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womeninbusiness

December 2016

WiB worldwide

Meet the Men and Women Who Are Redressing the UK’s Gender Imbalances At first glance, the fact that we have a female Prime Minister again suggests that the perceived glass ceiling that women face in the political and business worlds has been shattered. We speak to men and women who share what they are doing to address the gender imbalance.

Plus... Female Inventorship on the Rise Worldwide / Women in Innovation Awards 2016 / New Mothers Need More Than Just Employment Protection / CMI Women Campaign Calls for ‘Missing Middle’ Of 1.5 Million Women to Fill New Management Roles by 2024


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Welcome to the very first edition of Women In Business Worldwide - THE online resource for the latest up to the minute news, insight and information on the greatest women in business and their contributions across the corporate landscape and around the world. This publication is bought to you by AI Global Media, a leading UK based publishing house with a wealth of experience across the corporate and financial sectors. WIB Worldwide turns the spotlight on the best and the brightest businesses, and the women behind them, who are taking the corporate world by storm. We offer the ideal platform for anyone looking to reach the leading women from across the corporate market and around the globe.

What’s Inside... 4. News

Education & Training

8. Female Inventorship on the Rise Worldwide 10. Mums Forced out Due to Lack of Flexible Jobs 12. New Scholarship Puts Women in the Driver’s Seat 14. Why Female Engineering Students Leave the Field 16. ITutorGroup Empowers Women Entrepreneurs in China Through the Extreme Tech Challenge

Personnel

20. Flexible Working and Tax Breaks for Start-Ups ‘Needed to Open Floodgates for More Women in Financial Services’ 22. Gender Pay Gap At 16.3 Per Cent for Construction Sector 24. Meet the Men and Women Who Are Redressing the UK’s Gender Imbalances 26. New Mothers Need More Than Just Employment Protection 28. CMI Women Campaign Calls for ‘Missing Middle’ Of 1.5 Million Women to Fill New Management Roles by 2024 30. Pay the Least Important Factor in CEO Motivation

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News

Angelique Kerber Becomes Brand Ambassador for Generali Vitality The agreement sees global tennis star Angelique Kerber becoming the brand ambassador for Generali Vitality, the innovative health and wellness behavioural programme which successfully launched in Germany on 1 July this year. Generali Deutschland AG and the current world number one in women’s tennis have signed a two-year contract for an exclusive partnership. Generali Vitality introduces the new concept of shared-value insurance into Europe with the aim of making people healthier. Through the partnership with Angelique Kerber, one of the most successful sportswomen of the year, Generali Vitality hopes to inspire many more people to live healthy, active lives. Following her victory at the Australian Open at the beginning of 2016, Angelique Kerber (28) has grown from strength to strength, delivering exceptional performances at major events on the international tour. Her victory at the U.S. Open, her participation in the finals of Wimbledon and her silver medal at the Olympic Games in Rio de Janeiro, have all contributed to her world number 1 ranking. Angelique Kerber reminds us what is possible through diligence, endurance and hard work. Eating healthily and continuously working to improve her fitness are also a natural part of her everyday life. These qualities combined make her the perfect brand ambassador for Generali Vitality.

‘I know as an athlete how important it is to move and eat healthily, no matter whether you are an amateur or professional athlete. During my career I’ve learned how important it is to believe in yourself and work on yourself, step by step. Then everything is possible. I fully support Generali Vitality’s goal to motivate people to live healthier lives and I am delighted to have the chance to help to achieve this’, said Kerber. Giovanni Liverani, CEO of Generali Deutschland AG, is equally enthusiastic about the new face of Generali Vitality: ‘I am very pleased to welcome Angelique Kerber, into our Generali Vitality Community. One of the most successful sportswomen of our time, an international star and rightly the number one in the world of tennis, Angelique is both ambitious and humble. Angelique Kerber is downto-earth and modest despite her sporting success. We are incredibly excited to work together to inspire people to achieve their own personal best. ’ The Generali Vitality programme is available in combination with term life and disability insurance and offers many opportunities to change lifestyles on a gradual or individual basis as well as many incentives to achieve personal health objectives.

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016


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News

Heidrick & Struggles Launches Leadership Network for Senior Executive Women The Leadership Network will be a forum for businesswomen in executive roles. Heidrick & Struggles, a premier provider of executive search, leadership consulting and culture shaping worldwide, has launched The Leadership Network, a forum for women in executive leadership roles who aspire to C-Suite and non-executive director roles. The Leadership Network’s inaugural event October 12 entailed a breakfast briefing and panel discussion that included Sir Nigel Rudd, Chairman of BBA Aviation plc, and Alice Avis, NonExecutive Director of The British Growth Fund plc. More than 130 senior executive women from industry, government and the notfor-profit sector attended the event.

an invitation-only forum for female C-suite leaders and our objective is to offer senior women across all sectors the opportunity to enhance their professional development, exchange ideas and share learning with their peers.”

that senior and diverse leadership is an important requirement for succession planning and that there is a real opportunity to provide leadership to how organisations engage, retain and develop their female talent pipeline.

