Successful Women Leaders: Conversations about Career and Life – March 2016
Dixon Hughes Goodman
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March 2016
Successful Women Leaders: Conversations about Career and Life
Ashley Ensley, Senior Manager | DHG Financial Services
Women currently hold four percent or 20 CEO positions at S&P 500 companies1. This number may appear low; however, it is
significantly improved from the seven female CEO positions reported in 20052. On average, women account for 19 percent of
partners in CPA firms nationwide3. In late 2014, there were two female CEOs at the helm of the Top 20 U.S.
banks4. While DHG CEOs at S&P 500 firms 2005 = 2 Women +13 = 2 Men 2016 7 Women/493 Men 20 Women/480 Men Partners in CPA firms nationwide (2015) serves clients nationally, my clients are primarily located in North and South Carolina. In North Carolina, seven of 68 banks have female CEOs5.
Of those 68 North Carolina banks, 16 have female CFOs. In South Carolina, only one bank of 63 has a female CEO and 16 of 63 have a female CFO. I had the opportunity to talk with many women, both in my firm and in financial institutions, about their career paths, focusing on how they became successful leaders in their organizations. I found that there were three prevailing themes: the importance of mentor/sponsor relationships, having goals or assignments that were challenging, and having a support system. Our conversations were not focused on gender inequalities, even though the statistics clearly indicate that they exist. Mentorship 19% 81% Women Men Assurance | Tax | Advisory | dhgllp.com In Sylvia Ann Hewlett’s “(Forget a Mentor) Find a Sponsor,” she writes of the importance of having sponsors and mentors, each having unique but different roles6.
Mentors and sponsors provide . views the reasons many professionals do not love what they currently do is because they have outgrown it. They used to find what they do challenging and exciting, but they’ve done it too many times not to still feel the thrill.”8 People who are good mentors or sponsors are commonly seen as leaders, and great leaders help others around them. They have a genuine ability to accentuate the positive and motivate others. Karen McCauley, Director of Internal Audit at First Community Bank, spoke a lot about credibility. She said that in our professions, we as females have to build our credibility and also be aware that our credibility is constantly on the line.
There is a perception that women will be fine to stop progressing, partly because the expectation is that we will put our personal lives first. When this happens, it only fuels those stereotypes even further. We should strive to challenge ourselves by setting goals that are not just attainable, but stretch us to perform at a higher level. advice, guidance and feedback6. Hewlett notes that sponsors advocate for you, expect exceptional performance and loyalty, and encourage you to take risks and have your back6. Mentors help build confidence, are there to support you, but expect little in return6.
Kristin Couch, Chief Financial Officer of Aquesta Bank, opened with, “Quite frankly, a lot of how I got to where I am today was because I had great women mentors.” So whether you call it a mentor or a sponsor, it is clear that these relationships are essential for successful career progression. Support System At this point in my professional career, I have had many successes. However, my most proud accomplishments are that I am a wife and a mother of two little boys. I learned from my conversations that having a support system can make it much more manageable.
A personal support system and professional support system are both equally important. Lorie Rupp, Chief Accounting Officer at First Citizens Bank, stated that the best types of mentoring relationships are those where both parties benefit, and there is a mutual respect and willingness to learn from each other. Lorie was fortunate to “stumble upon” individuals early in her career that she credits as being influential both professional and personally; coincidentally, not all of these were female. It was clear from our discussion that Lorie had individuals who served as advocates for her and had a vested interest in her success. Both women and men are guilty of attempting to hide their commitments outside of work, which can dangerously set them up for an expectation gap. People who are good mentors or sponsors are commonly seen as leaders, and great leaders help others around them.
They have a genuine ability to accentuate the positive and motivate others. For me and the women I interviewed, mentors often believed in our success before we did. Renee Brooks, Chief Administrative Officer at South State Bank, referred to Sheryl Sandberg’s book, “Lean In,” saying what really resonated with her was that the corporate ladder really wasn’t a ladder at all, but more like a jungle gym.10 As I have worked my way through the “jungle gym,” I have made a practice to be very transparent about my schedule. Both women and men are guilty of attempting to hide their commitments outside of work, which can dangerously set them up for an expectation gap. Stretch Goals and Opportunities In March 2015, when Cathy Engelbert was elected as CEO at Deloitte, she became the first ever female in this role at a major professional services firm. In an interview with The Washington Post, Engelbert was asked, “What do you think has been a key factor in your success?” Her response, “I took the opportunity to do different things in the firm.”7 Many of the women I interviewed saw opportunities and either asked for them or made people aware they had the ability and willingness to pursue them. Much credit should be given to the organizations for which we work.
