The Opinion - Spring 2016 by TheWXN

“ BUILDING TRUST IS

MY FIRST PRIORITY ” The story behind WXN’s new CEO, Sherri Stevens

3 WAYS CSR strengthens your workforce

WXN

HOW DO YOU CALCULATE RISK?

WEALTH | SPRING 2016

5 TIPS

for choosing a financial advisor

NETWORKING

TIPS FOR INTROVERTS

COULD THE NEWEST DRAGON BE YOUR

MENTOR?

Manjit Minhas joins the impressive list of Top 100 Award Winners who participate as Mentors in the Wisdom Top 100 Mentoring Program. Manjit began creating her brewing empire when she was just 19 years old. Fast forward to 2016, her brewery is the 10th largest in North America producing over 90 beers, wines, spirits and more including brand alcohols for Costco and Trader Joe’s. Not only an entrepreneur and venture capitalist, Manjit also attained her engineering degree specializing in petroleum in 2005. This is a once-in-a-lifetime opportunity to work with one of Canada’s best. Through the Wisdom Top 100 Mentoring Program, you will learn directly from your mentor in four one-on-one meetings, while participating in three classroom sessions presented by the Beedie School of Business at SFU, and industry experts who are focused on your professional growth. Additional beneﬁts include networking at an Opening Cocktail Reception, access to the WXN community and, most importantly, the opportunity to focus on you!

MANJIT MINHAS CEO & Co-Founder, Minhas Craft Brewery 2006 Top 100 Award Winner

APPLICATION CLOSES APRIL 1ST – secure your spot today!

AT WXN WE INSPIRE SMART WOMEN TO LEAD

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CONTENTS WEALTH / SPRING 2016

3 Letter from WXN

CANADA: ENGLISH 5 Three ways CSR strengthens your workforce

6 Five tips for choosing the right financial advisor

CANADA: FRANÇAIS

8 Building a platform for success

26 Lettre de WXN

9 Highlights from Canada’s Most Powerful Women: Top 100 Awards

27 Le risque calculé

11 Send your career skyrocketing

12 Dance. Giggle. Dream: Unexpected lessons from a six-month sabbatical

28 Diversité, patrimoine et opportunité : Une conversation avec la candidate à l’initiative

IRELAND

13 Health is wealth

30 Networking tips for introverts

16 Calculating risk

32 Asia and the emerging middle class opportunity

17 The story behind WXN’s new CEO, Sherri Stevens

19 How to prepare for a selection committee interview

22 Diversity, wealth and opportunity through Canadian board candidates 24 Upcoming events: Speaker sneak peek

34 Personal wealth: How your definition changes

36 Unleashing the full potential of female wealth creators

37 On leadership and motivation

WEALTH - SPRING 2016 - THE OPINION 2

LETTER FROM WXN

REMEMBER YOUR FIRST “REAL” JOB? A new paycheque, a new career path, a new stream of possibilities stretched out before you. After dreaming and schooling and training, you were finally on your way. Wealth was on the horizon. Though we may start out alone in our careers, thinking of what we’ll do with our earnings, the next step is to walk with company. As entrepreneurs, we have both worked diligently over a couple of decades to create successful organizations. Though the founder title appears under our names, designating that unique role to each of us, we didn’t get to where we are on our own. Vision is nothing without support. As leaders, we see the value of people who surround us. Whether that means good professional advice (like “5 Tips for choosing the right financial advisor” on page 6), dedicated employees who are motivated by more than compensation (like the culture examined in “What I’ve learned about leadership and motivation” on page 37) or building the reach of our networks despite any introverted tendencies (like the writer explains in “10 Tips to help you network your own way” on page 30), getting there always requires help from others. To better ourselves, our companies and our presence in the community. Through these relationships, we add different perspectives about wealth or, at the very least, how to build it. As you’ll see in these pages, we believe this is how to accumulate real “wealth”— through collaboration and partnership in our lives and businesses. The ultimate find, of course, is someone with whom to collaborate, someone who truly shares your vision. With Sherri’s acquisition of WXN (see the full story on page 17), we have found strength in this shared vision. It is important to both of us that we continue to inspire belief in women— from within themselves and their communities—that leadership is well within the realm of possibility. And then to help make it possible. Our paths are connected by this vision, though their individual courses are moving in different directions. For Pam, this means supporting WXN endeavours as a consultant. For Sherri, this means maintaining the legacy of WXN as the new Owner and CEO while finding new ways to grow and inspire. We will continue to bring to you all the great programs and events we have through WXN and our sister organization CBDC. However, we’re gearing up for some exciting changes in the years ahead. For us, the meaning of “wealth” has blossomed into a much deeper definition that encompasses wellness, knowledge, risk, opportunity, people and progress. But it is still very much on the horizon.

PAMELA JEFFERY Founder, WXN

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SHERRI STEVENS CEO, WXN

CANADA’S MOST POWERFUL WOMEN

N O M I N AT I O N S N OW O P E N

You are Trailblazers & Trendsetters You are Public Sector Leaders You are Professionals You are Leaders You are Entrepreneurs You are Executives You are Corporate Directors

We are TOP 1OO WE ARE LOOKING TO CELEBRATE THE ACCOMPLISHMENTS OF EXCEPTIONAL WOMEN. WXN recognizes female leaders who drive positive change, innovation and progress. Shine the spotlight on those who inspire you by nominating a remarkable woman for the 2016 Canada’s Most Powerful Women: Top 100 Awards.

TOP1OOWOMEN.CA WEALTH - SPRING 2016 - THE OPINION 4

3 WAYS BY VICTORIA SPADACCINI

CSR STRENGTHENS YOUR WORKFORCE

Social impact is the new wealth. As today’s market landscape turns an ear to world issues, more and more companies are investing in corporate social responsibility as a strategic tool for growth. Your long-term strategy for marketing, recruitment and overall profitability are worth the venture. Here are three reasons you should consider creating a CSR strategy at your company. CANDIDATE ATTRACTION: MILLENNIALS AND THE GROWTH-ORIENTED Salary equating to satisfaction is a tale of yesteryear—today’s purpose-driven jobseekers are seeking more. According to a study conducted by Net Impact, 53 per cent of workers said that “a job where I can make an impact” was important to their happiness and 72 per cent of students about to enter the workforce agreed. The majority of them said they would even take a 15 per cent pay cut to work for a company committed to CSR. “You want to have those kinds of people in your organization,” says Michael Page recruiter Simal Yilmaz, “the ones who are interested in personal development and want to grow.” Simal and her teammates volunteer at The Covenant House and help homeless youth enter the job market. BRAND DIFFERENTIATION No matter the cause, aligning your company with progress and generosity reinforces the quality of service your

customers should expect. Plus, it opens conversations for existing and potential clients. Adam Lorenti, Senior Manager at Michael Page, recognizes its personal and commercial value. “It shows that, despite being a global brand, we care about the community in which we live.” HAPPIER EMPLOYEES Volunteering provides a higher quality of team-bonding than happy hours ever could and it maximizes staff engagement and productivity. Michael Page Executive Assistant Charlotte Van Der Hagen served over a thousand breakfasts to children with her colleagues at The Breakfast Club of Canada and says it brought them together, not only being able to vote on what charity they work with but also lending their abilities to mobilize creative fundraising. “It allowed us to leave the office and spend time together in a completely different way,” say Director Matthew O’Donnell, “giving our business objectives a wider meaning.”

CHARITIES TO CONSIDER BREAKFAST CLUB OF CANADA A national organization dedicated to providing services and funding for community-based school breakfast programs.

KID’S CANCER CARE A charitable organization that helps families fighting childhood cancer in Alberta, from diagnosis through treatment and beyond.

COVENANT HOUSE

The largest privately-funded agency in the Americas providing shelter, food, immediate crisis care and an array of other services to homeless and runaway youth.

VICTORIA SPADACCINI is a Communication and Content Executive at Michael Page, a worldwide leader in specialist recruitment. @michaelpageca

Left to right: Managing Consultant Benjamin Leclaire preparing breakfasts for school children in Montreal; the team that never grows up—Michael Page Calgary, cheering up children at Kids Cancer Care.

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5 TIPS BY ADRIENNE GLIGORIC

hoosing the right financial advisor can be a daunting task when you are just starting out on the road to advice or if you have the unpleasant task of leaving your current advisor who may be a friend, or a friend of a friend. Studies show that for married couples, 70 per cent of advisor/client relationships are managed by the husband. So, if you are facing separation or divorce, you may be looking for a new advisor, too. Regardless of whether you are new to investing or experienced, ideally you should interview two to

TIP BE ENGAGED

“A key reality of our changing personal financial landscape is the need for women to become more engaged in their personal financial well-being. Without this engagement, women can face tremendous financial vulnerability with the premature passing of a spouse or the dissolution of a marriage. Having an advisor who encourages knowledge-based participation in financial decision making is crucial to your ongoing financial security.”

Financial Advisor, Isabel Oliveira of Raymond James’ Waterfront Wealth Management Burlington, ON

TIP PLAN PROPERLY FOR

LIFE’S TRANSITIONS

“Financial mistakes are usually made during times of life transitions, and these shifts or transitions are constant. I’ve learned that, as an advisor, my biggest value add is if I can help anticipate those transitions and plan properly for them. So, in my practice, we spend more time talking about life and less about investments. The plan we develop is the roadmap, and the investments we choose are the vehicles that help get us to the destination.” Financial Advisor, Judy Poole of Raymond James’ Poole & Associates Wealth Management Penticton, BC

FOR CHOOSING THE RIGHT FINANCIAL ADVISOR

three potential advisors to determine who is right for you. A good advisor will ask you several questions and be prepared to answer your questions. He or she will want to know some important details. For your first meeting, ask what documents you should bring and write down the questions you want to ask in preparation. Here are some tips from some Raymond James advisors concerning important qualities to look for in an advisor.

TIP DON’T FORGET TO LOOK

AFTER YOURSELF

“Women typically take care of other people first, putting our family’s needs above our own. But the best thing we can do for our family is to set a good example as to what we want to teach our children, and that applies to finances as well. How do we put the right financial plan in place to make sure that we’re taking care of everyone, including ourselves, in good times and bad? When choosing a financial advisor, find someone who will consider all of the people and ‘moving parts’ of your life, not just your investment portfolio.” Senior Financial Planner, Andrea Thomson of Coleman Wealth at Raymond James Toronto, ON

TIP FOCUS ON FIT

Darren’s advice is to focus on “fit,” which is a combination of choosing an advisor who has both the technical skills to deliver on the plan and the emotional connection with you to build a trusting relationship. “Fit means more than just good products, a good plan and good service. It also means great chemistry. It’s really about establishing a foundation for a trusting relationship. We tell prospective clients that, if we do our job well, then we’ll be attending their funeral and assisting their family. It’s a very serious commitment for all of us.”

