This is the second in a series of interviews of outstanding women who share their experiences and advice. PWA is proud to list Manuela in our Ready for Board Women project

This month PWA spoke with Manuela D’Onofrio, Head of Global Investment Strategy in the Private Banking Division for Unicredit Group.

Manuela studied mathematics before embarking on her extensive career in the financial services industry, both in Italy and the U.S., working for Chase Manhattan, J.P. Morgan and BIPIEMME, before joining Unicredit. She started in the banking industry at a time when bankers, especially the upper management, were mostly men. Read her full professional background here.

PWA:
Manuela, could you please share with us the skills that you have found to be your most valuable, the ones that have helped you the most to succeed in business?

Manuela:
A definite set of skills which helped me in my life and in my career include passion, intuition, analysis and synthesis competencies, topped by the ability to think quickly, to concentrate very easily and to go deep into every subject, instead of staying on the surface. There are perhaps three more skills which have enabled me to have a successful career: technical competency in my job, understanding for my limits and the managerial capacity to allow my team to achieve their full potential, to grow and shine, instead of holding them back. Moreover, I think that for me it was important to understand not only finance, but also the big picture. That means understanding the global trends (i.e., macroeconomics and demographics) that are shaping the world, trends which give us an idea of where the world and the global economy is going. Plus, I never stop learning: I read plenty and, as somebody that entered the financial world from a different field [Manuela studied mathematics], learning something new has been a constant in my life. In a nutshell: passion, intuition, competency and the understanding of your limits are critical to success.

PWA:
How important do you think is the ability to network?

Manuela:
I think it’s extremely important. In my opinion, it determines thirty percent of everybody’s career. It is a “do ut des” relationship, not to be confused with friendship. Networking has to be focused. Your goal should be to create a network of contacts in order to be remembered when needed, stand out in the crowd, and to be used as a referral. If you need to hire somebody, you prefer to hire the people that you know, that you trust, and that you can work well with together, instead of taking the risk of hiring somebody you don’t know, nor do any of your contacts. For example, when I have to hire somebody and I have to choose among candidates with comparable experiences and skills, I usually call my contacts to ask them if they know any of the candidates, so as to have some information about the candidates.

Having just stated the importance of networking, I have to admit that I could improve my networking skills, since I don’t have currently a “proper” network.

PWA:
What about the ability to network with other women in particular?

Manuela:
It’s important to network with both men and women.

PWA:
What suggestions would you give to younger professionals to establish a network that could help them to enhance their professional career and make the most out of it?

Manuela:
First of all, networking has to be focused. Second, you could organize dinners to gain new contacts and invite people to talk about their experiences. You could do something like this at your company or in your spare time. Last, but not least, I suggest that you ask questions at different events (e.g., conferences). From the questions you ask, other professionals can get the idea of who you are and how do you think.

PWA:
What are the main differences you need to consider when working in an international environment?

Manuela:
It is very important to be aware of the cultural differences between different nationalities. For example, Germans are more formal than Italians. They are very fond of procedures and, by converse, they tend not to be pleased when something happens not in accordance to the established rules.

PWA:
What are the most significant aspects to be considered to establish the right working climate?

Manuela:
In my opinion it is important not to take yourself too seriously, to allow some time also for laughter and an occasional joke in the office.

PWA:
What is your strategy to achieve a good balance of work and home life? Are there any rules you would like to share with us?

Manuela:
My all-embracing rules are the followings: do what you love–I truly love my job. Then prioritize carefully and be a bit selfish, meaning that you have to be aware of your value and of whom is the most important person in your life: yourself. One big issue with which I have had to cope has been overcoming the feeling of guilt towards my family that I had by pursuing my time-consuming career. In my opinion, as a woman you may feel guilty if you are not dedicating the majority of your time to your family. Whereas a man might not feel guilt at all. How I manage to overcome this issue was by being honest to myself and understanding that by changing careers and working less, I would have been unhappy. Since an unhappy or depressed mother is much worse than an absent mother, I basically made a deal with my son: I would pursue my dreams and thereby provide a good example for him, and encourage him to pursue his.

