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In the 30 years since the Equal Pay Act there have been many
advances in women’s position in society and work. More women are in
employment and occupy a greater number of senior positions.
In the UK the two generally accepted key levers for improving
economic performance are: improving productivity, and increasing
the number of units that are economically active. The second of
these actions requires people to operate businesses successfully –
and it appears that the greatest potential resource to achieve such
an aim is the female section of society. Given that women are at
least as capable as men in business, there should be no reason why
this potential cannot be unlocked easily – but the facts seem to
show a different picture.
This July, a National Business Awards (NBA) “White Paper”
revealed that businesses run by women contribute some £70bn to the
UK economy, and employ more than one million people. From the
perspective of the NBA report, only around 7.5 per cent of the
finalists are businesses operated or led by women. Yet in the
economy women represent almost half the workforce, around 25 per
cent is self employed, but only 15 per cent of businesses are led
by women.
The corporate world has traditionally been the preserve of the
male – and it is still today predominantly a male world. Women
constitute 41 per cent of the workforce, yet occupy only 10 per
cent of the management positions, and make up a mere 1 per cent of
board members. The higher the level of management, the more glaring
is the gender gap. In spite of this, the UK has the highest number
of women in management (33 per cent), according to a Grant
Thornton survey, and the lowest number of businesses with no
women in management (37 per cent) – but is still a long way behind
the US and Australia, where some 43 per cent of the managers are
women.
A study by Catalyst of successful director-level women in large
organisations in Europe and the US found that 53 per cent of the
European sample of 500 cited lack of desire as a success barrier
compared to only 30 per cent in the US. The study identified that
among the barriers to success, “stereotypes of women’s role models”
and “lack of management experience” were among the top three
reasons on both sides of the Atlantic.
Female lessors
There are no specific published figures for the number of women
employed in UK or continental European leasing companies. However,
since leasing’s importation from the US in the 1970s, it has
customarily been something of a gentleman’s club and, undoubtedly,
traditional barriers to entry still remain significant for many
women. We have evidence, however, that things are starting to
change.
One interesting point to emerge from Leasing Life’s
survey is that those women that have succeeded in the sector do not
well much on past difficulties. One women lessor said: “Although
leasing in general is still a relatively male-dominated
environment, this is gradually changing and I do not see this as a
problem or a limitation.” Another said: “Women have struggled to
reach the glass ceiling. But equal opportunities in training and
career development now mean that there is a structured career path
in place in most accredited companies.”
For women with positive attitudes few negative perceptions
exist. One woman lessor said: “If you have the feeling that you
won’t succeed – then you probably won’t. If you believe in yourself
– and you are backed by a good skill set and experience – then you
probably will.”
Women have definite advantages in several aspects of the leasing
process. When setting up appointments, for example, it is harder
for a man to say “no” to a female than a man. One said: “It is
easier to get my foot in the door. Then, post appointment, people
begin to trust me and want to deal with me again and again. Most of
my customers are men.”
One recruitment agency director told us: “The perception still
remains that women have to work harder to achieve the same level of
pay and status as their male counterparts. This, I feel, is a
misconception, as from my leasing recruitment experience I can
confirm that both genders have equal chance of securing a new job
or promotion.”
Furthermore, women are organising themselves in mutual support
and help groups. Women in Banking and Finance (WIBF) was formed in
the UK 1980 by five women with the primary aim of addressing
recruitment and retention issues in the industry.
Today, with over 700 members, the group provides a forum for
women in the financial services industry to share experiences,
develop themselves and, equally important, develop others.
So, women in leasing are changing. Today, they are far less
likely to segregate themselves as different because they are
female. Although, undoubtedly, men and women lessors for the most
part have different styles of management and communication, and
different interests when they are chatting around the photocopier,
in business their goals are the same – to produce. Those women who
are willing to adapt their style slightly, and for example learn to
talk about sport, won’t have to compromise their goals.
Problems facing female lessors
“The age-old problem that women in all industries face,” said
Anne Revell, business development and integration director at
Fortis
Lease, “is juggling career with family. Perhaps, however,
leasing itself does not attract too many women as it is not a
tangible product or service. It is more a range of financial
possibilities to assist customers to optimise their asset
management. Perhaps some women find this so ‘abstract’ when they
view it from outside the sector that it does not appeal.”
