Women in Leadership

MARCH 2020 | FUTUREOFBUSINESSANDTECH.COM

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WOMEN IN LEADERSHIP Jennifer Hyman The Rent the Runway CEO knows good leadership is all about uplifting others

How women in pharma can move up into leadership roles

The casino that’s building a diverse team culture

Engaging, Educating, and Empowering women throughout their life sciences journey.

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Entrepreneurs Advocate for the Benefits of Diversity in Business

Better Together: How Diversity Makes Us Stronger

The case for diversity in business is rock solid — diversity in race, gender, and ethnicity among employees is repeatedly shown to increase company performance.

Businesses have many reasons to attract and promote diversity. The National Association of Women Business Owners offers tips for businesses to expand their inclusion initiatives.

“It’s only when we get uncomfortable and truly connect with people who have different life experiences that we personally grow — and our companies grow, too,” says Ryan Buchanan, founder and CEO of Thesis, a Portland, Oregon-based digital marketing agency with 130 employees in operation for 17 years.

While intentionally increasing diversity is critical in established companies, how are startups handling it? Daniela Blanco’s company, Sunthetics, is a New York-based startup focused on developing sustainable manufacturing in the chemical industry. “My co-founder and I have acknowledged from the beginning that our strength comes from complementing each other. Our personalities and backgrounds are completely different, which allows us to enthusiastically challenge each other’s points of view,” Blanco explains.

D

iversity is a powerful thing. A growing body of research suggests businesses with more diverse leadership teams, boards, and workforces perform better in a wide range of areas, from profitability and innovation to decision-making.

Experiences in diversity Cristina Morales Heaney, CEO of Texas-based U.S. Safety Services and board chair-elect of the National Association of Women Business Owners (NAWBO), is not only a business owner who has experienced the value of a diverse workforce comprising people of different ages,

Gigi Thompson Jarvis, Vice President of Content and Marketing, Entrepreneurs’ Organization

genders, races, education backgrounds, and religious and political beliefs, but also someone of a diverse background herself.

She grew up in the Latino world of small-town Texas, where she worked side-byside on the cattle ranch with her brothers. She later put herself through college and graduate school.

Diversity in the workforce This set the stage for a successful corporate career and venture into entrepreneurism. In 2005, Heaney purchased a niche homebased business and has since grown it into a top certified first responder organization, employing

80-90 emergency medical technicians (EMTs) and other staff members at any given time.

Heaney’s success is due in large part to the diverse organization she’s intentionally built.

How to promote inclusivity For businesses looking to be more inclusive, Heaney offers these tips: • Actively seek out diverse candidates • Create a sense of belonging • Provide advancement opportunities • Celebrate cultural identities • Make sure everyone feels valued While diversity makes us stronger, you might have to step outside of your comfort zone to find things you can agree on and then move forward together to achieve your goals. However, that small discomfort you might feel at the beginning will be well worth it once you begin seeing all the benefits. n Jen Earle, National CEO, National Association of Women Business Owners

Publisher Sloane Ackerman Business Developer Jordan Hernandez Managing Director Luciana Olson Lead Designer Tiffany Pryor Designer Tiffany Jackson Lead Editor Mina Fanous Copy Editor Sydney Scott Director of Sales Stephanie King Director of Product Faye Godfrey Cover Photo Rent the Runway All photos are credited to Getty Images unless otherwise specified. This section was created by Mediaplanet and did not involve USA Today.

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This President Shares Inspiration for Aspiring Women in Leadership

Rent the Runway’s Jennifer Hyman Leads

Why are you passionate about helping women advance their careers?

In co-founding Rent the Runway, Jennifer Hyman wanted to empower women to feel their best every day. It’s a value she strives for in leading a growing company and inspiring other women in the field.

I’ve had many mentors throughout my career — and it was a gift. I believe it’s a priority for leaders to groom their people for the next step in their careers.

What advice do you have for young women navigating the uncertainties of career exploration?

Molly Langenstein President, Apparel Group of Chico’s FAS

What skills would you encourage women in business to own if they are looking towards advancement?