The Leadership Network The Leadership Network will sit alongside Heidrick & Struggles’ Board Network. We recognise

About Heidrick & Struggles Heidrick & Struggles serves the executive talent and leadership needs of the world’s top

organizations as a premier provider of leadership consulting, culture shaping and senior-level executive search services. Heidrick & Struggles pioneered the profession of executive search more than 60 years ago. Today, the firm serves as a trusted advisor, providing integrated leadership solutions and helping its clients change the world, one leadership team at a time. Web address: www.heidrick.com

During the discussion, Sir Nigel noted the trend for women executives who might otherwise have a path to C-Suite roles opting instead for so-called “plural careers”—that is accepting multiple Non-Executive Director roles— making them unavailable for the highest executive positions in their primary career. “We have too few top female executives today and the growing tendency for pursuing plural careers does not help matters,” he commented. “The launch of the Leadership Network helps address the need to create and support a sustainable talent pipeline for senior women leaders in business,” said Jenni Hibbert, a Partner in Heidrick & Struggles’ London office and leader of the firm’s Financial Services Practice in the UK. “It is

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News

Tamsin Tweddell Crowned Woman of the Year Building Awards has recognised Tamsin Tweddell as ‘Woman of the Year’ for her achievements in the construction industry.

Senior Partner at Max Fordham, Tamsin Tweddell, was crowned ‘Woman of the Year’ at last night’s Building Awards. The prize acknowledges and rewards stand-out achievement by a woman in the construction industry, in an effort to highlight positive role models to enhance the sector’s appeal for other women.

‘It makes me proud to work for a practice where nearly a quarter of the engineers are women,’ Tamsin enthused. ‘Engineering has, for too long, been seen as an industry only for men.’ She hopes that this award will help promote the role of women in the industry. ‘Diversity is essential if we are to find new ways of thinking about the problems we will face in years to come.’

Tamsin was recently elevated to Senior Partner at Max Fordham, the first woman to do so at the Practice, having joined in 2000. She is the Sustainability Team Leader at Max Fordham, specialising in building performance. She has an impressive portfolio of project work, most recently leading the sustainability programme for the development of Keynsham Civic Centre in its ambition to achieve an in-use ‘DEC A’ rating.

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016

Tamsin also serves as Chair of the Diversity Working Group at Max Fordham, helping to extend the appeal of engineering beyond the gender imbalance to other groups that have also traditionally found the industry difficult to engage with. The annual Awards were held at Grosvenor House Hotel in Park Lane, London.


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News

Women in Innovation Awards 2016: 15 Female Entrepreneurs Honoured Fifteen of the UK’s most innovative women were honoured at an awards ceremony at London’s Royal Society of Arts. Innovate UK launched this nationwide competition in May 2016. The aim was to challenge the low numbers of women entrepreneurs in the UK. Each winner receives £50,000 and a tailored business support package. They will also receive mentoring from Innovate UK’s list of well-known business leaders, who are also ambassadors for the infocus campaign. These include Facebook VP for Europe, the Middle East and Africa, Nicola Mendelsohn, Cambridge Wireless founder and former CEO, Soraya Jones, and Williams F1 Deputy Team Principal, Claire Williams. Removing barriers for female entrepreneurs The proportion of UK women in entrepreneurial activity is around half the level of men. Boosting female entrepreneurship could deliver approximately £180 billion to the UK economy.

Dr Ruth McKernan CBE and Chief Executive of Innovate UK said: It is very clear that harnessing the talent of women entrepreneurs could significantly enhance UK economic growth. I am delighted that we are taking action; supporting and funding female entrepreneurs to help them succeed and inspire other women to come forward, apply for funding and turn their ideas into successful businesses. The infocus Women in Innovation winners and their innovation focus: • Dr Rachel Gawley of AppAttic (Belfast) – digital health • Lorin Gresser of Dem Dx Ltd (London) – digital health • Emma Sceats of CN Bio Innovations (Hertfordshire) – non-animal testing

Dr Anne Roques of Aurora Medical (Southampton) surgical tool Dr Shakardokht Jafari of TrueInvivo (Surrey) - medical diagnostic Professor Kym Jarvis of Viridian Consultants (Surrey) nuclear energy Christine Boyle of Senergy Innovations (Belfast) - solar energy Anna Hill of River Cycleway Consortium (London) - green transport Pauline Dawes of SOMI Trailers (Scunthorpe) transport logistics Elena Dieckmann of AEROPOWDER (London) sustainable materials Dr Carmen Hijosa of Ananas Anam UK (London) -

sustainable materials Natwilai Utoomprurkporn of Gettrik (London) - drone system Siobhan Gardiner of HEROTECH8 (Bedford) drone system Fanzi Down of DPS Designs (Forest of Dean) - design and manufacturing Dr Rebecca Sage of Interactive Scientific (Bristol) ed tech

Ruth McKernan added: From fully autonomous drone software to affordable solar power technology and a digital education portal which engages school children with the molecular world, the calibre of winners is an eye-opening view into the talent and vision of the UK’s female entrepreneurs.

Dr Ruth McKernan CBE and Chief Executive of Innovate

Innovate UK’s infocus campaign is an umbrella initiative to encourage diversity in innovation. The competition aims to address an important barrier to female entrepreneurship - having limited access to relevant role models and identification with entrepreneurs as ‘women like me’. Women are also less likely to seek external sources of finance than men. The campaign is a way of increasing awareness of how simple it is to apply for gamechanging funding.

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Education & Training 8

Female Inventorship on the Rise Worldwide New research from UK Intellectual Property Office reveals global gender breakdown of inventorship.

This week the government will announce £750,000 funding for 15 female inventors as new research from the UK Intellectual Property Office (IPO) reveals that female inventorship is on the rise worldwide. The winners, each receiving £50,000 as part of Innovate UK’s Women in Innovation award, will be announced on Tuesday 15 November during Global Entrepreneurship Week. IPO analysis of patent applications has shown that the gender gap in worldwide patenting, while substantial, is now decreasing. Since 2000 there has been a 60% increase in the proportion of female inventors worldwide. However absolute numbers remain relatively low. In 2000 only 6.8% of all inventors worldwide were female, in 2015 this rose to 11.5%. In the UK female inventorship has risen by 16% in the last 10 years alone, and the UK has recently been ranked best place to patent in the world in Taylor Wessing’s Global Intellectual Property Index. The government recognises that there is more to do to help budding female inventors realise their potential as part of creating an economy that works for everyone. Data drawn from more than 234 years’ worth of patent applications has revealed that the proportion of female inventors varies by country. Russia (15.7%) and France (11.7%) have the highest proportion of female inventors while countries such as Germany (5.5%) and Japan (3.7%) have some of the lowest. In Britain the proportion of female inventors is 7.3%.

