Women in Business IE - Q4 2023

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Women in Business Q4 2023 | A promotional supplement distributed on behalf of Mediaplanet, which takes sole responsibility for its content

www.businessnews.ie

“Together, we can create a world where women’s voices are amplified.”

“Organisations can empower women and equip them with the skills and confidence needed to advance in their careers.”

Leona Burton, Mums in Business International

Fania Stoney & Rachel McLoughlin, Great Place to Work

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Deirdre Geaney, Partner, Audit & Assurance at Deloitte Ireland is a global explorer and financial advisory leader. Read more from Deloitte on Page 05

UNLEASH YOUR POTENTIAL. Experience a culture that embraces innovation, diversity, and making an impact. We’re hiring technology specialists today.

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Empowering women in business: a unifying movement The gap is driven by the under-representation of women in higher-paid roles.

In Ireland and Northern Ireland, a dynamic movement is gaining momentum — driven by the resilience of female entrepreneurs committed to growth, inclusivity and social impact.

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ums in Business (MIB) International is at the forefront of this transformative journey. Our united vision aims to amplify the voices of female business leaders, foster collaborative networks and make a tangible difference in the lives of others. Our mission is to provide safe spaces for all women in business to learn, grow and evolve through our unique child-friendly events and training supports. Network empowering women Recognising a lack of child-friendly networking opportunities in my local area six years ago, I initiated MIB International. What began as a community project rapidly expanded. Today, our female empowerment network serves over 300,000 members globally. Our mission goes beyond personal success; we inspire women to embrace their entrepreneurial aspirations and navigate the path to success. Believing in the power of community, collaboration and relationshipbuilding, we understand the multifaceted roles women play — as career professionals, mothers, grandmothers, wives, partners, sisters, friends and entrepreneurs. We acknowledge the challenges of this balancing act. As we grow, we invite women to join our vibrant online community for free. We are also seeking ambitious individuals who share our passion for hosting local in-person communities, fostering collaboration and positive societal impacts.

Gender pay gap is delaying progress: here’s what we need to do The gender pay gap can only be addressed by equal representation at every level in organisations, and that opens a window of opportunity for more focused action planning on employee policies and experiences. Gillian Harford Country Executive, 30% Club

We inspire women to embrace their entrepreneurial aspirations and navigate the path to success. Supporting causes for women Committed to social responsibility, we proudly partner with Hopefull Handbags Global, a nonprofit dedicated to empowering survivors of domestic violence. Through this collaboration, we have provided support to those affected — by collecting, cleaning filling and distributing 394 Hopefull Handbags across eight Irish Domestic Violence Services. Aisling Owens Nash, leading both MIB International and Hopefull Handbags Global Ireland Community, spearheads these initiatives. In celebration of International Women’s Day in March 2024, we are hosting special events to showcase the achievements of female entrepreneurs and raise awareness for domestic violence support initiatives. Join us on this extraordinary journey of empowerment, collaboration and impact. Together, we can create a world where women’s voices are amplified, their businesses thrive and their contributions to society are celebrated. To learn more, visit mib.international or connect with Aisling Owens Nash on LinkedIn or other social media platforms. Together, we are stronger.

@BusinessandindustryUK

Leona Burton CEO, Mums in Business International

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uring this month, employers in Ireland will be publishing their Gender Pay Gap (GPG) for the second time in compliance with the Gender Pay Gap Information Act 2021. The GPG is the difference in the average hourly wage of men and women across a workforce. Outcomes will range from single-digit percentages to more substantial gaps.