PWA:
How do you cope with stress?

Manuela:
I cope with stress by using two strategies: First, I think that nobody is essential and everybody is just an atom in the universe. Secondly, I am aware that stress is negative and aimless. So, everyone should try to cope with it by finding something nice to do to distract themselves in order to avoid stress. In fact, everybody should find something, a hobby or a sport, to distract and stop their brain from the repetitive loop of negative thoughts and to fix themselves on a different pleasant thought.

PWA:
Based on your experience, what would you suggest to younger professionals aiming to develop their careers?

Manuela:
They should understand what they want and where they want to be, asking for it and take risks to get it, to get there. To understand what they want, I recommend they analyze carefully what they have done and understand what they like and what they don’t like about their past actions. After that I suggest they discard what they don’t like and to understand how to achieve again what they liked, to achieve more of the same, to repeat regularly this behavior. Don’t be shy. Ask for what you desire, ask for a desired position, for instance. In my understanding of people, they are generally not good at asking for what they want.

This is the first in a series of interviews of outstanding women, who will share with us their experiences and advice.

This month features Francesca Fiore, Director of Terminals for Southern Europe at Vodafone and member of the Vodafone Senior Leadership Team. Ms. Fiore is responsible for managing the Terminals business (i.e., mobile phones and other electronic devices) for Vodafone in Italy, Malta, Greece, Albania and Romania. Specifically, her focus is in relation to the selection of the portfolio of devices, the development of their commercial offers and the go-to-market activities. A Harvard graduate, she is also responsible for the implementation of strategic and operational integration in Southern Europe for Vodafone and for strategic projects at the Group level (e.g., negotiation of the iPhone 4 contract, launch of the new DSL modem). For more details of her biography, you can click here.

PWA: Francesca, could you please share with us the skills that you have found to be your most valuable ones?

Francesca: I believe that my most valuable skills are energy, ambition, commitment and a positive attitude towards life that helps me to let things happen. I have always been very independent and active during my studies, showing a great deal of interest for extracurricular activities. For example, I worked as a market researcher during my university time and understood right from the beginning the importance of networking and listening to people with different backgrounds and experiences.

These skills have been partly inborn, partly nurtured by a great deal of empowerment from my family–I have to thank them for their support. They also taught me to be open minded and gave me a passion for travelling. My skills also come from my education and from what my first boss taught me. He always supported me in my professional growth and gave me plenty of trust and important advices.

PWA: Which skills are the ones that have helped you the most to succeed in business?

Francesca: Among the skills that have helped me to succeed in business, I would definitely count a good understanding of the people surrounding me, to include their fundamental values. From this I try to provide good management and a conducive working environment. As a manager, relationship skills are very important in order to create quality work.

Moreover, I could also count as one of my most significant business strengths my energy that helps me to focus on different problems and solve them.

Analytical skills were [more] important in the first stage of my career. These skills serve to the extent of gaining credibility with an audience [e.g., management, clients]. In fact, in order to be credible, a manager should present facts which are justified by figures.

PWA: How important do you think is the ability to network?

Francesca: I think that the ability to network is extremely important: first, you can interact with other people and gain insights from them and build on their responses and advice. In fact, surrounding yourself with people of various ages and backgrounds can be a life-enriching experience that can enable you to be able to make better and weighted decisions. Second, you could even find role models by networking with senior and successful people. Last, but not least, networking helps you to stand out in the crowd and be remembered, so that you will come to mind when an opportunity arises.

Networking has to be moderated and managed carefully. Also, it is healthy to be part of more than one networking organization. My personal advice is to look after a network with something that binds the participants together, instead of being part of networks that are too large or generic–in this case, the added value could not be perceived.

PWA: What about the ability to network with other women in particular?

Francesca: It is crucial. But, in my experience, women are not good at helping each other: we say that we would like to help each other, but the reality is different. We do not expect to get help from other women, because every woman is seen [by the others] as a potential competitor.