The highest proportion of female inventors are in chemistry fields such as biotechnology and pharmaceuticals, while the lowest proportion of female inventorship is seen in mechanical engineering. The research also notes that patent applications often involve a team of inventors and that women are increasingly involved in such teams. In 2014 over 25% of worldwide patent applications involved at least one female inventor. The examination of records has also revealed the most common names of inventors by country. In the UK the most common names of inventors are: Male Female David Susan John Helen Michael Sarah Peter Elizabeth Andrew Alison British women have been responsible for a number of major inventions over the past 100 years including: Rosalind Franklin (right): who played a key role in the discovery of DNA Ada Lovelace: considered the ‘first computer programmer’ in 19th century, she wrote the first algorithm to be carried out by a computing machine Sarah Guppy: who invented a machine for the safe piling of bridge foundations used by Brunel to build the Clifton suspension bridge

Hertha Marks Ayrton: refused a Cambridge maths degree because of her gender, her inventions improved arc lamps that were used as searchlights in both world wars Anne McLaren: her work was key to the birth of the first test tube baby and development of IVF Baroness Neville Rolfe, Minister of State for Energy and Intellectual Property said: It is very promising that women are increasingly bringing their innovative ideas to life, and we are providing more talented women around the country with the funding opportunities they need to develop their business ideas and help to build an economy that works for all. Entrepreneurs and small businesses are the backbone of our economy and I want to see even more women being given the support they need to bring their business plans to market. Dr. Ruth McKernan, Chief Executive of Innovate UK added: Recent analysis indicates that only 14% of applicants to Innovate UK competitions are women. We are seeking to redress this balance via our ‘InFocus Campaign’ which celebrates, supports and enables women through a package of business support, plus a £50,000 individual grant to develop their innovations. There are so many talented women with great business ideas. The UK economy would be improved by a better gender balance in our entrepreneurs and business leaders.

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016


“Entrepreneurs and small businesses are the backbone of our economy and I want to see even more women being given the support they need to bring their business plans to market.�


Education & Training 10

Mums Forced out Due to Lack of Flexible Jobs Workingmums.co.uk calls for improved education on employment rights and toughening up of legislation.

Nearly one in five (18%) working mums have been forced to leave their jobs because a flexible working request has been turned down, according to Workingmums. co.uk’s annual survey <https:// www.workingmums.co.uk/ workingmums-annual-survey-2016results/>

said childcare costs could prevent them returning to work.

The survey of over 2,000 women in Workingmums.co.uk’s 10th anniversary year shows that over a quarter (26%) of mums in work have had a flexible working request turned down. Some 12 per cent said their employer did not even seem to consider their request at all and over a quarter (27%) said the reason given for turning down the request was not one which is allowable under flexible working legislation.

The survey shows a divide between those women who have extremely flexible jobs (10%) and those who have no flexibility at all (9%) or whose jobs are not very flexible (26%).

For women currently on maternity leave the figures were higher: 35% of those who had had a flexible working request turned down had had it rejected on grounds other than reasons which are allowable under flexible working legislation. Some 68% said they did not feel the rejection was justified. However, 79% did not appeal. This was not surprising given only 5% appealed successfully. Some 41% of those on maternity leave said refusal of flexible working would mean they might not return to their job, yet 50% said they had not discussed flexible working before going on maternity leave. The survey shows that availability of flexible working is the key career development issue for working mums, with some element of homeworking the most valued, particularly for those wanting to work full time. Other barriers included childcare costs - half of women currently on maternity leave

Flexible working legislation was extended to all employees in 2014, but some provisions of the original legislation, such as the statutory right of appeal, were watered down.

It also reveals that many employers are failing to retain the skills of working mums after maternity leave. Some 60% of women said they changed jobs after maternity leave and 58% say they are interested in starting their own business or becoming a franchisee, with 40% of these actively pursuing ideas and plans. Research has shown that the ability to be more in control of their hours - not necessarily to work fewer hours - is a key driver for those women who want to start businesses after having children. Some 64% are interested in retraining. A previous Workingmums.co.uk’s survey <https://www.workingmums.co.uk/ research/> showed a need for more flexible working and a desire to do something they considered more meaningful were behind many mums’ interest in retraining. The survey also showed: - job shares are still not used by many employers. Only 4% of women said they were in a job share, despite 55% wanting to work part time 57% of working mums struggle with holiday and after school childcare - 46% use grandparents to reduce

childcare costs - 38% pay no childcare costs as they use family/ friends to cover pick-ups or work school-friendly hours. Gillian Nissim, founder of Workingmums.co.uk, said: “When I founded Workingmums.co.uk 10 years ago, it was difficult to find flexible new jobs <https://www. workingmums.co.uk/felxible-jobs/> and many women who were working flexibly felt their careers had been sidelined. We’ve come a long way and many now see the huge business benefits of creating a more family friendly workforce. Our survey shows 10% of women describe their job as extremely flexible, for instance. But there is still more to be done to create the kind of workplaces that work for people who need flexibility, for whatever reason. That means encouraging and supporting employers to implement flexible working so that they do not lose employees who typically have years of experience in their roles. “While flexible working may not be possible in some cases, it is worrying to see that 12% of women who said their request had been turned down did not feel it was even considered at all. Under flexible working legislation employers have a duty to deal with requests in a ‘reasonable manner’. We also have concerns about the weakness of the legislation around the right of appeal and clearly the survey bears out those concerns since most who had their request rejected while on maternity leave did not appeal, even though 68% felt the reasons given for the rejection was not justified. “Workingmums.co.uk would like to see more efforts made both to promote the case for flexible

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016

working more widely and to educate women about their rights with regard to the legislation. We would also like policymakers to look at the case for reinstating a statutory right of appeal if a request is turned down as this would send an important message to employers that they must give serious consideration to requests and not just dismiss them out of hand.”