It’s important to understand that as professionals, we should never feel obligated to stay in a role to finish it, because jobs are never done. When a new opportunity arises, such as a promotion or new responsibilities, say yes, even if you don’t check the box on every requirement.

What do you think is the most significant barrier to female leadership?

Often, how we respond can hinder advancement. It’s important that we coach more women on how and when to speak up — and that women are receptive to this guidance.

Build yourself a personal board of directors by surrounding yourself with people who have experience and are experts in areas in which you want to grow — and give them the permission to make you better. I think that having a really strong sense of self is imperative as a leader, and understanding what your strengths are and aren’t will ensure that you challenge yourself to never stop growing.

What do you wish you could tell your younger self when first starting the journey of entrepreneurship?

PHOTO: RENT THE RUNWAY

Through Collaboration

I would tell my younger self that entrepreneurship is a lifelong vocation; it is the thing that will sustain you. When I started Rent the Runway, I wanted to democratize an industry and give every woman the opportunity to feel incredible about herself every day — it wasn’t because I wanted to be an entrepreneur. Over the past 10 years, as I’ve gone through all the ups and downs of building a company and a family at the same time, it’s Rent the Runway’s mission to change the world and empower women to feel amazing about themselves

that keeps me motivated and inspired.

In a word, how would you describe your leadership?

Collaborative. I’ve always believed in building a strong bench of leaders and empowering that talent with unwavering trust so that they can accomplish their best work, but this has been especially important as we’ve scaled Rent the Runway. Once you achieve a certain level of growth, it becomes your job to inspire other leaders within the company — and then you get out of the way. n

Empowering women business owners through access to capital.

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Empowering Female Leadership in the Healthcare Industry More women leaders are needed in the healthcare industry.

Getting ahead starts with confidence, selfadvocacy, and teamwork.

“The best advice I’ve ever received is to trust myself and to be myself,” says Robin Shapiro, the global president for TBWA\ WorldHealth.

TBWA\WorldHealth, which has many women leaders, is known as “The Disruption® Company” because it helps clients,

such as Bayer, Pfizer, Merck, and others, break free from conventional thinking to become more purposeful and profitable.

Authentic self Shapiro is focused on creating safe spaces where the voices of women and people of color can be heard.

“You need an environment where you can completely be yourself because when you are comfortable being who you really are, you have

room to make mistakes,” she says.

Sharon Callahan, CEO of TBWA\WorldHealth, agrees. When her son was 11, he told her, “Stop talking to me like I’m one of your employees.”

She realized it was important to always be her authentic self. “By being who I am and not compartmentalizing, it just made my life and my leadership much richer,” says Callahan.

“I think it’s also given other people the permis-

sion to bring their whole selves to work. And when everyone brings their whole selves to work, then the workplace is just much better.”

Role models Callahan, who’s gay, was out to her work colleagues, back in the early ‘90s.

Then and now, she says most of the healthcare industry leaders were straight white men. That dynamic can advance when people

feel safe and see people like themselves in leadership roles.

Women should seek out mentors and ask colleagues to sponsor them.

They should advocate for themselves and other women too. Don’t rush for results.

Shapiro tells women to excel at their job, ask for frequent feedback and be an excellent peer and mentor to others: “You will get there.” n Kristen Castillo

So proud of our fierce female leadership, Sharon Callahan & Robin Shapiro.

Way to teach the next generation to be confident, strong, and always fight for what’s right.

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Empowering female entrepreneurs and bridging the gender funding gap The Female Innovators Lab by Barclays and Anthemis is a New York City-based studio dedicated to cultivating entrepreneurial talent in women from all sides of the financial services ecosystem and its adjacencies. The Lab identifies female founders at the earliest stage of their journey, provides them with an initial investment, and matches them with the resources and mentorship required to bring a business concept to market.