Victoria Eccles, education sales consultant at Syscap,
believes that the sales aspect of leasing may deter some women from
becoming involved. “Like any sales industry,” she said, “it is male
dominated – but it comes down to the sort of person you are, rather
than your gender. You need to be able to carry on after knock
backs. Perhaps women don’t go after sales jobs as much as men
because they don’t think they will succeed. So when a female does
enter the industry there is a certain expectation that they will
fail. So you do have to prove them wrong – and at the same time hit
your target.”
Melissa Carter, senior vice president of global corporate
development at Key Equipment
Finance (Key), pointed out that differences exist between
attitudes in the US and Europe.
“In the US, as a working mother, I think that balancing family
needs with work needs is the most daunting challenge in most
women’s careers. Europe is far more generous in providing a working
environment that makes this easier to manage – at least while the
baby is very young.
“In the US most women who are serious about ‘making it’ in the
corporate world do not take time off from working after the usual
six to 12-week family leave. That is physically and emotionally
very difficult – and many women feel guilty about the baby when
they are at work and guilty about work when they are at home.”
She added that Key is currently actively exploring ways to make
work situations for women with families more flexible.
The Highgate Partnership, however, has a broader recruiters-view
of the sector. Lucy Garrard, its managing director, stressed: “It
is still not an equal market in every regard – but it is a lot
better than it was. Many employers still worry that women will
leave and have children, and that this will therefore make them
less employable as a long-term option.
“Whilst most employers nowadays have an excellent attitude at
the top level to diversity, and understand that a diverse workforce
is actually a stronger one, it doesn’t always reach down to all the
line managers who make the hiring decisions and this is something
that needs to change.”
Garrard added: “Many of the (continental) European banks are
much better at managing this process than those in the UK – and we
can learn from them in many instances.”
A shrinking pool of employees
The recent Leasing Life recruitment survey showed a
significant lack of good staff in the leasing sector. This begs the
question whether women can benefit from this skills shortage in
some way.
Simone Wecht, European business development director at Key
Equipment Finance certainly believes it can. She stressed: “It
should – and I can only encourage women who are looking for a new
position to take the lead and speak pro-actively to the industry
leaders.”
Carol Roberts, MD of Bibby
Leasing, believes that the opportunity is therefore provided
for women to “compete for sales roles instead of roles in
operations”.
She added: “They should learn to be more competitive, strive to
do a better job and, more than anything, be professional in all
aspects.”
This is echoed by Victoria Eccles, who said: “It’s an even
playing field, but maybe more women should take up the challenge.
Syscap sales support and finance staff are almost all women – but
on the sales floor women are still a minority.”
Anne Revell argues that, as the leasing industry becomes
increasingly less domestic and more international, there are
“fantastic” opportunities to draw in talented staff from
non-leasing organisations who are seeking to develop their careers
in a global environment. She said: “Maybe, however, leasing doesn’t
always appear to be a very ‘sexy’ industry from the outside.”
“Women can benefit from the skills shortage,” Denise Canvin,
marketing manager at the White Clarke
Group, said. She added: “As long as they remember that
knowledge is power, and remember to speak out using that knowledge
to gain respect. Over the last five years, more and more women have
been moving up in the sector, but the top positions remain
elusive.”
Summing up, Garrard said: “There is always a lack of good people
in the leasing sector – both men and women. Women, in my view,
cannot benefit from this any more than men can. If they have the
right skills and experience then they are employable in the same
way. Perhaps the only significant difference is confidence – women
are often less willing to put themselves forward in the same way
men are and will often put up with a difficult work environment
where, in a similar situation, men may seek to change by looking at
alternatives quicker.”
Points of action – but don’t be a twerp
Most women in leasing agree upon the requirements for success in
the sector. These include: obtaining a good knowledge and
understanding of the industry; building a diverse internal and
external network to see and understand different views and
communicate with people in the industry; learn the business, and
don’t try to run before you can walk; look for advancement and
progression and think about diversifying away from what you are
doing today; identify a mentor with whom you can discus issues and
from whom you can bounce ideas; do the job well, and don’t spend
valuable time and effort complaining about the lack of
opportunities for women.