â&#x20AC;&#x153;While flexible working may not be possible in some cases, it is worrying to see that 12% of women who said their request had been turned down did not feel it was even considered at all.â&#x20AC;?


Education & Training 13

New Scholarship Puts Women in the Driver’s Seat Online used car dealership, Carspring has partnered with the Institute of the Motor Industry (IMI) to launch a unique scholarship to encourage increased female participation in the automotive sector. Carspring already has many women in top positions, from Head of Marketing, Head of Product and Head of Human Resources. And, with 47.5% of customers being female, the company sees breaking down gender barriers as paramount to success. However, with figures from Catalyst.org finding that only 16% of those working in the UK industry are women, Carspring co-founder Maximillian Vollenbroich is determined to help bring about a change: “The gender imbalance in the motor industry is, frankly, ridiculous. Everyone, both men and women drive cars, so both men and women should be involved in the sector. What’s more, inequality is a real roadblock to innovation and we want to do our bit to make amends.” “At Carspring, we’re committed to bringing about a better balance. One of our core values is inclusiveness, which is obviously really close to our hearts. But, it’s not just about our belief in gender equality. We know that businesses representing their customer base better have the best chance of success.”

“This is a fantastic initiative that chimes perfectly with our campaign to promote careers in the motor industry to women.”

“The IMI has been instrumental in pushing to address the problem. That’s why we’ve partnered with them to deliver this scholarship. We think the combination of financial help and practical experience presents a truly unique opportunity to encourage more women to get involved.” IMI CEO Steve Nash said: “This is a fantastic initiative that chimes perfectly with our campaign to promote careers in the motor industry to women. Carspring are ahead of the curve on this issue and I hope other companies will follow their lead and offer practical assistance to help young women join our sector.” Facts about the scholarship Open to apprentices’ level 2-4 (advanced technician etc.) and anyone with a confirmed place at a UK university. Offers a £1000 cash bursary and a two-week work experience period in either London or Berlin to two successful applicants per year. Applicants apply by submitting a briefing document on ‘The Future of Automotive Retail.’ For more details, visit www. carspring.co.uk/scholarship

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Education & Training 14

Why Female Engineering Students Leave the Field Female engineers are leaving an already male-dominated engineering field due to a culture that does not take them seriously, according to Professor Brian Rubineau of Desautels Faculty of Management, McGill University. Rubineau, along with co-authors Carroll Seron (UC Irvine), Erin Cech (University of Michigan) and Susan Silbey (MIT), found that unchallenging projects, blatant sexual harassment and greater isolation from support networks contribute to women’s exit from engineering. Rubineau says: “Although engineering programs have focused on reforming their curricula to encourage women’s participation, we are finding that social interactions outside of classrooms are contributing substantially to women’s negative experiences of the field. It is clear that engineering schools must broaden their efforts beyond the classroom to ensure they are not only attracting top female talent, but retaining it.” Their longitudinal study followed 700 students from four schools – MIT, UMass, Olin College of Engineering, and the women-only Picker Engineering Program at Smith College – during their four years of college and again five years after they graduated.

“Women, moreso than men, cite engineering’s potential for improving society as their motivation for pursuing a career within the field.”

The study examined students’ voluntary diary entries and focused on interactions with other students in classes and projects, as well as college culture and future occupational and family expectations. Rubineau continues: “Many of the women in our study experienced blatant gender bias in their project teams and internships. Much of the hands-on aspects of engineering are treated as men’s work, with women relegated to more secretarial duties. This culture of sexism and stereotyping sidelines qualified women, who then often choose a different career path. A second source of this gendered discontent concerns the role of engineers in society. Women, moreso than men, cite engineering’s potential for improving society as their motivation for pursuing a career within the field. But in their internships, women saw only lip service offered towards improving society. Disillusioned, these women are often inclined to change career path to find a better cultural alignment with their values and goals.”

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016


Education & Training 16

ITutorGroup Empowers Women Entrepreneurs in China Through the Extreme Tech Challenge Ten pre-selected Chinese female entrepreneurs pitched their businesses in the first round of The Extreme Tech Challenge competition in Beijing, China. iTutorGroup joined this event as a global anchor sponsor and partner. The Extreme Tech Challenge (XTC) is one of the world’s largest start-up competitions, with Sir Richard Branson as its anchor judge and CES, global consumer electronics show in Las Vegas, as a strategic partner for the semifinals. Hundreds of start-ups from around the world compete to be selected into XTC Finals hosted at Necker Island on February 2, 2017 where the top three finalists get to pitch to Sir Richard Branson. This year’s XTC competition is the first year to open up to Chinese female entrepreneurs which brings a lot of excitement into the start-up ecosystem. Jake Chan, Chief Strategy Officer and General Counsel of iTutorGroup, who was one of the judges of XTC competition in Beijing, explains why this contest is so relevant to iTutorGroup. “Ever since we started our company, entrepreneurial and innovative spirit has been a crucial part of our DNA. We built this firm as a global company from day one and believe that diversity across cultures, gender, ethnicity and religion is essential to build a collaborative and innovative work environment. Nowadays, it is more important than ever to