change. Fortunately, the Irish reporting structure requires not just reporting of the gap but details of how the gap will be addressed over time. The strongest opportunity arising from GPG reporting is the access to data, where organisations now have the metrics to understand where the highest incidences of gender underrepresentation occur and what is driving gender-related patterns within Under-representation of women their organisation. Organisations are Correct use of now familiar with this data provides Senior roles of influence the root causes the basis for of the variations will have the potential to more robust KPIs within their own be particularly vulnerable and opens the data. Ultimately, conversation to to gender pay gaps until the gap is driven the idea of targets, by the underwe can address the talent particularly for representation pipeline imbalance. more balanced of women in representation at higher-paid roles. the most senior decision-making levels, Under-representation is a more in line with the ambitions of advocates complex challenge to address, and such as the 30% Club and Balance for senior roles of influence will have the Better Business. potential to be particularly vulnerable Ideally, we need to focus on short and to gender pay gaps until we can address long-term ambitions that go beyond the talent pipeline imbalance. the workplace and into early education The action plan is more important and alternative talent strategies. than the gap These include re-training, returner We know from experience that programmes and other workplace talent driving change to correct initiatives. under-representation will need more than just aspirational thinking; it needs For more information, visit: 30percentclub.org/chapters/ireland/ a cohesive plan focused on driving real

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Our advice to any woman thinking of a STEM career? Go for it!

Three women working for a financial services corporation reveal the very different routes they took into their STEM careers and why it’s such an exciting sector to be part of.

C Catherine O’Sullivan Operations Director, Fidelity Investments

Emer Guinane Senior Software Engineer, Fidelity Investments

Mary McMahon Scrum Master, Fidelity Investments

Paid for by Fidelity

atherine O’Sullivan, Emer Guinane and Mary McMahon work in three very different functions at financial services corporation Fidelity Investments. They do, however, have much in common. They enjoy their jobs, relish a challenge, love an opportunity and have a simple but powerful message for any woman thinking about a career in STEM — go for it. Working in a diverse financial operations team O’Sullivan joined the finance corporation 13 years ago. She has experience across the technology side and the operations side of the business. Currently an operations director, she loves her working environment. “We have a strong cultural community within Fidelity Ireland,” she says. “We’re an international team, too, working closely with our colleagues in the US, India and China. I enjoy getting to know people from different countries and building a broader network.” She also appreciates the opportunities that are available to all employees, wherever they are in the business. “Every one of us is strongly encouraged to develop our skillsets, build on our knowledge and learn things that could potentially set us up for success in our next role,” says O’Sullivan. “Leaning into that kind of possibility is just fantastic.”

Advantages of support, training and mentorship If anyone knows the importance of flexibility, it’s Mary McMahon. She studied software engineering and a BSc in computer science, finding roles with companies in the financial services sector and the telecoms industry. “I had two sets of twins within 24 months,” she says. “It was hard work.” Graduate training and flexible working opportunities After some time off, McMahon Guinane, Senior Software retrained and spent 11 years as Engineer, agrees. Her STEM Opportunities are growing a primary school teacher. “I had career started by accident rather a passion for the technology than design, but she insists that all the time with regard sector, so it was always my she wouldn’t change a thing. to internships and plan to go back,” she explains. “I wasn’t sure what I wanted to apprenticeships. “Take “I did some upskilling during do,” she admits. “Then I studied advantage of them because the pandemic, reached out to an arts degree, and part of it my former tech network and included IT, which I enjoyed.” they’re a fantastic way to joined as a Scrum Master three After taking a Master’s transition.” years ago, coordinating teams to in Software Design and deliver effectively.” Development, she joined For women thinking about changing to a STEM Fidelity Investments’ graduate programme, LEAP, in career, McMahon advises: “Opportunities are 2016. “I was new to the world of work, so it was nice to growing all the time with regard to internships and be joining with 25 or 30 other graduates,” she says. “We apprenticeships. “Take advantage of them because trained for six months as a group before being placed they’re a fantastic way to transition.” in different parts of the business. It was a smooth She’s certainly savoured her return to the industry. transition.” “For me, the most enjoyable aspect has been the Like O’Sullivan, Guinane is a people person. “It’s why encouragement I’ve had,” reveals McMahon. I joined the LEAP alumni group,” she says. “But there “The support and training I’ve received has been are lots of different communities and organisations phenomenal, so this a great sector for career-changers. within the company for colleagues to get involved For younger women just starting, I’d say: ‘Believe with. That’s been a big plus for me.” Flexible working in yourself. Find a mentor who can help build your has been another. “A mix of home and office working confidence — and take the opportunities on offer.” is available to us,” notes Guinane. “It means we enjoy a good work/life balance.”

