporting the Gender Pay Gap 16 BritishAmerican Business Gala Dinner 2015 11 Career Gains for Women may Stall in Years 17 London Event Highlights: Women’s Forum Ahead Without Greater Focus Today Annual Conference, BAB Rugby Breakfast The New Leadership: How Feminine Traits are Club, Business Briefing: Using Big Data to Changing Leadership for Women and Men Win Voters and Customers and Open For 12 Profiling Diversity for Reputational Gain Business: What a Transatlantic Free Trade The Importance of Cyber Security and the and Investment Agreement means to the Role of Women UK Automotive Sector.
Policy
18 New York Event Highlights
13 Policy World: What’s New?
20 Events Calendar: New York and London
Office Address
London Staff
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Welcome
Sarah Baxter I Deputy Editor, The Sunday Times
There’s no question that progress has been made in recent years when it comes to gender equality in the workplace. The latest Davies report published in October 2015, shows that FTSE 100 companies have exceeded their target of having 25% of women represented on their boards and this number is expected to rise to 33% in 2020. However, businesses still have a long way to go in attracting and retaining talented women and empowering the next generation of female leaders. As a member of one of BritishAmerican Businesses’ most active and large networks, ‘The Women’s Forum’, I took part in their first conference in November 2015 where I was a moderator for the event. It was a fantastic day of networking, discussion and collaboration with topics such as effective leadership, diversity and inclusion, and mentoring and sponsorship all high on the agenda. More importantly, over two hundred business executives, both men and women had the opportunity to voice the current challenges we face in today’s society not only as businesses, but as individuals and the barriers that we all face, particularly women, in the modern workplace. With this in mind, this special issue of Network magazine focuses on Women in Business and BritishAmerican Business’ key Women’s Forum initiatives, including a roundup of the important themes and discussion points raised at the Women’s Forum conference (pages 4-5).
Furthermore, BAB’s member companies are active on a number of issues when it comes to women in business and they have provided valuable thought leadership insight in this edition such as: ‘Why aren’t more women attracted to career in technology’ this is an important issue, given the latest 2016 Technology, Media & Telecommunications (TMT) report by Deloitte predicts that fewer than 25% of jobs in IT will be held by women by the end of 2016. Elsewhere in the magazine, you’ll find contributions from Carolyn Fairbairn, the first female director-general of the CBI (page 8), Michael Cole Fontayn Chairman of BNY Mellon, who writes on why diversity is critical for an organisations success (page 9). Plus, Vanessa Vallely, Managing Director WeAreTheCity.com discusses her latest book ‘Heels of Steel’ which gives practical advice for women surviving in a thriving corporate world (page 14). I look forward to engaging with BritishAmerican Business’ members in 2016 and taking a very active part in the Women’s Forum Network which I’m sure has an exciting year ahead. Finally, in the good knowledge that women can and will continue to achieve greater success in 2016, congratulations to Urszula Wojciechowska, Executive Director, British-American Business Council New England who has been awarded an MBE in the 2016 New Years Honours list.
New Board and IAB Members BritishAmerican Business (BAB) is governed by a transatlantic Board of Directors, led by our Chairman, Nicholas Walsh, Senior Advisor, AIG and our President and Deputy Chairman, Christopher Perry, President Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions. The Board’s active support and commitment to BAB and its objectives are important to ensuring our continued success as an organisation. We also enjoy strong support from our International Advisory Board, consisting of Chairmen and CEOs from more than 100 major multinational companies. We are delighted to announce that the following new members have recently joined our Board of Directors and International Advisory Board.
NEW BOARD MEMBERS David Cox CFO, UBM Christine Mackay-Ross Central Region Director Witt/Kieffer Shaji Nair Vice President, External Relations Shell International Petroleum 2
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Margaret (Peggy) M. Smyth Chief Financial Officer, U.S. National Grid Paul Stevelman Managing Director, Head of CIB US Corporate & Institutional Banking, RBS The Royal Bank of Scotland
NEW INTERNATIONAL ADVISORY BOARD MEMBERS Remi Hinduja Regional Chairman, Americas Hinduja Group of Companies Robert Greifeld CEO The NASDAQ OMX Group, Inc.
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Cover Story
Women’s Forum Conference
Wherever you are, you can make a difference: addressing the challenges, sharing best practice and exploring opportunities together. WOMEN IN BUSINESS
BritishAmerican Businesses’ “Women’s Forum Network”, representing women from all business sectors and geographies, brought together 200 influential women from the business community on its first one-day conference at The University of Chicago Booth School of Business in London, focusing on gender equality in the workplace.
Business; Emma Avignon, CEO of Mentore Consulting and Ailsa King, Head of New Business, Willis Group, who discussed Shattering the myths when it comes to recruiting, retaining and promoting women in business.
Held on November 11th 2015, the conference was designed to address the challenges faced by women in their companies, share best practice and explore opportunities in the talent pipeline.
“Many women feel like they’re faking it but just knowing that many of us feel the same way can sometimes be reassuring. We’re not faking it but a lot of what we do has that veneer of insecurity.”
The Forum is the largest and most active of BritishAmerican Businesses’ membership forums. BAB Managing Director Wendy Mendenhall described it as a positive force and one to be reckoned with: “We’ve had over 200 women join us for what was a very, energising and thought-provoking series of discussions through the medium of our expert panels.”
She urged women in business not to sell themselves short, not to praise things as if they were ‘adding their two cents’ but to state their opinion and not by prefixing it with ‘maybe it’s silly but…’ It is not silly to state your views.
The day’s keynote speaker was Michael Cole-Fontayn, Chairman of BNY Mellon EMEA, who argued that diversity offered ‘an opportunity to create a much healthier organisation’.
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He said his own company had seen a real business benefit in doing so. Leading organisations acknowledge that diversity and inclusion is directly related to higher achieving and performing teams, greater levels of innovation and improved recruiting and retention.
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pipeline to see role models in the organisation who are more accessible, women at mid-level who are more able to be related to by junior women in the organisation
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“Lead from where you are,” he told his audience “Wherever you are you can make a difference.” Women who are experts in their field then took delegates on a journey of discovery by way of three panels moderated by Sarah Baxter, Deputy Editor of the Sunday Times. Different subjects were tackled but similar themes emerged. First up was Julie Morton, Associate Dean of Career Services and Corporate Relations at The University of Chicago Booth School of
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Emma stressed the importance of mentoring, sponsorship and networking.
