The challenge and opportunity of being “the women in the room”

At a time when gender equality is a hot topic within the corporate world, it can be easy to assume that companies’ recruiting, promoting, and empowering their female employees is a well-addressed priority. However, women have been fighting against bias and seeking recognition and representation within finance for decades. Women of color are also confronting racial biases in what has been an overwhelmingly white, as well as male, industry. This fight continues today, as many high-powered women in finance still find themselves in the minority on corporate boards and in the C-suite.

In recognition of these ongoing accomplishments and challenges, Bloomberg New Voices and the Smithsonian’s American Women’s History Initiative recently co-sponsored a conversation, titled “The Women in the Room,” which featured three trailblazing women in finance. It offered a nuanced look at the past, present, and future of what it is to not just progress, but also to succeed in a fast-paced, competitive, male-dominated industry.

Past

In order to understand the progress of women in the world of finance and contextualize the work left to do, it is essential to appreciate the achievements of those who have made strides in the past, breaking down barriers, confronting the boy’s club of finance, and insisting on a seat at the table.

The Smithsonian American Women’s History Initiative aims to do just that. This effort, and the curatorial choices it exemplifies, is confronting and speaking to the underrepresentation of women in business over time, while shining a spotlight on those who fought against it. Prior to the event’s sponsored conversation, the Secretary of the Smithsonian, Lonnie G. Bunch III, cited Madam C.J. Walker as an example of a trailblazing woman, one who found an opportunity in beauty products for Black women, an under-served, overlooked industry, and built an empire.

“The Only One in the Room: Women Achievers in Business and the Cost of Success” exhibit at the Smithsonian’s National Museum of American History further underlines this commitment to celebrating the achievements of the past as we move forward. History is put into context through artifacts that capture and explain women’s evolving position in the business world, such as a stock ticker tape machine that was installed in a men-only social club, literally and figuratively cutting women out of important financial information.

Present

The event’s conversation, moderated by Bloomberg TV anchor Alix Steel, centered around three successful and innovative executives, who are no strangers to being the only women in the room: Dina Powell McCormick, Management Committee member, Goldman Sachs, Michelle Peluso, SVP of Digital Sales & Chief Marketing Officer, IBM, and Mellody Hobson, President and Co-CEO of Ariel Investments.

The recent news that Wilson College at Princeton had been renamed for Hobson immediately came up as an example of true progress and representation, going beyond a woman just being in the room to changing an outdated narrative. “The reason I said yes to this had nothing to do with me,” Hobson said. “It was all about the symbol, something that everyone on that campus could look to and feel that they belonged.”

The women discussed a variety of ways to address gender parity and equality in the corporate world: avoiding bias, measuring progress, increasing incentives and transparency, and making these issues a true business priority. Mentorship among women at different points in their careers is also crucial to ensuring the next generation has the opportunity and confidence to succeed. “I think we can’t take for granted just how hard it is to let your voice be heard, to have that confidence you need,” said McCormick. “Even when you’ve had the privilege of a certain level of success and the chance to reach back and mentor other women, there are often moments when you think, ‘can I do this? Can I be the only woman in this room?’ That confidence gap can hold women back. And it’s so important to help women find their voices. It makes a critical difference.”

The rise of genuine allyship was acknowledged as a key to promoting and empowering women at all levels of organizations, going hand in hand with a broader recognition of the fact that women should be at the table. This ultimately comes down to a shift in power dynamics, particularly when there aren’t enough women in the room. “We’re not asking men to give up power,” Hobson explained, “but to share it.” It’s also important to recognize that different women, coming from diverse ethnic, educational, and socioeconomic backgrounds will need different things from those who advocate for them. Being an effective ally means recognizing these varied needs and providing the support and encouragement needed for success.

“I think we’re finally at a point in society when it’s not just women saying that women should be at the table,” said Peluso. “There’s a lot of recognition and consensus that more diverse and inclusive teams produce better results. And we’ll make fundamental progress when this belief is a given, widespread across industry. That’s what has me passionate and excited about the work ahead.”

Tips for today:

• Tenacity and taking risks: “Taking a risk, even when people are telling you to stay on the straight and narrow path, can be a great way to ultimately find the journey that was meant for you.” – DPM
• Always have an original idea: “I’ve always worked very hard to bring an original idea into the room, which often is said in the form of a question. It’s a way to distinguish your voice from those around you. And asking questions is less threatening, as opposed to statements. It gives you the opportunity to follow up, which allows subject matter to reveal itself.” – MH
• Grit and grace: “Aside from hard work, which is a given, it’s important to be humble about what you still have to learn.” – MP
• Have confidence: “As the only woman in the room, you need to be more prepared than anyone else. And you need to have the courage behind your sentiments.” – DPM
• Be authentic: “Don’t let other people define you or shake you. Quiet confidence, knowing who you are and what your style is, are so important. Don’t let the environment shake your conviction.” – MP
• Coming back from failure: “It is okay to fail. It’s one of the biggest fears that women have today. But honestly, for me, I have grown the most when I’ve failed and made mistakes.” – DPM

Future

While being the only woman in the room can certainly present challenges, there are also significant opportunities for growth and mindful progression. Bloomberg’s New Voices initiative seeks to fill this gap and even the playing field, with a focus on empowering female and other under-represented experts in business and finance by amplifying their voices across media platforms. To that end, the program has provided media training to more than 250 women and diverse executives in cities around the world, more than doubled the representation of female guests on Bloomberg TV programming and built a database of more than 6,000 top women in business and finance around the world who can be called upon as sources for stories.

At Bloomberg News, this focus has caused a ripple effect. By making sure the guests interviewed on-air and the sources cited in stories are more diverse, the companies we cover and others within the industry have noticed the shift.

“The firms are realizing they need to start putting forward more diversity when we come calling for guests on TV or sources for stories – because it matters,” said Laura Zelenko, a senior executive editor at Bloomberg News, who leads the New Voices initiative. “It matters in terms of how the firms are perceived and it matters greatly to how strong and accurate and complete our coverage is.”

New Voices is one of several initiatives designed and implemented to foster and empower women’s success, like Goldman Sachs’ 10,000 Women and the Smithsonian American Women’s History Initiative’s Women in Finance Wikipedia Edit-a-Thon, a joint effort between Wikipedia and the Smithsonian to address the representation gap for women in finance as they appear on the site.

The Girls Take Wall Street program, done in collaboration with UBS and Bloomberg, has focused on inspiring the next generation of female financial leaders. It began in New York before expanding globally by bringing more than 200 first-generation high school girls to participate in a full day of financial literacy and education about the industry, including the opportunity to ring the closing bell at the New York and Bombay Stock Exchanges.

The initiative’s mission is best summed up by UBS’s Sherry Paul – to change the face of finance one girl at a time by exposing them to careers in finance and encouraging them to be the future leaders in the industry.