TIP IT’S TIME “IN” THE

MARKET – NOT TIMING OF THE MARKET

“Know what your time horizon looks like. Markets are often volatile. It can be a challenge to stay the course when the market seems to be crashing down around you. When this happens, it’s important to focus on your goals. Your financial advisor plays an important role in ensuring your investments are structured in such a way that the focus is on the goals and reaching them over time.”

Financial Advisor, Heather Aked of the Aked Sandhu Wealth Management Group of Raymond James Victoria BC

The number one reason why investors leave their financial advisor is not performance; it’s lack of communication. A good advisor will take a proactive approach to your investments, want to know about important changes in your life and keep in contact with you—even when markets are rough. ADRIENNE GLIGORIC is the Head of the Network for Women Advisors at Raymond James Ltd.

Portfolio Manager, Darren Coleman of Coleman Wealth at Raymond James Toronto, ON

WEALTH - SPRING 2016 - THE OPINION 6

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BUILDING A PLATFORM FOR SUCCESS BY KENDRA THOMPSON

I am Accenture’s North American lead for our wealth management practice. It was nine years ago that I joined the firm from the brokerage industry, and I was recently promoted to Managing Director together with a number of very talented Canadian employees—62 per cent of whom were women. I found myself pausing to reflect on the incredible journey I’ve had in my career, to this point. While everyone’s path will be different, there are a couple of important lessons I have learned along the way as I advanced my career. To create a platform for success and leadership, I have two key pieces of advice to our future women leaders.

MARKET RELEVANCE

Being market relevant is a key driver to success. To me, this means having a deep understanding of a client’s business, key market insights and trends, and being that “go-to person” for clients. Your experience is what helps drive their business forward. As this experience and relevance builds, people will seek you out to go for coffee or a glass of wine, because you have a strong point of view on their industry. A great way to become known as market relevant is by engaging daily in social media—in most businesses, that means your LinkedIn profile, as well as Twitter. These are great podiums from which you can share new and interesting industry viewpoints and connect with other industry participants. This isn’t having the most number of retweets or shares but rather becoming a meaningful participant in your industry’s conversations. As you develop your market relevance, it will accelerate your relationship building through more traditional methods, including attending industry events, and engaging through industry associations and your local chambers of commerce. The key here is to be genuine in your approach, accessible and open to all viewpoints. I had a boss early on who said, “Always have all the information.” And that’s why one of the main things I’ve focused on in the past nine years is listening and following those who are closest to the industry. Social media has made it that much easier.

“WHEN YOU’RE CONSIDERING YOUR AREA OF SPECIALTY, PUT YOUR PASSION TO WORK Throughout my career, I’ve observed the importance of specializing in an area CONCENTRATE you’re deeply passionate about. For me, my passion is wealth management, because I have a strong view that the future of financial services is tied to ON WHAT YOU’RE the future of advice. I believe this is where some of the most meaningful relationships exist in this industry. I’m also interested in the emerging advicePASSIONATE driven models, which are evolving with the rise of digital. ABOUT—GIVEN THE Picking an area you’re passionate about is a key driver of success. When you’re considering your area of specialty, concentrate on what you’re passionate AMOUNT OF TIME about—given the amount of time you’ll invest in it. As I started out, the plan to identify my passion, pick that one place to double down, and then look YOU’LL INVEST IN IT.” was around at industry peers and say, “Who’s better at this than me and how do I get

better than them?” There’s no shortcut here. You need to read one more report than everyone else, make one more call and scrutinize one more spreadsheet. You have to have the passion to learn everything you can about your area of specialty. Above all, the ability to listen is key—you will listen to competitors, industry stakeholders, and last but not least, your clients. This way, you will be completely present in your industry, and pave the way to success—for both your clients and yourself. KENDRA THOMPSON is Accenture’s North America lead for Wealth and Asset Management Services.

WEALTH - SPRING 2016 - THE OPINION 8

CANADA’S MOST POWERFUL WOMEN: TOP 100 AWARDS HIGHLIGHTS FROM A DAY OF LEARNING AND CELEBRATION

On November 26, 2015, we celebrated Canada’s Most Powerful Women: Top 100 Awards in Toronto, recognizing the professional achievements of strong female leaders across the country. Once again, our two events of the day—the Leadership Summit and Awards Gala—raised the bar: from the trailblazers who delivered thought leadership from the podium; to the elegant, star-lit ambiance that filled the room; to the high calibre of members and guests, every element came together to create a meaningful and memorable day.

THE SUMMIT With the theme of “Collective Impact,” the Leadership Summit provided an afternoon of thought-provoking discussion featuring three keynote presentations and a dynamic panel.

“Lead from behind. It’s not easy to relax control. There will be risk, but the reward is greater when you collaborate.” SUSAN MCISAAC, President and CEO of United Way Toronto and York Region (2014 Top 100 Award Winner), was the first keynote speaker and shared United Way’s transformation as an example of impact through collaboration. SIMON FISH, EVP & General Counsel, BMO Financial Group gave the second keynote: Building a Collective Leadership Culture. KEY LEARNINGS: • We are biased by natural biology. • The neuropsychology of difference tells us that sameness equals comfort and difference equals fear. • Being aware that we are biased is not enough. We have to address bias at key moments: job interviews, performance interviews, talent roundtables. • Be patient. It takes time to build collective leadership.

“Be who you are. Be real to the people who work with you, for you, above you and below you. Be who you are.” ALLISON GRAFTON, President, Rockwood Custom Homes (Top 100 Award Winner 2014 & 2015), delivered a high-energy keynote on Collaboration & Gender Allyship, ending with the entire room dancing!

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DR. LORNA WRIGHT, Director, Centre for Global Enterprise; EDC Professorship in International Business, Schulich School of Business, York University, moderated a wide-ranging panel discussion about creating collective impact, technology trends, gender bias, leadership, innovation and the importance of networking. The panelists were 2015 Top 100 Award Winners: SABRINA GEREMIA, Managing Director, Integrated Solutions, Google Canada COLONEL JOSÉE ROBIDOUX, Colonel Commandant, 35 Canadian Brigade Group SARAH SASKA, Co-founder and Partner, Feminuity; Doctoral Candidate, Western University • “Be uncomfortably excited. Discomfort can be fertile.” — Sabrina Geremia • “Leadership is about getting people to commit to a goal and collaborate to achieve it.” — Colonel Josée Robidoux • “Stop calling women diversity. Gender does not belong under the diversity umbrella. We are 60 per cent of the talent and 80 per cent of the market.” — Sarah Saska

THE GALA The Awards Gala is about celebration and recognition of our Award Winners, as well as their organizations and networks.

“ The women’s movement is unfinished everywhere. Our rights are not guaranteed. Inequalities can be deeply entrenched. And this is why our leadership is so very necessary. And though the road ahead may at times prove to be difficult, in no way do I believe that it will prove to be impossible either.” The 2015 Awards Gala featured a keynote from DR. SAMANTHA NUTT, Top 100 Award Winner, Founder and Executive Director of War Child. This bestselling author and global humanitarian inspired us all to take action and demand change.

WEALTH - SPRING 2016 - THE OPINION 10

SEND YOUR CAREER SKYROCKETING BY SHANNON MACDONALD

FOCUS ON PERFORMANCE

There’s no doubt that if you long for the type of high-powered careers that Deloitte partners Norma Kraay, Poonam Singh, Susan Bennett and Jodi Evans enjoy, you have to work hard. “Make your performance and your value to the business so clear that it doesn’t matter if you’re a woman or a mom or not. It was very important to have my work speak for itself,” says Norma, who is married with two kids. “When the time came to discuss if I was ready to become a partner, it was so obvious that it was impossible to deny.” Both Norma and Susan became partners while on maternity leave, demonstrating their work had a voice of its own. Poonam Singh, a Calgary partner who grew up in India, says being solutionoriented has driven her career everupward. “As a woman and someone not born-and-raised in Canada, it’s been challenging for me to be relatable to and connect with clients. I didn’t grow up with the same experiences, like watching hockey, so I had to dig deeper to find platforms to connect with people,” she says. “One of the keys to this has been really providing insights to our clients that’s more deep and real. When they’ve seen me come through, that has added to my credibility the most. It doesn’t matter if you have differences; you are simply working together to achieve success.”

“

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ZERO IN ON RELATIONSHIPS AND BUILD YOUR WINNING TEAM

Nurturing key relationships outside and inside of the office was a key game changer for the success of each partner. “One thing that I took away was that you’ve got to build your own unique team—both professionally and personally,” says Susan when describing leadership training she received before becoming a partner. “You have to build both sides. And everyone’s team is different. Whether it’s your nanny or your dog walker or a cleaner or your in-laws’ help, there’s all sorts of ways to make it work. Though it takes some work, I think all people have the opportunity to find the right support for them.”

THE CAREER SUCCESS THAT MANY WOMEN MAY THINK IS IMPOSSIBLE CAN BECOME A REALITY, BUT YOU HAVE TO ASK FOR IT.

requires travel, evening commitments and sometimes long hours. “People don’t always realize you can ask for things that haven’t been done before. For me, it was really surprising the flexibility I could have. It’s very much ‘help us help you.’” Susan agrees. “You’ve got to want it, but if it’s something you want, don’t give up on it if you’re having issues.” Susan worked under a flexible work arrangement for five years after her first child, years that included time both before and after she was named a partner. Last summer she took a three month sabbatical, spending time in Europe with her family and returning in the fall “recharged and with a different perspective.” “For me, I’ve defined ‘balance’ as prioritizing what’s important to me— not every day but over time,” Poonam adds. “As a society, we need to redefine what work-life balance is. The world is changing, and men and women are not raised with the same gender biases. I can feel it—even in the fact that young men today want to have a greater role in raising their children. Through technology and greater connectivity, we’re seeing what’s going on elsewhere and that’s changing the dialogue.” As the next generation of leaders pushes upward in their careers and greater numbers of leaders talk about their own unique journey, we need to keep evolving the dialogue about what success and leadership can look like. How will you build on the success of current leaders to aim even higher in the future? Can you create success that is more inclusive for all? Can you open and widen paths to success as these women did?

“

Every successful leader has defining moments that have propelled them skyward in their career. I talked to four accomplished Deloitte partners about their unique journey to partnership and how they each personally managed to excel in a competitive—and traditionally male-dominated—industry. Here are the keys to their success in climbing the professional services ladder and making it to the top.

Norma agrees wholeheartedly. “Anyone who is saying it’s a walk in the park is lying,” she laughs. “It’s not easy at all. The level of support that I have is, quite frankly, amazing. It’s not just me: it’s my husband, it’s outsourced help, it’s the daycare, it’s so many friends who come to help whenever it’s necessary. It’s been a village approach.”