In addition: act with integrity and be true to yourself. Have a
can-do attitude (Katherine Amin, of New Leaf
Search); don’t be afraid to ask questions and listen and
observe the leaders in their sphere of expertise. If you see the
position you want just go for it (Suki Gallagher, of
smartfundit.com); and remember that a leader isn’t always the one
with the title. Don’t be obnoxious, but if you see a power vacuum,
and something needs to be done, act like a leader. Pretty soon
that’s how folks will define you (Melissa Carter, of Key).
Some criteria for success, however, are more challenging.
Garrard, of Highgate Partnership, said that it is important for
women in leasing to learn from their mistakes, and not to take
things personally. “Women will often feel personally aggrieved in a
situation where men would not and this is not an asset in leasing
or banking,” she said.
“Women should volunteer to speak at conferences,” Terese Kramer, of
TK
Consultants, said. “Or write articles for industry magazines
like Leasing Life. Another option is to attend and participate in
seminars or exhibitions that are not directly aligned with leasing
to broaden their perspective.”
She added: “I encourage them to find opportunities and spend
time in other departments within their company. For example, if
they are in a customer support role – and this is often where women
are to be found – they should volunteer and assist in a sales and
marketing campaign. The visibility and awareness will pay off.”
Carter, meanwhile, stressed: “Believe in yourself and show it.
This isn’t permission to be a twerp. Part of being successful is
getting along with other folks you work with. Love what you are
doing and enjoy the industry you are in. And if you have the chance
to reach out and help someone else to climb the ladder – do it
regardless of their gender.”
Changing attitudes
On a lighter note, several women have stories regarding
attitudes in the workplace. “Well,” Gallagher said, “many men in
the leasing industry still enjoy a good lunch at the RAC Club and
at long last women are welcomed – even though it is an
extraordinary long walk to the ‘facilities’.
“Some 20 years ago lunch was the focal point for all important
meetings – but women try to shy away from this today. In my
experience, for those of us who do take the rare lunch hour, it’s
normally spent multi-tasking with domestic chores.”
Daulby gets annoyed when mail is addressed to her fellow (male)
director on the assumption that he is the senior partner, while
Revell frequently jokes with colleagues “about each others’
nationalities and cultural differences far more than about gender
differences”.
Garrard said: “In my role as a head hunter I see attitudes
improving constantly. In the past, as a lessor, I have been in
situations where I was actually told by a male client that he did
not want me working on his deal, but wanted a man there as there
would less likely be mistakes.
“I persuaded him to let me continue, and at the end of the deal
he actually apologised to me and accepted that he couldn’t have had
a better person working on his lease – and that he wanted me for
all future deals.”
It’s a tough business
Individually, women in leasing’s experience varies, partly
depending on how they entered the sector. The majority of women
that Harrower works with in the asset finance industry have worked
their way up through a variety of roles. “Project managers,
however” she said, “are often from other finance areas, and do not
necessarily have an asset-finance background.”
Revell knows women who have been active in leasing and asset
finance all their careers, progressing to different roles on their
way to the top. “I also,” she added, “have colleagues who have come
in from other sectors. Leasing is a great opportunity to host a
great blend of skill sets. A group such as Fortis accommodates an
exceptional bank of talent from both inside and outside the
industry.”
Eccles started at the bottom as a graduate. “One colleague,” she
said, “left Syscap, worked for another finance company and then
came back to Syscap. Others have joined the company from other
finance companies or were recruited through agencies – so it’s a
real mixture. I don’t know of anyone who has joined from a
completely different sector.” Canvin, at the White Clarke Group,
said that most women lessors have worked their way up. “The main
exception,” she said, “is in IT where a woman with requisite
technical or implementation skills could move into the sector from
outside.” Similarly, Garrard argues that for certain roles, such as
legal of human resources, skills are far more transferable – and
this is as true for men as for women.