S ponsorship is about someone who advocates for you: your fan, finding you opportunities and raising your profile
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– Emma Avignon, CEO of Mentore Consulting
She said women often did not see networking as part of a job.
It is important for women in the
– Michael Cole-Fontayn, Chairman of BNY Mellon EMEA
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Julie spoke about the need for women to be more authoritative in making simple statements.
“We never give ourselves time to go to these networking events. Go to the right events for you and you will find interesting people. The key is following up but that’s the easy part. Networking can’t be dismissed if you want a successful career.” Ailsa agreed. “I adopted a mentor on day one and he is still my mentor to this day. You need a supporter looking out for you, pushing you. Women need a bit of a push to take that next step.” Panel Two comprised Natalie Reynolds, CEO and Founder of Advantage Spring; Tom Kalaris, former Chief Executive of Barclays Wealth, and Executive Chairman, Americas, of Barclays Bank; Susannah Nicklin, Co-founder and Co-CEO of Apprecie Limited and Mandeep Grewal, Managing Director of Customer Experience at United Airlines. Their subject was The Executive Toolkit - The Necessary Skills of Influence and Persuasion in Today’s Workplace. Natalie said negotiation happens all the time, in the workplace and in our personal lives. www.babinc.org
Cover Story
WOMEN IN BUSINESS
“Children are great negotiators and will employ any tactic to get a result. The problem is we often spend way too much time worrying about how likeable we are rather than focusing on results.” She pointed to five things women needed to be specifically aware of when negotiating and trying to influence others: women don’t generally ask; they are not ambitious enough when they do; they are better at negotiating for others; they don’t like to say no and they have a fear of social penalty. Mandeep talked about efforts at United Airlines to understand and promote diversity within the company, which had established four business resources groups including a women’s organisation.
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I grew up on aeroplanes, I’m the daughter of a pilot, how many of you immediately thought that was my father? It was my mother, a woman, a pioneer in the 1950s. Even now, decades later when people talk about people being in the aviation business, no-one knows the kind of roles women play – Mandeep Grewal, Managing
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Director of Customer Experience at United Airlines
Susannah illustrated how persuasion had played such an important part in establishing a successful business, because it made things happen. Women needed to ask for what they want and not give up. They should find an open door and move on until they do. Energy, she said, was the key lever: “In a situation where you want something to change, or want something, you need to do the work to get it. You need the other person to realise you care about the outcome and to recognise your commitment and energy.” The final panel was a masterclass by Averil Leimon, Founder of the White Water Group, on authentic leadership. She said she refused to talk about diversity because women, at fifty one percent of the population, were in the majority. Using evidence-based research, she talked the delegates through some of the issues they faced in the workplace and got them to discuss and think about it. www.babinc.org
“In the UK we love to think about our weaknesses. You need to access your key strengths because it doesn’t matter what situation you’re in, that’s what you’ve got. Women often try to fit in a mould and that doesn’t work.” She concluded with some thoughts about men. “Where are the fathers who raise confident girls and respectful boys? Where are the good leaders who show value through behaviour who are the modern male who embody the best aspects of masculinity? “This conversation has to be about humanity; about men, about women, about the best we can be.” In her closing remarks, Yvonne Smyth said she was delighted that BAB had the vision and energy to put on the conference.
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ritishAmerican Business and our Forum B provide an unrivalled platform to access knowledge, practical information, and a real opportunity collectively to make a difference. We wish to continue to challenge and overcome barriers and pave the way, not only for us, but the next generation of professional women to realise their ambitions
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– Yvonne Smyth, Head of Diversity, Hays Plc
At the end of the conference, which concluded with lunch, delegates went away armed with enthusiasm and new ideas about mentoring, networking and assertiveness to advance and empower women in the workplace. One networking idea immediately put into practice was the placing of a fish bowl outside the dining area, in which people put their business cards and pulled another one out. They were then expected to contact the person named on the card for a follow-up meeting. The innovation came from Mandeep Grewal, from United Airlines. She said: “It’s simple but so effective. I’ve seen concrete results in getting women to know others and moving around. It’s a proven example of something that really works.”
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Feature
60 Seconds with... INTERVIEW
Vivian Hunt is the Managing Partner of McKinsey’s United Kingdom and Ireland offices, based in central London. She has been with the firm for over 20 years and, alongside her role as Managing Partner, she serves leading pharmaceutical companies on a broad range of strategy, development, and organisational topics. What’s the best thing about your current role at McKinsey? I get to work with some of the brightest people I know on some of the toughest problems facing our clients and, through them, our society. We have the opportunity to really make a difference at scale, across a wide range of industries and functions. It is hugely challenging and motivating.
If you could give one piece of advice to young women in the corporate world, what would it be? All great things have been built by bold changes, so it is important not to limit yourself. Know your area of expertise, but be bold enough to build opportunities beyond your natural comfort zone. Take risks, embrace uncertainty, and find a great mentor. That’s more than one piece of advice, but it all rings true. When charting my own professional journey, I have tried to take pause to ask myself what do I want to contribute; what am I building that is new; and, to remind myself to continue to put myself out there to get results. When I moved to McKinsey’s London office to help build the Healthcare practice, we set an ambitious target and did not even entertain the notion of turning back. Fortunately, we assembled a great group of people who shared that vision and were willing to do the work to make it come true.
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You’ve worked all over the world. What environment / culture was most interesting for you? I spent some time in Asia as a child and that period has certainly influenced me. There is a lot of Japanese and Asian art in our home and I have very fond memories of my time there. For me, though, the people with whom I am working and the experiences we share are often more memorable than the location. For example, one of my first professional studies in the UK was in a mid-sized city in the Northeast of the country. Culturally, it was much farther away than the four-hour train ride from London would suggest; but it was there that I developed a discerning appreciation for mushy peas (the side dish of choice at our hotel), and, more importantly, made one of my best friendships in the firm which has produced a fantastic god-daughter and much laughter along the way.