ASK FOR THE IMPOSSIBLE

The career success that many women may think is impossible can become a reality, but you have to ask for it. Deloitte’s flexible working culture is something that each woman has leveraged to her advantage with tremendous success, tailoring schedules to strike a balance between personal lives and client needs. Jodi is now balancing a young family with a demanding professional role that

SHANNON MACDONALD is the Chief Inclusion Officer and Vice Chair, Industry, at Deloitte Canada.

DANCE. GIGGLE. DREAM. UNEXPECTED LESSONS FROM A SIX-MONTH SABBATICAL BY LAURA EVERTSEN

ver the last year, three little words—dance, giggle and dream—have become my personal mantra. You might say I have my two young nephews and a supportive employer to thank for this new insight. My career path has been fairly smooth and progressed as, if not better than, I had expected. I started working at RBC 20 years ago in a front-line customer service role and after two years, I moved into Technology and Operations. It was there that I moved progressively through the ranks until I found myself leading one of the largest IT Infrastructure initiatives ever undertaken within the bank. Nearing the completion of this initiative, a completely different kind of opportunity presented itself to me. My sister-in-law was

nearing the end of her one-year maternity leave, and I had a chance to fill the daycare gap until my youngest nephew was 18 months old and my three-year-old nephew was ready for Junior Kindergarten. So in 2015, with the tremendous support of my leadership team, I took a path less travelled and began a six-month sabbatical to become “Auntie Daycare.” You may wonder why I took the risk at this point in my career. Looking back at my decision and knowing what I know now, there is nothing that I would have done differently. The wealth of skills I gained and the benefits from my sabbatical for me and my family have been immeasurable. Let me share a few of my learnings:

DANCE

GIGGLE

DREAM

Children are completely unpredictable. I am a planner by nature, so prior to my leave I had developed a detailed daily schedule for my nephews. Outside of maintaining regular nap and meal times, that schedule went out the window on day one! Not having kids of my own, I hadn’t accounted for a baby that would be in the throes of teething or a three-yearold that sometimes just wanted to do his own thing or listen to his favourite song and dance. I learned to be more fluid with our time as the weeks went by. This experience not only gave me a valuable lesson in adaptability, it gave me a new appreciation and understanding of the challenges that parents have when it comes to work/ life balance. As a leader, I now have deeper empathy for the intricate dance that parents perform in their daily lives.

Who doesn’t love the sound of a baby’s giggle? My nephews have the best. When the baby was having a bad day of teething, those giggles would become rare, and we would try our best to distract him. One of our favourite activities was to put on music and do some silly dancing, most days ending up in a pile of giggles. I was reminded over those six months, the importance of finding opportunities to add some fun to the workplace, especially when deadlines are looming or the team is under a lot of pressure. Just like the silly dancing, it often doesn’t take much to make someone smile. Sometimes it can be the smallest gesture of kindness like asking how someone is doing and lending an ear. To me this has become an important element of being a fearlessly compassionate leader.

Although it was still very hectic chasing after two little boys, I had the benefit of having small breaks in my day (nap times!) where I tried to take some quiet time to dream about my future aspirations and reflect on the things I wanted to change about myself as a leader. By the end of my sabbatical, I had clarity in purpose and returned to work relaxed, with a clear mind. This has resulted in numerous benefits; my decision-making abilities have never been better, I feel more creative and, the best part, I am more present when I am listening to others. Determined not to resort back to old habits, I make an effort to set aside time every day as I am commuting, to reflect and daydream. I have found that by giving myself permission and time to either just sit and daydream or complete some structured mindfulness training and practice, I have been able to retain a clear mind.

During those six months, I built a precious bond with my

nephews that I hope will last a lifetime. A path less travelled has given me a renewed perspective, energy and focus; I returned to work determined to dance, giggle and dream every single day.

LAURA EVERTSEN is the Director of Risk & Cybersecurity Programs at RBC.

WEALTH - SPRING 2016 - THE OPINION 12

HEALTH IS WEALTH BY: ROSE REISMAN

Success and accolades mean nothing if we don’t have our health. We invest in our education, careers, homes and families, but we often neglect to truly take care of ourselves. A healthy diet and regular exercise are key to investing in our future. While there are many diseases that we have no control over, so many chronic illnesses can be prevented by diet and exercise, including high blood pressure, high cholesterol, heart disease, obesity, diabetes type 2, Irritable Bowel Syndrome and certain cancers. We all know the basic foods such as fruits, vegetables, lean protein and complex grains that make up a healthy diet, but nutritious food trends are easy ways to “invest” in this coming year.

PROBIOTICS Gut health is the new water cooler conversation today—it’s become a mega-trend. If you have symptoms of bloating, diarrhea, stomach cramping, IBS, or gastritis, you probably have excess “bad” gut bacteria which causes these inflammations. This can increase the risk of autoimmune diseases such as arthritis, diabetes type 2 and obesity. If you’re under stress, eating processed foods and sugar, or often on antibiotics or antacids, you will increase bad bacteria, which can affect our brain functions and weight. You can improve your good gut bacteria with: • Probiotic supplements • Plain yogurt • Kefir yogurt or milk • Kimchi (fermented Korean vegetable dish) • Sauerkraut • Tempeh • Miso Also, increase your intake of raw onions, garlic, dandelion greens, artichokes and bananas—these are some of the best prebiotic foods to add to your diet, which help probiotics work.

SPIRALIZING The spiralizer revolutionizes the way we eat our vegetables and fruits. This simple inexpensive kitchen tool has three different blades that turn firm veggies or fruits into noodles, ribbons or strands. You can substitute spiralized veggies for pasta, which reduces your calories, carbs and the need for extra fat. It’s great for stir fries, salads and garnishes. With a higher consumption of vegetables comes more fibre, which keeps you full. It’s a handy tool for gluten-free, vegetarian and Paleo diets. One cup of spiralized veggies is 41 calories, versus 225 calories for pasta.

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SEAWEED Move over kale, seaweed is stealing the spotlight. It’s the only plant that gives you all the 56 minerals needed to survive. It’s the highest plant source of calcium and has more iron than red meat, more vitamin C than citrus fruits and more vitamin D than milk— pretty powerful. Sushi rolls are the most common way to eat seaweed, but now you can buy other alternatives. One is kombu, which is big leaf kelp that needs to be boiled for 15 minutes to rehydrate. It’s traditionally used for Dashi, a Japanese broth. Another great option is wakame, which needs to be soaked until soft. This is traditionally used in green or black seaweed salads. Dulse, which is red seaweed, can be eaten dry and smells and tastes like bacon. Seaweed can also add flavour. Seaweed flakes are great to use in place of salt or sprinkled over salads, grains or main dishes. Packaged seaweed snacks found in grocery stores are nutritious and a great alternative to chips.

CAULIFLOWER There are endless variations possible with this healthy vegetable, which comes in white, yellow, orange, purple and green. While its price is high, it’s worth it for the nutrition and versatility. Cauliflower is a great source of fibre and vitamin C, while staying low in calories and carbs. An entire head is only 150 calories and it’s perfect for Paleo and gluten-free diets. Easy ways to incorporate this vegetable into your diet include: • Try roasting florets at 425°F for 25 minutes with your favourite spices. • Roast an entire head with a coating of light mayonnaise and grated Parmesan cheese. • Grate the cauliflower and make your favourite stir fry without the rice. • How about a cauliflower steak? Slice a whole cauliflower into 6 slices and roast or grill until tender. Add your favourite toppings. • Forget mashed potatoes: boil some cauliflower until soft, mash it and add some olive oil and sour cream.

Enjoy these delicious, nutritious and exciting food trends and have a healthier 2016!

Rose Reisman is the President of The Art of Living Well and a 2010 Top 100 Award Winner.

WEALTH - SPRING 2016 - THE OPINION 14

WXN

JOIN OUR COMMUNITY OF INSPIRED FEMALE LEADERS WXN creates and delivers innovative networking, mentoring, professional and personal development to inform, inspire, connect and recognize our community of 22,000 smar t women and their organizations in the pursuit of excellence. WXN enables our Par tners and Corporate Members to become and to be recognized as employers of choice and leaders in the advancement of women.

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Instead of questioning my choices,my mother would say, “Why not?” When we are constantly warning young girls to be careful, they inevitably become cautious. We all fall off our bikes at some point. It hurts, but we get back up.

DO YOU HAVE ANY ADVICE ABOUT HOW TO BETTER MANAGE FINANCES?

First of all, stay informed and be better educated on different financial options. Secondly, I suggest setting aside a portion of your portfolio for speculating. Let’s say 10 per cent, so the impact wouldn’t be too great if you lost the whole amount. We need to learn through practice, not just theory. It’s only by gaining real-world experience that we learn about risk tolerance, market fluctuations and how to recognize profitable opportunities in the market. We need to learn how to deal with the emotions that arise from portfolio volatility.

WOULD YOU SAY THAT WOMEN ARE BETTER INFORMED THAN MEN?

CALCULATING RISK

DIANE GIARD, Executive Vice-President, Personal and Commercial Banking at National Bank and one of Canada’s Most Powerful Women: Top 100 Award Winners, makes no secret of the fact that she would like to see more women excel in the business world. We got her take on women, their careers and money. IS MONEY STILL A TABOO SUBJECT AMONG WOMEN?

Although women’s relationship with money is changing, men are still ahead of the game. Is it taboo? No. Do women have a healthy and beneficial relationship with money? We’re on the right path, but there’s still a ways to go.

WHAT TRENDS DO YOU SEE WHEN IT COMES TO WOMEN MANAGING MONEY?

Generally speaking, women tend to have a more conservative approach to investing than men and take less risk. In certain markets, this approach may pay off. However, over the long term, women are more likely to miss opportunities than investors who ride out economic cycles.

WHY DO YOU THINK WOMEN ARE STILL NOT TAKING ENOUGH RISKS? I think it starts with how we are raised. I was fortunate enough to have parents who believed in me and told me I could do whatever I wanted to do in life, provided I worked for it.

Generally speaking, they are. When it comes to accepting a job, women will analyze—and sometimes even overanalyze— each of the required skills to determine the difference between what is asked for and what they have to offer. Men, on the other hand, will look at the bigger picture and take their chances. It’s the same when it comes to investing and entrepreneurship.

WHAT ADVICE WOULD YOU GIVE TO YOUNG FEMALE LEADERS JUST STARTING OUT IN THEIR CAREERS? I’d tell them to get to know themselves, to sit down and define their goals. Too often young women have no idea who they are or what they want. They know they want to climb the corporate ladder and they are capable, but they do not know what role they would ultimately like to play. We can’t get somewhere if we don’t know where we’re going. But, we also need to give ourselves permission to change direction. Because what we want at 25 may be totally different from what we want at 40.

WHAT DO YOU HOPE TO SEE BUSINESS WOMEN ACHIEVE IN THE NEAR FUTURE?