To apply and learn more about the Female Innovators Lab, visit: barclays.com/femaleinnovatorslab

Barclays Bank PLC is authorized in the United Kingdom by the UK Prudential Regulation Authority and regulated by the UK Financial Conduct Authority and the UK Prudential Regulation Authority and is registered in England No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP, United Kingdom. Š2020 Barclays. All rights reserved. Barclays is a registered trademark of Barclays PLC, used under license. All other trademarks are the property, and used with the permission, of their respective owners.

Supporting Indigenous Talent in a Diverse Workforce Employers need to go above and beyond simply recruiting Indigenous talent; they must also create a work environment that supports, recognizes, and celebrates its Indigenous members.

M

ost corporations and businesses have created and implemented diversity and inclusion (D&I) initiatives for various reasons in recent years, and those efforts should be applauded. I’d like to take the conversation past the numbers, which are bleak and leave room for improvement to include Indigenous talent.

For example, most of corporate America is not tracking diversity numbers specific to Indigenous talent. The ones that do are coming back with numbers that show less than 1 percent of the workforce claims Indigenous ancestry.

Supporting diversity In a world where diversity efforts are recognized and celebrated as they should be, how do we make sure we are not leaving out the most diverse of the diversity groups? It starts with taking a step beyond diversity, which includes creating a supportive environment where people of diverse backgrounds can thrive within established corporate culture. It’s not enough to check the D&I box anymore.

In order for diverse talent and Indigenous talent to thrive in our corporate settings, they must be given the opportunity as well as

the support to thrive. The opportunity is recruiting and attracting diverse talent to your workplace.

Supporting diverse talent as they navigate through your corporate structure is paramount.

Beyond recruitment It’s not enough to attract diverse talent; you must also create opportunities and environments that foster and value diverse thought. Indigenous students represent the smallest margin on any given diversity scale, so if we truly value diversity, we must give Indigenous talent the opportunity and space to make

their diverse experiences known and valued.

When Indigenous people are given the opportunity and the support they need to thrive, they can use their diverse backgrounds and experiences in ways that can positively impact their working environment. At that point, companies with diverse workforces are tapping into diversity in a way that strengthens the bottom line and also honors the resiliency and genius of Indigenous talent. n Prairie Bighorn-Blount, Executive Director, American Indigenous Business Leaders

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Snoqualmie Casino Weaves Tribal Values Into Team Culture Snoqualmie Casino near Seattle is committed to embracing diversity and helping team members thrive.

The casino is owned by the Snoqualmie Indian Tribe.

Known as “the People of the Moon,” the tribe comprises 500 Native Americans from the Puget Sound region of Washington State.

In 2008, the tribe opened Snoqualmie Casino, which financially supports services 8 • FUTUREOFBUSINESSANDTECH.COM

and resources for tribe members and the local community.

Maria Boggs, director of human resources.

Diversity The casino creates a positive work culture by building a team of employees with different experiences, views, and talents. Their 1,100 employees represent different cultures and communities.

“Our diverse work population includes a variety of cultural influences, and a fairly even split between our genders,” says

Attracting employees Job seekers want to work at Snoqualmie Casino because of strong benefits, team member recognition, and incentive programs. In 2018, the Puget Sound Business Journal recognized the casino as one of the top large workplaces in Washington State.

“Attracting diversity is an important value, as it pro-

motes new ideas and greater understanding for differing beliefs and cultural insights,” says Boggs.

The casino provides a diversity and inclusion training program for supervisors and offers all employees tuition reimbursement as well as translation services if needed, and assistance with the green card and/ or naturalization process. n Kristen Castillo

Advice for Women Leaders in Business Mary Lynne Boorn, associate professor at the USC Sol Price School of Public Policy, discusses why diversity in business matters and how women can advance their careers.

What is the impact of providing open access and diversity in education?

What should we look for in the upcoming decade regarding strides in female success?

Diversity among educators supports students from all backgrounds by integrating diversity of thought, techniques, experiences, and outcomes into the curriculum.

Increased access to education creates pathways for the next generation that will have more diverse backgrounds and will bring their unique experiences and perspectives into their work to improve outcomes for everyone.

