Today, the DOL fiduciary rule officially goes into partial effect. This ends weeks of speculation as to whether the Department of Labor would again delay its implementation.
While the fiduciary rule itself has not been altered to date, the DOL has issued several transition exemptions in order to ease some of the burden associated with meeting the new requirements. The partial effect focuses on no-conflict behaviors and fiduciary acknowledgments, while full implementation—set to take place on January 1, 2018—will require compliance with the entirety of the regulation, including disclosure provisions.
Today marks the day that many will become newly considered fiduciary advisors and, facing the “soft launch” transition period between now and the end of the year, will have to make “diligent and good faith” efforts to comply with new standards. Many BDs, RIAs, banks and insurance companies, faced with increased compliance burdens, have begun developing and instituting best practice policies and procedures, including training representatives on how to satisfy fiduciary duties. Many financial institutions have re-evaluated pricing and compensation models and have developed new share classes.
Many questions remain about the impact of the DOL rule: Will there be a new proposal, an extension, or a modification before the January 1 final implementation date? Will the thousands of new T shares registered with the SEC become effective? Will spending on “regtech” (technology enhancements put in place to comply with regulations) continue to rise?
At our last national NICSA event in February, the DOL fiduciary rule was a central theme and dominated mind share during much of the conference. It was clear that dedication and passion were driving best practice development. As we look toward the end result, asset managers and professional service providers alike are clearly pointed toward enhancing efficiencies for investors.
The group of individuals we typically classify as the “next generation” is changing. For a long time, the phrase was relatively specific to Generation Y (Millennials), born between 1977 and 1995. But today, Generation Z (Centennials) — or those born after 1995 — are entering the workforce, joining Millennials, Generation X, and Baby Boomers.
“Discussions about the next-gen workforce have begun to take on an implication that’s as much about specific generations as it is about the multigenerational nature of the workforce,” said Stacey Winning, Head of Global Recruiting & Talent Development at Dimensional Fund Advisors, during NISCA’s #WebinarWednesday event on the topic.
The discussion, which also featured forward-thinking leaders from BlackRock and Citibank, was focused on attracting and retaining next-gen talent while creating a dynamic environment aimed at employee growth.
BUILDING CONNECTIONS
Kate Dennis, Director – HR Talent Management at BlackRock, said employees want to feel an emotional connection to the work they do now more than ever.
“As we speak with external and internal candidates, we really try to convey the importance of having a sense of purpose and connection to your work,” Dennis said. “In a world of ‘bring your whole self to work’ — which is something we say a lot at BlackRock — people are attracted to spending their hours at a place where they can feel in touch with the work they’re doing and the impact it has.”
Nicholas Lombardo, Vice President, Business Development at Citibank, said his firm is also exploring how to attract and retain tech talent with a focus on appealing to the needs of today’s smartphone-wielding youth. The effort consists of various subsections:
GROWING FROM WITHIN
Dennis said that although BlackRock is an asset manager, it also considers itself to be a tech firm — which necessitates a focus on attracting and retaining tech talent. As well as looking outside of the firm, BlackRock focuses on building multigenerational tech talent from within.
The firm recently launched Transform, a program that offers scholarships to current employees, allowing them to learn how to code before being rehired into engineering roles.
“Finding external tech talent is challenging — it’s such a competitive landscape, and we don’t always win out over other tech firms,” Dennis said. “I think Transform sends a wonderful message to employees that we want and are willing to invest in you if you’re taking a little bit of a turn in your career.”
Winning said Dimensional Fund Advisors is taking a different approach to a similar end goal. “We understand that technology can help us better support our clients, so we’re talking to talent and leveraging our next-gen population, who tend to (stereotypically) be more tech-savvy,” she said. “I think it’s about figuring out where tech fits into your world and how you can make that appealing to folks who are earlier in their career.”
Mentors also play a crucial role in growing the multigenerational organizations of today. Dennis said mentorship is a signature component of BlackRock’s leadership program. “Everybody is assigned what we call a sponsor, someone who is senior to them, who can serve as a career champion, and potentially remove barriers to growth,” she said.