At DHG our people brand is known as “Life Beyond Numbers.” Our CEO, Matt Snow, in a blog post, “Living Our Values through Giving Back,” asked us to “commit to spending time with family and friends and reflect on those things for which we have been blessed.”9 Several years ago I was asked to manage one of the firm’s largest financial institution audit engagements. At first, I was reluctant to say yes, even though I knew it was an excellent opportunity. Before accepting this engagement, I did not realize that what I had been doing was the career equivalent of treading water. In David Maister’s book, “True Professionalism,” he says, “One of Assurance | Tax | Advisory | dhgllp.com Darla Scott, Chief Financial Officer of Bank of Tennessee, said that the culture at her institution has really allowed her to live life outside of her career.
While she admits she has had periods of time where she was not always successful at the balance, she never felt any pressure or guilt from the institution when she 2 . views needed to be away from work. We discussed how we are more motivated and driven to perform at our best when we know that we are valued, respected and allowed to work with flexibility. About DHG Financial Services DHG Financial Services, a national practice of Dixon Hughes Goodman, focuses on publicly traded and privatelyheld financial services companies across the U.S. Our 30 financial services partners and more than 300 dedicated professionals provide you with in-depth, specialized industry knowledge and a wide range of assurance, tax and advisory services to address issues facing your industry in today’s challenging environment. For more information, visit dhgllp.com/financial-services. My own personal rule is that if I am in town, I will always be home for dinner, and my husband helps me be accountable.
Success isn’t measured only by your professional accomplishments, but by your personal accomplishments as well. Was it luck? As you would expect, so many women that I interviewed credited their success to hard work. However, this response was typically followed by “a little bit of luck.” However, they weren’t really referring to luck. What these women were unconsciously saying was that at some point in their careers they doubted themselves and their abilities.
Potentially, they still do at times. It wasn’t “luck” that got them to where they are; it was hard work, making sacrifices, taking on new opportunities and challenges and having the people behind them to help them get to where they wanted to be. You could even say that these women created their own “luck.” About DHG Women Forward DHG Women Forward exists to recruit, develop and retain best-in-class women at the firm and to further advance and support women through learning and leadership in our communities and beyond.
For more information, visit womenforward.com. About the Author Ashley Ensley is a senior manager in the DHG Financial Services practice. Ashley has more than nine years’ experience and has served as the engagement senior manager on public and private financial institutions. She works primarily in the area of financial statement audits, internal control evaluation and Sarbanes-Oxley (SOX)/ FDICIA compliance. Ashley Ensley Senior Manager DHG Financial Services ashley.ensley@dhgllp.com 1. Catalyst.
Women CEOs of the S&P 500. New York: Catalyst, February 1, 2016. Retrieved from Catalyst.org: http://www.catalyst.org/knowledge/women-ceos-sp-500. 2. USA Today.
(2005, December 22). Not-so-good year for female CEOs. Retrieved from Usatoday.org: http://usatoday30.usatoday.com/money/companies/management/2005-12-22-women-ceos-usat_x.htm. 3. Franzel, J.
(2014, March 13). Leadership in Public Accounting Firms: Why So Few Women? Lecture presented at Eighth Annual Washington Women Speak: How Women Leaders Succeed in the Washington, DC Ecosystem in Fluno Center, Arlington, VA. PCAOB.
(2014, March 13.) Retrieved from PCAOB.org: http://pcaobus.org/News/Speech/Pages/03132014_Washington_Women.aspx 4. American Banker. (2014). The Most Powerful Women in Banking.
Retrieved from: http://www.americanbanker.com/women-in-banking/video/the-rapidly-shrinking-pool-of-female-bank-ceos-1070134-1.html 5. Derived from information reported on SNL. Retrieved from: http://www.snl.com/. 6. Hewlett, S. (2013).
What is Sponsorship? In (Forget a mentor) find a sponsor: the new way to fast-track your career (p. 21). Boston, Massachusetts: Harvard Business Review Press. 7. Cathy Engelbert, interviewed by Lillian Cunningham, The Washington Post, March 20, 2015.
Retrieved from Washingtonpost.com: https://www.washingtonpost.com/news/on-leadership/wp/2015/03/20/cathyengelbert-on-becoming-deloittes-first-female-ceo/ 8. Maister, D. (2000). No Regrets.
In True Professionalism: The Courage to Care about Your People, Your Clients, and Your Career (p. 35). New York: New York: Free Press. 9. Snow, M.
(2015, November 17). Living our values through giving back. Retrieved from: http://www.dhgllp.com/ceo-blog/article/1385/living-our-values-through-giving-back 10. Sandberg, S.