I would like to see them define their goals and do everything in their power to achieve them. Whether they aspire to make more money or land a certain job, they need to know how to make it happen. If women don’t clearly express what they want, it’s because they fear failure. They are afraid of failing and having to own that failure publicly. Men tend to fail, pick themselves up and move on. We need to look at failure as an opportunity to learn. Someone once told me that it’s not about giving yourself permission to fail but the personal responsibility to make mistakes and learn from them. And in order to fail you have to take risks. That’s the starting point.

WEALTH - SPRING 2016 - THE OPINION 16

A L E G A CY: CH AP T E R 2

THE STORY BEHIND SHERRI STEVENS’ ACQUISITION OF THE WOMEN’S EXECUTIVE NETWORK AND THE CANADIAN BOARD DIVERSITY COUNCIL BY DANA MARIE KROOK

ne month after Sherri Stevens becomes our international community’s role model and my boss, she sends out an internal email to all employees with a quotation from the Irish poet William Butler Yeats. “Happiness is neither virtue nor pleasure nor this thing nor that but simply growth. We are happy when we are growing,” it reads. She puts “Today’s Inspiration” in the subject line and signs the correspondence, “Have a great week!” As a writer, I find my approval immediately flooding out for her literary-based citation. As someone greatly affected by the change in owner—for both my job status and personal stake in the overall mission of WXN—I feel the pull to dig deeper. To find the real story behind our new leader. Founder Pamela Jeffery wanted a way to ensure her legacy, the network of 22,000 women (and a few brave men) which she had built with her team, would always continue to thrive regardless of her role within it. “Last year, I made a lifechanging decision to sell the company to a highly-successful female entrepreneur who is a WXN member and a two-time Top 100 Award Winner,” she said in a public announcement. “I am proud to introduce Sherri Stevens whose vision is to grow WXN and whose values mirror mine and those of WXN.” And Sherri as the new CEO seemed like the perfect fit to champion Pamela’s mission. Sherri is an award-winning entrepreneur and visionary who built her own company,

17 CANADA | WXNETWORK.COM

Stevens Resource Group Inc (SRG), from a local employment office to a $32-million international workforce management company with locations in Canada and the U.S. Her company consults on strategies for Talent Acquisition, Training and Development, Search, HR and Operations, as well as Executive Coaching. Sherri is an RBC Canadian Women Entrepreneur of the Year Award Recipient and has been named to the Profit/Chatelaine W100 list nine years in a row. She’s passionate about diversity and mentorship. A dog-lover. But beyond the titles and accolades a woman places in front of her, a true leader is instead defined by the journey that lifts her up to those heights. Where she has been, what she has been through—this is the real story. Sherri originally pursued a career in hospitality, receiving education at Seneca College in King City, including a Work Experience Program at a boutique hotel across from the college. “Through my contact with peers, management and guests, I gained valuable skills in communication, business etiquette, professionalism and relationship building,” she says. “I was always somewhat introverted, so this program helped me build my confidence and what I now realize is my personal brand. I discovered that I had a sincere passion for helping people, and this credence has guided me throughout my life.”

Afterward, she worked in Toronto for eight years until the 1990 recession hit. “My career as a flight attendant came to an abrupt halt, my long-term relationship ended and I was flat broke,” she says. Moving home to Woodstock, Ontario, Sherri found herself at rock bottom. She looked for work at the one and only staffing agency in town to no avail. “I had nothing else to lose,” she says, “so in my pajamas at my mom’s dining room table, I sat down and wrote out a very basic business plan to start my own staffing company.” “ Still just an idea, her company needed funding. Sherri sought to overcome her first challenge by reaching out to local financial institutions. “They were not willing to take the risk on a young, inexperienced woman,” she says. “Instead, I found work at nights in a local printing shop, worked for my brothers at their car dealership and finally secured a $1,000 line of credit at a local credit union.” And so, SRG was born. In 1993, the company landed its first major win with a local Japanese automotive company. They called, needing help with the recruitment of 25 production team members. Up until that point, SRG had been placing mostly clerical positions. This was the large hire they needed. “I met with the then General Manager, and he guided me through what the skills and experience required,” Sherri remembers. “The placements were successful. This was our tipping point—our defining moment when nothing would ever be the same again. Fast-forward 23 years later, and this company is our longest tenured client,” she says, noting that her original contact is now the company’s President. It became clear early on that Sherri’s strength lay in relationship

building, those fundamental values for helping people still at her foundation. For the other qualities required to successfully run a business, Sherri was determined to add them to her skillset. “I engaged the services of a business consultant and he worked with me to develop budgets and forecasting, costing models, policies and procedures, strategic growth plans, job descriptions, etc.,” she says. “Thinking back, it would have been so beneficial to have a network of female entrepreneurs to lean on.”

But it was no mistake. The very next year, her name was back on the list. And seven years later, Pamela Jeffery tapped her on the shoulder, suggesting they chat about the possibility of Sherri acquiring the next chapter of the WXN founder’s legacy. She was immediately intrigued by the mandates and brands of both WXN and the Canadian Board Diversity Council (CBDC). As a champion for diversity and the empowerment of women, it felt like a natural fit. “There were also other synergies from which both SRG and WXN could benefit. One is the opportunity to expand our service offerings to include training and development, executive coaching, professional search and HR consulting,” she says. “The second is to expand geographically into the U.S. and further our footprint into the European market. What an amazing platform to take our mandates global.” Solidifying the transition was discovering how closely Pamela’s core values aligned with her own: compassion, creativity, courtesy, credibility and collaboration. “It has always been important for me to develop a strong, energetic culture where team members can thrive—a culture that mimics the five core values I’m passionate about.” Sherri and Pamela are linked by these values, along with the passion and vision to make diversity and equality change the way we do business. For the better. Here in the office, it’s business as usual. Pamela is working alongside Sherri, continuing to provide vision and thought leadership on the topic of women in leadership roles. We have a new captain, but our ship’s course remains steady. And, at the helm, is Sherri Stevens. And so the story grows.

I HAD NOTHING ELSE TO LOSE,” SHE SAYS, “SO IN MY PAJAMAS AT MY MOM’S DINING ROOM TABLE, I SAT DOWN AND WROTE OUT A VERY BASIC BUSINESS PLAN TO START MY OWN STAFFING COMPANY.” In 2007, Sherri discovered that network. After being named a Canada’s Most Powerful Women: Top 100 Award Winner in the CIBC Entrepreneurs category, she found herself at a cocktail event among a collection of female professionals, excited for the Awards Gala the next day. “The ambiance was almost magical—first class, elegant, sophisticated and serene,” she says. “I remember seeing Pamela in person for the first time and thought ‘Wow, I want to be her.’ To me, the magic of the event mirrored her in every way.” She remembers her moments on stage as surreal, an overwhelming experience to be surrounded by the incredible talent and accomplishments of her now peers. “I remember being nervous going on stage and wondering if someone made a mistake!”

DANA MARIE KROOK is the Manager of Content & Communications at WXN.

WEALTH - SPRING 2016 - THE OPINION 18

HOW TO PREPARE FOR A SELECTION COMMITTEE INTERVIEW BY KEVIN GORMELY AND IAN COLLYER

reparing for interviews with a selection committee can be a daunting task, both as a candidate and a member of the committee. The pressure and intensity is often higher than standard interviews, and the added difficulty of juggling multiple opinions can make for a more complex decisionmaking process. How can you effectively prepare?

FOR THE CANDIDATE BEFORE THE INTERVIEW 1) UNDERSTAND THE ORGANIZATION Beyond a cursory glance at organization’s field, you should fully understand the current business climate and how the role you are looking to fill will make an impact. 2) START SIMPLE Review the organization’s website and identify where the emphasis is being placed within their operations. Check their social media feeds to find out what they pride themselves in (i.e. Are there any recent corporate social responsibility endeavours?). 3) GO DEEPER If they publish thought leadership, see what topics are liable to reoccur and read through some of the literature. Look through financial reports: this doesn’t mean conduct an audit, but understand the direction in which the company is moving and have an idea of their bottom line. 4) KNOW WHO YOU ARE MEETING Understand each individual’s role and any other professional information from the company website, LinkedIn profiles and other professional means available. 19 CANADA | WXNETWORK.COM

Recruiting at the executive level, we’ve conducted countless interviews in a selection committee setting. Here are our top tips to prepare for a selection committee interview process, as either a candidate or committee member.

5) ANTICIPATE THE DIRECTION OF THE MEETING Consider your CV: are there gaps, either in terms of necessary experience for the role or between roles? Think about how to respond to the probing questions that are sure to follow.

fit for you: ask questions that need to be answered to help make this decision. Not every interview will lead to an offer but it will always be an opportunity to learn something new about an organization (and yourself) and to make new connections.

6) PREPARE ANSWERS Try framing responses in the CAR format: challenge, action, result. This format is easy to follow and will enhance the clarity of your response. It will also provide the benefit of helping you keep your thoughts organized.

DURING THE INTERVIEW

WHAT’S NEXT? It’s always a good idea to talk to the search firm/consultant for feedback. When speaking with the recruiter and committee separately, maintain uniformity. Expect that any subtle inconsistencies between answers given will raise eyebrows. If there is a second round interview, focus on “Why YOU over someone else?” As the process reaches the later stages, it’s likely that each candidate possesses most, if not all of the core characteristics in the committee’s ideal profile. Focus on what could potentially make you stand out. Keep in mind this is a two-way process. Ensure the role is an absolute

1) CLARITY AND CONFIDENCE Your preparation should allow you to be confident and relevant in your answers. Ask meaningful questions, both for your own benefit and to demonstrate your interest and understanding of the company. 2) DETAILS MATTER Maintain eye contact, give equal attention to all interviewers and look for visual cues. How is each interviewer responding to your answers? Use this to know when more or less detail is called for. Be open and transparent, but be wary of getting too relaxed and familiar in your responses. 3) DON’T BE AFRAID TO ASK Ask “Have I answered your question?” or briefly write down the question being asked of you to keep yourself on track. A well-constructed, clear answer will be the result and can make all the difference.