More of it and at a faster pace. I see two major shifts taking place in the real estate industry today: one is more women entering the field and the other is more female industry leaders recognizing the importance of supporting one another throughout their careers.

I think this will result in an increased number of women in leadership roles and more women continuing to build their careers in this industry as they witness the success of others. If they can

Mary Lynne Boorn Associate Professor Real Estate Sol Price School of Public Policy “ The Ross Program prepared me to tackle underwriting as an analyst with confidence”

Jennifer McElyea Senior Managing Partner Watt Companies Dollinger MRED Alumnus

see it in others, they can believe it in themselves.

What is your best advice for women looking to become a leader in their professional field of choice?

Stick with it. In a highly cyclical field like real estate, being able to weather the storms and continue to build your portfolio of skills as you advance your career has longterm positive effects and opens up leadership opportunities down the line.

What has helped you to be successful and showcase yourself as a leader in your chosen field?

Get involved. Some of the greatest opportunities and experiences I have had came from leveraging my real estate expertise to support civic and philanthropic organizations that needed help in these areas. I was able to showcase my skills in diverse settings, and my contributions were valued by a broader range of stakeholders as a result.

What is the role that mentorship plays in women finding success in leadership positions?

Women and men alike need mentors to achieve success in leaderhsip positions. Being able to leverage someone else’s experience, particulary in challenging environments, can quicken the learning curve and give you confidence to take risks. Be open to all types of mentors.

Some of my best mentors have come from informal associations over the years and from a variety of industries. n

“As a developer, sharing war stories with my students moves the class from concept to reality”

Jana Sims VP Investments Strategic Develoment Solutions Ross Minority Program Alumnus “The vast MRED network is something no other real estate program was able to offer”

Celebrating Women in Leadership

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Advancing Diversity Begins With a Diverse Pool of Candidates Women have been historically underrepresented in fınancial services, especially in leadership positions, and while the numbers seem to be improving, there is still much work to be done.

A 2017 McKinsey & Company study showed that in North America, over half of the entry-level positions in the financial services industry were held by women, but they account for less than 20 percent of C-suite roles. In order to make effective, sustained progress toward increasing diversity throughout the industry, today’s leaders must be proactive, passionate, and committed to change.

Industry leaders must prioritize efforts to increase diversity throughout our organizations. One of the most important first steps may seem obvious in hindsight, but it is an often overlooked part of the hiring process. If you expect to hire diverse employees, you must target a diverse pool of candidates.

Continued diversity efforts Hiring diverse candidates is only the first step. Once on board, you must give them the tools they need to succeed by soliciting their input, engaging their ideas, and providing them with opportunities tailored to their strengths.

With sustained commitment and proactive outreach, our industry can succeed in more accurately reflecting the diversity of the communities we serve.

Brad Winges, President and CEO, Hilltop Securities Inc.

Diversity Is America’s Strength and a Business Imperative Diversity in business leads to economic success, and is a win-win for companies, consumers, and business leaders.

T

he U.S. Chamber of Commerce, which represents the interests of some 3 million companies in America, is connecting corporations, trade associations,

businesses, elected officials, and policymakers to champion positions that advance diversity and inclusion in business.

According to a groundbreaking study from the

W.K. Kellogg Foundation, the American economy stands to gain $8 trillion by the year 2050 simply by closing the racial equity gap. A Gartner study notes highly inclusive businesses generate 1.4 times more revenue and are 120 percent more capable of meeting their financial targets.

Initiatives Through our Next-Gen Business Partnership with Howard University and other historically black colleges and universities, the Chamber is working to develop the next generation of diverse business leaders.

In cooperation with the Minority Business Development Agency of the U.S. Department of Commerce, we are working to strengthen minority-owned enterprises — helping them access capital and connect to corporate supply chains.

Through these and other efforts, we are tackling issues that matter to business, helping to foster diversity in the workplace, and promoting economic growth. Building diversity is not only the right thing to do — it is the smart thing for businesses to do. ■ Rick Wade, Vice President of Strategic Alliances and Outreach, U.S. Chamber of Commerce

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Celebrating Women and the Future of Trucking!

