Building a Culture of Gender Equity in Corporate Treasury
In today’s fast-paced financial world, the role of corporate treasury is evolving. Alongside this shift, the push for gender equity in corporate treasury is becoming a vital topic. Fiona Caheny, with her extensive background as the Director of Corporate Treasury at Mastercard, provides valuable insights into this issue. Fiona’s career spans over two decades and crosses several major industries, including technology, pharmaceuticals, and banking.
Starting with an unexpected move into finance after a planned career in acting and tourism, Fiona quickly adapted and thrived. Her journey highlights the importance of adaptability and continuous learning in achieving professional success. Fiona exemplifies what it takes to succeed in diverse and challenging environments as a skilled professional in liquidity management, FX trading, and stakeholder relations.
In this article, we will tap into how embracing diversity can lead to better outcomes in corporate treasury. We will highlight the barriers women face in this field and the steps organizations can take to remove these obstacles. By examining Fiona’s strategies and experiences, We will better understand how to promote fairness and inclusion effectively in our workplaces.
Fiona Caheny’s Career Journey and Key Transitions in Corporate Treasury
Fiona’s career in the corporate treasury sector spans over two decades, a journey that began unexpectedly. Initially aspiring to be an actress, she shifted her focus to tourism management after spending time with her family in Ireland.
This pivot led her to relocate to Dublin in 2003, where she began her unexpected entry into the financial industry with the Bank of Montreal.
Key Career Transitions
- Initial Steps: Fiona started her career as an office manager, a role she took primarily to fund her travels. Her proactive approach at work led her to a position in fund accounting, which eventually steered her towards treasury roles.
- Significant Moves: Before the 2008 financial crisis, she transitioned to the Pfizer Shared Service Centre, where she spent five years. This period marked a significant growth phase in her career.
- Return to Sydney: After over a decade in Dublin, Fiona moved back to Sydney, where she joined MasterCard. She has been with MasterCard for over eight years as the Director of Corporate Treasury. Her responsibilities include managing prepaid card services and assisting with FX trading in New York.
Pivotal Moments and Challenges
- Educational Commitment: Fiona spent nearly a decade in part-time tertiary education, balancing work and studies, which she identifies as one of her major challenges.
- Operational Roles and Deadlines: Working in time-sensitive and operational roles helped Fiona develop a strong organizational skill set.
- Confidence and Learning: Building confidence in front of senior management and embracing the idea that it’s acceptable not to have all the answers were crucial for her growth. She emphasizes the importance of continuous learning and being open to evolving career paths.
Fiona reflects on the evolution of her skills and understanding of her capabilities, highlighting the unexpected ways careers can develop. Her story illustrates the importance of adaptability, continuous learning, and recognizing one’s evolving talents over time.
Misconceptions about Gender Equity in Corporate Treasury
Men often display more confidence in professional settings, which can sometimes be mistaken for greater competence. This dynamic can disadvantage women, who may be equally knowledgeable but less assertive.
Enhancing visibility and correcting misconceptions about capability based on confidence levels are key steps toward more equitable workplaces.
Inclusive Management Strategies
Effective leadership recognizes and nurtures the potential in all team members, regardless of their outward confidence. Managers are crucial in creating an environment where everyone feels valued and heard. They should encourage participation from quieter team members and provide opportunities for them to showcase their competencies.
Promoting Equal Opportunities for Gender Equity in Corporate Treasury
Organizations must actively work to eliminate gender biases and ensure that opportunities for advancement are accessible to all employees based on merit.
This includes:
- Developing and refining skills across all team members, especially in underrepresented groups.
- Implementing transparent criteria for promotions and evaluations to avoid perceptions of bias.
- Establishing mentorship programs that include a diverse range of mentors to provide guidance and support.
Creating a workplace where promotions are earned and recognized helps build a truly inclusive environment. This challenges existing misconceptions and promotes a culture of fairness and equal opportunity, enhancing the organization’s overall effectiveness.
Value of Diverse Mentorship for Gender Equity in Corporate Treasury
Having mentors from both genders can significantly enrich professional development, offering varied perspectives and approaches. Male mentors often provide insights based on their experiences, which might focus on assertiveness and strategic risk-taking.
Female mentors can share valuable lessons on overcoming challenges related to confidence and leadership, particularly in male-dominated fields.
Building Confidence Through Practical Experience
Real growth in confidence comes from practical experience rather than theoretical knowledge. Engaging actively in your professional environment and seeking public speaking opportunities can accelerate this development.
Mentorship programs, particularly those tailored for women in leadership, can be instrumental in providing these opportunities.
Practical Steps to Enhance Professional Development
- Open Communication: Discuss your career goals and areas for improvement openly with your manager.