PWA: Which suggestions would you give to younger professionals to establish a network that could help them to enhance their professional career and make the most out of it?

Francesca: Nowadays the Internet can be a great help in finding new groups and making new contacts.

So, at first, you should surf the web and choose carefully which network you would like to be part of.

Then, you should think of using other available resources that you would never think to use. For example, don’t feel sorry for yourself if you don’t have a vast and established network. Instead, try to ask a more senior colleague for concrete advice.

To make the most out of a newly established network, I think you should have someone that could act as your role model. Therefore, it is important to find a role model who would be approachable for you–not with too high of a profile or inaccessible. For instance, you might consider the professor that helped you developing your master thesis.

PWA: What is your strategy to achieve a good balance of work and home life? Are there any golden rules you would like to share with us?

Francesca: Good stress management, valuable people who can help you, and to delegate–you are never going to make it alone.

I have only two golden rules: to choose carefully your priority and not to think in stereotypes. In my case, my first and only priority has been work until I was 31 years old. Then I chose to reorganize my life, allocating subsequently more and more time and space for myself, my partner and my family.

PWA: How do you cope with stress?

Francesca: I don’t stress myself. I learned how to cope with stress by being positive and not giving a damn. I can do that because I think that there will always be another chance. Additionally, I learned to channel adrenaline. Only one thing is able to stress me now: when I know that my children are ill and I don’t have the resources to solve the problem–for instance, I’m not able to speak with the doctor or not able to be present physically–then I’m stressed. Otherwise, nothing stresses me.

PWA: What suggestions or hints could you share with us about minimizing stress?

Francesca: My suggestion is to think that you will always be given another chance and that life is not all about succeeding. There will always be some failures in life.

Remember that you are not accountable for everything and that you do not have to take everything on yourself. Normally, women tend to take every problem 150% on themselves. This is not a good approach.

PWA: Based on your experience, what would you suggest to younger professionals aiming to develop their careers?

Francesca: Abandon every stereotype and dare to be yourself with a bit of bravery.

93 new names add up to the Ready-for-Board Women list drafted in 2009, reaching a total of 165 women selected by PWA Milan and the Advisory Board as full potential new candidates for Boards close to their renewal.

PWA Milan’s President, Monica Pesce, greeted the crowded audience that took part to presentation of the second edition of the RFBW list in Assolombarda, asking the RFBW in the room to stand up and collect the excitement and loud applauses of the guests. A touching and powerful gesture that followed the presentations of the Advisory Board Members.

Maurizia Iachino, partner of Key2people and Governance Practice Leader, introduced the audience to the criteria used for the selection: experience, professional roles with high management responsibility, skills, seniority, reputation, internationality, commitment at Associative and Federation level (see her presentation here).

Marianna Carbonari, Senior Associate Spencer Stuart Italia, explained the value of the project, based on a pragmatic approach and objective criteria, therefore granting an excellent and reliable talent pool that can finally and undeniably prove Italian women have what it takes to enter Board rooms (see her presentation here).

Simona Cuomo, Coordinator of the Diversity Management Observatory at SDA Bocconi, helped the guests picturing the typical profile of a “Board member” in order to underline the challenges that a woman faces to match with a traditional and standard model. Focusing on the added value of diversity, Cuomo suggested the best answer might be widening the skills and career profile a professional should hold to access a Board (see her presentation here).

Livia Amidani Aliberti, founder of Aliberti Governance Advisors and expert of corporate governance, highlighted the opportunities and the risks implied in the legislation likely to be approved and effective very soon. Hoping that even small boards will make the best efforts to include women regardless the unfavourable math (round down of the quota calculation), the new legislative environment is however only a starting point, it is the market instead, and its competitive rules, that should create the best conditions for women to excel (see her presentation here).

Women’s presence shouldn’t only be measured in terms of numbers, but also in terms of key positions within professional networks. Romina Guglielmetti, lawyer and expert of corporate governance insisted on the importance of looking for the best talents, regardless the gender, as a way for companies to ensure growth and sustainability. The RFBW list demonstrate that there’s an entire talent pool of professional ready and willing to serve economy (read her speech here).