FOR THE COMMITTEE As a member of a selection committee, the onus is on you to play a role in the direction of the meeting itself. Staying organized, being cognizant of the meeting style and maintaining open dialogue among committee members are the most important features of an effective selection committee. 1) CRITERIA CONSENSUS IS KEY The most important initial step for any committee is to arrive at a definite consensus on what the role should entail. This defines what qualities a successful candidate will possess and directs the flavour of the interview questions to follow. 2) REVIEW MATERIAL AND PREPARE QUESTIONS To prepare your questions, thoroughly review all candidate information. Focus on relevant experience, as well as any potential weaknesses a candidate may have against the ideal candidate profile. Present the questioning in an organized manner to help generate concise, relevant answers. The committee should discuss beforehand who will be responsible for which areas of the interview based on interest/experience in that facet of the profile. That being said, any member should feel free to ask follow-up questions as needed. This demonstrates a united spirit of the committee, which communicates a more positive front to the candidate. 3) CONSIDER THE MEETING FORMAT Selection committee interviews can be far more intimidating for a candidate than a one-on-one interview format. Resulting unease can distract from the potential strength or weakness of a

candidate, hindering the committee’s decision. It will also degrade the experience of the eventual successful candidate. Give thought to several aspects of the meeting. The first is simply seating arrangement. It is helpful to avoid a “hotseat” style arrangement, with the committee members pitted on one side of the table opposite the candidate. Aim to strike a balance between a rigid questioning structure and a more conversational flow. Key here is to maintain professionalism, but present a welcoming space. 4) BE PRESENT Seeing perceived signs of disinterest from committee members can be one of the largest challenges to maintaining a welcoming, positive atmosphere. As a committee member, devote yourself to the time required and avoid distractions. Recognizing that full-day meetings are an arduous task, it’s helpful to space out interviews accordingly. 5) KEEP AN OPEN DIALOGUE It’s common for a committee to find itself divided on its choice of candidate. This is more likely to happen if the committee has not firmly agreed to or properly weighted the competencies of the ideal candidate profile. If the committee has invested the time, energy and effort in agreeing on the candidate profile, division is less likely to occur. Maintaining an open dialogue between committee members throughout the process is extremely important, from the preparation to selection stages. WHAT’S NEXT? Be aware this is a search for the right fit, both from your perspective and

the candidate’s. While not a sales pitch, committee members should be advocates for their own organization. It’s equally important to be open and honest about any potential job challenges the successful candidate might face, lest unexpected difficulties lead to an early departure after the fact. Finally, selection committees can fall prey to the temptation of weighing the “feel” of a candidate interview too heavily. The committee needs to remain focused on its task of assessing the candidates against the ideal profile, relying on the data and evidence obtained from the interviews and the references—not solely on “impressions or observations” from the interview.

IAN COLLYER, Partner KEVIN GORMELY, Partner icollyer@boyden.com kgormely@boyden.com @kgormely @icollyer22

KEVIN GORMELY and IAN COLLYER are both Partners at Boyden, global leader in executive search which has proudly served organizations and institutions for over 70 years. Boyden is committed to excellence in leadership and values diversity as an essential force towards achieving this commitment. www.boyden.ca @BoydenCanada

WEALTH - SPRING 2016 - THE OPINION 20

Applications Now Open

diversity 50 In 2012, the Canadian Board Diversity Council (CBDC) created Canadaâ&#x20AC;&#x2122;s first national database of qualified, diverse candidates for corporate board of director appointments. Over the past four years, we have welcomed 200 outstanding diverse board-ready candidates into our database. To date, we are proud to have 22 appointments to FP500 and three appointments to Fortune 500 boards. This year, the Council, in collaboration with the 10 Diversity 50 CEOs, will add another 50 candidates to the list, creating what we consider the definitive resource for board of director appointments. Help change the face of corporate Canada and apply for Diversity 50 today!

Application Deadline: May 18, 2016 To apply, visit boarddiversity.ca/Diversity-50

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DIVERSITY, WEALTH & OPPORTUNITY:

A CONVERSATION WITH DIVERSITY 50 CANDIDATE KATHERINE RETHY BY PAUL-EMILE MCNAB

any organizations search for boardready candidates from within existing networks, resulting in a lack diverse leadership. This is a big problem. “I can’t think of another characteristic of boards that is as fundamental to the success of the organization as diversity. Diversity of thought, of experience, of approach, of analysis, of expression, of expertise, of upbringing,” says Katherine Rethy, a Diversity 50 Candidate from 2012. “All of these are what you get when you recruit board candidates with varied backgrounds and experiences.” Launched in 2012, the Diversity 50 list was developed by the Canadian Board Diversity Council (CBDC) as Canada’s first-ever database of diverse, qualified board-ready candidates that includes women, visible minorities, Aboriginal peoples and people with disabilities. In the fall of 2015, the Diversity 50 list, which is published on the CBDC website, received 10.1 million media impressions across Canada. The annual cohort adds 50 names to create a list of now 200 diverse, board-ready candidates across Canada. The Diversity 50 initiative serves to address this “visibility barrier” of diverse candidates, acting as a resource for boards and search firms who want to go beyond their own networks. Among them is Katherine, who was elected to the boards of Chemtrade Logistics Income Fund (2015) and Toromont Inc. (2013) after being appointed to the CBDC’s Diversity 50 list. “Just as in nature, where it is diversity of gene pool that enables resilience in the face of environmental change, diversity around the boardroom table enables a multitude of potential responses to challenges, be they catastrophes or opportunities,” says Katherine. “Directors who can envision different ways of doing things, who can foresee possible outcomes and who are prepared to swim against the current when it is warranted—these are directors and boards who can help guide their organizations to competitive success.”

As the issue of diversity takes shape across the world, there are many organizations, especially in the U.S., looking at diversity at the governance level as a direct method to improve their bottom line. “At a micro level, diversity around the board table can help to ensure that multiple views of the organization’s product or service offering are represented—that various potential market or customer segments are addressed. It can also help to find out of the ordinary approaches to current business issues and operational

KATHERINE RETHY, Corporate Director

risks based on the directors’ varied experiences and backgrounds,” says Katherine. “At a macro and more strategic level, which is where Boards spend the bulk of their time, being better able to envision possibilities and different ways of doing things can lead to superior competitive positioning and results.” The International Business Times recently published an article called “AT&T Chief Diversity Officer: Diversity Key To Company’s Profitability,” showcasing how and why a U.S. company is prioritizing diversity efforts. The company’s board includes four women and two African-Americans, along with a C-Suite of three African-

Americans. The head of AT&T’s diversity efforts, Cynt Marshall, is quoted in the piece: “For AT&T, diversity is more than a pursuit for its public relations team. It’s an important business strategy that affects the company’s bottom line.” However, U.S. statistics overall have been glacial and challenging. The percentage of women in the boardrooms of the largest companies has crept up from 15 per cent in 2005 to just about 20 per cent a full decade later. For both the Canada and the U.S., much work is needed to be done. For Katherine, who has a wealth of experience and many successes to date, the Diversity 50 initiative has played an important role in the solution to achieving greater diversity on corporate boards. She cites being named to the list as a validation of her credentials and experience. “I have been involved on various boards—private, public and not-for-profit—for over fifteen years now. Since my Diversity 50 Candidacy in 2012, I have joined two more,” she says. “While many have been focused only on gender diversity, I personally believe all forms of board diversity deserve conscious attention—and this is the approach of the CBDC.” Since Diversity 50’s inception, CBDC has achieved 24 board appointments on FP500 or Fortune 500 corporate boards by increasing the visibility of boardready candidates, skilled individuals who have experience working in the financial, technical and resource sectors. The CBDC will continue to advocate for board diversity through research, thought leadership and governance education. The Diversity 50 initiative will continue in 2016 with the selfnomination process opening on February 29th and running until May 18th. We will announce our next slate of 50 board-ready candidates in the fall of 2016, those eager to join Katherine Rethy and the Diversity 50 network. PAUL-EMILE MCNAB is the Manager of Research at the Canadian Board Diversity Council. WEALTH - SPRING 2016 - THE OPINION 22

GOVERNANCE EDUCATION PROGRAM

Are you board-ready? Join us in Vancouver, Calgary, Toronto or Montreal in the fastest growing and most affordably-priced governance education program in Canada. The Get on Board Governance Education Program prepares you for the boardrooms of tomorrow. This program offers two levels tailored to your leadership and/or board experience. Get on Board will help you hone your business and leadership skills , expand your network and learn more about operations, finance and risk management, unconscious bias and diversity in governance. Get on Board helps you: • • • • • • •

Prepare for the boardrooms of tomorrow Build your board credentials Improve your ability to work with diverse colleagues Learn the fundamentals of board governance Prepare your board résumé Engage with industry leaders and directors Connect with board recruitment professionals

Participating in Get on Board will not only make you a better board member, but also a better leader. Gain the tools you need to help change the face of Corporate Canada by registering for the Get on Board Governance Education Program today.

For more information or to register, visit boarddiversity.ca CO-PRESENTING PARTNERs

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UPCOMING EVENTS

APRIL 7 - VANCOUVER

APRIL 20 - DUBLIN

Vancouver, Canada - April 7, 2016 “It’s Not You, It’s Me: Breaking up with the Linear Career Path” Featuring former television reporter, anchor and producer Shachi Kurl, Executive Director of the Angus Reid Institute, Canada’s leading online market research community. What was the biggest challenge about the first shift in your career? “It was my first time managing people; I was thrown into some tough management scenarios literally at the deep end. I went from a large newsroom environment where I was interacting with dozens of people a day to a small office. I went from hard, immovable reporting-based daily deadlines to much longer projectdriven deadlines of weeks or months. I remember in the early days I would stay very late at work in the new job trying to finish everything, because I was so conditioned to leaving work in the reporting world with a clean slate every night. Eventually I realized most people have work waiting for them when they arrive the next morning.” Dublin, Ireland - April 20, 2016 “Diversity Discomfort” Featuring Financial Times’ 2014 Top 100 OUTstanding LGBT Business Leader and Image Magazine’s 2013 Management Professional of the Year, Margot Slattery, Country President at Sodexo Ireland.

GET A SNEAK PEEK AT SOME OF THE POWERFUL WOMEN TAKING THE PODIUM AT WXN’S SPRING SEASON OF THE SPEAKER SERIES.

APRIL 29 - TORONTO

MAY 17 - LONDON

What was the toughest lesson you’ve had to learn in your career so far? “You think you can force change through, but ultimately you can’t. You always have to do everything with people in mind, so effective communication and negotiation skills are absolutely essential. If you don’t involve and engage people in the process, then you won’t get changes made. As you go up the ladder, you have nothing but the goodwill of other people to support your vision, so you need to get them on board.”

complex problems. I believe people have great capacity. Maybe 25 to 50 per cent more than they think.“

Toronto, Canada - April 29, 2016 “Passing on the Torch: How a Role Model Changed My Life” Featuring past President of Home Depot Canada and Asia, co-founder of Michael’s of Canada and author of Bet On Me, Annette Verschuren, Chair and CEO of NRStor Inc.

How do you stay ahead of emerging trends in technology? “It is like a fitness programme. You have to do a little bit every day, and it can never stop! Be collaborative and ensure you meet and see media owner partners to hear and share new ideas. Make sure you spend time with the execs and apprentices in an organisation. They are digital natives and have grown up in the age of the internet. You’ll be surprised at what they can teach you. You have to be open to learning. Finally, clear time in your diary to go to the right forums to be stimulated and to learn. Events such as The Guardian’s Changing Media Summit always have interesting panels and speakers with new thoughts and approaches.”