On the flip side, the firm connects senior leaders with junior talent to offer advice on new technology. “It has generated such excitement — obviously exposure for senior leaders to fantastic talent within the organization, and then a cool message to junior talent, which is if you’re fantastic at your craft, we will find opportunities for you to showcase it,” Dennis said.
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the NICSA panel, they do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
NICSA members enjoyed an update on one of the industry’s fastest-growing initiatives — the Diversity Project North America— during a recent #WebinarWednesday event.
Shaelyn Otikor, Senior Vice President, Global Strategy, Corporate & Institutional Services at Northern Trust, moderated the event, which also featured forward-thinking representatives from NICSA and Aon.
Jylanne Dunne, VP, Diversity Project North America at NICSA, kicked off the program with an overview of the NICSA-sponsored initiative, which was introduced during the General Membership Meeting in October 2018 and inspired by a similar effort launched in the UK in 2016.
“The Diversity Project North America followed the UK project in some important ways,” Dunne said. “We established two levels of membership, founding and participating, with founding members leading both strategically and from an execution standpoint. We’re similar to a board management structure where the participating members are heavily involved in the active communities.”
The Diversity Project North America will be overseen by a CEO Advisory Council comprised of C-suite representatives from each of the member firms, as well as an Executive Steering Group that will lead the implementation of the initiatives championed by ambassadors.
The strategy will be managed via committees and workstreams focused on different dimensions of diversity and inclusion. A dozen success indicators have been put in place that will be reflective of the group’s efficacy in reaching overall goals. These include:
1. Identification and acceptance of measurement metrics and standards.
2. Enhanced recruitment pipelines utilizing anti-unconscious bias practices.
3. Operating procedures with clear accountability for hiring, career pathing, sponsorship, and mentorship.
4. Shared findings with actionable industry feedback.
5. Development and offering of leadership, diversity and inclusion training, and education.
6. Advancement and retention of diverse mid-level and above employees.
The Diversity Project’s new operating committees are already setting plans into motion. For example, Paul Olschwanger, Associate Partner, Strategic Initiatives & Human Capital Development at Aon, said he has been serving on the Executive Steering Committee of the Diversity Project North America as Co-Chair of the Talent Management Initiative.
“As all of the committees had been asked to do, we’ve created a mission statement: ‘To promote investment management opportunities to interested and diverse talent on behalf of the investment industry looking to further establish best practices from a business case for diversity and provide the tools required to effect quantifiable change,’” Olschwanger said.
“That’s important because our senior leaders are tasked to show tangible results of diversity and inclusion, and it’s critical that we earn their support,” he added.
Dunne said other operating committees are setting up in a similar way. “They are identifying key initiatives and having volunteers focus on one of those initiatives as a subgroup,” she said. “We have over 100 volunteers today currently working on these five committees, and I expect that we’ll continue to grow as more firms are added to our membership.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the NICSA panel, they do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
#DiversityandInclusion
#NicsaUpdates
The asset management industry should take a closer look at unconscious bias and pay more attention to nuances within employee demographics to foster inclusion, industry pros said at a recent Fund Intelligence breakfast briefing.
“Sometimes when we speak about women, we neglect women of color,” Shaunice Hawkins, principal at Evolutions Consulting and adjunct professor at New York University, said. “When we talk about leadership, we don’t emphasize leadership in the LGBTQ area. We don’t ever emphasize disability or physically other-abled individuals and generational diversity.”
Firms must also take concrete steps to prevent unconscious bias from creeping in, Lori Schneider, partner at K&L Gates, added.
“We all have biases,” she said. “It could be that you’re biased in favor of people who went to your alma mater. It’s not always race or gender. Just being aware of those biases is critically important.”
K&L Gates tackles the issue with a program that assigns and grades summer associates’ work blindly, with the aim of stripping unconscious bias out of these evaluations, Schneider explained.
Organizational culture is also key, Susan Lerner, partner at executive recruitment firm Jamesbeck Partners, argued.
“I think a lot of companies feel like they are behind and need to catch up on the numbers,” she said. “Why don’t we ask ourselves what is the experience that we want to project that suggests culture, workplace environment, experience during the day for that much more diverse employee base.”
