RMA: "Build your wolf pack, support each other, and don’t hire women just to tick a box"
18 October 2019 Miami
Reporter: Drew Nicol
Image: Shutterstock
Women do not need to go it alone while forging their careers in the financial sector and should focus on creating a “wolf pack” of other women to benefit from their collective knowledge and experience, argued conference panellists.
Speakers at the Women in Securities Finance industry group panel discussion told a packed-out room on the first day of the Risk Management Association’s (RMA) conference in Miami, that research has revealed that professional women are more likely to suffer from a form of ‘imposter syndrome’ that causes a lack of confidence and feelings of doubt regarding their abilities, compared to their male peers.
One panellist highlighted a study that looked at the gender split when it came to people applying for promotions. The research found that women would not put themselves forward for a more senior role until they thought they met 100 percent of the criteria required.
Men, in contrast, were shown to be willing to apply for a role when they only had around 60 percent of the experience it asked for.
Being part of a small group of women, described by panellists as a wolf pack, who can act as a support framework, in addition to a broader network of both male and female industry peers, is an essential part of the solution to this gender difference, the panellist continued.
“Confidence can be learned”, noted a second panellist, who added that the existence of support networks and senior advocates for junior staff will encourage women who might otherwise talk themselves out of putting their hand up to take on more responsibilities.
As women take tactical risks in their careers and then succeed they will be encouraged to take more risks and continue to put themselves out there, audience members heard. “Challenges and risks also bring opportunities,” the panellist concluded.
Women in Securities Finance: Promoting talent, not coffee
Having confidence, the resilience to weather short-term challenges, an active and broad network, along with a focused, core group, were all cited by a panellist as the key four areas that women at every stage of their careers should focus on.
Representatives from the Women in Securities Finance industry group explained ahead of the panel that it was focused on being a talent development programme, rather a “coffee group”, in order to provide additional support to both men and women in developing these points.
The group has hosted a series of events in partnership with the International Securities Lending Association, the Canadian Securities Lending Association and Finadium, as well as running its own events across North America.
Two further events for this year include a meeting in Toronto in November, which will provide an opportunity for members to develop their presentation skills in front of small and large audiences, and a one-day event in Boston that will focus on “building your brand”.
Since the group hosted its first panel at the RMA conference last year its membership has almost doubled to over 300 securities finance industry participants.
Diversity: More than just a box to tick
The industry’s push for diversity and inclusion must not fall into the trap of becoming a simple box-ticking exercise, panellists warned.
Following a round-up of diversity-focused initiatives being promoted by several major industry participants, audience members and speakers were unanimous in their view that positive discrimination and quotas were not ideal solutions to the issue of gender disparity.
One panellist outlined the challenge they face in increasing the number of women in their team when the vast majority of applicants for jobs were men.
The speaker explained that their firm’s hiring practice requires them to invite a diverse range of applicants to interview but, ultimately, the successful applicant will be chosen on merit alone.
