Empowering women at work and home

WEDNESDAY, NOV. 7: Is there a glass ceiling?

Why do so many women fall off the corporate ladder?

With women only holding around 15 per cent of ‘chief’ titles — a percentage that has not changed in over a decade, how can growth be promoted?

These were some of the questions put forth to a panel on Monday entitled ‘Celebrating Women Achieving Success’.

The discussion as sponsored by HSBC for the female members of its staff.

Richard Moseley, CEO of HSBC Bank Bermuda, addressed the nearly 100-strong audience saying that the organization can not function to its full potential if women were not fully taking part in leadership roles.

Develop

He said:  “We need to help people to grow and develop to be able to make that contribution and feel comfortable in making that contribution.”

After Mr Moseley, left the panel was left to ponder the questions.

Deborah Hazell, CEO of HSBC Asset management, North America said there are appears to be a glass ceiling with no movement in the 15 per cent of the CEOs, CFOs, etc. being women.

She said part of the problem is “People think of leaders as standing at the front, aggressive, charging forward — A lot of women leaders are completely different.

It’s much more about influencing than directing.

“It’s still leadership, but it’s a different type of leadership.”

She said the 85 per cent of men who are at the top need to understand “that the women that are underneath them are just as capable and just as good leaders, but in a completely different way.”

Ms Hazell added part of the problem is many women need to deal with was the confidence issue.

“Way more men are completely convinced that they can do a really good job, and women are not sure that they can do it. Their abilities may be the same or the other way around.

“When it comes to applying for senior roles, the men take the view they are completely sure they can do it, so they go for it.”

She pointed to her own career path where she had to be pushed to take the climb up the ladder when her initial reaction was she could not do it.

Marcia Woolridge-Allwood, director Banking, Trusts and Investments at the Bermuda Monetary Authority, said there is most definitely a glass ceiling.

She said: “We must have the confidence; we must be self-assured; We must demonstrate we can do the jobs. I always believe if you can demonstrate that, the rewards will come your way.”

She said women have the power to increase the number of chiefs above the 15 per cent level.

Ms Woolridge-Allwood added women must work together to make that change happen.

“Sometimes women can be our worst own enemies. Sometimes it is more difficult as a woman leader to receive the support from our women colleagues. We must stop that.”

She said women generally get picked to lead projects because they are thorough.

Deliver

“We deliver on time and we do a good job. Our male colleagues can be aloof, can miss deadlines and the impact for them is a lot different. I see it every day and they’re still getting ahead and I’m still running to catch up.”

She said part of success is developing  teams in which everyone shares in the rewards.

Ms Woolridge-Allwood said sometimes women’s goals change as they have families and that has an impact on their movement up the corporate ladder.

She said: “Be true to yourself and maintain your integrity and your principles.

“You don’t want to hear from your daughter 20 years down the road what they resent you for.

Ms Woolridge-Allwood added: “We have to be honest on whether we want to go through the glass ceiling or whether we can be leaders within our own areas of responsibility and still achieve the same reward.”

This is part one of three. Part two will run on Friday.