For example, companies can use technology to attract and retain younger employees, Hawkins said.
“The younger the generation, the greater the expectation that technology will be embedded in the culture of the organization,” she said. “Therefore, the archaic polices that we have about social media, and the way we regulate the use of technology within the workplace, those things are going to have to change in order to accommodate the expectations and the demands of Millennials and Generation Z.”
For example, firms should look to gamification, biometrics, wearable devices and online courses for employee training programs, Hawkins added.
“At work, employees are still forced to come to a training session for two or three hours, but we’re talking about [very short] attention spans,” she said.
Language can also reveal unconscious bias, Hawkins added. Using the word “minority” can be degrading, she explained.
“Technically by the year 2044, which is around the corner, we will no longer have a minority population. It will be more equitable,” according to Hawkins. “If we’re using this archaic, bias-laced language with [Millennials and Gen Z] they will leave, and where does your pipeline go from there?”
To retain employees, firms should review policies to accommodate changing life situations, according to Lerner.
“It isn’t just women raising children today, or caring for aging parents, or managing some other issue in their personal life,” Lerner said. “Let’s take advantage of technology and allow people to work from home. Maybe they’re managing a difficult period of their lives. Let’s not penalize people for it.”
To move up the corporate ladder, employees can benefit from a sponsor who can recommend them when opportunities arise, George Wilbanks, managing partner at executive recruitment firm Wilbanks Partners, said. “You need a sponsor or an ally, someone who will expend political capital on your behalf to advance your career,” he said.
Wilbanks also pointed out that many after-work social events where employees can build relationships tend to revolve around drinking and sports — activities not every employee is interested in.
“It’s just bad practice,” Wilbanks said. “There are so many other things you could do.”
Wilbanks described a client firm’s strategy, which involved evaluating the success of employee resource group-led activities — such as yoga, or building homes for the less fortunate — on their ability to attract employees outside of their dedicated groups.
“It’s very important that you create bridges; you don’t want to create separation because whatever initiative you create is going to be ineffective if you’re only dealing with the lowest hanging fruit,” Hawkins added.
This article originally appeared in Fund Action on May 21.
Note: The observations contained in this work represent the best thoughts of the author and do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters
We’ve all seen the headlines touting blockchain’s industry-disrupting capabilities, but what the asset management industry really needs is a firm understanding of the technology’s practical uses.
Experts from Foreside and Citisoft broke through the hype late last month with the latest edition of Nicsa’s webinar-based “Reality Behind Buzzwords Series,” which clearly defined blockchain, its use in cryptocurrency, and the implications it will have on the industry.
Blockchain, at its core, is a series of immutable records, or blocks, bound together through cryptography and managed by a decentralized group of computers. Gabriel Edelman, Managing Director at Foreside, focused on the digital assets universe within the blockchain investment product landscape, which he divided into three categories: cryptocurrency, initial coin offerings (ICOs), and stablecoins.
“The cryptocurrency everyone’s most familiar with is, of course, Bitcoin,” he said. “Then, there are a variety of ICOs; I’m personally fascinated by countries that are creating their own cryptocurrency, giving access to locals as well as making foreign investments in unique ways. In the last basket, we have stablecoins, or tokens that are pegged to a fiat currency, an asset like gold, or even controlled via an algorithm.”
The Paxos Standard Token (PAX), for example, represents a legal title to a physical bar of gold, “So you’re seeing sort of the digitization of physical things that can be created and then used in financial products,” Edelman said.
Looking at the big picture, Edelman said due diligence in the world of digital assets requires knowing the product in terms of strategy, asset type, and target audience; determining the asset manager’s financial and technical experience; and considering disclosures in regards to fees, the changing regulatory landscape, industry concerns, and the unique nature of digital assets.
OPPORTUNITIES AND CHALLENGES
Ben Keeler, Managing Director at Citisoft, broke down the realistic opportunities and challenges that blockchain will bring to the asset management industry.
