July 2, 2015; No. CCXXXI
THIS ISSUE’S HIGHLIGHTS:
I. BIODIVERSITY SCIENTIST BECOMES FIRST WOMAN PRESIDENT OF MAURITIUS
II. ERASING THE STIGMA OF PATERNITY LEAVE
III. NEW VENTURE FUND FOR WOMEN ENTERPRISES
IV. WOMEN MAKING OVERSEAS ASSIGNMENTS POSSIBLE FOR WOMEN: JOB-SWITCHING
V. A WOMAN IN U.S. CURRENCY
I. BIODIVERSITY SCIENTIST BECOMES FIRST WOMAN PRESIDENT OF MAURITIUS
In June, Dr. Ameenah Gurib-Fakim, a biodiversity scientist, became the first woman elected President of the Indian Ocean country of Mauritius. At the time of her election, Dr. Gurib-Fakim, who had never previously held a political office, was Managing Director of the Centre International de Developpement Pharmaceutique (CIDP) Research & Innovation, where she devoted her time to research the medical and nutritive implications of indigenous plants of Mauritius. She was appointed President by the Prime Minister and approved by the National Assembly after the previous President resigned.
Previously, she was a Professor in Organic Chemistry at the University of Mauritius and she served as Dean of the Faculty of Science and Pro-Vice Chancellor. The author of numerous academic papers, she has received several honors including Laureate for the L’Oreal-UNESCO Women in Science Award for Africa (2007) and the African Union Award for “Women in Science” for the East Africa Region in 2009.
Dr. Gurib-Fakim’s election brings the number of women Presidents currently serving to 12 in addition to 10 women serving as Prime Ministers among the 180 countries in the world. For a full list of women Presidents and Prime Ministers, visit www.globewomen.com.
II. ERASING THE STIGMA OF PATERNITY LEAVE
Recent research in the U.S. has shown that men who request family leave may be seen as weak or uncertain and may be less likely to receive promotions or pay raises. However, as more companies promote their paternity leave program or expand existing leave programs, more men may take advantage of these benefits, helping to erase the stigma of taking time off at the birth or adoption of a child.
Some recent examples of companies improving their leave policies include Johnson & Johnson, Goldman Sachs, and Twitter. Johnson & Johnson announced that fathers would get nine weeks of paid parental leave, up from only one week previously, while Goldman Sachs doubled its paid leave for “non-primary caregivers” from two weeks to four. Similarly, Twitter increased its paternity leave from six weeks to ten. At Bank of America, all new parents – male or female – get 12 weeks of paid leave. It should be noted, however, that only 13% of U.S. full-time employees had access to paid family leave in 2012 — a fact that surprises European companies which have generous paid leave policies, spanning months instead of only a few weeks.
Why are companies offering more paternity leave? There are a variety of reasons, including implementing it as a way to boost women’s careers, or to better compete for young talent demanding greater flexibility and involvement in their children’s lives. However, many men are still reluctant to take advantage of the benefit, forcing companies to find ways to encourage new fathers to use the benefit. (Washington Post, “As More Firms Offer Paternity Leave, Some Even Work to Erase the Stigma”, June 19, 2015)
The Global Summit of Women’s Colloquium on Global Diversity: Creating a Level Playing Field for Women, which brings together senior diversity executives of multinational companies, will continue to look at best practices in parental leave policies at its 2016 Colloquium in New York on February 25-26, 2016. To see highlights of the 2015 Colloquium, visit www.globewomen.org/globaldiversity.
III. NEW VENTURE FUND FOR WOMEN ENTERPRISES
In the wake of the Ellen Pao trial which brought attention to gender discrimination within venture capital circles and the lack of female venture partners in Silicon Valley, two women have founded a fund that has raised over $150 million for its first investment fund. Jennifer Fonstad and Theresia Gouw, both with over a decade of experience at elite venture capital firms, started Aspect Ventures to help fledgling companies grow with an emphasis on companies that can take advantage of mobile technology.