“Historically,” Kramer said, “I believe that women worked their
way up from customer support and administrative roles. Today,
fortunately, I see some change in that trend. For instance, the
number of women in the UK who have obtained their plant and
machinery appraiser qualification through several international
appraisal organisations is encouraging. They may begin work with a
valuation company but are very much in demand in leasing as well. I
think they will be well placed to take on leadership roles in
leasing risk management going forward.”
“Most successful women in leasing have worked their way up from
the bottom,” said Amin. “Which is why when they get to the top they
are well known, highly regarded and respected individuals. The
asset-finance industry, being specialist generally, tends to
recruit from within, and rarely entertains recruits from other
sectors.”
Gallagher agrees: “Most women have worked their way up over
many, many years. This is a tough business and you need to be
strong and determined to survive. But if you get it right it’s as
exciting and fast moving as it has always been.”
“With a shrinking employment pool,” Carter said, “working one’s
way up will not be the only way asset-finance positions will be
filled in the future. We will need to encourage folks to make the
leap into our industry.”
LEASEUROPE: UNREPRESENTATIVE OF THE SEXES
The European
Federation of Leasing Company Associations (Leaseurope) is the
representative trade association for the leasing industry in some
34 different countries. Surely women are well represented in the
numerous technical committees and industry gatherings with which it
is involved? The answer is, not very many.
Jacqueline Mills, an adviser at Leaseurope, said that of the
composition of Leaseurope’s 12-person board, one of the two
governing bodies of the federation, not one is a woman. Similarly,
when one looks at the national member associations, very rarely are
the chairs held by women. “From a European viewpoint,” she said,
“it appears that women are sorely missing from the industry’s
higher ranks.” An examination of its technical committees, which
bring together experts from leasing companies and other association
professionals on matter such as accounting, taxation, and
prudential supervision, reveals that the situation is only
marginally better. “In these groups,” Mills said, “about 14 per
cent of the people around the table are women. However, this falls
to 7 per cent if one takes into account the Automotive Steering
Group, a group which guides the federation in matter of specific
concern to the automotive leasing and rental industries. This
apparently sustains the stereotype that the world of cars and
trucks still belongs to men.” This year’s Leaseurope/Eurofinas
convention is to be held this month in Edinburgh. At last year’s
convention in Antwerp only 11 per cent of delegates were women.
“From the viewpoint of Leaseurope,” Mills stressed, “there does
appear to be room for improvement – at least in the upper ranks of
the profession. Nevertheless, with the newer markets crying out for
skilled professionals, and the expertise in Western Europe rapidly
aging, qualified women should be able to play a more prominent role
in the business going forward.” Jacqueline Mills stresses that the
views expressed in the above article are her own and do not
represent the position of Leaseurope.
Katherine Amin
A recruiter’s viewpoint
Current
sector:
Leasing recruitment
How long in leasing? 14
years
Current
company:
New Leaf Search Ltd
Current
position:
Director
Progression to current position:
Following university I worked for Barclays Mercantile and later
De Lage Landen. This provided me with a great introduction to
leasing. I then moved into leasing recruitment, working for a
couple of established agencies.
In 2004, Jane Theobald and I recognised a distinct gap in the
leasing recruitment market for providing excellence in service,
coupled with professionalism and integrity – so we decided to fill
that gap by establishing New Leaf Search, which is flourishing and
achieving year-on-year growth.
My biggest challenge
There are no particular challenges that I have faced that I
would attribute to being a woman. The biggest challenge so far,
however, was plucking up the courage to leave a secure job to
establish a new business venture. However, it must be said that
this was just as exciting as it was a challenge.
Anne Revell
A global lessor’s viewpoint
Current
sector:
General/Vendor leasing
How long in
leasing? 18
years
Current
company:
Fortis Lease Group Services
Current
position:
Business development and integration manager
Progression to current position
Following university and post-graduate studies in law, and after
a short while working in commercial property law, I moved into
leasing. Through a series of moves and progressions through sales
and broking, through account management and vendor management
roles, I worked as a programme documentation legal adviser for a
large UK lessor. From there I capitalised on my legal background to
be head of legal and business development for the UK arm of a
European leasing company.