The second part of our summary dedicated to the RFBW event will focus on what has been discussed by our panel.

“Tapping into talent: The promise of Business Recovery” was the title of the conference: a great opportunity to listen to charismatic and inspiring speakers and share with them thoughts and actions.

Give a look at some pictures from the conference here.

The application period for the first edition of the PWA Mentoring Program has recently closed, the results are in, and matches have been made. Close to 50 women have come forward as potential mentors or mentees, greatly exceeding expectations based on results attained in other countries across Europe.

What sets Italy apart? Not surprisingly, the demand for mentors isn’t just originating from women in corporations. As more and more women leave the corporate world to embark into entrepreneurship, aspiring business owners are looking for mentorship too.

Join Valerie Ryder and Monique Svazlian, the driving forces behind mentoring at PWA, for an evening of “Women Leading Women.” After a brief presentation of the program and an initial analysis of the mentoring needs expressed, a selection of PWA Mentors will share their inspirational stories and past experiences with mentoring. We will hear from the following top corporate executives and successful business owners:

• Isabella Chiodi, Vice President and member of the Italian Women Leadership Council, IBM
• Barbara Cominelli, Planning Director, Tenaris Dalmine
  
• Giovanna D’Alessio, Managing Director, LifeCoachLab and President of the International Coach Federation
• Francesca Patellani, Client Partner (Banking Clients) and Inclusion & Diversity Lead, Accenture
• Lee Smith, Director, InStoreFactor
• Nicoletta Zappatini, Managing Director, Crédit Agricole Corporate and Investment Bank

About Valerie Ryder and Monique Svazlian: Executive Coaches, Valerie and Monique are passionate about developing leaders both in the corporate world and in entrepreneurship. They share the common conviction that the most effective way for women to advance professionally is to take advantage of mentoring, coaching, networking and other leadership development resources. Read more about them at www.ryderassociates.com and www.highestpath.com

Read more about the PWA Mentoring Program here

Grand Hotel et de Milan
Via Manzoni, 29 (MM Montenapoleone)
Networking Cocktail: 7 – 8 pm
Presentation 8 – 9:30 pm

Entrance free for members, 20 euro for guests, payable in cash at the event.
Members, please register in the calendar section of EPWN.
Guests, please send an email to speakers@pwa-milan.org

All professional women welcome whether members or guests

At our November event, we presented the result of our project: our list of 72 women with the profiles and competencies necessary to contribute effectively as board members. Our guest panel of male decision-makers then shared their views on why so few women sit on Italian boards of directors.

This time we’re turning the floor over to the women: come hear from several of these 72 women who are joining us to discuss their experiences and what strategies are required to effect change

Participation is free, registration is required (register here). Men are welcome at this event.

Monday 26 April 5.30-7.30 p.m.

Location: Aula Magna, Università Bocconi Via Gobbi 5, Milan

The event will be held in Italian.

To download the program, please go to www.sdabocconi.it/ready_for_board_women; to register, click here

“2009 has endured the worst economic downturn since the Great Depression, and yet female start-ups are growing in numbers as more of our lives are spent online. We have compiled our list of notable 2009 Female Internet Hero achievements.”

If you want to know who is on the list click here.

The legal profession is probably one of those sectors that let’s say isn’t the easiest to make headway for the gentle sex.  There are diverse practice areas, and many women do enter the profession, however what happens next is a little disturbing and deserves some attention. 

Let’s take a look at the statistics in the US regarding women in the legal field (naturally take into account a considerable reduction when comparing it to Italy).  42% women leave the profession mid-career, 16% women are equity partners however our honourable corporate sponsor, Latham & Watkins boasts 17% of women equity partners (in the US).

This has been possible due to several initiatives launched by the firm like WEB, or Women Enriching Business which promotes women in business by creating broader networks and mentoring amongst other activities and the PRO RATA program giving associates returning from parental leave an option to work a reduced pace without seeking prior approval, which incidentally was recognised by Working Mother magazine and Flex-Time Lawyers as a “2009 Best Law Firm for Women.”  (What it fails to mention is whether the same women can continue up the corporate ladder.)