(2013). Lean In: Women, Work, and the Will to Lead. New York, New York: Alfred A.
Knopf, a division of Random House, Inc. Assurance | Tax | Advisory | dhgllp.com 3 .
banks4. While DHG CEOs at S&P 500 firms 2005 = 2 Women +13 = 2 Men 2016 7 Women/493 Men 20 Women/480 Men Partners in CPA firms nationwide (2015) serves clients nationally, my clients are primarily located in North and South Carolina. In North Carolina, seven of 68 banks have female CEOs5.
Of those 68 North Carolina banks, 16 have female CFOs. In South Carolina, only one bank of 63 has a female CEO and 16 of 63 have a female CFO. I had the opportunity to talk with many women, both in my firm and in financial institutions, about their career paths, focusing on how they became successful leaders in their organizations. I found that there were three prevailing themes: the importance of mentor/sponsor relationships, having goals or assignments that were challenging, and having a support system. Our conversations were not focused on gender inequalities, even though the statistics clearly indicate that they exist. Mentorship 19% 81% Women Men Assurance | Tax | Advisory | dhgllp.com In Sylvia Ann Hewlett’s “(Forget a Mentor) Find a Sponsor,” she writes of the importance of having sponsors and mentors, each having unique but different roles6.
Mentors and sponsors provide . views the reasons many professionals do not love what they currently do is because they have outgrown it. They used to find what they do challenging and exciting, but they’ve done it too many times not to still feel the thrill.”8 People who are good mentors or sponsors are commonly seen as leaders, and great leaders help others around them. They have a genuine ability to accentuate the positive and motivate others. Karen McCauley, Director of Internal Audit at First Community Bank, spoke a lot about credibility. She said that in our professions, we as females have to build our credibility and also be aware that our credibility is constantly on the line.
There is a perception that women will be fine to stop progressing, partly because the expectation is that we will put our personal lives first. When this happens, it only fuels those stereotypes even further. We should strive to challenge ourselves by setting goals that are not just attainable, but stretch us to perform at a higher level. advice, guidance and feedback6. Hewlett notes that sponsors advocate for you, expect exceptional performance and loyalty, and encourage you to take risks and have your back6. Mentors help build confidence, are there to support you, but expect little in return6.
Kristin Couch, Chief Financial Officer of Aquesta Bank, opened with, “Quite frankly, a lot of how I got to where I am today was because I had great women mentors.” So whether you call it a mentor or a sponsor, it is clear that these relationships are essential for successful career progression. Support System At this point in my professional career, I have had many successes. However, my most proud accomplishments are that I am a wife and a mother of two little boys. I learned from my conversations that having a support system can make it much more manageable.
A personal support system and professional support system are both equally important. Lorie Rupp, Chief Accounting Officer at First Citizens Bank, stated that the best types of mentoring relationships are those where both parties benefit, and there is a mutual respect and willingness to learn from each other. Lorie was fortunate to “stumble upon” individuals early in her career that she credits as being influential both professional and personally; coincidentally, not all of these were female. It was clear from our discussion that Lorie had individuals who served as advocates for her and had a vested interest in her success. Both women and men are guilty of attempting to hide their commitments outside of work, which can dangerously set them up for an expectation gap. People who are good mentors or sponsors are commonly seen as leaders, and great leaders help others around them.
They have a genuine ability to accentuate the positive and motivate others. For me and the women I interviewed, mentors often believed in our success before we did. Renee Brooks, Chief Administrative Officer at South State Bank, referred to Sheryl Sandberg’s book, “Lean In,” saying what really resonated with her was that the corporate ladder really wasn’t a ladder at all, but more like a jungle gym.10 As I have worked my way through the “jungle gym,” I have made a practice to be very transparent about my schedule. Both women and men are guilty of attempting to hide their commitments outside of work, which can dangerously set them up for an expectation gap. Stretch Goals and Opportunities In March 2015, when Cathy Engelbert was elected as CEO at Deloitte, she became the first ever female in this role at a major professional services firm. In an interview with The Washington Post, Engelbert was asked, “What do you think has been a key factor in your success?” Her response, “I took the opportunity to do different things in the firm.”7 Many of the women I interviewed saw opportunities and either asked for them or made people aware they had the ability and willingness to pursue them. Much credit should be given to the organizations for which we work.