What does diversity mean to you? Of course, diversity as an aspiration is a great thing in that it ensures that everyone has an equal opportunity to succeed and, in some cases, to fail. It often levels the playing field in that regard. From a business perspective, getting the best mix of people, skills, and experience means that we reach better solutions. And, as we discussed in our paper “Diversity Matters,” companies with more diverse management teams often have better
Vivian Hunt
Director and Managing Partner, McKinsey & Company in the United Kingdom and Ireland
financial results for precisely those reasons. That is an incredibly powerful correlation that really places diversity on the management agenda as a strategic imperative. This is one of the best things about my current role at McKinsey (See Question 1).
What is one surprising fact about you? After university, I started my career as a midwife in Senegal which met my goals at the time to have an adventure and to make a difference, although I was not quite so specific on what type of difference that would be. My time in Senegal was a great gift – I found my passion for healthcare and my ambition to make a difference at scale. This passion has stayed with me ever since, making my work feel more like a calling and less like a job. When things get tough, I look back on my experiences in Senegal and remember why I am here and the difference I hope to make.
Where would we find you on a Sunday afternoon? At the Tate Modern with my husband and two sons.
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Feature
Interview
With Delta Air Lines’ Senior Vice-President New York, Gail Grimmett, & Country Manager UK & Ireland, Nadia Clinton INTERVIEW
One of Crain’s New York Business’ most powerful women of 2015, Gail Grimmett joined Delta Air Lines more than 20 years ago. Appointed Senior Vice President New York in 2009, she has spearheaded Delta’s campaign to become the preferred airline in the Big Apple. Meanwhile, across the pond, Country Manager, UK & Ireland, Nadia Clinton, is driving changes to further build the airline’s brand in London. What were the key challenges you faced when you first took over in New York and how have you transformed the business in order to make a mark in the industry? Gail: In 2009, Delta was a distant third place in revenue position among the major US carriers and our brand awareness was low in New York. We had an uphill climb ahead of us, but I put the right team in place and my first task was to tackle Delta’s underinvestment in the city. We secured funding for a new $1.4 billion, state-of-the-art terminal at JFK, which opened in 2013, and we added a further extension in January 2015. Plus, we completed a multi-million dollar overhaul at LaGuardia where Delta expanded its network through a slot-swap deal with US Airways. Six years later, Delta is the largest player, operating over 500 peak-day departures from JFK and LaGuardia to 130 worldwide destinations. People expect you to keep your deals here: we promised upgraded airports, a better product, and a broader network, and that’s what we’ve delivered. My goal is to continue this level of excellence.
What advice would you give to businesses growing their brands on both sides of the Atlantic and how does this tie in with your own plans to grow Delta across the pond? Gail: Delta has worked hard to become part of the fabric of New York where we maintain partnerships in the area with major sports franchises, community volunteer programmes and the arts. Delta is the Official Airline of the New York Yankees and the New York Mets, as well as the New York Knicks, New York Rangers, and Madison Square Garden. We also partner with dozens of civic organizations including Food Bank for New York City, the YMCA of Greater New York, and the Whitney Museum, to give back to the community we serve. Nadia: The changes in New York have resonated with our customers and we’re looking to replicate them in London. If you consider that until
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2008 Delta didn’t even have access to Heathrow and today we offer up to nine daily flights to New York in partnership with Virgin Atlantic, we’re making progress. We’ve built a solid network from the airport and are investing in the customer experience with a flat-bed product from Heathrow plus the only Delta Arrivals Lounge in the world. And we’re also involved in community projects here through our sponsorship of The Prince’s Trust and Chelsea Football Club.
How is Delta leading the way in terms of innovation? Nadia: Tough competition means we’re doing things differently than other airlines. We recently launched an aviation-themed bar, NY-LON, with Virgin Atlantic at The O2 in London, offering customers a unique experience without needing to board an aircraft, and we’re looking at more ways to increase customer interaction with our brand over the coming months. Gail: Strategic investment, whether that’s in airports, airline partners or technology, is what’s helping to set Delta apart. For example, today Delta operates the world’s largest Wi-Fi enabled fleet.
How do you try to achieve a work-life balance whilst being as proactive as possible? Gail: For me, balance is about finding time for my morning runs, no matter how busy I am. Nadia: My weekends are precious and as much as I can, I keep them work-free so that I can enjoy reading, walking and going to the theatre.
Gail, you were recently named among NYC’s most powerful women this year. What advice would you give to women who want to rise to the top? I look forward to a time when my female colleagues and I are recognised for being great leaders, without ‘female’ being used as a qualifier. Be true to yourself, don’t be afraid to ask questions and believe in your own abilities.
Name someone who has been the biggest inspiration in your career? Gail: I’ve been fortunate to have benefited from a number of great bosses and inspirational leaders, particularly Delta CEO Richard Anderson, and President Ed Bastian who believed I had what was needed to transform Delta in New York. Nadia: There’s no one person, but I stick to Judy Garland’s advice: ‘Always be a first-rate version of yourself, instead of a second-rate version of someone else’.
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Feature
Meet Carolyn Fairbairn The first female director-general of the CBI INTRODUCTION
Carolyn Fairbairn Director-General of the Confederation of British Industry (CBI)
Carolyn has had over 25 years in British Business. A former journalist at the Economist, she spent eight years at McKinsey & Company before directing strategy at the BBC and ITV, and then joining the board of Lloyds Banking Group. She joined the CBI as Director-General in November 2015.