Fantastic, however, one of my greatest perplexities before visiting Latham in Milan to interview PWA corporate sponsor was whether the facts were a phenomenon to the US or whether it was also reflected in Italy.  In Italy, there are 13 female lawyers out of a pool of 40.  On the other hand, there is only one female partner out of 9. Ok, so some discrepancies but always room for improvement. Next, did the firm make the generous provisions that the American counterpart boasted?

The first impression was rather pleasant.  One has stereotypical images of the ball-busting successful female professional.  The reality was somewhat different.  I was met by two very charming women – Isabella Porchia and Maria Cristina Storchi – No doubt they have additional characteristics when engaged in business.

The so called female “avvocati d’affari” generally associated to the highest fee-earners, in Italy is a rare phenomenon with such a privilege bestowed to men.  The typical deals made at the dinner table which female presence tend to be omitted especially if they are deemed to have a family commitment.  Indeed small wonder that women even follow this practice area given the hours one is required to work on proposals.  Thus only the most determined women will continue this direction and generally those that are willing to give up a family life or at least have supporting partners. 

It is likely that this is a global challenge that many women have to face.  Some geographical locations tend to make this choice easier than others.  This is where the Mediterranean culture takes over.  Our interviewees in fact are successful but at a price.  Despite the understanding of colleagues and flexibility offered by Lathams, the real problem lies within the Client, and this is not an attitude that can be controlled or managed by the firm.

Herein lies the capability of the lawyer to overcome the resistance and prejudices of the Client towards a female advisor and ensuring her availability and naturally you must be prepared to work doubly hard to prove yourself.  Once the impasse has been overcome, the Client tends to be more congenial.  The problem therefore appears to be cultural and mental which is not so easy to change.  Our corporate sponsors would be interested in understanding from other sectors how this problem has been dealt with and learning more about the workings behind female aggression in the meeting room.

One way in which Latham’s has tackled such an issue is to organise neutral events like charity fundraising and exhibitions in which partners and clients can meet at an acceptable time and discuss neutral topics giving the possibility to humanise both parties.

Finally, they have become corporate sponsors of one of Milan’s up and coming female networks.  Welcome on Board Latham & Watkins.

PWA Milan is delighted to welcome Sodexo as its new corporate sponsor.  Needless to say, the name speaks for itself as a world leader in Food and Facilities Management services, with more than 355,000 employees on 30,600 sites in 80 countries. For Fiscal 2008, which closed August 31, 2008, Sodexo had revenues of 13.6 billion euro. Listed on Euronext Paris, the Group has a current market capitalization of 5,8 billion euro.

In Italy Nadia Bertaggia, the HR Director of Sodexo is a firm believer that it’s the people that make the company.  It would appear that she has her work cut out for.  Nadia left at a young age to study in the UK.  After graduating from the Imperial College in London, she returned to Italy to pursue a career in Human Resources. One of the main challenges she saw was that Italian companies did not have structured tools & processes.  Moreover she had to face stiff resistance to make any changes. 

Several years on and having acquired competences in organisational change, she has been called onto do the same for Sodexo. The challenge and resistances remain the same; however she has an added challenge.  One that she thought would not have created a problem.  That is Woman.  She is finding out that the women in her company lack the drive or ambition to enter the echelons.  They tend to be insecure of their capabilities.  Nadia is the only member on the executive board and there are only a few women in a managerial role.

Nadia decided to sign her company as corporate sponsor of PWA in the hope to infuse the professional women’s culture into her employees.  She recognises that her biggest challenge will be to change the mindset of both men and women despite of having presented several initiatives to put in place a business structure.

Some initiatives that have been presented are attracting and retaining employees.  Introducing training, appraisal and reward schemes, transparent compensation plans.  Although common in most anglo-saxon corporations, the fact that it is being introduced at a root level means that there is hope for meritocracy to be established right from the beginning.