At DHG our people brand is known as “Life Beyond Numbers.” Our CEO, Matt Snow, in a blog post, “Living Our Values through Giving Back,” asked us to “commit to spending time with family and friends and reflect on those things for which we have been blessed.”9 Several years ago I was asked to manage one of the firm’s largest financial institution audit engagements. At first, I was reluctant to say yes, even though I knew it was an excellent opportunity. Before accepting this engagement, I did not realize that what I had been doing was the career equivalent of treading water. In David Maister’s book, “True Professionalism,” he says, “One of Assurance | Tax | Advisory | dhgllp.com Darla Scott, Chief Financial Officer of Bank of Tennessee, said that the culture at her institution has really allowed her to live life outside of her career.
While she admits she has had periods of time where she was not always successful at the balance, she never felt any pressure or guilt from the institution when she 2 . views needed to be away from work. We discussed how we are more motivated and driven to perform at our best when we know that we are valued, respected and allowed to work with flexibility. About DHG Financial Services DHG Financial Services, a national practice of Dixon Hughes Goodman, focuses on publicly traded and privatelyheld financial services companies across the U.S. Our 30 financial services partners and more than 300 dedicated professionals provide you with in-depth, specialized industry knowledge and a wide range of assurance, tax and advisory services to address issues facing your industry in today’s challenging environment. For more information, visit dhgllp.com/financial-services. My own personal rule is that if I am in town, I will always be home for dinner, and my husband helps me be accountable.
Success isn’t measured only by your professional accomplishments, but by your personal accomplishments as well. Was it luck? As you would expect, so many women that I interviewed credited their success to hard work. However, this response was typically followed by “a little bit of luck.” However, they weren’t really referring to luck. What these women were unconsciously saying was that at some point in their careers they doubted themselves and their abilities.
Potentially, they still do at times. It wasn’t “luck” that got them to where they are; it was hard work, making sacrifices, taking on new opportunities and challenges and having the people behind them to help them get to where they wanted to be. You could even say that these women created their own “luck.” About DHG Women Forward DHG Women Forward exists to recruit, develop and retain best-in-class women at the firm and to further advance and support women through learning and leadership in our communities and beyond.
For more information, visit womenforward.com. About the Author Ashley Ensley is a senior manager in the DHG Financial Services practice. Ashley has more than nine years’ experience and has served as the engagement senior manager on public and private financial institutions. She works primarily in the area of financial statement audits, internal control evaluation and Sarbanes-Oxley (SOX)/ FDICIA compliance. Ashley Ensley Senior Manager DHG Financial Services ashley.ensley@dhgllp.com 1. Catalyst.
Women CEOs of the S&P 500. New York: Catalyst, February 1, 2016. Retrieved from Catalyst.org: http://www.catalyst.org/knowledge/women-ceos-sp-500. 2. USA Today.
(2005, December 22). Not-so-good year for female CEOs. Retrieved from Usatoday.org: http://usatoday30.usatoday.com/money/companies/management/2005-12-22-women-ceos-usat_x.htm. 3. Franzel, J.
(2014, March 13). Leadership in Public Accounting Firms: Why So Few Women? Lecture presented at Eighth Annual Washington Women Speak: How Women Leaders Succeed in the Washington, DC Ecosystem in Fluno Center, Arlington, VA. PCAOB.
(2014, March 13.) Retrieved from PCAOB.org: http://pcaobus.org/News/Speech/Pages/03132014_Washington_Women.aspx 4. American Banker. (2014). The Most Powerful Women in Banking.
Retrieved from: http://www.americanbanker.com/women-in-banking/video/the-rapidly-shrinking-pool-of-female-bank-ceos-1070134-1.html 5. Derived from information reported on SNL. Retrieved from: http://www.snl.com/. 6. Hewlett, S. (2013).
What is Sponsorship? In (Forget a mentor) find a sponsor: the new way to fast-track your career (p. 21). Boston, Massachusetts: Harvard Business Review Press. 7. Cathy Engelbert, interviewed by Lillian Cunningham, The Washington Post, March 20, 2015.
Retrieved from Washingtonpost.com: https://www.washingtonpost.com/news/on-leadership/wp/2015/03/20/cathyengelbert-on-becoming-deloittes-first-female-ceo/ 8. Maister, D. (2000). No Regrets.
In True Professionalism: The Courage to Care about Your People, Your Clients, and Your Career (p. 35). New York: New York: Free Press. 9. Snow, M.
(2015, November 17). Living our values through giving back. Retrieved from: http://www.dhgllp.com/ceo-blog/article/1385/living-our-values-through-giving-back 10. Sandberg, S.
(2013). Lean In: Women, Work, and the Will to Lead. New York, New York: Alfred A.
Knopf, a division of Random House, Inc. Assurance | Tax | Advisory | dhgllp.com 3 .