It is an extraordinary privilege to have taken over the reins of the CBI. As an organisation which speaks to Government on behalf of 190,000 business, of all sizes, and from right across the United Kingdom, we work across the waterfront of issues affecting business. It is a hugely interesting time to have taken over as the organisation’s Director-General, the eleventh in our 50-year history. Back in 1965, the year in which Sir Winston Churchill, who poured so much effort into building the relationship between the UK and the USA, died, the business landscape was very different from what we see today. Today, global competition is strong, but the UK has a golden opportunity to move on from its successful recovery of the past few years, and to build a new era of growth and prosperity for all. Take productivity, for example. Though the UK lags behind important peers, including the USA, it has proven its capability in areas like automotive and aerospace, where British productivity leads the world. If we focus on longterm priorities and solutions, we will go a long way towards securing the foundations of our thriving economy. We face new challenges – in equipping our young people with the right skills, building infrastructure fit for the 21st century, improving tax and regulation, increasing access to global markets, and strengthening trust in business – but also real opportunities in remedying them. This is the agenda that’s really going to matter for the next few years, and, in championing it, the CBI’s role will be more relevant than ever. I also want to see all of us – from the CBI to Government – face outwards from London more than in the past. Of course, we are fortunate to have one of the world’s great cities in the UK, and we need to keep it great, but the opportunities to unlock 8
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growth outside London, facilitated by devolution of money and power, have never been greater. Now is the time for a single-minded focus on what really matters to the future prosperity of our country. Above all, I would like the CBI and my leadership of it to be judged on our achievements in making a positive impact on the productivity, growth and the creation of fulfilling careers for our children, across the whole of the UK. An important and immediate priority will be to bring an evidence-based, reasoned voice to the upcoming referendum on the UK’s membership of the European Union. We will set out as clearly and as faithfully as we can the implications of different decisions on jobs, growth and prosperity. Most of our members want to be in a reformed EU that does more of what it is good at, such as further development of the single market and signing more trade deals, whilst stripping back and improving regulation. It is however important to recognise this is not a wholly unanimous view, and we will consult with all CBI members again when the Government’s deal has been completed. Given the particularly close trading and cultural ties that bind the United States and the United Kingdom together, I am delighted to have joined the International Advisory Board of British American Business. The UK is the largest foreign investor in the United States, investing nearly $200 billion more than the next largest investor, and supports nearly one million jobs across the fifty states. To protect and enhance this unique relationship, it is vital that both countries pursue TTIP (Transatlantic Trade and Investment Partnership) with vigour, to take full advantage of the opportunities to drive growth and create jobs across our countries and Europe. www.babinc.org
Feature
Diversity as a Business Imperative By Michael Cole-Fontayn, Chairman, BNY Mellon EMEA DIVERSITY
Today, diversity represents an organisation’s attitude, that it not only values the individuality of its employees, but also understands how to tap the potentially significant contributions inherent in diversity. The concept of workplace diversity is evolving and is nowadays more than just a “buzzword”; in today’s workforce, it holds the key to fostering new ways of thinking, reaching out to a wider range of customers, and growing business. Valuing diversity is now a necessity. It is important to reiterate, in a first instance, that developing a culture of diversity is above all a moral imperative; it is the just, fair and right thing to do and from an ethical standpoint, this cannot be ignored. However, the requirement in creating an environment of diversity and inclusion go further than just the ethical necessity. As Stephen Covey once said: “strength lies in differences, not in similarities”, and this certainly resonates when considering diversity from a business imperative standpoint. The business case for diversity is not new, but research continues to support the premise that leading employers have known for decades: diversity and inclusion are directly related to, higher-achieving teams, innovation, better access to key markets, improved recruiting and retention, and healthier organisations. Diversity also presents the opportunity to unite specific strengths to the advantage of the organisation. An organisation needs a culture of inclusion that values diverse perspectives and leverages the full potential of those differences, which will ultimately generate the best business results. Indeed, we have worked hard to evolve our Diversity and Inclusion groups from Affinity Networks to Employee Resource Groups, and we are now transitioning to Business Resource Groups. In addition to this, we are faced with a regulatory imperative to provide proof of diversity in our organisations, and rightly so. The PRA’s Andrew Bailey recently underlined in a speech he gave to the Westminster Business Forum on 3rd November, the importance and responsibility of senior executives and boards to exercise right judgement in overseeing the running of firms, and to do so on a forward-looking basis. Achieving a higher level of diversity on boards prevents ‘group think’, www.babinc.org
increases ‘diversity of thought’, and ultimately contributes towards good business judgement. In addition to this, diversity is critical for an organisation’s ability to innovate and adapt in a fast-changing environment, something that is of significant importance to meet the needs of all our clients, a continual challenge in an industry of increasing competition. We must, therefore, not underestimate the importance of building a diverse pipeline within our organisations. We must tap into and retain a diverse pool of top talent, as this diversity will add value to all areas of our organisation. An organisation that is committed to a diverse workforce is one that aims to harness a pool of individuals with unique qualities, seeing this combination of differences as a potential for growth. At BNY Mellon, we have actively identified the necessity of harnessing such talent, and our cross-company, crosssector mentoring programme is an excellent example of our commitment towards broadening the pipeline of talent, specifically female talent. We are actively making a change to the number of women attaining senior leadership roles in their respective organisations. My own CAO reflected to me that it was through working with her mentor under this programme that she had somewhat of an epiphany ... when her mentor, as an external, independent party shared his (positive) perceptions of her, which were, by the way, no different to the internal perceptions held of her ... it was easier for her to believe and to internalise the feedback. We could all see how this realisation transformed the way she now thinks about herself, and this has made a huge difference to the way she behaves/ interacts and the value she brings to our company! Each and every one of us has the power to lead change and unlock the power of diversity and inclusion. A lot of progress has been made. However we can still take further action. In an era where flexibility and creativity are keys to competitiveness, diversity is critical for an organisation’s success, and this is something we all must keep at the forefront of our minds when considering the future of our companies.
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Industry Insight
Why Aren’t More Women Attracted to a Career in IT? WOMEN IN IT
By Jane Such
Head of Quality Assurance, Certeco
Women working in the technology industry are still woefully under-represented. Recent figures estimate that only between 14 – 18 per cent of roles are held by women, which drops to less than 10 per cent for senior positions. So why is that percentage so low? I think one of the reasons for this can be attributed to the lack of understanding around IT. For a start, it probably doesn’t have the right image. Many women consider it a bit nerdy and associate it with coding – an image compounded by the number of boys interested in gaming from a young age. And the “bro-gramming” culture of the tech industry doesn’t help either – male dominated as it is. That’s true of my experience. In the early days, women in technology weren’t just thin on the ground – we were practically non-existent! Another factor is education. A recent study by the Center of National Statistics in the US found that only 18% of undergraduate computer science degrees are awarded to women. Why is that? One documented reason is that girls are not inspired enough by what are traditionally perceived as male subjects. But what many don’t realise is that technology isn’t just about programming and building software – you don’t need to have a maths degree. There are many roles, like project management, business analysis or quality assurance, where business nous, social skills and common sense are more important than technical abilities. So what do I think is the answer for attracting more women into technology? I think it’s down to the industry to change the perception of IT and position it as more of an attractive employment option for women. For example, trade associations could be collaborating with the industry more to demonstrate that working in IT is a great career choice for women. I would also like to see corporates re-think their recruiting strategies to increase the breadth of skills they look for when recruiting in to IT positions. And what does the future hold? I think it will be different – the children of today, the so-called “digital natives,” are learning coding in primary school and even nursery. They are computer literate from the word go, so I think there will be less of a gender bias. In the future I think women will more naturally consider IT as a career choice for them.