Moreover, she is hoping that like-minded professionals facing similar problems can help share solutions and best practices.  Welcome on board Sodexo.  PWA embraces women in the frontline of change.

On June 24 PWA Milan in collaboration with Korn Ferry International presented the first in a series of “Women In” events.  Bringing together top level executives in their respective fields, the objective of these events is to raise a discussion on how women have achieved their success and what can be done to increase the presence of women at the highest professional levels.

 PWA hosted the event for the first time at the Grand Hotel et de Milan on Via Manzoni.  The standing room only crowd included more than 150 professional women who came to listen to four  panel members discuss women working in the male dominated field of finance.

Moderated by PWA president Monica Pesce, the panel was comprised of Giulia Belloni -Senior Client Partner, Korn Ferry International, Alessandra Perrazzelli – Head of international affairs, Gruppo Intesa Sanpaolo, Monica Poggio – Head of Corporate Culture, Unicredit Group and representing the male point of view, Fabio L. Sattin – Chairman and Founding Partner, Private Equity Partners Spa. From the audience, Patrizia Micucci – Senior Partner, BI Invest and Mara Caverni – Partner, PWC, provided their point of view on investment banking and consulting.

The evening began with defining the current situation. Giulia Belloni shared statistics on the greatly disproportionate representation of female executives in the world of finance. Present at the top levels in only single digit percentages, women have a long distance to go before parity is achieved.  Continued discussion reinforced that women in the upper levels of finance are few and far between and Italy ranks lower than many nations in the percentages of women who have achieved upper level positions.

Panelists presented thoughtful and frank responses based on their experiences of working both inside and outside of Italy.  They gap between male and female workers is seen not only in the numbers of women present but in the lower compensation women receive.  It was acknowledged that education and skill levels are not the problem; women who have risen to the top are clearly capable of meeting the high demands which a career in finance places on them, so what reasons remain to explain the situation?

Alessandra Perrazzelli noted a lack of female role models in the upper echelons of corporate executives, in addition to the lack of infrastructure provided to women with families. As the burden of family care still falls on the shoulders of women, (even those employed fulltime) those with families must rely on outside resources which allow them to be able to focus on work.  Italy is especially lacking in providing this support.

Additional reasons could have more to do with self promotion skills. Monico Poggio commented on women needing to be better at first recognizing the value they bring and then doing more in expressing this value through self promotion.  Fabio Sattin added that women are often less aggressive than men.

Discussion also focused on the Italian culture of viewing women in limited roles. Battling the stereotypes of being viewed only as mothers or the predominance the veline in the media and being judged on physical beauty alone, has made it even more challenging for those who aim towards the highest levels.

Monica Pesce continued to probe the panel on what can be done to bring more women to upper levels. Responses took an optimistic tone with the reminder that women have some power in influencing change. Women can demand more from their employers in terms of support, pay and promotions. They can do more to share their achievements and make their accomplishments known so that their true value is understood. Women can also support and encourage each other. 

It was noted that the environment was showing signs of change and that companies have started to recognize the benefits of having more females present in decision making roles. The values of mentors was seen as a strong positive from the panelists view point and also from the perspective of many of the businesses, many of which have started to put programs into place to support and cultivate female leaders. 

While there appeared to be a consensus towards most of the responses, audience members were quick to object to Fabio Sattin’s comment that women were more likely than men to need a structured framework in which to work and perhaps this was a difference between male and female success. Citing the multi-tasking skills which many females exhibit, the idea of a needing a framework was dismissed as a reason for the lack of women seen at the top.

With time running out, the audience was still able to share some ideas on bringing about equality, including PWA Vice president, Malin Carlberg putting forth a provocative question on Italy’s policy of parental leave for fathers.

Wrapping up at about 10PM, the event provided an opportunity for those in attendance to listen to first hand experiences from and about accomplished women in the financial workplace. Although the focus was on women in finance, many of the ideas shared could be applied to a variety of professions.

While the venue was crowded, we received much positive feedback on the presentation and we are looking forward to continuing the series on the fall of 2009 with the Women In Technology and Women In Fashion presentations.