If you’ve ever felt less than ready to take on a position, how have you built up the confidence to do so? “I’m never 100 per cent ready: that is my secret. If I waited for 100 per cent, someone else would have the job. I’m usually 80 per cent ready but I have lots of people that would vouch for me. You have to just fight the fear and be courageous and go for it. Be confident—not over-confident, but confident. I support women and men to take these leaps by giving them tough assignments. Inspiring them to solve

London, UK - May 17, 2016 “Where the Cards Will Fall: Disruption in Technology, Advertising and Sales” Featuring the first business woman to head the Power List of Britain’s 100 Most Influential Black People, Karen Blackett, OBE, Chairwoman and former CEO of MediaCom, the largest media agency in the UK.

FOR MORE UPCOMING EVENTS AND TO REGISTER VISIT WXNETWORK.COM/EVENTS WEALTH - SPRING 2016 - THE OPINION 24

THANK YOU TO OUR SPEAKER SERIES, WXNWISDOM AND TOP 1OO PARTNERS

THANK YOU TO OUR WXNWISDOM FACILITATORS

THANK YOU TO OUR CORPORATE MEMBERS

25 CANADA | WXNETWORK.COM

LETTRE DE WXN

VOUS RAPPELEZ-VOUS VOTRE PREMIER « VRAI » EMPLOI? Un nouveau chèque de paie, un nouveau cheminement de carrière, un nouvel éventail de possibilités qui s’ouvrait devant vous. Après le rêve, les études, la formation, vous étiez enfin sur la bonne voie. La fortune vous souriait. Bien que nous soyons généralement seuls au début de nos carrières, en pensant à ce que nous ferons de nos revenus, l’étape suivant consiste à trouver quelqu’un pour nous accompagner. À titres d’entrepreneures, nous n’avons pas ménagé nos efforts toutes les deux pendant deux décennies pour créer des entreprises prospères. Bien que le titre de fondatrice soit associé à nos noms, déterminant le rôle unique qui nous incombe à chacune, nous ne sommes pas arrivées sans aide là où nous sommes. Aucune vision ne peut prendre forme sans les appuis appropriés. À titre de leaders, nous sommes conscientes de la valeur des personnes qui nous entourent. Qu’il s’agisse d’obtenir de bons conseils professionnels (comme « Les 5 trucs pour choisir le bon conseiller financier » à la page 6), de pouvoir compter sur des employés dévoués, motivés par autre chose que leur simple rémunération (comme la culture dont il est question sous la rubrique « Ce que j’ai appris au sujet du leadership et de la motivation » à la page 37) ou d’établir la portée de nos réseaux malgré des tendances à l’introversion (comme l’écrit l’auteure dans « Les 10 trucs pour vous aider à créer votre propre réseau » à la page 30), la réussite passe toujours par un coup de main de l’extérieur. Cela nous permet de nous améliorer, d’améliorer nos entreprises ainsi que notre présence dans la collectivité. Grâce à ces relations, nous développons des points de vue différents sur la fortune, ou du moins sur la façon de l’établir. Comme vous le verrez dans ces pages, nous croyons que c’est là la façon d’acquérir de réelles « richesses » — par la collaboration et en partenariat, dans nos vies comme dans nos entreprises. Bien sûr, la découverte par excellence consiste à trouver quelqu’un avec qui collaborer, quelqu’un qui partage vraiment votre vision. Lorsque Sherri a fait l’acquisition de WXN (voir le texte complet à la page 17), nous avons puisé notre force dans cette vision partagée. C’est important pour nous deux d’inspirer confiance aux femmes — confiance qu’elles trouvent en elles-mêmes et au sein de leurs collectivités — leur leadership peut devenir une réalité concrète. Ensuite, les aider à matérialiser leurs aspirations. Nos cheminements sont reliés par cette vision, malgré que les parcours puissent prendre des directions différentes. Pour Pam, cela signifie appuyer les initiatives de WXN à titre de consultante. Pour Sherri, cela signifie assurer la succession de WXN à titre de nouvelle propriétaire et chef de la direction, tout en trouvant de nouvelles façons de croître et de nouvelles sources d’inspiration. Nous continuerons à vous offrir tous les excellents programmes et événements coordonnés par le réseau WXN et par notre organisation sœur, le CCDA. Nous nous préparons toutefois à apporter de formidables changements au cours des années à venir. Pour nous, la « fortune » a pris un sens beaucoup plus profond et elle englobe les notions de mieux-être, de connaissance, de risque, d’occasions à saisir, de collaboration et de progrès. Mais elle continue de nous sourire plus que jamais.

PAMELA JEFFERY Fondateur, WXN

SHERRI STEVENS CEO, WXN

WEALTH - PRINTEMPS 2016 - L’ OPINION 26

AVEZ-VOUS DES CONSEILS À LEUR DONNER POUR MIEUX GÉRER LEUR ARGENT?

LE RISQUE CALCULÉ

Reconnue en 2014 comme l’une des 100 femmes les plus influentes au Canada par le Women’s Executive Network, la première vice-présidente à la direction, Particuliers et Entreprises, DIANE GIARD, ne cache pas son désir de voir les femmes rayonner davantage dans le monde des affaires. The Opinion lui a posé quelques questions au sujet des femmes par rapport à leur carrière et leur argent.

LES FEMMES ET L’ARGENT, EST-CE ENCORE UN SUJET TABOU? La relation que les femmes ont avec l’argent évolue, mais certainement pas aussi rapidement que chez les hommes. Est-ce que c’est tabou? Non. Est-ce que les femmes ont une relation privilégiée ou favorable envers l’argent? Ça s’en vient, mais on n’est pas rendus là.

EN GÉNÉRAL, DE QUELLE MANIÈRE LES FEMMES GÈRENT-ELLES LEUR ARGENT?

De façon générale, on constate que les femmes ont une tendance à avoir un portefeuille d’investissement plus conservateur que les hommes, donc qui comporte moins de risque. Dans un marché donné, cette approche peut être bénéfique. Mais à long terme, en comparant avec un investisseur qui passe à travers différents cycles économiques, probablement que les femmes manquent des occasions.

POURQUOI, SELON VOUS, LES FEMMES NE PRENNENT-ELLES PAS ENCORE ASSEZ DE RISQUES? Je crois que ça part de l’éducation que l’on reçoit. J’ai eu la chance et le grand bonheur d’avoir des parents qui ont cru en moi et qui m’ont dit que j’étais capable de faire tout que je voulais dans la vie, pourvu que j’y mette l’énergie nécessaire. Au lieu de remettre en question mes choix, ma mère me disait : « pourquoi pas? » Quand on dit à nos jeunes filles d’être prudentes dans tout, on développe ces réflexes-là. Vous savez, on va tous tomber à vélo. Ça va faire mal, mais on va se relever. 27 CANADA | WXNETWORK.COM/FR

Tout d’abord, elles doivent se tenir au courant et être mieux éduquées sur les différentes possibilités financières. Ensuite, je leur suggère de prendre une partie du portefeuille avec lequel elles peuvent se permettre de spéculer. Par exemple, un 10 % du portefeuille qui ne les mettrait pas en péril si elles en perdaient l’entièreté. Car il faut acquérir des connaissances qui ne sont pas uniquement théoriques. C’est en le faisant qu’on finit par comprendre la tolérance au risque, par accepter les fluctuations des marchés et par reconnaître les moments où l’on peut profiter d’un marché. Il faut apprendre à vivre avec les émotions qui viennent avec ces distorsions-là dans le portefeuille.

DIRIEZ-VOUS QUE LES FEMMES SONT MIEUX INFORMÉES QUE LES HOMMES?

De façon générale, elles le sont. Même quand il s’agit d’accepter un emploi, les femmes vont analyser, peut-être un peu trop, chacune des compétences requises et calculer l’écart entre ce qui est demandé et ce qu’elles ont à offrir. À l’inverse, les hommes vont y aller de manière beaucoup plus sommaire. Ils prennent le risque. On voit ce même phénomène en investissement et même en entrepreneuriat.

JUSTEMENT, QUELS CONSEILS DONNERIEZVOUS AUX JEUNES FEMMES LEADERS EN DÉBUT DE CARRIÈRE? Je leur dirais d’apprendre à se connaitre et de faire l’exercice de définir leurs aspirations. Trop souvent, les jeunes femmes n’en ont aucune idée. Elles savent qu’elles veulent monter dans l’organisation et qu’elles en sont capables, mais elles ne peuvent pas identifier le rôle ultime qu’elles aimeraient jouer. On ne peut atteindre une destination si l’on ne la connait pas. Toutefois, il faut se donner aussi le droit de changer d’idée en cours de route. Car ce qu’on veut à 25 ans peut être bien différent à 40 ans.

QUEL EST VOTRE SOUHAIT POUR LES FEMMES D’AFFAIRES DANS UN AVENIR RAPPROCHÉ?

Je souhaite qu’elles définissent leurs ambitions et qu’elles fassent tout en leur possible pour les réaliser. Que ce soit de faire plus d’argent ou d’accéder à certains postes, elles doivent s’organiser pour y parvenir. Si elles n’expriment pas clairement leurs aspirations, c’est que les femmes craignent l’échec. Elles ont peur de ne pas réussir et de devoir s’excuser devant le monde. Un homme, lui, aura tendance à se relever et à repartir aussitôt. Il faut prendre l’échec comme une occasion d’apprentissage. Quelqu’un m’a déjà dit qu’il ne s’agit pas de se donner le droit à l’échec, mais de s’en donner le devoir. Et pour vivre un échec, il faut prendre des risques. Tout part de ça.