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Find out more at fidelityinvestments.ie

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Why the modern workplace can benefit from human-centred leadership

Only 22% of the global workforce in artificial intelligence, 15% in engineering and 12% in cloud computing are women.

In a working world where human connection has changed completely, ‘heart’ qualities, genuine empathy and inclusive leadership hold the key to engaging employees and teams.

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eaders at all levels are juggling hybrid and changing environments, business retention, growth and sustainability challenges — with fewer people to exchange ideas with and new environments to manage. New and early-stage staff are not being immersed and exposed to the business in the same way. Today, it is important to lead with emotional and inclusive intelligence. Lack of connection in the workplace AI and technology stacks provide more functional support and promise greater productivity. However, tech can push people further from connection. One of the vital ingredients to job satisfaction is connection — support from colleagues and leaders, alongside clarity of direction (often from spending time together and unified goals and purpose).

Women in technology leading with their collective power to empower

The need for ‘heart’ qualities Post-pandemic employees need leaders who demonstrate strong ‘heart’ qualities — consideration (37%), empathy (33%), listening skills (31%) and team development (29%) — according to a recent BCG Survey. This is where more female representation and better outcomes for underrepresented minorities at all levels of leadership can help. Leadership development and succession planning Underinvesting in leadership development happens widely across the board, and female and diverse groups are often impacted hardest. Forcing people back to the office for a fixed number of days, while easier to manage, is resulting in departures from management positions, more engagement in freelancing, self-employment and the gig economy — thus reducing company loyalty. More women are opting out. Lagging progress in the midpipeline and at director-level for women — more specifically, women of colour — has been noted by McKinsey 2023 and other workplace reports on parity. Building a connected culture Shaping the right values-based culture and collaborative approaches to leadership, purposeful change management skills, heart qualities and inclusive intelligence development are critical investments to benefit everyone. Showing leaders how to shape their team’s emotional culture, lead authentically and lean into being humancentric can enable organisations to apply this values-based culture into practice. Find out more about Mantra Strategy Leadership Institute and our values-based leadership, emotional culture mapping and shaping programmes: mantrastrategy.ie

Lisa-Nicole Dunne Founder and MD, Mantra Strategy

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Technology is one of the most dynamic and influential fields in the modern world, but as is well documented, it is also one of the most male-dominated and unequal.

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onnecting Women in Technology (CWiT), a coalition of over 20 tech companies in Ireland, aims to collectively lead the way in attracting, retaining and promoting women in the technology industry.

Harnessing a collective voice According to various reports by the World Economic Forum in recent years, only 22% of the global workforce in artificial intelligence, 15% in engineering and 12% in cloud computing are women. Many technology companies have designed programmes and interventions to try and turn the tide on these statistics. Although every effort by each company is warranted and should be commended, our vision at CWiT is to harness the power of the collective voice in the technology sector in Ireland, to break the bias and to relentlessly drive progress towards gender diversity, equity and inclusion to fuel innovation and accelerate economic growth.

attract, retain and promote women in the technology sector but, crucially, they showcase the power of female leaders. This team is and will continue to be visible, vocal and vibrant when it comes to the role of women in business and women in tech. Diverse collaboration to drive diverse outcomes Beyond this leadership structure, we bring together over 200 volunteers from 24 Irish-based member companies — all with a large proportion of technology-focused roles. These volunteers participate in projects such as Digital Futures, a key programme under ‘Attract,’ which has reached over 30,000 secondary school students to date and the current UX Academy, under ‘Retain,’ where workers can upskill and utilise this on their career journey. These contributions and this diverse collaboration across companies will continue to put the organisation in the best possible position as we work towards the ultimate goal of achieving a 50/50 female workforce in the technology sector and 40% women in management across tech companies in Ireland.