support female entrepreneurs for the sake of our society, economy and environment. At iTutorGroup, innovation, entrepreneurship and diversity are the three values we cherish and treasure the most which is why we are so eager to support initiatives like XTC.” Jake continues: “What strikes me at this event is the strong leadership potential I see among competing female founders. Many of them had to fight their own battles in life which is why they are so strong today. They are a great example of success and inspiration to our society and especially to young girls who have similar aspirations.” Among the 10 contestants, Hosby, Merak, BestSign, Next Dress and Patsnap were selected into the top five. Mid-January, judges will announce the winner of XTC China who will be eligible to go into the XTC Finals in Necker Island. About iTutorGroup iTutorGroup is the global leader in online education providing individualized, personalized learning experiences to hundreds of thousands of students and business professionals in countless subject matters through its network and sourcing of experts and

teachers in thousands of centers, institutions and cities around the world. We do this by leveraging big data analytics and utilizing advanced algorithmic matching between students, classmates, teaching consultants and digital content. Since its inception in 1998, iTutorGroup has become the largest online platform driving live human-to-human interactions worldwide. iTutorGroup leads the revolution of education and live interaction with its human-tohuman platform and service model. With iTutorGroup, anybody can learn anything from any device, anytime, 24-7. iTutorGroup’s award-winning education platforms include vipabc, TutorABC, vipabc junior and TutorABCJr for English-language learning, TutorMing for Mandarin Chinese language learning, and LiveH2H - a robust, global and open platform for live interactions and experts-on-demand. To learn more about iTutorGroup and its brands, visit www.itutorgroup.com

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016

Center: Patsnap founder Guan Dian


â&#x20AC;&#x153;Ever since we started our company, entrepreneurial and innovative spirit has been a crucial part of our DNA.â&#x20AC;?


â&#x20AC;&#x153;Women in Business is a flagship programme for us and since its launch in Croatia in 2015 we have seen great progress.â&#x20AC;?


Personnel 19

EBRD Continues Support for Women in Business in Croatia Opening the event Vedrana Jelušić Kašić, the EBRD’s Regional Director for Croatia, Slovenia, Hungary and the Slovak Republic, said: “Women in Business is a flagship programme for us and since its launch in Croatia in 2015 we have seen great progress.” The European Bank for Reconstruction and Development (EBRD) is continuing its support for female entrepreneurs by hosting a conference entitled “Women in Business: Opportunities for Growth” in Zagreb today. Other opening remarks were provided by Ambassador David Yung-Lo Lin from the Taipei Representative Office in the United Kingdom, and Saša Drezgić, Croatia’s Deputy Minister of Finance. The event was attended by more than 100 participants who, after the opening speeches, had the opportunity to follow two panel discussions. The EBRD’s Women in Business programme in Croatia is funded by the EBRD, the TaiwanBusinessEBRD Technical Cooperation Fund and the EBRD Shareholder Special Fund. It helps women-led small and medium-sized enterprises (SMEs) to access finance through local partner financial institutions, and to benefit from business advice from local consultants, training, mentoring and networking opportunities.

Taiwanese funds also provide support for business matching opportunities between Croatian and Taiwanese businesses. The next business matching trip for Croatian female entrepreneurs, planned for 2017, will comprise up to 20 Croatian businesswomen from various sectors who will have the chance to meet Taiwanese counterparts, build networks and attend specialised training sessions. The first phase of the programme in Croatia was launched in March 2015.To date, a total of €15 million has been provided to the two current partner financial institutions Privredna Banka Zagreb d.d. and Raiffeisenbank Austria d.d. Zagreb for on-lending to women-led SMEs, with another partner bank expected to join the programme by the end of this year. To date, almost 300 women entrepreneurs have been supported by the programme.

The EBRD’s Women in Business programmes are currently active in 16 countries and have so far committed over €500 million of financing to women-led SMEs, supported by over €60 million of donor funding to enable more than 10,000 women to access finance and advice to grow their businesses. Taiwanese donor support has contributed to the Bank’s work since 1991. It is especially directed towards information technology areas of the knowledge economy, business advice to SMEs and the EBRD Women in Business programmes, as well as projects in sustainable resource management and intelligent transport systems.

The EBRD signed its first project in Croatia in 1994 and has invested over €3.54 billion in 189 projects to date. The Bank’s activities cover all areas of the economy but are especially strong in the infrastructure, corporate, financial institutions and energy sectors.

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Personnel 20

Flexible Working and Tax Breaks for Start-Ups ‘Needed to Open Floodgates for More Women in Financial Services’ Sturgeon announces its four pledges to Treasury’s Women in Finance Charter. The introduction of compulsory flexible working hours would open the floodgates to more women working in the UK financial services industry, according to Sturgeon Ventures, the leading regulatory ‘incubator’ or ‘umbrella’ firm that submitted its four pledges to HM Treasury’s Women in Finance Charter by the Government. Sturgeon is also launching a campaign for the government to initiate tax breaks for those startup companies in which women account for at least half of senior management. Seonaid Mackenzie (right), Managing partner at Sturgeon, commented: “there are many women all across the UK with a tremendous amount of experience and who could re-enter the financial services industry but can’t because of the insurmountable difficulties of juggling family care with inflexible nine to five working hours.