Reporting the Gender Pay Gap GENDER PAY GAP
By Kirsti Laird
Senior Associate, Charles Russell Speechlys LLP
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As we’re busy trying to recover from the financial excesses of the festive period, working women are likely to continue to be irritated by the fact that, in effect, they worked for free from early November until the end of 2015. This is because working women in the UK earned 19.1% less than men in 2014, according to gender pay gap statistics from the Office of National Statistics. The US statistics are similar with full-time working women earning 18% less than men in 2013. Although paying a woman less for doing the same job as a man has been illegal for 45 years, the gender pay gap still exists. It is caused by various factors, including more women working part-time and women tending to work in lower paid roles and industries. While we have more women in work, more women on FTSE boards and more women-led businesses than ever before and the gender pay gap is decreasing, the World Economic Forum has concluded that if change continues at the current pace the global gender pay gap will not be eliminated until 2133 – 118 years from now. The UK government has taken various steps aimed at seeking to redress gender inequalities. These include measures such as shared parental leave; designed to enable men to take a more equal responsibility for child care. The next step in legislative intervention on the gender pay gap will see all employers of more than 250 people being required to publish their gender pay gap statistics from Spring this year. It is currently unclear exactly what information will need to be published and whether organisations will be able to report their statistics in varying ways, or with explanations (presumably to try to defend any significant pay gaps). This has, however, been the subject of a government consultation and it is hoped the response will clarify these points. Some things are clear, however, including that companies will be required to include variable pay, such as bonuses, in their calculations. It also seems likely that companies will need to provide their gender pay gap statistics to a central authority and to prominently publish the statistics on their websites. This legislation may go some way to encouraging transparency about pay and cause employers to address unconscious bias and allow job seekers to make informed decisions about their future employment.
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Industry Insight
WOMEN IN BUSINESS
By Ilya Bonic
President, Talent, Mercer
A Call to European Leaders: Career Gains for Women May Stall in Years Ahead Without Greater Focus Today We’ve seen how the unique talents of women can impact critical growth areas – such as innovation and R&D – key to companies like UBS and Johnson & Johnson. Furthermore, when European organisations invest in the right programmes, they can attract, retain and promote women. In short, by helping women thrive, they help their businesses thrive, too. But it’s time for a wake-up call. Our preliminary European findings from our When Women Thrive report (mercer.com/genderdiversity), just shared with leaders in Brussels, paint a disturbing picture for Europe and leaders. The good news is that quotas and other measures have advanced senior-level women. Women are now being hired into the executive ranks at almost double the rate of men and are moving up from the senior manager to executive level at comparable rates. As a result, female representation at the executive level in Europe is projected to grow from 21% today to 33% over the next 10 years. But the disturbing news is that, at lower levels, women aren’t making any progress. By 2025, women will still make up only 37% of those in professional positions, the same as in 2015. Part of the reason is the failure of organisations to accelerate promotions and hiring for women further down the hierarchy. So what can we make of this? First, the laudable progress achieved in Europe is at serious risk unless leaders focus on retaining and promoting women throughout the organisation – not just at senior levels. Leaders need to focus efforts on women at junior levels. Second, organisations need to tackle the barriers standing in the way of greater female representation of women – and organisational success. For example, although leadership and male engagement in diversity efforts are critical drivers of success, only 59% of European companies say their leaders are engaged on the issue, and only 37% that their men are. Don’t forget financial education tailored for women and job roles designed to leverage their unique competencies – both key drivers to retention. Given the power of predictive analytics, there’s no reason organisations can’t develop and implement powerful strategies that not only promote their female workforces, but also drives their growth. Once they do, not only will women be better off, but so too will our businesses, communities, and economy.
The New Leadership: How Feminine Traits Are Changing Leadership for Women and Men LEADERSHIP
The issues of how to attract and retain more women in business, and how leaders can increase positive outcomes for both people and profits, are top of mind in organisations. There are two colliding forces that could finally change the equality game, whilst also enabling more effective leadership. The first is that there is a growing sense of urgency around diversity, and the business need for CEOs to significantly improve their gender ratios. The second, and the focus for this article, is a global shift about what people want from their leaders. What the market is seeking in terms of leadership is changing, as research conveyed in the book The Athena Doctrine; How Women and the Men Who Think Like Them Will Rule The Future, has shown. John Gerzema and Pulitzer Prize winner Michael D’Antonio surveyed 60,000 people in 25 nations across a wide swath of cultural, political and economic diversity. They gathered data everywhere from Canada to Chile, Mexico and Indonesia.
