Takeaways From Our Latest Finance Leaders Breakfast
Dan Middleton • 5 September 2018
Continuing our quarterly tradition, we recently played host to a number of senior finance professionals for a roundtable breakfast event in central London. It was a great morning, with lots of insightful conversation around a variety of hot topics.
Here are three of the key takeaways from our discussions:
On market conditions
The uncertainty that has dominated the headlines and political arena was very much mirrored at the breakfast table. Generally, though, our finance leaders are hopeful. The overall predictions for post-Brexit business are positive!
Many of our guests agreed that whatever the Brexit outcome, businesses will be boosted by a more certain and more predictable landscape:
- We could be looking at an investment boom in Q4 or Q1 2020 – several Asset Management firms across the UK and Europe have the capacity for substantial investment but have been waiting on a more predictable landscape.
- Professional Service firms such as Accounting and Legal practices continue to profit from the regulatory changes.
- Both high-end retailers and budget retailers have had a good year. The middle, however, has been squeezed out of the market and there are fears that households will suffer as a result.
- Food manufacturing and distribution firms will likely struggle to transition to the economic changes post-Brexit – small margin changes could be enough to tip these businesses into a loss-making position.
On diversification
Whether it’s financial services, recruitment, construction, tech or advertising, our guests isolated diversification as the key to their success in recent years.
It was noted that being overexposed in any market is a greater risk now than ever. A number of London firms have enjoyed unprecedented growth from expanding into niche markets that maybe would have been overlooked previously.
On talent management challenges
Finance functions have undoubtedly changed over the past decade – with more commercial and business partnering roles being valued by business leaders. With this demand higher than ever, there simply isn’t the talent available on the market to satisfy. This is a real challenge, with some of our guests stressing that it was important to be patient with young recruits and provide support, training and proper direction, to build the talent they require.
It was hoped that system and ERP improvements would increase efficiency and, in the long term, allow finance functions to operate with a lower headcount. Interestingly, it was agreed across the board, that even with new systems running to an optimum level, headcount is not dropping. Instead, there is a further requirement for junior staff to reconcile ledger work.
Do any of these hot topics resonate with you? Perhaps you know a great way of keeping staff engaged, or your view on the UK economy differs drastically to that of our guests?
Keep an eye out for our next event, scheduled for the end of Q3, if you want to have your say. We’re planning something special, so you don’t want to miss it!
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As the STEM sector continues to grow at a rapid pace, businesses are facing increasing challenges attracting and retaining top talent.
We're back! We're thrilled to announce the return of our interview series, Women in Law, where we shine a spotlight on the extraordinary women making waves in the legal world. Join us as we delve into their journeys, explore their challenges and triumphs and celebrate their remarkable achievements. Anna is a partner in the Herbert Smith Freehills LLP corporate practice in Dubai specializing in mergers & acquisitions, joint ventures and investments with particular focus on the Middle East. Anna is regularly involved in award winning and other high-profile transactions in the region that span a number of sectors. In addition to executing transactions in the energy and infrastructure sectors, Anna advises on digital infrastructure and TMT transactions. Anna studied law and obtained her master's in law from the University of Warsaw in 2005 and subsequently moved to the UK to pursue her career in law in London. She re-qualified as a solicitor in England and Wales in 2013. She spent over 13 years working for two US law firms in the City of London before moving to Dubai and joining Herbert Smith Freehills in 2018 as a senior associate. Anna was first promoted to of Counsel in 2023 and elevated to partner in May 2024. Anna is frequently commanded by her clients for her exceptionally pragmatic approach to transactions, enabling them to navigate complex legal challenges with ease. Why did you decide to pursue a career in law? I didn’t always know I wanted to be a lawyer. In fact, I considered other paths. At one point at a very young age, I even thought about joining the army – I admired the discipline and resilience it required, and honestly, some of those skills would be helpful in law, too! While I had considered pursuing an MBA immediately after completing my master's degree, I ultimately chose to move countries and requalify in the UK, believing that this path would provide me with the most meaningful opportunities to advance my career. Looking back on your career, what are some key moments that have helped or hindered you in getting to where you are? There have been many key moments, both positive and challenging, that have shaped where I am today. Early on, studying law in two different languages and legal systems and requalifying in a very competitive market in London was a significant hurdle and achievement, that taught me the value of determination, hard work and persistence. Ultimately, moving firms to prove myself further and eventually relocating to Dubai to accelerate my career were key decisions that allowed me to challenge myself in new ways and grow. On the flip side, there were times when I faced doubts about whether I belonged in certain rooms, especially being a woman in a traditionally male-dominated industry. But each obstacle has made me more determined and shaped my leadership style. Each of these steps has been part of my evolution, and over the years I have learned that resilience and adaptability