“Financial services start-ups could benefit enormously by tapping into this overlooked workforce and the government should be actively encouraging this by offering them tax-breaks, especially for start-up financial services companies appointing women to 50% or more of their senior management roles. Such moves would add substantial dynamism to the UK financial services industry, which is especially relevant in the wake of the Brexit vote. “At Sturgeon we firmly believe that diversity amongst our team improves innovation, decisionmaking and the way we deliver our services. Women today represent 80% of our workforce and we aim to always maintain 50% in senior management in accordance with our Charter pledges. We take immense pride in the fact that our endeavour to be a responsible organisation ties in so well with the aims of the UK Government’s Charter and we are delighted today to release our initial four pledges as a charter signatory.”

Sturgeon was among the first signatories to the treasury’s Charter and the only regulatory incubator to do so. It was one of only 13 signatories to pledge to have 50/50 women in senior management roles, alongside Virgin Money, Legal & General and the FCA. The 72 signatories range from international firms such as Mizuho Bank to start-ups such as Affinity Capital, which is managed entirely by women. The Charter requires signatory firms to formulate a strategy for achieving greater diversity within their organisations, particularly at the senior and executive levels, set Internal and Externally reportable targets to improve diversity in the workforce and publicly report on these goals. Sturgeon Ventures’ four pledges include: • Support five women into senior management/board level roles at the financial services clients we work with, and maintain at least 50% of their own senior management team as women

Support five women who wish to continue their financial services careers to be retained in consulting, contracting and other permanent positions in the sector. This includes encouraging and supporting continual training of these women Support five women, who would have otherwise been lost to the industry, to continue or return to careers. This would likely include giving working mothers flexible hours with the option to work from Sturgeon’s office or at home Support Schools in the United Kingdom - to speak to at least two schools from Year 11-13 in the next financial year on gender diversity in financial services and encourage aspirations to work in frontoffice roles with no gender bias

Sturgeon also encourages those start-ups that it provides with regulatory to exploit the ‘Gender Dividend’ by implementing similar measures to its own. The number of regulatory ‘incubator’ or ‘umbrella’ firms in the City of London’s institutional financial sector has grown to 52,1 according to Sturgeon Ventures LLP, which was the first such firm to launch 18 years ago. “Regulatory incubators” , also known as FCA Umbrella or Regulatory Hosting, provide thirdparty investment management, investment advice and compliance and eventually direct authorisation support to start-up financial services businesses until they can be directly regulated in their own right. The service has been particularly in demand since the global financial crisis, with many individuals leaving large institutions to set up their own operations. Sturgeon’s analysis1 estimates that there are currently around 800 firms that are appointed representatives of wholesale incubators in the UK. For further information on Sturgeon’s four pledges under the Charter, see: www. sturgeonventures.com/about-us/ equality-diversity-policy/ http://www.sturgeonventures.com/ about-us/equality-diversity-policy/

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016


â&#x20AC;&#x153;At Sturgeon we firmly believe that diversity amongst our team improves innovation, decision-making and the way we deliver our services.â&#x20AC;?


â&#x20AC;&#x153;It is fantastic to see we now have the lowest gender pay gap on record. No woman should be held back just because of her gender.â&#x20AC;?


Personnel 23

Gender Pay Gap At 16.3 Per Cent for Construction Sector • ONS statistics show the gender pay gap has narrowed to 18.1 per cent • National gender pay gap now lowest on record – 18.1 per cent • Lowest gender pay gap since the survey began in 1997, when the gap for all employees was 27.5% The Minister for Women and Equalities, Justine Greening has welcomed figures showing the gender pay gap is now the lowest on record. The Annual Survey of Hours and Earnings, published by the Office for National Statistics <https:// www.ons.gov.uk> , provide the most accurate data on the median average difference between men and women’s earnings. These statistics show that the construction sector has a gender pay gap of 16.3 per cent – that’s 1.8 per cent below the national average. From next April the Government will be taking action to tackle the gender pay gap by requiring all employers with more than 250 employees to publish their gender pay and gender bonus gaps <https://www.gov.uk/government/ consultations/mandatory-genderpay-gap-re porting> . This will help shine a light on the barriers preventing women from reaching the top. The benefits of helping women to unlock their talents are huge – tackling the UK gender gap could add £150 billion to our annual GDP in 2025. That’s an opportunity that neither Government nor businesses can afford to ignore.

Minister for Women and Equalities, Justine Greening said: “It is fantastic to see we now have the lowest gender pay gap on record. No woman should be held back just because of her gender. “The changes we’ve made so that men and women can share their parental leave, the support we’re giving to get more women into the top jobs at our biggest companies and our drive to get more girls taking STEM subjects at school are all helping to reduce this gap. “We’ve achieved amazing things but there’s more to do – that’s why we are pushing ahead with plans to require businesses to publish their gender pay and gender bonus gap for the first time ever from April next year.” To help drive further progress and help eliminate the gender pay gap in a generation the Government is: • Introducing requirements for all employers with more than 250 members of staff to publish their gender pay and gender bonus pay gaps for the first time ever from April next year

Working with business to have 33 per cent of women on boards by 2020 and eliminate all-male boards in the FTSE 350 Doubling the amount of free childcare available to working parents of three and four year olds, helping to remove the barriers that can prevent women from returning to the workplace.

This builds on the changes Government has already introduced to support women in the workplace, including: • Extending the right to request flexible working to all employees • Introducing a new system of flexible parental leave • Supporting women’s enterprise by helping female entrepreneurs start up and grow their own business • Increasing the National Living Wage, of which two-thirds of recipients are women.

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Personnel 24

Meet the Men and Women Who Are Redressing the UK’s Gender Imbalances At first glance, the fact that we have a female Prime Minister again suggests that the perceived glass ceiling that women face in the political and business worlds has been shattered. We speak to men and women who share what they are doing to address the gender imbalance.