Ms. Fonstad contended that in setting up the firm, she and Ms. Gouw were doing something that many of their male colleagues had done, yet in making their case to both investors and entrepreneurs, the two noted what they say are advantages in a firm where women are selecting investments and sitting as directors on start-ups’ boards.
The two may be helping to create change in the male-dominated venture capital world. “Entrepreneurs who themselves want diversity of thought on their boards want that among their investors as well,” said Sukhinder Singh Cassidy, Founder and Chairman of shopping start-up Joyus. “We are seeing a flight of entrepreneurs toward a more diverse perspective.” (New York Times, “A Firm Led by 2 Women Plans to Introduce a New Fund,” May 14, 2015)
Despite Fonstad/Gouw’s successful efforts to set up their fund, the percentage of women leading venture capital firms in Silicon Valley and elsewhere remains very low, and start-up financing remains a difficulty for women entrepreneurs. As a result, crowd-funding has become a means to help level the financing playing field for women-owned enterprises. Several leaders of crowd-funding sites were introduced to delegates of the Global Summit of Women in 2013 in Kuala Lumpur and 2014 in Paris. To see a presentation from kiva.org, one of the crowd-funding pioneers, from the 2013 Summit, click here: http://summit.globewomen.org/summit/2013/Crowdfunding.GAN.pdf.
IV. WOMEN MAKING OVERSEAS ASSIGNMENTS POSSIBLE FOR WOMEN: JOB-SWITCHING
One reason often given for why more women are not in C-suite positions is the perception that overseas assignments, often regarded as a path for greater career advancement, are not palatable to women. There is now a solution gaining traction in the corporate world for those women and men who are reluctant to overtake a foreign assignment: job-switching or talent swaps.
Talent swaps, which typically last less than a year, have lower risk, are effective for career development and promote cross-border mobility. An example of a talent swap would be switching jobs with another person in the same company in a different location, performing each other’s job functions. The experience offers learning different job functions as well as developing greater cross-cultural understanding.
A recent PwC report predicted a 49 percent increase in talent swaps in the next two years, with more than one in five global businesses planning to introduce the concept. While not a significant percentage, it does provide another solution to the seeming challenges to women being barred from senior leadership positions. (New York Times, “Swaps Ease Disruption of Overseas Assignments,” May 19, 2015)
V. A WOMAN IN U.S. CURRENCY
It does not help reduce the gender pay gap, but, starting in 2020, a woman will be pictured on U.S. paper currency for the first time in over 100 years. The redesigned $10 bill will feature the likeness of a woman who has played a major role in American history and has been a champion for democracy. The year 2020 marks the 100th anniversary of the passage of the 19th Amendment, which secured woman’s suffrage.
U.S. Treasurer Rosie Rios acknowledged the significance of the matter. “For those of us who have daughters, who have sisters, aunts and mothers, I think for all of us – we go with what we know. Having something on the note that touches the American public every day is very symbolic not just for today, but for our future,” she said. (Time, “U.S. to Put Woman on Redesigned $10 Bill,” June 17, 2015)
The U.S. is far from being a pioneer in putting a woman on paper currency. Fourteen other countries currently picture women on their bills. Among the countries with women on currency are the U.K., Canada, Chile, Czech Republic, Iceland, Israel, Japan, Korea, Mexico, New Zealand, Norway, Sweden, Switzerland, and Turkey. (Huffington Post, “14 Developed Countries That Beat the U.S. To Putting Women on Currency,” June 29, 2015)
Join us in Warsaw, Poland for the 2016 Global Summit of Women *** June 9-11, 2016
Polish delegates at the Closing Ceremony of the 2015 Global Summit of Women inviting delegates to Poland in 2016.
Don’t receive this e-newsletter regularly?
Subscribe by clicking here.
CONTACT US
Global Summit of Women
1100 G St. NW, Ste. 700
Washington, DC 20005 USA
tel: 202-835-3713 / fax: 202-466-6195
email: summit@globewomen.com