DIVERSITÉ, PATRIMOINE ET OPPORTUNITÉ: UNE CONVERSATION AVEC LA CANDIDATE À L’INITIATIVE PAR PAUL-EMILE MCNAB

e nombreuses organisations recherchent au sein même de leurs réseaux des candidates et des candidats prêts à faire partie de leur conseil, ce qui entraîne un manque de diversité à la direction. C’est là un important problème. « Selon moi, aucune autre caractéristique d’un conseil d’administration n’est aussi fondamentale pour le succès des entreprises que la diversité. La diversité intellectuelle, la diversité d’expérience, d’approche, d’analyse, d’expression, d’expertise, d’éducation », nous confie Katherine Rethy, candidate à l’initiative Diversité 50 en 2012. « C’est ce genre de diversité que vous obtenez quand vous recrutez des candidates et des candidats aux expériences et aux antécédents variés pour faire partie d’un conseil d’administration. » Lancée en 2012, la liste Diversité 50 a été créée par le Conseil canadien pour la diversité administrative (CCDA) et est devenue la première base de données au Canada où l’on retrouve des candidates et des candidats diversifiés, qualifiés et prêts à devenir membre des conseils d’administration et qui inclut des femmes, des minorités visibles, des Autochtones et des personnes handicapées. À l’automne 2015, la liste Diversité 50, publiée sur le site Web du CCDA, a suscité 10,1 millions d’impressions dans les médias canadiens. Tous les ans, avec chaque nouvelle cuvée, 50 noms s’ajoutent à la liste qui regroupe maintenant 200 candidates et candidats diversifiés de partout au Canada. L’initiative Diversité 50 permet aux candidates et candidats issus de la diversité de franchir cet « obstacle à la visibilité », et sert de ressource pour les conseils d’administration et les cabinets de recrutement qui souhaitent aller au-delà de leurs propres réseaux. Katherine, qui a fait partie de ces candidates, a été élue aux conseils de Chemtrade Logistics Income Fund (en 2015) et de Toromont inc. (en 2013) après avoir été inscrite sur la liste Diversité 50 du CCDA. « Tout comme dans la nature, où la diversité du patrimoine génétique assure la résilience quand l’environnement change, la diversité au sein des conseils d’administration permet de répondre d’une multitude de façons aux défis qui se présentent, qu’il s’agisse de désastres ou d’opportunités », nous confie Katherine. « Les administrateurs – et les conseils – capables de considérer différentes façons de faire les choses, de prévoir les résultats possibles, et qui sont prêts à aller à contre-

courant quand il le faut, sont ceux qui peuvent amener leurs organisations à connaître le succès face à la concurrence. » Tandis que l’enjeu de la diversité est en train de se définir un peu partout dans le monde, plusieurs entreprises, particulièrement aux États-Unis, se tournent vers la diversité au niveau de la gouvernance comme moyen direct pour améliorer leurs résultats. « À un niveau microéconomique, la diversité au sein d’un conseil d’administration peut contribuer à faire en sorte que de multiples points de vue sur les produits ou services offerts par l’entreprise soient exprimés, que différents marchés ou clients potentiels soient considérés. Elle peut aussi aider les administrateurs à sortir du cadre habituel pour trouver des

KATHERINE RETHY, administratrice de société

réponses aux enjeux commerciaux et aux risques opérationnels grâce aux expériences et aux antécédents variés qu’ils possèdent », explique Katherine. « À un niveau macroéconomique et plus stratégique, là où les administrateurs consacrent la majorité de leur temps, la capacité d’envisager les possibilités et différentes façons de faire les choses peut procurer un avantage concurrentiel et de meilleurs résultats. » Le journal en ligne International Business Times publiait récemment un article intitulé « AT&T Chief Diversity Officer: Diversity Key To Company’s Profitability », dans lequel on explique comment et pourquoi une entreprise américaine accorde la priorité aux efforts de diversification. Le conseil de cette entreprise comprend quatre femmes et deux Afro-Américains, et elle compte trois Afro-Américains parmi ses cadres. La responsable des efforts d’AT&T en matière de diversité, Cynt Marshall, s’exprimait en ces mots : « Pour AT&T, la diversité est davantage qu’un simple objectif pour l’équipe des relations publiques. Il s’agit

d’une importante stratégie commerciale qui influence les résultats de l’entreprise. » Toutefois, les statistiques aux ÉtatsUnis sont alarmantes et peu favorables. Le pourcentage des femmes au sein des conseils d’administration des plus grandes entreprises a progressé lentement, passant de 15 pour cent en 2005 à 20 pour cent à peine en plus d’une décennie. Aussi bien au Canada qu’aux États-Unis, il reste beaucoup de travail à faire. Selon Katherine, qui possède une vaste expérience et a connu beaucoup de succès à ce jour, l’initiative Diversité 50 a été un élément important de la solution au problème de l’augmentation de la diversité au sein des conseils d’administration. Elle croit que sa sélection sur la liste a permis de valider ses états de service et son expérience. « J’ai fait partie de différents conseils – dans les secteurs privé et public ainsi que pour des organismes sans but lucratif – depuis plus de quinze ans maintenant. Depuis ma candidature à l’initiative Diversité 50 en 2012, je siège à deux autres conseils », nous dit-elle. « Bien que plusieurs personnes mettent l’accent uniquement sur la mixité, je crois personnellement que toutes les formes de diversité au sein des conseils méritent une attention particulière – et c’est la démarche adoptée par le CCDA. » Depuis la création de Diversité 50, le CCDA a obtenu 24 nominations au sein des conseils d’administration de sociétés du FP500 ou du Fortune 500 en réussissant à accroître la visibilité des candidates et des candidats, qui sont des personnes compétentes possédant l’expérience nécessaire et qui travaillent dans les secteurs de la finance, de la technique et des ressources. Le CCDA continuera de prôner la diversité au sein des conseils d’administration grâce à la recherche, au leadership éclairé et à la formation en gouvernance. L’initiative Diversité 50 continue en 2016 avec le début, le 29 février dernier, du processus de libres candidatures qui se poursuivra jusqu’au 18 mai. Nous annoncerons dès l’automne 2016 notre prochaine liste de 50 candidates et candidats prêts à devenir membres de conseils d’administration; ces personnes seront impatientes de se joindre à Katherine Rethy et au réseau Diversité 50. Paul-Emile McNab est directeur de la recherche au Conseil canadien pour la diversité administrative. WEALTH - PRINTEMPS 2016 - L’ OPINION 28

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CALLING ALL INTROVERTS: 10 TIPS TO HELP YOU NETWORK YOUR OWN WAY BY SHEILA CASSIDY

distinctly remember my first formal networking event: to put it simply, I was terrified! I had preconceived notions that it was for the extroverted and involved creating artificial relationships. However, with time and practice, I no longer think twice about attending a networking event alone—my initial perception has completely shifted. I’ve realised the importance of networking in a way that

1. BE PRO-ACTIVE

Especially when you start at a new firm, ask people to lunch or coffee. If they say no, who cares? You’re demonstrating your proactive nature to learn and connect. If you don’t know what to talk about, ask them about their career or what advice they would give someone starting out in their career.

2. BE AUTHENTIC

The most important thing is to be your true self and maintain authentic relationships. If you have an ulterior motive, it will be transparent and prevent you from building a trust-based relationship.

3. FOLLOW-UP & MAINTAIN

Following up is one of the most important aspects of networking. You should ideally follow up within 24 hours to say, “It was lovely to meet you and I found our discussion on x, y and z really interesting.”

4. PERSONALISE YOUR MESSAGE

People receive hundreds of emails every week, so be different. After I finished an internship, I shared a deck outlining all the lessons I’d learned and events I’d been involved in over the year. It was a great way to say thank you to the firm and demonstrated that I’d made the most of the opportunity they’d given me.

suits my personality and style. I’ve always naturally preferred smaller, more intimate groups, so I plan one-on-one coffees or lunches. I’ve also used my own personal network because it feels more natural to be connected to new people through people I already know. Through networking, I have been inspired, gained sponsors and mentors, got jobs and been introduced to amazing people. Here are my 10 tips to help other introverts network and find the opportunity to reap the many benefits.

5. DON’T FORGET ABOUT YOUR PEERS AND COLLEAGUES

Networking shouldn’t be confined to management and clients; it’s just as important to network with your peers. They will be your teammates now and leaders in the future. Also, getting to know people from different areas of an organisation is an important step; it helps to broaden your network and your understanding of the business.

6. GO TO EVENTS ON YOUR OWN…EVENTUALLY

For the first few networking events you attend, bring a group or colleague with whom you feel comfortable. You can observe how others network, gather a list of questions and see what works and what doesn’t. When you’re ready to attend on your own, if you are still nervous, arrive 10 minutes early so make it easier to connect with the first few people who arrive.

7. MAP YOUR NETWORK

When exploring what you want to achieve in your career or personal life, start to think about the people in your network who are already doing it. Map out who would be beneficial for you to receive advice from, don’t be intimated by their title and reach out to them.

8. KNOW HAVE YOU SOMETHING TO GIVE

If you are intimidated by reaching out to someone in a leadership position, try to think about how nice it would be if someone reached out to you for your wisdom? We all have something to offer, even to those with more experience.

9. PRACTICE YOUR ELEVATOR PITCH, HANDSHAKE AND HAVE YOUR BUSINESS CARDS READY

Have your elevator pitch ready: short and snappy with no wasted words. In addition, your handshake is an important first impression, so make sure it’s a good one. Keep it firm, dry and with eye contact. Lastly, get business cards and have them readily accessible. A great tip I received was to write anything distinctive about the person on the back of their business card. If you meet a lot of people in one night it can be difficult to remember who’s who.

10. SAY THANKS

When you start at a new firm, you meet loads of people who facilitate training, giving you insights into the firm or helping you with your first project. Make sure to thank them at the end of the session and send a follow-up email. The simple step of showing appreciation can make a difference and starts your relationship on a strong foundation.

SHEILA CASSIDY is a Senior Associate with PwC Ireland’s Consulting practice and specialises in helping organisations during transformational change. WEALTH - SPRING 2016 - THE OPINION 30

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ASIA AND THE EMERGING MIDDLE CLASS BY CLAIRE O’ROURKE

fundamental shift is taking place in the global economy. The centre of gravity of global consumer demand is migrating eastward from the West where it has been firmly anchored since the 19th century. This transformation is being driven in large part by the quite dramatic growth in the Asian middle class. According to research carried out by The Brookings Institution, a Washington, DC-based public policy organisation, a truly global middle class is emerging for the first time in history. The research forecasts the middle class will double in size from more than 2 billion at present to almost 5 billion in 2030. This will see Europe and America’s share shrink from more than 50 per cent to just 22 per cent in 2030. Asia’s share by that stage, driven mainly by rapid growth in China, India, Indonesia, Vietnam, Thailand and Malaysia, will total 64 per cent and account for 40 per cent of global middle class consumption. That view concurs with OECD research which forecasts that the Chinese middle class on its own will account for 18 per cent of global consumption in 2030, spending $10 trillion annually. The corresponding figures for 2009 were 4 per cent and $900 million respectively.

“DOING BUSINESS IN ASIA MEANS RESPECTING CULTURAL AND RELIGIOUS SENSITIVITIES. IT ALSO REQUIRES AN UNDERSTANDING OF THE SUBTLETIES IN TASTE VARIATION ACROSS THE REGION.” The Indian middle class is also growing rapidly and is expected to number 475 million by 2030 according to Oxford Economics. This demographic is also beginning to assert its spending muscle, and the Economist Intelligence Unit has forecast that its spending will more than double to $2.4 trillion by the end of the current decade. Irish export businesses cannot afford to ignore this trend. However, while the scale of the opportunity is clear, the key to availing of it will lie in developing an understanding of the nature of changes taking place. The growth in purchasing power of the burgeoning Asian middle classes will fuel greater aspiration, driving stronger demand for property, cars, education and healthcare. As populations age, there will be a requirement to find new ways to save for retirement, fund healthcare and ensure adequate insurance protection in the absence of well-established social security systems.