“There’s certainly opportunity where there is shared truth, specific examples being collateral, repo netting, and really all forms of tri-party reconciliation,” Keeler said. “You can make the argument that distributed ledger technology is a powerful tool to support any case where multiple counterparties are working off of the same sheet.”
Specifically, Keeler said multinational conglomerates with a lot of moving parts are finding private ledgers useful in supporting internal reporting. In addition, the technology could streamline regulatory reporting and, in the long-term, cause fundamental shifts in how the industry approaches custody services.
From a challenges perspective, Keeler said blockchain is difficult to scale due to limits on the amount of transactions networks can process.
“Exception processing becomes a big issue that needs to be ironed out further,” he said. “Blockchain almost instantaneously publishes records that have been technologically validated to include as part of the chain.”
“But within financial services, the need to correct your work based on new information or updates that come in after a transaction was booked is adding some new wrinkles to distributed ledger technology,” he said.
Some also question whether using blockchain to support day-to-day transactions in the financial services industry is an all-or-nothing proposition. “This is not a ‘get on the train, or you’ll be left behind’ type situation,” Keeler said. “Could it be at some point? Sure. But the value of the tools, to date, have been limited by the question of whether it can be done at scale.”
In the long-term, Edelman said there are several intricacies to consider. Regulation in the blockchain space, for example, is a fragmented area both globally and domestically. Questions also remain around security, lack of standardization, computing power, and how the technology would work with AML regulations.
“These are all long-term intricacies that are being tackled,” Edelman said. “It’s an ongoing process, but there’s a lot of promise in terms of what’s being developed.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the Nicsa panel, they do not necessarily reflect the views of Nicsa or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
In June, NICSA hosted a well-attended panel on ESG in New York. This event covered a great deal of ground, and in Part 1 of this three-part series, we discussed how the panelists described learning about ESG as being akin to “Learning a New Language.”
Rosetta Stone secured, the audience was then treated to discussion on where the ESG space is headed, particularly with regard to the institutional community.
When it comes to ESG: “Investors want consistency in scoring and data,” said Todd Scorzafava, Partner in Charge of Wealth Management, Eagle Rock. “The marketplace understands that ESG is not a niche and that this is a conversation they should all be having, but that lack of consistency comes up as an issue again and again.”
Mark Hays, Vice President – Sustainable Investing with J.P. Morgan Asset Management, agreed, and added, “Institutional investors are focused first and foremost on hitting their financial goals. They’re clearly thinking about ESG, but they’re thinking about it through the lens of how it can help them meet the needs of their constituents and achieve their long-term financial objectives.”
But beyond merely thinking about ESG, how are institutions actually implementing ESG-focused approaches?
According to Hays, when it comes to implementation, at least in the institutional community, the preferred method is often bespoke rather than “off the shelf.” “There is still a lot of skepticism around ESG ‘products’ in the institutional community,” he added.
Hays continued, “One size fits all doesn’t always work for this universe of investors – you need to be able as an Asset Manager to design solutions that are tailored to specific needs.
John Farley, Vice President – Responsible Investment Strategy, Calvert Research & Management, added, “There is a tremendous need for education right now. You have some of the endowments and foundations who are really far along in their ESG journey; you have others who might be starting to carve out some allocations, perhaps as an experiment. For institutional investors, adopting ESG is a very complicated issue. You have to define what your goals are, you have to define the performance metrics, you have to make sure all the stakeholders are on the same page, work on internal communications.”
That internal communications focus was one that other panelists echoed.
“You have to move away from just talking with an audience that’s already involved in ESG efforts,” said Hays.
This is part 2 of a 3-part series of posts from this latest NICSA ESG event.
Part 1: Like learning a new language
Part 3: The intersection of ESG, Big Data and Artificial Intelligence
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the NICSA panel, they do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
Frontline industry executives from 1251 Capital Group, Amundi Pioneer Asset Management USA, Capital Group, Easton Vance, and PwC gathered during Nicsa's 2019 General Membership Meeting in Boston to share insights on how to stay relevant and bolster client value.
John Stadtler, Partner, US Financial Services Industry Group at PwC, moderated the event, which focused on how executive teams across the asset management differentiate themselves, particularly in the areas of technology, sustainable investing, and diversity & inclusion (D&I).