- Seek Visibility: Seek opportunities to present your work and ideas to others.
- Engage in Mentorship: Participate in mentorship programs available within your organization or professional associations.
- Encouraging a Culture of Communication: Maintaining verbal communication skills is crucial. Regular virtual or in-person interactions are vital for developing and refining these skills.
Recommendations for Organizations for Gender Equity in Corporate Treasury
Organizations can foster a supportive environment for all employees by:
- Incorporating diversity and inclusion goals into annual objectives.
- Promoting STEM fields and leadership roles among women through targeted programs.
- Encouraging participation in women’s leadership networks should also be accessible to men to support overall inclusivity.
Creating a balanced and inclusive work culture involves recognizing the unique contributions of all employees and ensuring that everyone has the opportunity to develop and showcase their abilities. This approach benefits individuals and enhances the organization’s overall effectiveness and innovation.
Strategies for Gender Equity in Corporate Treasury Without Quotas
Setting diversity quotas often leads to the perception that individuals are hired or promoted only to fulfil these targets rather than on merit. This can undermine the credibility of the policies and the individuals promoted under them, creating tension within the workplace.
The focus should be on merit-based advancements. All promotions and hiring decisions must be based on the qualifications and performance of the individuals. This approach ensures that all employees feel valued for their contributions, not just their demographic characteristics.
Addressing the Root Causes of Imbalances
Organizations should investigate why certain disparities exist rather than implementing superficial quota systems.
This might involve:
- Identifying educational or promotional opportunities that are not equally accessible to all employees.
- Enhancing outreach and education about careers in fields where certain groups are underrepresented.
- Developing skills across all employee groups to level the playing field.
Inclusive Leadership Development Programs
Implementing leadership programs open to all employees can help cultivate a diverse pool of candidates for future leadership roles. These programs should equip all participants with the necessary skills and opportunities to advance.
Maintaining a Focus on Individual Contributions
Organizations benefit most when they recognize and utilize the unique contributions of each employee. Efforts should be directed towards creating an environment where every employee can thrive and feel that their achievements are the basis for their professional advancement.
Organizations can foster a more inclusive and productive work environment by emphasizing equality of opportunity rather than outcome. This approach enhances fairness and drives innovation and organizational success by ensuring that the best candidates fill every role, regardless of gender.
Conclusion
In conclusion, advancing gender equity in corporate treasury is essential for creating a balanced and innovative workplace. Fiona’s career story underlines that professional environments thrive when all employees, regardless of gender, have equal opportunities to grow and succeed.
The advancement of women in traditionally male-dominated fields like corporate treasury challenges long-standing biases and enriches the organization with diverse perspectives and skills.
Organizations that prioritize merit-based advancements and engage in active measures against gender biases ensure fair opportunities for all, irrespective of gender. This commitment to equity enables the utilization of diverse talents, which is crucial for a company’s overall success and effectiveness.
Moreover, mentorship programs and leadership initiatives that embrace diversity can be instrumental in nurturing potential across all employee groups, thereby strengthening the organization’s talent pool. To move forward, companies must continue to challenge existing norms and promote a culture of transparency and inclusion.
Focusing on individual merit and contributions reinforces the principle of equal opportunity, which is fundamental to achieving true gender equity in corporate treasury. This approach aligns with ethical standards and enhances organizational resilience and adaptability in a competitive global market.
FAQs
What are the global trends in gender equity in corporate treasury?
Globally, gender equity in corporate treasury is improving, but progress varies by region. Many organizations are implementing policies that promote diversity, including gender-responsive budgeting and equitable hiring practices.
How can technology enhance gender equity in corporate treasury?
Technology can enhance gender equity by facilitating flexible work environments and providing analytical tools that help remove biases in hiring and promotion decisions within corporate treasury departments.
How does gender equity in corporate treasury impact financial performance?
Studies have shown that organizations with higher gender equity, particularly in leadership roles like corporate treasury, often experience better financial performance due to diverse decision-making and risk assessment perspectives.
What challenges do women face in climbing the corporate treasury ladder?
Women in corporate treasury often face challenges such as lack of mentorship, gender bias in leadership opportunities, and balancing work-life commitments, which can hinder their career progression.
How can male allies support gender equity in corporate treasury?
Male allies can support gender equity by advocating for inclusive policies, participating in mentorship programs as mentors to women, and challenging discriminatory practices within their organizations.
How does cultural diversity intersect with gender equity in corporate treasury?
Cultural diversity and gender equity intersect by bringing varied experiences and viewpoints that enrich decision-making processes and innovation in corporate treasury, enhancing the organization’s adaptability and global reach.