This will mean uneven consumption patterns. Consumers in developing economies are likely to continue directing large portions of disposable income towards improving general living standards, while those in mature markets will tend towards consumption and investments. For example, discretionary spending by more affluent middle-class populations in Singapore, Malaysia and Thailand is far more pronounced. Spending in Indonesia and the Philippines is focused on vehicles, appliances and education services to enhance quality of life. Vietnam has the highest rate of credit card ownership, but its emerging middle class is only starting to develop an appetite for luxury goods. At a macro level, those economies are going to have to invest in the infrastructure required to support the lifestyles of the new middle classes. Roads, railways, electricity generation and distribution systems, educational institutions, hospitals and healthcare systems will all have to be provided. This will provide major opportunities for Irish construction and engineering services firms, as well as for professional services firms who can put in place the financial structures to support such major investments. At a consumer level, the opportunities for Ireland range from food products, such as infant formula, to digital entertainment products and services. Understanding the nature of the demand is just part of the issue. There are also complex socio-economic and cultural barriers to overcome. Asian consumers are hard to define and target by traditional Western standards and methodologies. Doing business in Asia means respecting cultural and religious sensitivities. It also requires an understanding of the subtleties in taste variation across the region. For example, a Scotch whisky distillery found that Taiwanese consumers preferred their whisky dark and elaborately packaged and altered their product accordingly, securing a significant increase in sales as a result. Understanding the vast numbers of new consumers in Asia will therefore be a challenge, as well as a huge opportunity for Irish firms. However, we believe that smart companies will get ahead by teaming up with local partners in order to adapt their products and services for the market, in addition to working with banking partners such as HSBC who have a combination of global reach and local knowledge of Asian markets, which can offer a vital head start when it comes to understanding new customers.

CLAIRE O’ROURKE is the Relationship Manager of International Subsidiary Banking at HSBC Ireland.

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PERSONAL WEALTH:

HOW YOUR DEFINITION CHANGES BY LAURA MULLEADY

e all know that wealth is both subjective and relative. Wearing my lawyer hat, I’d have to put up my hand and say I’m just not qualified to define it. I do know that being either comfortable or wealthy has meant different things to me over the years. Hopefully having two or three more decades in the world of work ahead of me, I expect my perceptions will continue to shift in all directions. No different to anyone starting their first “real” job, I will always remember the excitement of my first pay cheque as a trainee solicitor with A&L Goodbody back in 1998. My gross salary was in the single-digit thousands of Irish pounds, but the possibilities seemed endless. Back then, I had no car, children or mortgage. I hadn’t discovered how easily the banks would lend me money for frivolities such as holidays or Christmas shopping, which I gradually began to make use of as I became aware of my spending and borrowing powers. I didn’t exactly feel wealthy but had that nice warm feeling of earning money that isn’t earmarked for a range of other outgoings. For at least half of the month (the first half!), I didn’t think about money. When I needed to, I could borrow a bit.

By the age of 25, the distinction between what I earned and what I could easily borrow and repay was a little blurred. I was definitely not part of the “live within your means” generation and it was great. Looking back now, I wouldn’t change a thing. We were good at borrowing, having had a lot of practice in our 20’s with small loans that were quickly repaid. When we took the serious but exciting step into buying our first

“THROUGH THESE YEARS, THE ABILITY TO TAKE THESE STEPS FORWARD WERE HOW WE DEFINED WEALTH.” family homes, we thought we were on the steep ladder towards a bit of wealth accumulation. For many of us, plans were made to trade up within a few years, before we even moved in. Through these years, the ability to take these steps forward were how we defined wealth.

Fast-forward to 2016. Many of my generation’s earners are still feeling the effects of a recession that caught us by surprise. During the challenging years of 2007–2011, those long-term plans had to be adjusted, at least in the shortor medium-term. Rather than wealth, the focus shifted to financial stability, which for many people required, “lifestyle adjusting.” Some of us are now living in communities where we planned to live temporarily but have now grown to love, staying to raise families. Coincidentally, many of the children in my community benefit from the sharing of time, knowledge and even, to a certain degree, wealth by the large firms and businesses that border it. I am not sure this sharing of time and resources would have emerged in the volumes it has without those involved having experienced the recession. So what have I learned over the last 15 years of boom and recession? Well, you can plan to buy a house or a car or where you want to live, but can you plan your wealth? No, it’s all about timing. External factors can take your wealth planning out of your hands. So what wealth-related advice would I give myself if I could go back 15 years? Always work hard, do live for the moment and don’t worry too much about your aspirations for wealth—just hold on for the ride! It’s probably fair to say that many of my peers’ aspirations for wealth, and our consciousness of what’s important in life, have changed over the last number of years. I know mine have. LAURA MULLEADY is an Insurance Partner with A&L Goodbody.

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UNLEASHING THE FULL POTENTIAL OF FEMALE WEALTH CREATORS BY SANDRA DOWLING

he women coming into the workforce and moving into management are more confident and ambitious than ever before. In 2015, PwC carried out a survey of more than 8,000 female millennials (women born between 1980 and 1995) from around the world to find out what they think about work and careers (The female millennial: A new era of talent). Their attitudes and aspirations matter to us at PwC because 50 per cent of our global workforce are women, and millennials will very soon make up nearly 80 per cent. The ambition of this generation of women is exemplified by the fact that they rank opportunities for career progression as the most attractive attribute in an employer. Nearly half believe they can reach the very top within their organisation, which attests to their confidence.

POWER AND POTENTIAL

What particularly struck me about the findings was the earning power and wealth creating potential of this generation. Of the female millennials who are in a relationship, 86 per cent are part of a dual career couple, with 42 per cent earning equal salaries to their partner or spouse. And almost a quarter (24 per cent) are the primary earner in their relationship. This means that 66 per cent earn as much or more than their partner or spouse. And as they progress in their careers, the more likely they are to out-earn their other halves. What’s frustrating is that many women will be prevented from fulfilling their potential because of lingering biases, conscious and unconscious, within the workplace. More than 70 per cent of the women taking part in our millennial poll feel that opportunities are not equal for all. Over 40 per cent believe that employers are too male biased, a big jump from when we carried out a comparable survey in 2011. Leaders still tend to promote people like themselves, and because so many leaders are men an immediate, albeit often unconscious, barrier is presented for talented and aspiring women. The same obstacles are holding back many people with disabilities, people from ethnic minorities and other under-represented groups within senior management.

OVERCOMING THE OBSTACLES

Women clearly need to keep pushing against these barriers, but to remove them altogether requires real engagement from male colleagues. One of the ways that we at PwC are trying to identify and overcome unconscious biases is through open mind training. The programme is designed to help

people become mindful of the potential blind spots in their thinking and the impact on their decisions. For example, “Am I making assumptions about people that don’t reflect their real talent and potential?” We back this up by setting and tracking gender and ethnicity targets for our senior team. I have been closely involved in our shadowing programme, in which students get a taste of what we do and how they can contribute. Firms like ours can appear daunting from the outside, so it’s great to see that more than 90 per cent of the women who take part in this initiative choose to seek a career with us. Additionally, leaders like me can get a taste of what our younger colleagues are facing through our reverse mentoring programme, allowing us to shadow them on a typical day.

FOCUSING ON THE OUTCOMES

As a single mother bringing up young twins, I know one of the key issues is flexibility. Half of the women in our survey say that flexibility and work-life balance programmes exist in their organisations, but aren’t readily available to them in practice. Worryingly, more than 40 per cent believe taking advantage of flexibility and work-life balance programmes would actually have negative consequences for their careers. If wealth creators are lost because of this, it will inevitably damage the business. Employers need to make flexibility a real part of women/all staff’s working lives rather than a just a passive policy. The key to this is focusing on outcomes rather than presence in the office: if I want to take time out to go to my children’s sports day, for example, that will enhance rather than detract from my ability to deliver for the firm. We are working hard at PwC to change things, and what’s encouraging for me is that equality, diversity and inclusion are seen as business imperatives rather than just nice-to-haves. And to get where we want to be and realise the benefits, we recognise the need to ask difficult questions and challenge assumptions that have persisted for generations. For those that invest in their female talent, the rewards of creating more wealth for the business will flow. SANDRA DOWLING is a partner in PwC’s Investment Management practice in London and leads the Real Estate Assurance group in the UK. She chairs PwC’s Female Partner Director Network.

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WHAT I’VE LEARNED ABOUT LEADERSHIP AND MOTIVATION BY JOANNA MEAGER

I’ve always worked in financial services but believe the wealth of knowledge I’ve gained in that time about leadership and motivation is relevant across any industry. Here are seven pieces of advice that can help you strengthen your leadership skills.

1. AS A LEADER, IT IS ESSENTIAL TO WORK OUT YOUR NON-NEGOTIABLES. Throughout your career, you have to know what aspects of your work and personal life are pivotal and non-negotiable to you, how you operate and what you expect of others. Concentrate on getting those things right, manage any inevitable change and then hopefully the rest will fall into place.

2. UNDERSTANDING AN AUDIENCE SOUNDS SIMPLE BUT CAN BE TRICKIER THAN IT SEEMS.

4. YOU CAN LEARN THREE THINGS IN ANY INDUSTRY.

Technical skills, change skills and people skills: it’s important to get a balance between them. For me, people skills take the most work; managing work and tasks is easy, but influencing and motivating people is more challenging.

5. MENTORING CAN BE FULFILLING.

I still mentor a number of former colleagues who now work across a number of industries. They often come back to me for advice because they know that they will get consistency and honesty. Some have gone on to be more senior than I am, which is really rewarding when they seek my opinion.

6. A STRONG CORPORATE CULTURE AND VALUES ARE CRITICAL.

You have to adapt your style depending on your audience. It sounds obvious, but your tone, content and approach must differ between the boardroom, peers and your team. I once helped a former colleague with a business case which had previously been rejected—it was just a case of knowing the audience, rewording and restructuring to meet their key drivers and buying criteria.

You cannot be flexible with a company’s culture. It is so important to set the parameters for how an organisation ticks, what it does, what it believes and what it stands for. Of course, every business is made up of diverse departments, priorities and individuals, but once your culture and values are established, you have a reference point for decision making, a platform for change and something to bind everyone’s behaviours and attitudes.

3. I’M A FIRM BELIEVER THAT PEOPLE DON’T CHANGE JOBS FOR MONEY ALONE.

7. CORPORATE SOCIAL RESPONSIBILITY CAN BE A USEFUL TOOL FOR MOTIVATION.

Everyone is motivated by different things. You need to work out why people choose to work with you and what makes them stay. I was in a meeting with new graduates where another presenter went into great depth about pension plans, family support and healthcare. In reality, the audience was more interested in culture, opportunities, training and professional development. I’m personal in my leadership style. You need to know when to challenge and push your team and when to hold off. You can’t do this unless you really understand them.

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Giving people the chance to volunteer in the community can be rewarding all around. Donating money is easy but giving your time can be so much more valuable. We all have a lot of skills to offer outside of the workplace and by getting involved in programmes, charities or events we can also pick up new skills that we wouldn’t typically get the chance to learn through our jobs. JOANNA MEAGER is Global Head of Client Operations and Head RBC Investor & Treasury Services, UK, leading over 3,400 employees in 20 locations.

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