From there I moved to an American captive lessor as European
business development director (still based in the UK) and then,
with the same company, I moved to the Netherlands to work on
transactions and structures from the Benelux. I moved away from
leasing for a while to work in organisational change for a Dutch
multi-national. It was great to get some commercial experience
outside of the financial sector. I continued in the same vein when
I moved to Brussels to work again on organisational change,
integrating a UK company into a Belgian parent.
The Fortis organisation had been on my radar for some time, and
I approached the company – although there was no particular vacancy
in mind. As a strong and fast-growing leasing group, Fortis seemed
the ideal place for me to utilise both my leasing and legal
background, as well as my change-management experience.
I have worked as a business development and integration manager
now for just over two years and have seen Fortis Lease’s presence
grow from some 11 countries on my joining, to around 23 today –
with another three on the horizon as I write.
My biggest challenge
Sometimes you have to take a big decision to leave a company, or
even a country, for another opportunity. It is always vital to do
as much research as possible, and network to the fullest, to find
out if the move really is right at this particular stage of your
career – and that it will offer you the growth potential that you
need.
Ultimately, you have to go with your instinct. If it feels like it
be a good fit for you, it probably is.
Simone Wecht
A global lessor’s viewpoint
Current
sector:
Equipment/Vendor leasing
How long in leasing? 21
years
Current
company:
Key Equipment Finance International, Germany.
Current
position:
European Business Development director
Progression to current position
I started my career with Key Equipment Finance in 1989. Of
course, when we started out here in Europe, everybody needed to be
willing to do everything. That was great because, as a young
person, it gave me the opportunity to really look into all aspects
of the leasing business – and also how to set up and run
companies.
After the company grew, I held several positions in various
areas, such as sales, operations, re-marketing and accounting. In
1994 I was promoted to sales and marketing manager for our German
business, and in 1996 got promoted to country manager Germany and
Switzerland.
Further on, in 2000, I became Central Region director, and had
overall responsibility to run our German-speaking countries. After
parental leave I returned to the business as business development
director, again for the Central Region, responsible for setting up
banking relationships, and in autumn 2006 I got promoted to
European business development director.
This role primarily focuses on establishing vendor relationships
in strategic markets, as well as exploring strategic alliances and
portfolio/company purchase opportunities. In addition, early in
2007I also took on the role of leading product development
activities in Europe.
My biggest challenge
One of the biggest steps I took was in 1996 when I was promoted
from sales and marketing manager to country manager, becoming
responsible for our German and Swiss activities with some 16 people
at the time.
This new role, with all the new and additional aspects, plus at
the very same time managing two very major vendor projects in a
crucial development stage, was really challenging. But I was lucky
having a great and very professional team that was highly
motivated, and also a wonderful mentor – and, of course, a family
that supported me in taking this step.
Brigitte Jancik
A country leasing association viewpoint
Current
sector:
Leasing trade association
How long in leasing? 14
years
Current
company:
Austrian Leasing Association
Current
position:
Secretary general
Progression to current position
Once my children were self-supporting (although they never are
really) it seemed right to ‘work outdoors’ again. Working half a
day soon developed into a full time job. In the end I was asked by
one man, and then by several of them, to look after the Association
of Austrian Leasing companies (VOEL).
My biggest challenge
I do not remember any challenges being directly gender related.
Running an industry organisation in such a small country as Austria
is more like holding together a family with very different children
– e.g.: banking daughters, captives and independents. With the
strong support of the board strategic options have to be
implemented and image building is important. Such steps may be
easier for a woman to do.
Terese Kramer
A Leasing Consultant’s viewpoint
Current
sector:
Leasing consultancy
How long in leasing? 27 years
Current company: TK
Consultants
Current
position:
Principal
Progression to current position
Like many women, I began my leasing career in support roles.
Fortunately, I worked for an innovative independent US leasing
company where I was able to turn that early experience into
on-the-job training. At the same time, there were several great
mentors in the organisation who, to this day, support and encourage
me.
My biggest challenge
I became an asset and equipment manager in the 1980s, and found
that very few women were involved in this discipline. This was
especially true in traditional male industries such as rail. There
were advantages in being one of only a handful of women, though. If
there were, say, 500 attendees at a rail conference we had a
natural marketing tool – people remembered you.
But that also put additional pressure on us to
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