By Megan Dalla-Camina Business and Leadership Strategist megandallacamina.com
Their research showed that people are frustrated by a world that’s dominated by codes of masculine thinking and behaviour: codes of control, aggression and black-and-white thinking (whether that behaviour shows up in men or women). In a world that’s increasingly social, interdependent and transparent, the research clearly demonstrated that feminine values – like empathy, openness, collaboration, transparency, patience and humility – are rising to become more popular than the macho paradigm of the past. In fact, two-thirds of people feel the world would be a better place if men thought more like women. Getting to gender parity is going to take a radical openness and willingness to embrace new thinking and progressive strategies. Becoming leaders of the future will require new skills, a new level of permission and a different kind of roadmap. There is no one answer. But we need to start asking new questions and looking for different solutions. And we need to start now. For more on new leadership, download the free whitepaper Unleashing the Butterfly Effect for Women, Leadership and Work at www.megandallacamina.com/resources
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Industry Insight
Profiling Diversity for Reputational Gain DIVERSITY
By Bhakti Gajjar Senior Consultant, Sermelo
In my experience, diversity has fallen down the list of business priorities, almost becoming a ‘nice to have’ but certainly not essential. Yet this is beginning to change for the better, rising up the agenda and with good reason. It can be a valuable source of sustainable competitive advantage, releasing growth now and in the future. There already exists research to support this – indeed a recent McKinsey study found that advancing women’s equality alone can add $12 trillion to global growth. Not only can specific diversity programmes unlock the workforce’s economic potential, but in a world where creativity and simplicity is highly valued by clients and customers, finding new ways of thinking and approaching problems will give any business the edge it needs. Some firms are already addressing this seriously – many are beginning to create specific roles for this area within HR. Elsewhere, many individuals have taken on responsibility for diversity as part of their day-to-day jobs, strengthening the case for a change to the talent pipeline. A commitment to diversity can also improve reputation. Any organisation that can communicate the positive work that it is doing in this space, positioning itself as a leader of ideas and actions, will benefit beyond the direct impact on its staff and associated performance. By leveraging the work that is being done internally, and showcasing it to peers, prospective clients and prospective employees – be it through media coverage, its own channels (e.g. website, social media platforms and newsletters), events and even paid-for content – it is possible to build an image as a progressive and forward-thinking business. This is particularly effective when activity is aligned with an overarching communications strategy and when consistent messaging – that resonates with all stakeholders – is appearing across all strands. But you must have confidence in your claims. When updating stakeholders on achievements or communicating your plans, in a world when anyone can be a critic, someone can hold you to account. Opportunities for businesses to stake their position on diversity are plenty, and those that approach this strategically from a performance and reputation standpoint will surely succeed.
The Importance of Cyber Security and the Role of Women CYBER SECURITY
So why has cyber security become so important? The Digital Age has carried with it not only innovations, efficiencies and productivities, but also the inherent risk of actors’ malicious intent in compromising these – hackers, criminals, states. The more sophisticated and well-equipped the individual or corporate attacks, the bigger the importance of cyber security. Cyber security is obviously not a new concept, but has gained more traction as the materiality of incurring a breach has grown. In the aftermath of an attack an organisation or an individual can be left with far-reaching consequences. And as today’s cyber threat landscape is rapidly evolving and diversifying …so should the professional workforce in the field of cyber security. This is, however, where cyber security faces its own challenge – the continuous need and ‘competition’ for security professionals. The need is for both men and women of all ethnicities, technical and commercial. Although – like any other part of ICT – cyber security is a very male-dominated field. So what can we do about it?
By Ivelina Koleva
Cyber Security Deal Architect, BT Global Services
Make change happen It starts with raising awareness of the cyber skills shortage. At BT we are actively seeking to both encourage girls into STEM subjects and subsequently into our apprenticeship degree or graduate programmes. We also have a healthy number of women cyber apprentices- 7:17 (female: male) and are looking for even more this year. At BT Security we have hired the only female finalists from the Cyber Security Challenge* at the last two finals. What is equally important is to show young women that different educational background should not preclude them working in cyber security. I am Bulgarian, but joined BT two years ago as a graduate fast-track entrant in Amsterdam and moved straight into the cyber area in the UK as it’s a global and growth sector. My academic field is international relations which offer analytical, linguistic and interpersonal skills rather than technical. Essentially, if you’re a problem solver, great communicator and can think ‘on your feet’ under pressure then a career in cyber security may be the perfect fit for you. *For more information on the Cyber Security Challenge visit www.cybersecuritychallenge.org.uk
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Policy
Shared parental leave –
the right direction for gender parity in business GENDER PARITY
Emanuel Adam
Head of Policy and Trade eadam@babinc.org Follow Policy on Twitter @BABPolicy
For years there has been a drive to improve gender parity in business. Despite some remarkable improvement over the past five years, the number of women holding senior positions in companies is still low 1.
One major reason for the low representation of women in senior positions that is often discussed, and even more so since Facebook’s Sheryl Sandberg’s bestseller ‘Lean In’2, is the “career gap” that mothers experience after having a child. A London Business School survey revealed that 70% of women fear taking a break to have and take care of children3. It is not because women do not want to have children. It is because becoming a parent decreases workforce participation and career-chances for women, not for men. In modern economies, paid and flexible parental leave schemes have been considered a promising way to help close the gap, therefore enabling better gender parity in business. Parental leave is an employment-protected, often paid, leave of absence for employed parents, which is often supplementary to specific maternity and paternity leave periods. The length and entitlements can vary depending on the country’s political objective4. Until recently, neither the US nor the UK has been a poster child when it comes to parental leave schemes5 but things are changing. In the US, there are a number of (often wellmarketed and sometimes questionable) individual initiatives and some Executive Office efforts that could change its current position of being one of the few OECD countries that does not provide any kind of paid leave6. In April 2015, the UK made a huge leap by introducing a new parental leave scheme allowing parents to share a (up to 37 weeks paid7) leave following the birth or adoption of their child8. The UK policy is particularly promising as it provides an opportunity for parents to make decisions on childcare as a family rather than any substantial time off being available for www.babinc.org
women only. Generous and flexible parental leave schemes are, of course, only one part of the puzzle. Much will also depend on companies’ readiness to implement greater flexibility for their employees. It is worth thinking about how transatlantic business can support governments in developing smart legislation that helps create gender parity. Business should also consider measures that go beyond what is required by law, as one business leader pointed out after the UK parental leave implementation9, so that this could this be a real gamechanger. If you would like to engage with us on the topic, please get in touch at policy@babinc.org
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Guardian: A third of boardroom positions should be held by women UK firms told; KMPG, Cranfield University, Women on Boards (2015): Improving the gender balance on British boards (29.10.2015) Sheryl Sandberg (2013): Lean In. Women, Work and the Will to Lead, page 98 Guardian: 70% of women fear taking a career break (25.03.2015) Definition based on OCED (2015): http://www.oecd.org/els/soc/PF2_1_Parental_leave_systems.pdf OECD (2015): Key characteristics of parental leave systems Department of Labour: http://www.dol.gov/featured/paid-leave: Washington Post: Why 16-week paid parental leave policies are revolutionary for US workers (29.09.2015) Note: Shared parental leave pay is £139.58 a week or 90% of an employee’s average weekly earnings, whichever is lower. There is a possibility that an employer may offer more. UK Government: https://www.gov.uk/shared-parental-leave-and-pay/overview CBI (2015): Business insights from Accenture on new shared parental leave legislation
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Culture
Heels of Steel Surviving and Thriving in the Corporate World AUTHOR SPOTLIGHT
Vanessa Vallely
Managing Director, WeAreTheCity.com
Vanessa Vallely is a recognised expert in-person to-person business networking, online branding and a sought-after motivational speaker. In 2014, Vanessa was cited as one of the top 100 Connected Women in the UK by GQ magazine and in 2015, Vanessa was listed as one of the top 1,000 most influential Londoners by the Evening Standard. Vanessa is passionate about sharing her experience and knowhow with others and has delivered keynotes for over 150 companies in Europe, the US, India and the Middle East. In 2008, Vanessa started the networking site WeAreTheCity: www.wearethecity.com (WATC) as a vehicle to help women connect and grow both personally and professionally. We sat down with Vanessa recently as part of our Author Spotlight feature to ask her a few questions plus discuss her first book, Heels of Steel, which tracks her amazing career climb to the C-suite, with 13 chapters of tips and advice aimed at helping the next generation.