TECHNOLOGY
Lisa Jones, Head of the Americas, President & CEO at Amundi Pioneer Asset Management USA, said technology drives efficiencies in many areas of her business. Because Amundi’s front, middle, and back-office platform is in-house, rather than outsourced, the company can customize its own system with ease. “It allows us to move more quickly in terms of development,” she said.
As one of the 10 largest asset management firms in the world with a footprint across 37 different countries, Amundi also the advantage of a global perspective. “The banking robo-advice model is quite interesting in Asia and Europe, and there are things that I hope we in the U.S. can learn from that to help and wholesalers,” Jones said.
Tom Faust, Chairman and Chief Executive Officer at Eaton Vance, said that in addition to ongoing investment in a large-scale managed account platform, his firm is focused on leveraging the power of big data.
“There is an enormous amount of new data, mostly driven by the advent of smartphones, drones, and other technologies,” he said. “We’re in the very early stages of figuring out how to harness that direct data to drive alpha.”
John Hailer, President - Asset Management at 1251 Capital Group, agreed that harnessing the data is the industry’s biggest challenge. “The market's getting more and more efficient gathering data, selling data —but then what do you do with that data once you have it?,” he said. “To me, that’s a key factor in whether or not you are successful.”
DIVERSITY AND INCLUSION
Hailer said D&I efforts help firms mirror the society they serve and ensure long-term business sustainability. His firm aims to achieve diversity by removing age-old barriers to entry.
“It’s creating different situations that allow people to participate in a network they’ve previously been isolated from — not necessarily deliberately, but isolated because of the way the ecosystem was built,” Hailer said. “Unless you get enough people in thinking differently from you, you’re going to be limited to only thinking one way.”
Jones agreed that diversity and inclusion efforts are vital in acquiring the talent needed to deliver the best possible results for clients.
“I think we all have embarked on launching D&I programs because it’s so important to focus on race and gender,” she said. “What many of us have enjoyed about growing up in the asset management industry is really being exposed to that intelligent debate that you get when you have diversity of thought.”
SUSTAINABLE INVESTING
Jones said D&I efforts dovetail into environmental, social, and corporate governance (ESG) factors, which also pave the way for long-term performance advantages.
“The intersection of ESG, culture, diversity, and inclusion is a quite exciting part of my job,” she said. “You can't assess and evaluate a company based upon social issues such as pay equity, professional development, and respectful work environments the same way on a global basis because some of those criteria are quite different.”
Faust said the fastest-growing part of his firm is its individual separate accounts, which are structured to provide a level of customization in terms of ESG characteristics. “These are driven by the preferences expressed by the end investor,” he said.
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the NICSA panel, they do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
#GeneralIndustryTrends
#NicsaEvents
NICSA will once again partner with ALFI for the Association of the Luxembourg Fund Industry’s Global Distribution Conference from September 25-26 , where 650+ senior representatives from the global distribution community will convene to learn about the latest developments on the global distribution landscape.
The conference will reflect on 30 years of UCITS, explore the future of enhanced cross border distribution, and take a deeper dive into distribution trends in LatAM and Asia, product trends around the globe, and the technology that is making distribution easier and more efficient.
While at the event, I’m eager to hear from the 50+ speakers and to network with the fund distributors responsbile for the global reach of investment funds. I am also looking forward to sharing the ALFI stage with Sally Wong, CEO of the Hong Kong Investment Funds Association (HKIFA), to provide important perspectives regarding our respective markets as they relate to the global distribution ecosystem.
Fee compression and shrinking shelf space are on the watch list for global asset managers facing an increasingly competitive environment. Data-inspired distribution models and strategic alignment of intermediary partnerships significantly contribute to the future vision of global financial product distribution. All the while, technology-inspired service models designed for the digital era are taking center stage. A global view of these matters is critical to growth for innovative industry leaders. I look forward to sharing NICSA’s views with conference attendees.