Only 22% of the global workforce in artificial intelligence, 15% in engineering and 12% in cloud computing are women.

Being visible, vocal and vibrant We are proud of all members and volunteers but are particularly proud of the governance structure that ensures our strategic, operational and programming objectives are met. This is comprised of female leaders who bring their skill sets, passion and expertise from Accenture, AMD, BT, DELL, Deloitte, ESB, Meta, Microsoft, New Relic and Workday to their voluntary roles. Therefore, decisions and progress that drive CWiT come from a leadership team with a variety of perspectives and experiences — a unique occurrence in a competitive and dynamic sector. Through them, not only are we leading the charge across many collaborative initiatives and programmes which

Discover more about membership and learn more at cwit.ie

Amanda Jolliffe Promote Co-Lead, CWiT

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Team members include accountants, lawyers, risk and compliance officers, HR practitioners, software engineers, data scientists and data analysts.

Deirdre Cartwood (3rd from left), with Harry Goddard, CEO and Cork-based partners outside City Hall, in Cork. Image provided by Deloitte

Outlining the qualities you need to succeed as a forensic and financial crime advisor Forensic accounting is an exciting and non-traditional financial career. It is also in constant demand because financial crime prevention has become a growing priority for private and public sector organisations.

“T Deirdre Carwood Partner in Forensic and Financial Crime, Deloitte

Paid for by Deloitte Ireland LLP

here are three inescapable truths about the magnitude of financial crime,” says Deirdre Carwood, Partner, Forensic and Financial Crime at Deloitte Ireland, the largest global professional services organisation. First, opportunistic criminals are taking full advantage of new and established technologies — including online banking, ecommerce and cryptocurrencies — to commit scams, fraud and embezzlement on a massive scale. Second, while preventing and detecting financial crime is a huge challenge for businesses in Ireland. They must be able to comply with all relevant regulations in this area. Third — and this is often overlooked — financial crime has a devastating and tragic societal cost. “If you facilitate illicit finance through your payments systems, you are enabling criminal behaviours such as terrorist finance, child labour, human trafficking and wildlife trafficking,” says Carwood. “Our role as an advisory and consulting firm is to help prevent illicit payments and help clients comply with money laundering and other relevant legislation.” Recruiting the best talent for financial crime prevention Indeed, Carwood’s expanding, gender-balanced team includes experts in fraud prevention, cybersecurity, sanctions, anti-money laundering, anti-bribery, and anti-corruption. They help clients predict, detect, and

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proactively respond to the threat of financial crime. “We have different skill sets, but we’re a blended team,” she explains. “Team members include accountants, lawyers, risk and compliance officers, HR practitioners, software engineers, data scientists and data analysts. We also have forensic technology practitioners who, as their name suggests, collect digital evidence in a forensic way so that a robust audit trail can be produced in a court of law.” Employing the latest technology and skills Recruiting the best talent is key, however, Deloitte also employs technology such as electronic discovery (e-discovery), AI and generative AI to seamlessly collect and analyse data. This means the make-up of Carwood’s team has changed in recent years. “Five years ago, the people who joined our graduate recruitment programme were mainly business and accounting graduates,” says Carwood. “Now, they’re a much broader mix and include software engineers and coders from tech colleges.” Regardless of their qualification, anyone working in this space should be curious, good at problem-solving and always looking to develop new solutions, due to the varied nature of crisis support. Considering financial crime prevention as an exciting career option Financial crime prevention may feel frustrating at times because the problem is so vast. “It can be intense, but it’s also extremely gratifying.”