Tell us about your book Heels of Steel and the story behind it... Heels of Steel is part autobiographical and part help guide. It is written in a very honest and conversational way as I didn’t want to produce a book full of academic quotes or that was very prescriptive, e.g. “Do this and this will happen”, “Do that and this will be the outcome” etc. I believe everyone’s journeys are different, so it is more a case of why not read about someone else’s experience and then come up with what works for you. The reason I wanted to write the book was very much about leaving a legacy for other women and for my own daughters. After 25 years in the corporate world and having not had the most conventional of starts, I felt I had a story to tell. I gave myself three months to write the book at the start of 2012 as that was the only gap I had that year to embark on any 14
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kind of project. I actually wrote the book in nine weeks! A lot of people ask me where the title came from and I have to admit it was a 3am wake-up moment. I remember my publishers saying don’t marry yourself to a book title until it is written and I remember saying, no I have the title already and it’s a keeper! The problem now is what to call book No. two!
Your book provides plenty of solid advice for individuals who want to achieve their career goals. What are the most valuable lessons you have learnt since starting your own career journey? Several, and I tend to wax lyrical about these ones all the time: 1 You need a plan, like every business needs a plan! You are a business within your business. What is your career strategy, what are your goals, how will you measure your success, who can help you? 2 Build your network, and by that I don’t mean collect business cards, I mean build relationships for the future, both internally and externally. There are 1000s of networking events available in London and across the UK, be brave and go and above all, do not forget to follow up! Networking is about giving long before you receive, that will come if you build your relationships the right way. 3 Ask for help. No one gets to the top on their own and asking for help isn’t a sign of failure! 4 Seek your mentors and sponsors. These individuals are invaluable, as they will provide you with their lessons learnt and potentially open up doors of opportunity for you. 5 Think about your personal brand, who shows up? What do people see and hear? 6 You have to be online in some form. Update that LinkedIn profile or create yourself an account on Twitter – people have to be able to find you! 7 Don’t forget to give back to others along the way, via extra curricular activities, work in schools, charities to help the next generation! www.babinc.org
Culture
AUTHOR SPOTLIGHT
As a founder of a hugely successful online business what are your tips for budding entrepreneurs who hope to start businesses of their own?
What do you think are the most important qualities and traits needed for women in order to succeed in the workplace? Do you have any career tips for our women readers?
Do your research. What makes your business different from your competitors? Is it your product, your price, your ethos, where you source your materials, how you give back? Be clear about this from the offset. You have to have a business plan and it has to be realistic. Think about how you will market your products/services. Again, building a network of support and potential customers before you launch your business is extremely important. Building trust with customers is a long game. Think about your cash flow before you even start, what happens if you are paid late, how will you cover your costs and so on? Cashflow is a killer for small businesses especially when you are dealing with larger organisations. In short, running a business is tough and not for the faint-hearted, that said it is one of the most rewarding jobs you can have as you have freedom to innovate and you get to be your own boss.
My biggest tip other than those above is to be yourself and to remain authentic! The value you bring to your organisations is the fact you are you and that you come with different experiences and opinions. It is very easy to become the brand of the organisation you need to be in order to survive! If you find you are having to compromise who you are, you are probably working for the wrong organisation. Without generalising, the other thing I would advise is to take time out for yourself, just to sit, reflect and plan. It is very easy to fall in to a pattern where you work like a Trojan as you feel this will eventually lead to career success. I have found that to not always be true. There needs to be a balance whereby you find time to, stop, enjoy life, see friends and family and above all take stock of where you are and where you want to be!
Do you think the gender balance will shift so that more women are encouraged to have careers in the technology industry and what do you think businesses can do to encourage and empower more women into and within this sector? Progress is being made, but it is slow. My personal opinion is that we need to encourage more girls to take up technology within schools and encourage more female technologists to go out to schools to serve as role models. It saddens me that my daughter is just 1 of 2 girls in a class of 30 boys who took “tech� as an option. I asked her why there are only two girls in the class and she said because IT Technology is perceived to be a boy’s job. I am sure she only took Tech as an option because both her parents are technologists. In terms of what firms can do, at WeAreTheCity we work with a number of companies who are actively seeking to employ female technologists. The intention to level the playing field in terms of gender is definitely there. However, we need a pipeline of female technologists coming through and that goes back to the schools and how we make the curriculum more exciting and showcase the many different roles available in technology. www.babinc.org
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Event Highlights
BritishAmerican Business Gala Dinner 2015 LONDON
BritishAmerican Business Gala Dinner to celebrate the UK-US transatlantic relationship with Matthew Barzun, U.S. Ambassador to the Court of St James’s and The Rt Hon Philip Hammond MP, Secretary of State for Foreign & Commonwealth Affairs
Above: LTR: BAB Chairman Nicholas C. Walsh, Keynote address speakers Matthew Barzun, U.S. Ambassador to the Court of St. James’s, Mrs Hammond, The Rt Hon Philip Hammond MP, and BAB CEO Jeffries Briginshaw. On 16 September 2015, BritishAmerican launched our autumn events calendar with our annual Gala Dinner to celebrate the UK-US economic relationship, held at the prestigious Lancaster House. To mark this celebratory occasion, we were delighted to be joined by Matthew Barzun, the U.S. Ambassador to the Court of St. James’s and The Rt Hon Philip Hammond MP, Secretary of State for Foreign & Commonwealth Affairs, as well an array of senior business executives and important guests from both sides of the Atlantic.