Having picked up the Financial Services of the Year gong at the 2015 Enterprise Vision Awards (EVAs) <http://www. enterprisevisionawards.co.uk/ winners-2015> for her work with Stanmore Insurance Brokers, Jackie Hyde is one of many examples of high-flying women who are blazing a trail in the business world. Speaking with other business owners and industry spokespeople – both male and female – Jackie Hyde further highlights the inspirational work that women are doing and how things are steadily changing for the better. Women will be sat around the board table and it’ll have nothing to do with our sex! As far as female representation in the boardrooms of major UK corporations goes, things seem to be moving in the right direction (albeit very slowly). Jess Penny, General Manager of Sales at Penny Hydraulics, who has high hopes for the future, and feels that women are earning their places at the very top of British businesses comments.

“At middle management level or higher within our company, there is one other female who is also at General Manager level. Jocelyn is a highly talented engineer with a Master’s degree in mechanical engineering. I look forward to the day when we are both sat around the board room table, but this is based on the skills and experience we will bring at board level and nothing to do with our sex,” . Reversing deep-seated stereotypes. As Jess Penny alluded to, there are certain industries that are still dominated by men – engineering being a clear example. However, some businesses are going above and beyond to eradicate traditional stereotypes. Janet Matsuda, CMO at Nimble Storage, explained: “One of the main challenges in increasing female representation is dispelling the myth of the engineering industry as a ‘boys’ club’, so highlighting the success stories role of women within the industry will be key to shift this mindset.

“At Nimble Storage, we make sure we celebrate the great work of our female employees, whether it’s in engineering, data science, or in the channel. Indeed, just this year we were delighted to see five talented women <https:// www.nimblestorage.com/blog/anaward-winning-team-times-five/> independently recognised for their amazing leadership. Supporting and championing women currently in the industry is essential to increasing the representation of women – for as they play a more visible role in Britain’s innumerable engineering success stories, more girls will be inspired to not just follow in their footsteps, but surpass what has been achieved so far.” It’s sad that trail-blazers are needed… but thank goodness they’re there! Martin Plenderleith, Head of Content at Media Managers, singled out one individual who has been particularly proactive in her attempts to create a level playing field in business. Indeed, Maggie Philbin is the CEO of TeenTech CIC, as well as a former TV reporter and presenter of the BBC’s ‘Tomorrow’s World’ show.

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016

Martin commented: “Maggie was quite inspirational to work alongside, as her solid determination to further the access teenagers have to STEM subjects is finally cutting through the business and education establishments. “Maggie has always been a strong voice, always been an animated presence without sacrificing gravitas in her dialogue. It’s a tricky balancing act, but she carries it off with grace, style and effectiveness. It’s so sad that trail-blazers like Maggie are needed, but thank goodness she’s there!” What’s it like to work with strong female leaders in a maledominated industry? The insurance industry is another that is seemingly dominated by men. Matt Tomkin, Project and Marketing Manager at dot2dot <http:// www.dot2dot.org.uk/meet-menwomen-redressing-uks-genderimbalances/>, explained how their company is already bucking long-standing trends. The business is spearheaded by talented and experienced women, and having won an award at the aforementioned EVAs last year, dot2dot is now set to sponsor the 2016 awards. This is further recognition of the fantastic work that is being done. “Working with a strong female leader who is making waves in a traditionally male-dominated industry is extremely inspiring,” Matt commented. “There’s been a lot of talk about the possible introduction of gender quotas and large insurers pledging to increase the number of women on their boards this year. As you can see from the way our team is made up <http://www.dot2dot. org.uk/about-us/the-team/> , we’re already way ahead of the curve and hopefully we can serve as a positive example for others in the industry to follow.”


“One of the main challenges in increasing female representation is dispelling the myth of the engineering industry as a ‘boys’ club’, so highlighting the success stories role of women within the industry will be key to shift this mindset.”


Personnel 27

New Mothers Need More Than Just Employment Protection Women don’t just need employment protection whilst on maternity leave, they also need support to transition back into work, according to diversity consultancy, The Clear Company. In light of recent reports from The Women and Equalities Committee and calls from MPs to address the discrimination pregnant women and new mothers face at work, The Clear Company has urged businesses to consider long term support for these individuals. The diversity consultancy has outlined that while ensuring women can return to work after maternity leave is vital, providing them with the training and support they need to transition back into work is crucial to prevent them from feeling alienated from the rest of the workplace upon their return. Kate Headley, Development Director at The Clear Consultancy, explains: “While the numerous initiatives to encourage more women back to work after maternity leave are positive moves to address the issue, there are additional supplements that employers must consider in order to retain these individuals long term. Yes more females need protection at work in terms of being able to return to their job, but they also need support in making this transition. Business owners need to remember that these individuals have gone through a time of incredible change and have been away from work for a lengthy period. Not only are they likely to consider the impact of working hours on their home life, but there’s also the potential that they will hit

a few bumps in the road when they start back as they learn to juggle their new personal and professional lives. “By providing greater support for women once they are back in employment, companies will really benefit from an engaged employee who feels valued and respected and is subsequently likely to have better productivity levels and be more loyal to the brand. That’s not to say that huge amounts of money need to be invested in schemes – simple moves such as linking them up with other mothers or new parents in the business will give them a support group to turn to for advice. If you still need convincing of the benefits of encouraging more women into work, a recent report from The Anita Borg Institute (The case for investing in women) found that Fortune 500 companies with at least three female directors saw an increase in return on invested capital by at least 66%, return on sales by 42%, and return on equity by at least 53%.”