admits Carwood. “Yes, we’re using technology in a more sophisticated way to help prevent financial crime; but, of course, criminals are using it too. So, we need to work in smarter, more efficient ways, like through publicprivate partnerships. If stakeholders — including consultancy firms, banks, payment companies and social media companies — shared data from their ecosystems, we could centralise that data and, using analytics, derive better intelligence.” “Being a forensic practitioner can be overlooked from a career perspective, so more should be done to promote it as an exciting route for school pupils and university students. That said, Deloitte still receives a lot of interest from applicants from various backgrounds,” says Carwood. “They empathise with what we are trying to do, which is solve problems for clients while making a big impact on society.” Carwood, who studied accountancy to a post-graduate level, has always loved her job. “I’ve been doing this for 25 years and haven’t tired of it,” she says. “When I started out, I did not look at auditing or tax or any traditional accountancy pathways. I wanted to do something different — something alternative — and this has been incredibly interesting. Plus, forensic financial advisory expertise is in high demand because financial crime continues to grow. I don’t ever see a day where my, and my team’s, expertise will be irrelevant.”

Visit deloitte.ie/ professionals or scan the QR code to find out more

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Boosting gender balance improves employee perceptions and benefits firms Every firm wants to understand its customers’ expectations and desires. To do so, it helps if the workforce is reflective of the society in which it operates.

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inancial services, like many industries, have historically been male-dominated. That has begun to change, but there is still further progress to be made. The industry recognises this, and that is why the Women in Finance Charter has been developed.

Patricia Callan Director, Financial Services Ireland

In interviews with the ESRI, firms highlighted the importance of senior management ownership of equality objectives and provided examples of effective initiatives, including mentoring programmes, wider informationgathering and employee consultation. When it came to barriers to improving gender balance, the most commonly identified barrier was firms having a low number of female applicants. Almost two-thirds (63%) identified this as among the main barriers. Low turnover in senior management was cited by 56%.

Measuring progress in gender diversity The Charter is a voluntary initiative for financial services firms operating in Ireland, where signatories commit to setting targets for increasing female representation. Progress is monitored each year by the Economic and Social Research Institute (ESRI), which released its first annual report on the Charter last summer. More firms are The figures were encouraging. In continuing to sign 2022, among the signatories, female the Charter, with representation on boards increased to 37%, up from 32% the prior year. On executive the number of committees, the figure increased to 35%, up signatories now at 80. from 32% the prior year. Gender balance factors and barriers The report also provided valuable insights on the measures that firms found most effective for increasing female representation. Respondents were asked to choose the three actions they had found most effective for increasing gender balance. ‘Improved flexible working options’ was the most commonly identified, chosen by 52% of respondents. ‘Examining gender balance in succession planning’ was chosen by 49% while 46% chose ‘identifying female leaders.’

Growing movement to promote change More firms are continuing to sign the Charter, with the number of signatories now at 80. The number of employees across these firms is more than 55,000 — approximately half the number of employees working in financial services. Fundamentally, initiatives that increase the attractiveness of financial services to female entrants benefit all firms. Expanding the talent pool to which firms have access will help to deliver the best outcomes at the company level and for society. Financial Services Ireland and its member firms will continue to work to increase female representation across the industry.

Workplace wellbeing: how to ensure women can thrive at every stage

adjustments to support women in continually contributing their talents and developing personally and professionally.

Great workplaces are those that cater to the wellbeing of all, including addressing women’s needs — but how can organisations ensure they are doing so?

T Fania Stoney Business Development Strategist, Great Place to Work

Rachel McLoughlin Marketing Coordinator, Great Place to Work

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he nature of work and workplaces is constantly evolving. During this time of unprecedented change, we, at Great Place To Work, are examining how organisations are creating a Great Place to Work For All™ by focusing on adopting consistently high-trust workplace cultures. Each year, we also recognise the Best Workplaces for Women in Ireland; these top organisations provide a great work environment For All™ employees but are also creating positive and supportive workplaces for women in particular. Supporting across lifecycles Understanding and accommodating the unique circumstances and different stages of life is what differentiates the best organisations.