Guests networked over drinks and canapes in the elegant Lancaster House.
With thanks to our sponsors AIG BP HSBC
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Mckinsey & Company Wells Fargo
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Event Highlights
LONDON
BAB Women’s Forum Annual Conference 2015 Sponsored by Hays and United Air Lines Hosted by University of Chicago Booth School of Business On 11 November, the BAB Women’s Forum held its first annual conference at the Chicago Booth School of Business. The afternoon included panels discussing persuasion as a skill for business success, myths surrounding women in business, as well as a professional image masterclass. We were delighted to have many insightful panellists including Mandeep Grewal of United Airlines, Averil Leimon of White Water Group, and our moderator, Sarah Baxter of The Sunday Times.
Business Briefing: Using Big Data to Win Voters and CustomersLessons from the US Elections Sponsored by Cambridge Analytica. Hosted by EY On 17 November, a panel of speakers from TiVO, Barclays, and Cambridge Analytica explored the revolution of big data in US politics and its applications for business success at EY. Panellists highlighted the development of targeted messaging for the electorate and consumers, especially through psychographic profiling. Attendees also gained an understanding of the balance of innovation and privacy as well as more strategic methods of getting to know voters and ultimately, customers.
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BAB Rugby Breakfast Club Hosted by AIG On 17 November we kicked off our morning at AIG House with a rugby-infused discussion led by Sky Sports presenter Alex Payne who interviewed former All Blacks Head Coach Sir Graham Henry and rugby legends Michael Lynaugh and Brian O’Driscoll. Guests enjoyed a delicious breakfast and shared their thoughts on the approaching semi-finals whilst networking with fellow BAB members.
Open for Business: What a transatlantic free trade and investment agreement means to the UK automotive sector Sponsored by BT and UPS On 5 November, we joined BT and UPS for an informative briefing that explored the UK-US trade and investment dimension in the automotive sector and the changes and benefits a transatlantic trade and investment partnership agreement could bring for business. A key area that was addressed was regulatory differences, and how streamlining the process in both countries would increase efficiency throughout the supply chain. Speakers included senior experts in business, trade associations and government such as Chris Scott, Senior Manager, Jaguar Land Rover and Joseph T. Burke, Trade, Investment and Energy Officer, US Embassy.
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Event Highlights
NEW YORK
Sunset Mixer for Young Professionals Hosted by Young & Rubicam Group
Rugby World Cup Kick-Off Sponsored by AIG. In partnership with Play Rugby USA
Young & Rubicam Group hosted our young professionals on their stylish rooftop overlooking Columbus Square and Central Park to watch the summer sunset, network, and meet new contacts.
Members came to Vodafone’s new customer experience centre to watch the kick-off match of the Rugby World Cup and England’s Victory over Fiji.
Policymaker Roundtable with US and UK Ambassadors Sponsored by KPMG. Hosted by Bloomberg
The Key Talent Challenges: Millennials, Mobility, Management Sponsored by ACCA
Bloomberg Chairman Peter Grauer hosted our Policymaker Roundtable featuring an exclusive discussion with Matthew Barzun, US Ambassador to the UK, and Sir Peter Westmacott, KCMG LVO, UK Ambassador to the US. The Ambassadors discussed the “special relationship” between the US and the UK in an increasingly complex global environment.
Our Fall Business Briefing focused on the global talent market. We were pleased to welcome speakers from Heidrick & Struggles, Deloitte, Young & Rubicam Group, and Fragomen Worldwide who outlined the current challenges with global talent, including attracting and retaining millennials.
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Events Calendar NEW YORK & LONDON
New York – February
London – March 2016 EO Roundtable with C Martin Gilbert, Chief Executive, Aberdeen Asset Management Wednesday 10th February 2016 8am to 9.30am Hosted by The Pierre
Launch Event: Open for Business Wednesday 2nd March 2016 10.15am to 12am
EO Presentation with C Steve Holliday, Chief Executive, National Grid Thursday 25th February 2016 8am to 9.30am
Business Immigration Conference Tuesday 8th March 2016 1.30pm to 7pm Sponsored by Magrath
Leadership Forum Launch Tuesday 8th March 2016 4am to 7pm Hosted by Deloitte Sponsored by Lloyds Bank
EO Roundtable with C Dame Helen Alexander Wednesday 26th March 2016 Sponsored by Willis Towers Watson
London – April Chairman’s Lunch Thursday 28th April 2016
London – May ABC Future Cities B Conference 11th-12th May 2016 Hosted by News UK www.babc2016london.com
London – June
New York – March
Corporate Citizenship Awards Dinner Wednesday 8th June 2016, London
To view both London and New York’s full events calendar online please visit www.babinc.org/our-events/ or contact us for more information at ukevents@babinc.org
In partnership with
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Join BusinessCouncil Council Joinus usfor for the the Annual Annual British-American British-American Business Transatlantic in London London Transatlantic Conference Conference in
MAY 2016 MAY 11-12, 2016 Hosted UK Hosted at News UK
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Thisconference conference brings brings together together business business leaders This leaders from from both boththe theUS US andthe theUK UK covering covering 20 20 major major cities. cities. Join and Join us us for for thought-provoking, thought-provoking, stimulating content content and and unrivaled unrivaled networking. stimulating networking. We We look lookforward forwardto to seeing you in attendance at the Annual BABC Transatlantic Conference seeing you in attendance at the Annual BABC Transatlantic Conference in London hosted by BritishAmerican Business. in London hosted by BritishAmerican Business.
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