#BalanceforBetter: How Women Can Amplify Their Voices for the Benefit of All

Today, I proudly celebrate International Women's Day, whose rallying cry this year is #BalanceforBetter.

"Balance is not a women's issue," state the organizers of International Women's Day. "It's a business issue."

I agree. When it comes to gender diversity—or any diversity—businesses unquestionably benefit from promoting and achieving balance in viewpoints and experience. Dialogues are more apt to be enriched. Decision-making is better tested and strengthened.

How much is balance worth, in dollar terms? Short answer: a lot. Just look at gender parity. A McKinsey study reckoned that a "full potential" scenario—in which women play an identical role in labor markets to that of men—could add as much as $28 trillion to global annual GDP by 2025.

Sadly, we're still a long way from that "full potential" scenario, which is why efforts like International Women's Day remain as important as ever. All of us need to think how we can work to achieve balance.

Amplifying Our Voices: Takeaways from Women in Capital Markets

One way that women can work toward parity is to use our voices. In the workplace, we need to make sure (1) that we are heard and (2) that we are having important—and sometimes challenging—conversations on gender equality.

At a series of roundtables last year, Women in Capital Markets—a Center for Audit Quality initiative that brings together women leaders from across finance, governance, and policymaking—explored in depth how women can amplify their voices to the benefit of all. I'm happy to share a few insights from the many that were generated at those roundtables.

1. Be courageous—but don’t change who you are. Roundtable participants agreed that many women can and should look for opportunities to be more courageous in conversations. Yet in doing so, it's important to stay true to yourself—and not simply for sake of authenticity. Being your best self can also lead to better results. One board member attending the Women in Capital Markets roundtable observed how some women can “go straight for the jugular—the big issues that the companies should be facing—but with a softer style that is not as aggressive or loud. And sometimes the men will say, 'Wow you got away with bringing that up! You’re the iron fist in the velvet glove.'"
2. Pay it forward. Are you a woman who has gained the confidence to be courageous and to use your voice effectively at work? That’s great. Now, if you haven’t done so already, it’s time to pass your knowledge and experience on to other women. And be a mentor, as I and many of my friends at Women in Capital Markets are. Help more junior colleagues and connections to find their voices and to realize their potential.
3. Host difficult conversations. If we’re going to #BalanceforBetter, we’re going to have to engage in challenging conversations around gender issues and parity. As Women in Capital Markets has discussed, women can and should "act as the host" for these conversations. Consider the 2018 study from Lean In and Survey Monkey, which found that "almost half of male managers are uncomfortable participating in a common work activity with a woman, such as mentoring, working alone, or socializing together." As women, we can tap into our courage and take the first steps. Using inquisitive opening lines such as "help me understand," "I’m curious," or "tell me about," can be great ways to broach difficult topics.
4. Articulate goals and plant seeds. In addressing challenging topics, it’s also important to be clear about the underlying goal for these difficult conversations: to create and improve effective working relationships. And this goal won't necessarily be accomplished swiftly. As one Women in Capital Markets participant put it: "Because you’re having a dialogue which can be uncomfortable for both parties, it takes people a while, once you’ve planted that seed, to process it. Give the other person some time to think about the conversation. And let them know you have an open-door policy if or when they are ready to reengage on the topic."

As I mentioned, the points above are just a few of the great ideas that were generated at our Women in Capital Markets roundtables. There are many other ways to help women—and men—communicate effectively so we can create balance and unleash all of our potential.

As always, I welcome your thoughts in the comments, and I urge you to take your own action on this International Women's Day.

A securities lawyer, Cindy Fornelli has served as the Executive Director of the Center for Audit Quality since its establishment in 2007.