OREANDA-NEWS. January 14, 2016. On any given New Year’s Eve, you’ll find me and my family setting personal, family and professional goals for the year ahead. It’s an annual tradition we started 30+ years ago – though admittedly we do so more now via Skype since our children are grown. For us, goal setting has helped us each define what we want and then set the path to go for it. 

Whether you take an approach like ours, or simply declare your resolutions after ringing in the New Year, I encourage you – and since this post is focused on women, particularly women considering a career in financial services -- to map out a strategy for the year ahead. I’ve learned from my own career journey, if you want to advance, you must be proactive. And goal setting is a great way to take responsibility for your own success.  

I believe the financial services industry is at a turning point in achieving equality of opportunity for all. Women currently make up 60% of the global financial services workforce worldwide, according to PwC. BNY Mellon has long recognized that organizational diversity unlocks innovation and drives market growth, but the industry is beginning to acknowledge it. And while women are still underrepresented among senior leadership and board positions, why wait for a rising tide to lift your boats. Look to goal-setting to better position you to seize opportunities.

Within the industry, we see women advance in support functions like HR and marketing. And while that gets them a seat at the table, it doesn’t necessarily put them on the path to broader senior leadership roles. So one bit of advice I would share with all talent looking for a track to senior leadership roles is to seek roles that provide profit and loss (P&L) experience. Don’t underestimate the importance of business-line experience. Those with P&L experience become known for producing measurable results – the currency of corporate advancement.

All managers, regardless of gender, should do three things to support the advancement of diverse talent.

  1. Be disciplined in always considering the broadest talent pool possible. If your candidate pool lacks diversity, take a second look at what other talent is out there.
  2. Support the important process of helping employees set professional goals, and keep them in balance with personal goals.
  3. Encourage your talent to seek professional challenges that can hone their skills. Perhaps it’s through employee resource groups such as BNY Mellon’s Women’s Initiatives Network, which we formed more than a decade ago. For others, it may mean supporting their pursuit of an MBA.

As an example, for decades, women have been sprinting into grad schools for law and medicine, where they account for nearly half of the enrollments. Yet this year, women made up just 36% of total enrollment in the top US graduate business schools. According to research by the Fort? Foundation, this is up from 32% in 2011 – yet enrollments are hardly growing at a blazing speed.

Let’s all work together to pick up the pace of progress. Transformation of C-suites and board rooms begins with the goals we set for ourselves. Let’s be bold. Be strategic. Be supportive. And be willing to push ourselves.