are key to navigating any obstacle. My promotion to of Counsel and then Partner earlier this year were major milestones, and currently, I am the only female partner in the office, which is something I am incredibly proud of. Having said all that, I know I wouldn't have been able to achieve all this without the support of amazing colleagues and mentors along the way. Do you believe there’s a glass ceiling for women in the workplace, and has it changed? I do believe the glass ceiling still exists in many industries, including law, though progress is being made. I have experienced certain challenges in my career, but I have not faced prejudice based on my gender; I’ve always thought of myself simply as a lawyer, focusing on being the best I can be. Today, we’re seeing more women in leadership roles, and I am proud to be among them. Yet, women still encounter less visible challenges, whether in the form of bias, societal expectations, or balancing family life with a demanding career. While strides have been made, there’s more to be done. Through evolving recruitment practices, mentorship, diversity initiatives, and challenging outdated norms, we can create further change. I’m encouraged by the support women offer each other, and that keeps me hopeful that the glass ceiling will continue to crack. What do you think the legal industry can do to improve diversity & inclusion? The legal industry has made progress, but there’s still room for improvement. First and foremost, we need more than just diversity in numbers—we need inclusion at every level, where everyone’s voice is heard and valued. This can be achieved through better representation in leadership positions and by ensuring that recruitment practices are truly inclusive. Broaden recruitment criteria to include candidates with diverse life and career experiences will create a more inclusive environment and enrich teams with new perspectives. Mentorship and sponsorship programs for underrepresented groups can make a huge difference in retaining diverse talent. The industry also needs to focus on creating a supportive environment where people can bring their authentic selves to work without fear of judgment. As part of my new role, I make it a priority to champion diversity and inclusion, and I encourage others to do the same. What advice do you have for young women looking to make a career in your industry now? My advice to those starting their legal careers is that hard work is essential, but in today’s world, it’s also crucial to be resilient, proactive and open-minded. The legal world is evolving, so it’s crucial to stay alert to change and seek out opportunities, even if they’re outside your comfort zone. Your career may not be a straight line, it may have twists and turns, but each step, whether a success or a setback, adds to your growth. The most successful lawyers are often the ones who are authentic and have taken unique paths to get where they are. Success is as much about resilience and adaptability as it is about effort. Focus on building core skills and surround yourself with a network that supports and challenges you. And, most importantly, stay true to your values and who you are.
Innovation thrives on diverse perspectives. Yet, women still hold only 27% of STEM (Science, Technology, Engineering and Mathematics) jobs , despite them making up nearly half of the workforce. That’s a massive gap, and if your business isn't working to close it, you're missing out on untapped potential, fresh ideas and a stronger competitive edge. But don’t worry – we’re here to help! We’ve been catching up with inspiring women in the STEM and diversity and inclusion space, asking them that one question the STEM industry has grappled with since its foundation – what can businesses be doing to attract more females into the sector? So here it is, a guide for women in STEM – by women in women in STEM. Sure, we’ve come a long way (back in 1970, only 8% of STEM roles were held by women), but progress has slowed, and serious challenges remain. Women in STEM earn only 74% of what men in similar roles do, and many face roadblocks like pay gaps, fewer leadership opportunities and unconscious bias. As progress in closing the gender gap has slowed, businesses must take decisive action to attract and retain more women in STEM roles to foster a more inclusive and innovative environment. It’s time for businesses to step up. So, without further ado, here’s what women in STEM say are vital for attracting more females to the industry: 1. “Implement female mentors” Attracting female talent is only half the battle - keeping them engaged and helping them grow is just as important. Racing TV Sports Presenter and Women in Tech advocate, Sophie Brown, says, “I would encourage businesses to implement mentors, but also encourage women to find external mentors too. While an internal mentor can give you confidence and leadership skills, there is serious value in having an external mentor, giving you more freedom to explore advice with zero bias ” . “More female mentors in the STEM space means creating a warmer and more welcoming environment for women entering the industry. I had to go out and find mentors for myself when I first started out, but now there are incredible mentorship programmes available to businesses”. Sophie is also known for her appearance on the Channel 4 show, Married at First Sight , where she stood up to body shaming contestants and spoke out about the misogynistic side of fame. “As females in the industry, we need to speak up more about our experiences and anecdotes,” Sophie says. “More visibility of inspiring women in STEM will encourage others to take the leap and explore.” It’s clear that implementing mentorship programs for women is essential for businesses to give females a voice, support their career growth, and foster a more inclusive and innovative workforce. Businesses should also work harder to highlight the success of female colleagues to inspire others into the industry. 