In 2016, IR Magazine’s Global Investor Relations Practice Report uncovered a “glass ceiling” in the IR world, finding that women account for only 33 percent of investor relations head jobs. Almost a year and a half later, this number has grown only to 35 percent, according to the publication’s 2018 report.
Although this shows some progress in narrowing the gender gap in IR, the discrepancy between men and women in IR becomes even more staggering when examining salary figures. Both male and female IR leads have the same global median pay range of $150,000 - $199,999; however, the percentage of women making below this range has grown significantly since 2016. Today, 49 percent of women in top IR roles currently earn below this range, compared to 41 percent in 2016, whereas the number of men earning below the median salary range is essentially unchanged at around 30 percent.
In September, Edelman’s Financial Communications team sponsored and attended the IR Magazine’s Women in IR event in New York City. The panel and group discussions centered on “breaking the glass ceiling” and how women can bring their professional careers to the next level and set themselves apart, and addressed issues such as gender equality, pay and inclusion in the industry.
Below are our takeaways from the event, which spotlight how the financial industry is evolving to focus on gender equality, and how women in IR can help improve their career opportunities and better their odds for success:
Relationship building is key, but relationship maintaining is essential.
-
Maintain a network of individuals who act as a strong support system and resource for advice. Mentors and advocates play different roles – make sure you have both, and that you put in the time to cultivate those relationships.
-
Don’t rely on just one mentor. Many people tend to gravitate toward a single mentor who has a similar role or background. A number of different mentors (both formal and informal) with diverse backgrounds, genders, personal lives, etc., can help broaden your perception and outlook.
-
A great way to build and expand your network is by joining groups inside your organization that focus on purposes you identify with; at Edelman, one such group is our Global Women Executive Network. These groups can connect you to new people who share similar passions and/or career goals and could help open doors for new opportunities.
Be authentic. Be self-aware.
-
It’s important to be true to yourself and who you are, personally and professionally.
-
It’s critical that you ask for constructive feedback from those around you in order to uplevel your skills. Don’t wait for your manager or superior to approach you – ask them proactively. Being more open to feedback will enable you to progress to the next level.
-
Always have your elevator speech ready. While it’s important to seek advice on how to improve, it’s equally important to know the strengths and skills that make you unique and that you’re able to be your own advocate.
Remember, there is no playbook.
-
Figure out what works for you. No two people have the exact same career path, so you must carve out the one that is best for you and will allow you to succeed.
-
Don’t be afraid to take risks. Take a chance on taking a role or working on a project outside of your comfort zone. It’s an opportunity to learn something new and grow your expertise, which will pay off in the long term.
Companies are increasingly focused on diversity and inclusion and have even begun creating roles internally to lead these efforts.
-
To achieve real change at an organization, it must come from the top. C-suite executives are key influencers of their company’s culture, and their encouragement of diversity, open-mindedness and collaboration cascades down to managers and employees.
-
Diversity is becoming increasingly important for companies, and many companies are now hiring managers, sometimes even at the C-suite level, whose roles are dedicated to diversity and inclusion efforts.
-
And these companies are not just focusing on gender diversity, but diversity of all kinds. Diversity promotes for greater creativity, differentiating opinions and viewpoints, and more innovation of thought.
Danielle O’Brien is a senior account supervisor, Financial Communications & Capital Markets, New York.;
Nicole Briguet is a senior account executive, Financial Communications & Capital Markets, New York.