women's leadership forum and luncheon - member | soa...monday, october 16, 2017. session 34 of....

Session 034 OF - Women's Leadership Forum and Luncheon

Moderator:

Laura Joelle Muse, FSA, MAAA

Presenter: Barbara Krumsiek

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Monday, October 16, 2017Session 34 OF

Women’s Leadership Forum and Luncheon

Moderator:Laura Muse, FSA, MAAA

VP, Sales, SCOR Global Life Americas

Guest Speaker: Barbara Krumsiek

Sr. Industry Fellow, Women’s Leadership InstituteGeorgetown University McDonough School of

Business

2017 SOA Annual Meeting & Exhibit

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Past Women Insurance Networking Luncheons• Professional Guest Speakers

• Women’s Leadership and Coaching professionals• PhD’s in sociology focusing on gender and women’s issues• Address by a senior leader in the industry

• Panel discussions with female actuaries focusing on personal experiences, lessons learned, advice, etc.


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Other Women Awareness Opportunities

• Company Specific Programs• SCOR International Gender Network (SIGN)

• Offer events such as speakers/interviews with executives• Mentoring program

• No program at your company? Think about starting one!

• LIMRA’s Women’s Leadership Summit

• Lean-In: Women, Work and the Will to Lead, • By Sheryl Sandberg, COO of Facebook• Launched the promotion of small coordinated peer groups to share

and learn together


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“Why Aren’t We There Yet?” Advancing Women: Pitfalls and Prospects

• Sr. Industry Fellow, Women’s Leadership Institute Georgetown University McDonough School of Business

Barbara Krumsiek


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Monday, October 16, 2017Session 34 OF

Women’s Leadership Forum and Luncheon

Moderator:Laura Muse, FSA, MAAA

VP, Sales, SCOR Global Life Americas

Guest Speaker: Barbara Krumsiek

Sr. Industry Fellow, Women’s Leadership InstituteGeorgetown University McDonough School of

Business


Why aren’t we there yet?Barbara KrumsiekCEO, Calvert Investments 1997-2014Senior Industry Fellow, Georgetown UniversityGU Women’s Leadership Institute

2017 SOA Annual Meeting & ExhibitSociety of Actuaries Women’s SessionOctober 16, 2017Boston, MA


THE WOMEN’S LEADERSHIP GAP

We earn almost 60 percent of undergraduate degrees and 60 percent of all master’s degrees.

We earn more than 38 percent of MBAs and 48 percent of specialized master’s degrees.

We account for 47 percent of the U.S. labor force and 49 percent of the college-educated workforce.

Source: Center for American Progress, The Women’s Leadership Gap, May, 2017.

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Gender Representation in the Corporate Pipeline

Source: Women in the Workplace 2016. LeanIn.Org and McKinsey & Company.

42% 33% 28% 23% 20% 16%

46% 37% 33% 29% 24% 19%2016

2012

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Women in S&P 500 Finance and Insurance

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Sources: Strategy& 2015 CEO Success Study;2016 CEO Success Study

Number of Companies

Permanent or Interim CEOs

named in 2015

New Women CEOs2015

New Women CEOs2016

Global: 2500 359 10 (2.8%) 12 (5.7%)

North America: 500

(approx.)87 1 (1.1%) N/A

2015 & 2016: Not the Year of the Woman CEO

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Why Aren’t We There Yet?

First Question Break

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Why Aren’t We There Yet?What is your gender?

1 2

0%

100%1. Female2. Male


Why Aren’t We There Yet?What is your Career Level in your current organization? (select one)

1 2 3 4 5 6

30% 32%

0%2%8%

27%

1. Professional2. Manager3. Senior Manager4. C-Suite5. CEO6. Board of Directors


Why Aren’t We There Yet?What is your Tenure in your current organization?

1 2 3 4

54%

8%15%

24%

1. 0 - 7 years2. 7 - 15 years3. 15 - 25 years4. Over 25 years


Why Aren’t We There Yet?What is your Tenure in the Financial industry?

1 2 3 4

4%

39%

22%

34%

1. 0 - 7 years2. 7 - 15 years3. 15 - 25 years4. Over 25 years


Why Aren’t We There Yet?Your “best guess” at the gender balance organization at the Professional level?