2. “Rethink your culture” Justine Craston, former Diversity, Equity and Inclusion Practitioner at Dojo , says her number one piece of advice to businesses is to, “be VERY intentional about how you are driving ‘Inclusion’ in your Diversity, Equity and Inclusion practices ” . Building a more inclusive workplace in the Science, Technology, Engineering and Mathematics sector doesn’t happen by accident. It takes active work. Justine maintains this starts by curating a culture of psychological safety. “Be curious”, Justine says. “It’s much better to ask about an employee’s experience than to avoid the subject… It never hurts to give someone the opportunity to be listened to”. Businesses that actively support diverse voices will attract, retain and inspire female talent. Justine also suggests working with Employee Resource Groups (ERGs) to “drive belonging and inclusion”, as well as being a great platform to connect and share experiences. 3. “Redesign ‘flexibility’ and parental benefits” Biased hiring processes often unintentionally deter women. Flexible work options like remote roles or flexible hours can make a big difference for women balancing career and family. Joan Iwuoha, Product Manager at HNG Tech , says, “Mothers in STEM are constantly juggling work alongside family. To accommodate them, businesses should have options like flexible work hours and remote work ”. Companies including Next , Morgan Stanley and Toyota even have on-site nurseries charging competitive rates, some via a salary sacrifice scheme. This work benefit is currently extremely rare, despite 71% of working mothers having children under 4. Joan says that on-site childcare “takes away the stress from mothers in STEM and will encourage more females who plan to have a family into STEM roles ” . 4. “Build a clear pathway for growth and leadership” Women are more likely to pursue STEM careers if they can see themselves succeeding. Promoting and celebrating female leaders - both inside and outside your company - creates visible proof that the future of STEM is diverse. Former Client Operations Manager in the SaaS world, Luciana Alemanno-Frankson, says, “Many women look for opportunities where they see a strong possibility of progression, mentorship and leadership development. It’s not just about hiring more women, but ensuring they have the tools and support to thrive and grow within the organisatio n” . Authentic role models are bound to inspire current employees and the next generation of female innovators. Luciana says on the topic, “Providing access to female role models in senior positions and ensuring diverse voices are actively included in decision making can be a strong draw for women considering a career in STEM ” . By creating an environment where growth and leadership are accessible, companies can create a lasting impact, empowering women to envision and achieve long-term success in STEM fields 5. “Close the pay gap” Women in STEM make around $66,200 annually compared to men’s $90,000 in the US, and in the UK, on average, females in STEM earn around 19% (or £12,000) less than men. Presenter, Sophie Brown, says on the subject, "For businesses, transparency from senior leadership is important so that everyone knows where they stand, and more conversations around salary negotiations and instilling confidence need to be had. To female candidates – know your worth and schedule in a pay review as soon as you accept the role to make sure it’s solidified in. Your salary is your livelihood – it should never be underestimated!” Empowering women to advocate for their worth begins with a culture of transparency and support. When businesses actively promote equal pay opportunities and encourage open conversations about compensation, they create an environment where every woman feels valued and confident in asking for what she deserves. 6. “Inspire future generations” “It’s our responsibility to engage Gen Z and Gen Alpha by showcasing pathways to fulfilling STEM careers ” , says female Director at an IT talent solutions firm. “We need to create workplaces that align with their values, making STEM roles more attractive and relevant to their priorities.” If businesses want more women in STEM, they should start at the source. Partnering with schools and universities to support scholarships and internships will help to target young women. Sponsoring coding boot camps, summer programmes or apprenticeships can also build excitement about STEM careers early on. She also points out that, “Commitment to change needs to start from the top. Businesses need to ensure representation at all levels of leadership in order to inspire young women entering the STEM workforce. Lily Spokes and Clara Schmitz, from IT Services and Consulting business Pace Integration , agreed, stating that their "number one piece of advice to businesses is to hire more women into leadership positions. Having great role models will inspire future generations into STEM.” So, there you have it. The talent gap in STEM is real - and closing it is more crucial than ever for businesses that want to be industry leaders. Creating an inclusive workplace, addressing pay gaps, and investing in the development of female talent aren’t just the right things to do - they’re smart business decisions. Now’s the time to lead the change. What will your business do to enable women to thrive in STEM? Interested in learning more about how to attract more women in STEM? Talk to our Client Services Consultant in Tech, Amy Glynn today! -------------------- We're committed to enabling our clients and candidates to thrive in a constantly changing world. By helping businesses grow and supporting people in leading more fulfilling lives both at work and beyond, we aim to make a lasting impact. Our ultimate goal is to become the world’s most valued and trusted workforce solutions company, trusted by our people, our clients and our communities. References: Home of Technology News Pew Research Center https://www.census.gov/library/stories/2021/01/women-making-gains-in-stem-occupations-but-still-underrepresented.html https://www.stemwomen.com/job-market-for-women-in-stem https://yulife.com/blog/top-10-companies-for-childcare-and-working-parents/ https://www.aauw.org/resources/article/fast-facts-working-moms/ https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/familiesandthelabourmarketengland/2021#:~:text=4.,employment%20than%20full%2Dtime%20employment .