NICSA has enjoyed a long and successful partnership with ALFI and its members. Events such as ALFI’s Global Distribution Conference are critical to serving the global asset management community as it meets the challenges posed by increasing globalization. Collaborating on innovative approaches to global distribution is certainly in line with the NICSA mission. Serving the distribution community within the global asset management industry has been a focus for NICSA in recent months, and will continue into 2019. Our organizaton recently formed two new working committees: a Product & Distribution Committee and a Data Analytics Committee. We look forward to sharing the good works of these important groups with our own membership and the ALFI community in the coming months.
#Nicsa Updates
Asset managers gained valuable insight on how to capture advisors’ attention and leave a lasting impression during a recent #WebinarWednesday presentation on the topic.
Meredith Lloyd Rice, Vice President at Cogent Reports, Market Strategies International, moderated the session. “I’ll be sharing highlights from two of our syndicated research products: our Advisor Brandscape® and our Advisor Touchpoints® reports,” she said. “This way, attendees can gain an understanding of not only the challenges faced by asset manager today, but also opportunities to engage with advisors.”
Data from both reports were derived from 2018 surveys of registered advisors. From a broad perspective, Rice said advisors have shifted further toward increased reliance on fee-based compensation, and RIAs continue to make up the vast majority of that compensation through asset-based fees.
The research pointed to consolidation in terms of the number of relationships advisors are maintaining with mutual fund providers, underscoring the importance of building an optimal communication strategy.
“Advisors receive a lot of information from financial services providers,” Rice said. “When we asked advisors to think about the communications they receive in a typical month, they report an average of 96 touches across all financial services providers, with emails representing over half of those communications.”
While email remains advisors’ No. 1 preferred communication method, webinars and social media are gaining traction in terms of overall importance.
“Another thing we want to point out is that advisor preferences vary based on distribution channel, meaning that providers can better target advisor engagement and outreach efforts by aligning their communications to the unique preferences of each channel,” Rice said.
For example, the survey results indicated that RIAs are among the most digitally-savvy producers and thus likely to respond well to webinars and other digital forms of communication, while producers in national and regional channels are more likely to prefer external wholesaler visits. That said, Rice noted that wholesaler interactions were shown to spark the greatest life in brand consideration.
Overall, survey results indicated that successful wholesalers often make an effort provide content that is customized to advisors’ unique business needs. “We see the best wholesalers are described as being consultative, sharing value-add and best practices, and they’re striving to recommend investments that complement advisors’ current books of business,” Rice said.
“In order to attract RIA interest, firms should seek to strengthen engagement,” Rice said. Asset managers identified as drawing the most RIA interest have very strong digital engagement platforms.
NICSA thanks Cogent Wealth Reports for sponsoring this webinar.
Industry powerhouse Carla Harris, Managing Director and Senior Client Advisor at Morgan Stanley, shared “hard earned and hard learned” pearls of wisdom from her 32-year career on Wall Street during NICSA’s Strategic Leadership Forum this month.
“I dare say that I’ve learned a few things about not only surviving, but more importantly, thriving, in the seat that you sit in or the seat that you aspire to sit in,” Harris said. “And frankly, that’s what the pearls are all about.”
Harris shared three main pieces of advice with the audience:
“Pick three adjectives that you would like people to use to describe you when you’re not in the room that are absolutely consistent with who you really are — however, pick three adjectives that are also valued in your organization,” Harris said. “Then, you must have consistent behavior around those three adjectives, and you must use this language in your environment, particularly when you are talking about yourself.”
Harris said the most valuable currency is that of relationships, which never experience diminishing marginal returns. “At a minimum, you must have a relationship with every seat that touches your seat,” she said. “If the only person that knows you’re doing a great job is your boss, then your ability to ascend is going to be vulnerable. It’s your job to make sure as many people as possible in the organization is aware of your outsized contribution.”
Harris also provided her perspective on diversity and inclusion within the industry.
“I find it interesting that 30 years into this conversation around diversity and now diversity and inclusion, I still hear people say it’s the right thing to do and with all due respect, what’s most important is that it’s the commercial thing to do,” she said.
“You must start with a lot of different people in the room to get to that one idea that will allow you to innovate and capture and retain a leadership position in your industry — that is the business case around diversity.”
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