“Companies will really benefit from an engaged employee who feels valued and respected and is subsequently likely to have better productivity levels and be more loyal to the brand.”

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Personnel 28

CMI Women Campaign Calls for ‘Missing Middle’ Of 1.5 Million Women to Fill New Management Roles by 2024 • New CMI analysis reveals the UK economy will need 2 million new managers by 2024 – and 1.5 million will need to be women if we are to achieve gender balance • Men currently outnumber women in management roles 2:1; women form majority of junior roles – but go missing from middle management upwards • CMI creates Blueprint for Balance to provide an open source of practical tools and support to help businesses achieve gender parity in management The Chartered Management Institute (CMI) has launched CMI Women, a new initiative that aims to achieve gender parity across the UK’s management population by 2024, and to help employers unlock more value in the UK’s workforce to address our productivity gap. The UK economy needs two million new management roles for it to achieve predicted growth. The launch of CMI Women aims to address this by helping employers identify the measures they can take to achieve gender balance, such as flexible working policies, line manager skills development, mentoring and balanced recruitment.

The problem for many organisations is the ‘missing middle’. While women out-number men at junior levels, not enough make it through middle management and to the top. CMI’s 2016 National Management Salary Survey shows that while 73% of entry-level roles are occupied by women, this reduces to just 43% of women in middle management roles. Recent research shows that gender-diverse management teams deliver an 18% Return on Investment premium and diverse companies are 15% more likely to outperform competitors. Diversity conclusively delivers better financial results, better culture and better decision making, yet not enough organisations are currently nurturing female talent into leadership roles.

To achieve a 50/50 split of management jobs between men and women by 2024, we will need 1.5m new female managers over the period. Today, there are over half a million ‘missing’ women from management. Unfortunately, the future doesn’t currently look much better. On today’s diversity forecasts we’ll still have 480,000 ‘missing women’ from UK management in 2024. To launch CMI Women, and address these issues, CMI has created a ‘Blueprint for Balance’, an innovative open source tool that helps organisations achieve 50/50 management. The tool is a free online resource that allows employers to share information and learn from others the practices and policies that have helped improve gender balance in their organisations.

WOMEN IN BUSINESS WORLDWIDE / DECEMBER 2016

Ann Francke, CEO at CMI, said: “Unlocking the ‘missing middle’ of women managers is essential as UK businesses face up to the challenge of tackling the productivity gap that currently leaves us lagging 21% behind our G7 competitors. In the run up to Brexit we must do everything we can to support business growth to ensure the UK can stand alone, and it’s clear that women are still the primary untapped resource in the workplace. Through CMI Women we will provide organisations with a Blueprint for Balance, while also enabling individuals to play their part in accelerating their own careers and supporting others to do the same. It is by working together in this way that we can find the solutions needed to find the 1.5 million extra women managers we’ll need by 2024 to achieve the gender balance that is critical for future UK business success.” Heather Melville, chair of CMI Women and Director of Strategic Partnerships at RBS said: “1.5m new women managers is an ambitious target but one that UK employers can’t afford to miss. It is essential for employers to do everything possible to achieve greater gender diversity across their management layers, not only for the benefit of women but also for the benefit of business productivity and the UK economy. That is why we are urging employers to use the Blueprint for Balance tool to share learnings about how to make this happen.” To launch CMI Women, an event will be held on Tuesday 29th November attended by business leaders including Heather Melville – Chair, CMI Women; Director for Strategic Partnerships, RBS, Fiona Dawson, Global President, Mars, Chuck Stephens – Head of Diversity & Inclusion, Google, and Charlotte Hill, CEO of Step up to Serve.


Ann Francke, CEO at CMI

“Unlocking the ‘missing middle’ of women managers is essential as UK businesses face up to the challenge of tackling the productivity gap that currently leaves us lagging 21% behind our G7 competitors.”


Personnel 31

Pay the Least Important Factor in CEO Motivation Unprofessional benchmarking unnecessarily forces up pay for top executives. Women get most motivation from work climate cooperation. A new study on executive engagement has revealed that most CEOs consider the nonfinancial aspects of their job much more important than their financial reward. The study, conducted by Vlerick Business School and management network Business Leaders, covered a sample of almost 1,000 European CEOs and found that they are mainly driven by ambition and non-financial factors, such as the challenge the job brings with it, the feeling of achieving progress and the pride of working for the organisation. Recognition and job security were found to have the least impact on satisfaction for CEOs. Professor Xavier Baeten from Vlerick Business School believes that Boards and remuneration committees incorrectly estimate the importance of financial reward for CEOs: “This study shows that higher salaries for top executives have almost no impact on CEOs’ level of commitment and satisfaction. CEOs feel strongly committed to the organisation and are generally satisfied with the financial reward. Here they mainly look at market conformity. Boards and remuneration committees do not seem to be aware of this and should pay more attention to the perceived fairness of the pay, both by the CEO themselves and by the broader social field. More attention should also be paid to performance management”.

The study also looked specifically at differences in work satisfaction between male and female CEOs. Notably, female CEOs obtain most motivation from the work climate and cooperation with other members of the top management. CEOs are less satisfied with the clarity and feasibility of targets set, the amount of travel their work entails and organisations’ willingness to change. Joël aan ’t Goor, CEO of Business Leaders, says, “This is the first time that motivation, driving forces and satisfaction have been studied in a group of CEOs of this size from medium-sized and large companies with a distinction made between financial and non-financial factors. We want to share these insights to benefit the business world”.

“This study shows that higher salaries for top executives have almost no impact on CEOs’ level of commitment and satisfaction.”

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Women in Business Worldwide December 2016