1 2 3 4 5 6 7

51%

35%

4%0%0%

3%6%

1. About even (50/50) Women-Men

2. Mostly Men3. Mostly Women4. Almost all Men5. Almost all Women6. All Men7. All Women


Why Aren’t We There Yet?Your “best guess” at the gender balance organization at the C-suite level?

1 2 3 4 5 6 7

10%

38%

1% 1%

11%

0%

38%

1. About even (50/50) Women–Men

2. Mostly Men3. Mostly Women4. Almost all Men5. Almost all Women6. All Men7. All Women


Why Aren’t We There Yet?Does your company / organization offer programs to advance gender diversity in workplace?

1 2

51%49%

1. Yes2. No


Why Aren’t We There Yet?What programs does your organization advance gender diversity in the (choose all that apply)

1 2 3 4 5 6 7

75%

59%54%

39%39%34%

15%

1. Affinity (Networking) Groups

2. Mentor Programs3. Diversity Training4. Executive Coach5. Unconscious Bias Training6. Diversity Hiring Goals7. CEO Commitment to

Voluntary Initiatives


Why Aren’t We There Yet?What company programs have you been offered participate in? (choose all that apply)

1 2 3 4 5

73%

52%

34%

21%

43%


2. Mentor Programs3. Diversity Training4. Executive Coach5. Unconscious Bias

Training


Why Aren’t We There Yet?In your experience, which of these company programs do you feel have made a difference in advancing gender diversity overall in your (choose all that apply)

1 2 3 4 5 6 7

28%

62%

7%

17%

24%

17%14%


2. Mentor Programs3. Diversity Training4. Executive Coach5. Unconscious Bias Training6. Diversity Hiring Goals7. CEO Commitment to

Voluntary Initiatives


Pipeline or Hourglass?Board 20%

CEOs5.4%

First Level Officers & Managers 47%

“Messy Middle”

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Board 80%

CEOs 94.6%

First Level Officers & Managers 47%

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Financial Services Industry Lagging inUnleashing Female Leadership Potential

Oliver Wyman’s second global Women in Financial Services report finds slow progress for women leaders in financial services

At current progress, female representation at executive committee level set to hit 30% in 2048

Source: Oliver Wyman

Female executives more likely to leave their employer at mid-career in financial services than any other industry

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Financial Services Internal Labor Market

Source: Women in Financial Services , 2016. Marsh & McLennan Companies (Oliver Wyman and Mercer)

CAREER LEVEL

Executive

Senior Manager

Manager

Professional

Support Staff

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• Insufficiently flexible working options and stigma for using them• Insufficient support for family responsibilities• Shortcomings with regard to predictable, transparent and

equitable promotion processes and equal pay• Persistent sources of low inclusion in culture affecting women

such as invisible unconscious biases and traditional assumptions

Mid-Career Conflict:

Source: Women in Financial Services , 2016. Marsh & McLennan Companies (Oliver Wyman and Mercer) 26



What Forces Can Accelerate Women’s Progress?

Public PolicyGovernment & Regulatory

Entities

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Public PolicyGovernment & Regulatory

Entities

Women’s Self-Development


Why aren’t we there yet?Self-help books for women aren’t enough

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MYTHS

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• Confidence

• Math Ability


Gender differences in confidence (self-esteem– starting at age 23)

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Confidence scores from: Kling, K. C., Hyde, J. S., Showers, C. J., Buswell, B. N., Garvey, A., Glassburn, D.,Onorato, N. (1999). Gender Differences in Self-Esteem : A Meta-Analysis. Psychological Bulletin, 125(4), 470–500.


• 2004 UK representative sample of 2436 men and 3311 women*• Men: ave height=1750mm; sd = 89.93mm Women: ave height=1612mm; sd=69.05mm• Effect size (Cohen's d) would equal 1.72 (95% confidence intervals: 1.66 – 1.78).