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Solutions for the Challenges Women Face in Pharma PHOTO: INTERCEPT PHARMACEUTICALS

In an industry with very few women on executive leadership teams and boards, women know that supporting each other is the key to change.

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D

espite a sheen of modernity, many biotech companies are surprisingly backward in one regard: The number of women in leadership roles. Recent surveys of the industry found that just 10 percent of companies have female chief executives, and less than 30 percent of executive teams and boards of directors are women.

“The fact that women are not getting into leadership positions is something that is clearly visible throughout the pharmaceutical industry — and a lot of industries in general,” says Ingrid Delaet, Ph.D., senior vice president of regulatory affairs at Intercept Pharmaceuticals.

“Whether at a small biotech or a larger company, the number of women in leadership positions is improving, but still too low.”

Dr. Delaet, along with Leigh MacConell, senior vice president of clinical development, and Gail Cawkwell, M.D., Ph.D., senior vice president of medical affairs, safety and pharmacovigilance, are three senior executives leading Intercept’s

efforts to secure FDA approval for the first medication to treat a common liver condition called non-alcoholic steatohepatitis (NASH) that is the leading cause of liver transplant among women in the United States.

The challenge There’s little doubt that despite changing attitudes towards gender roles, women continue to face unique challenges. “Women approach things differently and often have more challenges being heard in male-dominated environments. It’s important for leaders to learn how to draw out and appreciate perspectives from colleagues from a variety of different backgrounds. We know that in general, diverse teams are often more innovative and productive,” notes Dr. Cawkwell.

Dr. Delaet notes the role unconscious bias sometimes plays in making it difficult for women to crack male-dominated groups — and for men to be aware of this bias potential. “When you’re in a group, you will subconsciously go to the person that resembles you the closest. You automatically trust them more. You don’t do it purposely; you don’t do it consciously. But some of that will be there unless you actively make yourself not do that.”

Dr. Delaet warns that everyone has blinders. “Each one of us needs to work on seeing things from someone else’s point of view, and to recognize and address our own limitations.”

Dr. Cawkwell also notes that women often undermine themselves without realizing it.

“Focus on word choice when you bring up an idea. Do you tend to minimize your contributions by saying, ‘I know this might be a bad idea,’ or ‘Here’s a little thing we may want to consider’? Word choice can have a lot of power.

Just be clear and specific.” This is one of the areas that Dr. Cawkwell focuses on when mentoring women in her organization.

The change Leigh MacConell believes that things are moving in the right direction for women and cites that according to the Association of American Medical Colleges, 2017 was the first year that more women enrolled in U.S. medical schools than men. “I believe that things are trending in the right direction for women in science, but we need to continue to advocate for women leaders. Women’s experiences as mothers, daughters, wives, and primary caretakers, as well as our experiences as scientists and business-

women, often make us uniquely qualified to understand and address public health issues.”

All three leaders found their way to Intercept for similar reasons: opportunity and culture.

“The challenges and the excitement and the energy of doing something with a potentially huge public health impact were what drove me to come to Intercept,” says Dr. Cawkwell. “For example, the opportunity to potentially bring the first medicine to market for NASH.” “In my experience, one of the best ways for women to advance their careers is through close connections and collaborations with other women,” says MacConell. “The Shine Theory premise: ‘I don’t shine if you don’t shine’ highlights how important it is for women and their peers in the workplace to support and build each other up.”

Together these senior female leaders at Intercept are helping to pioneer the development of a new therapy for patients with advanced fibrosis due to NASH, who currently have no available treatment options. They remain focused on supporting each other and diversity in their organization to drive innovation. ■ Jeff Somers MEDIAPLANET • 11

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SHATTERING CEILINGS GL ASS

At HilltopSecurities, empowering female leaders is the rule, not the exception. Why? Because providing sound financial advice to state and local governments takes a diversity of thought.

At our company, equal opportunity doesn’t end with the application process. We focus on recruiting and developing a diverse team of professionals – it’s the only way to serve our clients’ best interests.

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