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About 82% of employees at the Best Workplaces for Women this year agreed that their employer offers ‘a psychologically and emotionally healthy place to work,’ contrasting with just 39% agreeing with this among average organisations. There is a gap that needs to be addressed with regard to women’s psychological wellbeing in the workplace. Now, more than ever, organisations are obligated to be wellequipped to support women however they need. Most recently, we have seen organisations doing pioneering work to support menopausal and perimenopausal women at work. They are opening up the conversation, introducing menopause policies, providing training and making

Clarity in career progression Among the Best Workplaces for Women, 83% of employees agree that they are offered training or development to further themselves professionally. At average organisations, this number stands at just 47%. This gap showcases a direct correlation between a high-trust workplace culture and learning and development opportunities, particularly for women. By making these opportunities more readily available, organisations can empower women to break down barriers and equip them with the skills and confidence needed to advance in their careers. Work-life balance Providing a great work environment for all employees means advocating for a healthy work-life balance for everyone. Again, this is made clear when looking at the data; for employees at the Best Workplaces for Women, 84% feel encouraged to balance their work and personal life, versus just 45% in average organisations. By enabling women to manage their professional and personal lives more effectively, organisations can help empower them to break free from the constraints of societal expectations that have, for too long, defined their roles primarily as caregivers.

Great Place to Work are excited to announce their inaugural Best Workplaces for Health & Wellbeing in April 2024. Scan the QR code to find out more.

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Small business loans available to support microenterprises Helping to create and sustain employment by providing loans to small businesses can enable microenterprises to grow and thrive in the Irish economy.

E Des McCarthy CEO, Microfinance Ireland

stablished to deliver the Government’s Microenterprise Loan Fund, Microfinance Ireland (MFI), is a not-for-profit lender that offers small businesses loans of up to €25,000. At MFI, we provide funding to startups as well as established businesses that are finding it difficult to get finance from other commercial lenders such as banks and credit unions. Types of loans and support available We provide startup, cashflow and expansion loans from €2,000 to €25,000, as well as small loans from €2,000 to €5,000. In addition to loans, we offer free mentoring to our borrowers if needed. We provide this mentoring to give businesses the best chance of success. Alternative sources of funding At Microfinance Ireland, our loan products are simple, flexible and affordable; and the application process is straightforward. We provide

unsecured, term loans of up to €25,000 repayable over a three to five-year period to businesses with fewer than 10 employees and turnover of up to €2 million.

We have seen a growing trend in loan applications from female entrepreneurs, and females now account for about 33% of our applicants. We have affordable interest rates of 6.5.% (5.5% if submitted through the Local Enterprise Office). We speak directly to each applicant to ensure that they can make the best case for their business proposal. We lend to startups and established businesses. Our loans can be used for cash flow or business expansion, which could include buying stock, premises fit out or purchasing a second-hand work van.

Female entrepreneurship growth Supporting female entrepreneurship is a key strategic goal for our organisation. Over the past number of years, we have seen a growing trend in loan applications from female entrepreneurs, and females now account for about 33% of our applicants. In 2023, we had a number of events focused on female entrepreneurs. In 2024, we anticipate a further increase in applications from female entrepreneurs as we encourage and support women in business to continue their journey. Working with the Local Enterprise Offices Many of our customers come to us either directly or through their Local Enterprise Office (LEO). We work closely with the Local Enterprise Offices. Loan applications submitted through the LEO receive a discounted interest rate of 5.5%. LEOs also deliver free mentoring to MFI clients.

Paid for by Microfinance Ireland

Find out more at microfinance ireland.ie

Join us on this extraordinary journey of empowerment, collaboration and impact. ~Leona Burton, CEO, Mums in Business International

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Fundamentally, initiatives that increase the attractiveness of financial services to female entrants benefit all firms. ~Patricia Callan Director, Financial Services Ireland

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