*https://en.wikipedia.org/wiki/Effect_size#Cohen.27s_d

For comparison, this is what height differences look like

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https://en.wikipedia.org/wiki/Confidence_interval


Gender differences in math ability (d=.15)

-5 -3 -1 1 3 5 7

Math ability scores from: Hyde et al., Gender differences in mathematics: A meta analysis Psychological Bulletin, 1990, Vol 107, No. 2, 139-155.33




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Women’s Self-Development

Public PolicyGovernment &

Regulatory Entities

Corporate Culture



Second Question Break

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Why Aren’t We There Yet?“I feel that the playing field at work is women and men”

1 2 3 4 5

3%9%

19%

48%

22%

1.Strongly agree2.Agree3.Neutral4.Disagree5.Strongly disagree


Why Aren’t We There Yet?“I know what is expected of me in my what is expected is fair”

1 2 3 4 5

10%

38%

4%

32%

16%



Why Aren’t We There Yet?“My mistakes are not excessively held me”

1 2 3 4 5

14%

32%

9%

20%24%



Why Aren’t We There Yet?“I believe I have the potential to be in the Succession Plan for a C-Suite position in organization”

1 2 3 4 5

11%

27%21%18%

23%



Why Aren’t We There Yet?“The following statements are true regarding and career progress at my organization” that apply:

1 2 3 4 5 6 7

69%

7%

43% 41%42%

48%

41%

1. I have been given training opportunities

2. I have had an effective formal mentor3. I have had an effective informal

mentor4. I receive useful formal feedback

through regular reviews5. I receive useful informal feedback at

work6. I believe my manager openly

champions me in front of others7. I have presented or attended one or

more of my company’s Senior Management or Board meetings


Why Aren’t We There Yet?Have you ever voluntarily left an employer at the middle management level above?

1 2

45%55%

1. Yes2. No


Why Aren’t We There Yet?If you answered “Yes”, which of the following did you give the company? (select all that apply)

1 2 3 4 5 6 7 8

49%

12%9%

14%

49%

12%

30%26%

1. Another job offer in hand2. Desire to seek another job3. Changing Industries4. Lack of promotion opportunity

at present company5. Family commitments6. Expected to prioritize work

beyond what I was comfortable with

7. Frustration with work atmosphere or conditions

8. Other


Why Aren’t We There Yet?Were there other reasons that you did NOT the company? If so, select all that apply.

1 2 3 4 5 6 7 8

3% 3%0%

26%

51%

21%

13%

41%

1. Another job offer in hand2. Desire to seek another job3. Changing Industries4. Lack of promotion potential at

present company5. Family commitments6. I was expected to prioritize

work beyond what I was comfortable with

7. Frustration with work atmosphere or conditions

8. No other reasons


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Male-dominated workplace culture alienates talented womenStocking, Barbara. (Aug 24, 2016).

FINANCIAL TIMES

Why aren’t we there yet?


Source: Pew Research Center survey, N=1835, November 2014.

% saying each is a major reason why there aren’t more women in top executive business positions

What’s Holding Women Back from Top Jobs?

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43%

43%

23%

20%

19%

7%

Women are held to higher standards

Not ready to hire/elect women leaders

Family responsibilities don't leave enough time

Women don't have sufficient connections/partysupport

Women are not tough enough

Women don't make good managers


Financial Services Internal Labor Market

Source: Women in Financial Services , 2016. Marsh & McLennan Companies (Oliver Wyman and Mercer)

CAREER LEVEL

Executive

Senior Manager

Manager

Professional

Support Staff



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Stemming mid to upper-management attrition levels of women could be the key

Identify attrition driversCustomize interventions by level in the organization


Sources: Wall Street Journal, 10/3/2016.Daehyun Kim & Laura Starks (2016). American Economic Review: Papers & Proceedings, 106(5): 267–271

Gender Diversity on Corporate Boards:Do Women Contribute Unique Skills?

Women directors often bring missing skill sets…

• Risk Management• Human Resources• Sustainability• Politics and Government• Regulatory or Compliance• Corporate Governance


Skill Sets Currently Represented on S&P 600 Boards

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Why aren’t we there yet?Barbara KrumsiekCEO, Calvert Investments 1997-2014Senior Industry Fellow, Georgetown UniversityGU Women’s Leadership Institute

women's leadership forum and luncheon - member | soa...monday, october 16, 2017. session 34 of....

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