Doing the Math
One expert tells us how to multiply the number of women in finance
Just over a decade ago, Teen Talk Barbie uttered the phrase "Math is hard!" Mattel was soon vilified and the doll pulled from store shelves. The myth that little girls don’t have a head for numbers was fading into oblivion. And yet, nowadays, job equity for women in finance remains as yet unachieved. A recent survey by the executive search firm Korn/Ferry found that three-quarters of women in finance respondents said they’d been personally affected by a perceived glass ceiling in their workplaces.
We spoke with Helen M. Galt, senior vice president and chief actuary for Prudential Financial, to gain a better understanding of this disparity and how her company is making inroads in diversity hiring and retention.
Q. Women are now in the majority in both the workforce and as consumers. So why is there such a dearth of women in the financial field?
A. It has always struck me as ironic that women control most of the purchasing decisions in the United States, yet that practical economic acumen has not yet translated to playing strategic, decision-making roles in the financial field. We must start the process of encouraging little girls to excel at math and other technical subjects in grade school, and continue that encouragement throughout the educational and socialization process. And, of course, the current workplace must retain the women who have already chosen to enter the field by recognizing and supporting the unique work-life balance issues that women have.
Q. How has Prudential sought to bolster the women among its ranks?
A. Our "Women in Finance" group was formed several years ago to provide an additional support structure for women who work in the finance organization in Prudential Financial. Our group quickly expanded beyond the financial management departments. Today, our programs are offered to all employees, female and male, across all disciplines within the company. Our original objectives were to provide leadership development and skills-building sessions for women, as well as opportunities for informal networking. While our meetings have been very successful (our typical attendance is 300-400 people, mostly women), we are focusing more attention on active networking and mentoring, in addition to continuing large-group programs.
Since 2000, as part of the Women in Finance program, Prudential has led the way in terms of educating women about how to take charge of their finances—both inside and outside the company. In April 2006, we will launch an educational platform in three locations in the US that focuses on teaching women how to manage two very important aspects of their lives: their money and their health.
“I believe strongly that all of us women have a responsibility to encourage and support other women who have entered, or are considering entering the financial field.”
Q. Are more women nowadays becoming chief financial officers?
A. I don't have industry-wide statistics, but my personal experience is that finance functions seem to be heavily male-dominated. One of the objectives of Women in Finance is to increase the number of women, and certainly the number of women of color, who can compete successfully for chief financial officer, chief investment officer, chief risk officer, and other important financial or technical roles. I believe strongly that all of us women have a responsibility to encourage and support other women who have entered, or are considering entering, the financial field.
Q. How does Prudential seek to attract, hire and retain diverse employees?
A. Prudential Financial is very committed to hiring, developing and retaining a diverse workforce, not only because it's the right thing to do, but also because it makes good business sense. While it's not possible to name all of the company's activities in this interview, they do include: actively pursuing a diverse slate of candidates for job openings at both entry-level and advanced levels; creating meaningful development plans for all employees; reviewing hiring, transfer, promotion, and voluntary and involuntary termination statistics to monitor the progress of diverse employees; supporting a wide range of work-life balance programs and other support services; and generally encouraging a culture in the organization that gives all employees the chance to succeed.
Q. What work-life balance programs does Prudential utilize?
A. These programs are especially important to women. We offer various work arrangements, such as very flexible work hours, telecommuting, part-time employment, job sharing, and leaves of absence. Some of our locations provide on-site day care. I want to emphasize that even high-level executives at Prudential take advantage of these arrangements.
We recognize and provide support for important family and personal issues such as caring for aging parents or special-needs children or coping with those difficult teenage years. And, as I mentioned, Women in Finance has recently offered a couple programs on financial planning for women because our surveys showed that women need more information and more help in planning for their future, no matter what their stage of life.
Q. Anything beyond work you'd like to share with readers?
A. I would like to think that my husband and I have done a good job of raising our daughter so that she has the educational background, the interpersonal skills, and perhaps, most important, the self-confidence to succeed both personally and professionally. She recently decided to enter a traditionally male-dominated field by becoming a stock broker.
Helen M. Galt was named Company Actuary by the Prudential Board of Directors in April 1993. As Company Actuary, Helen has actuarial oversight responsibility for all actuarial functions in The Prudential and its subsidiaries. She periodically reports to the Board on dividends, reserves and other actuarial matters. Helen is also responsible for product risk management and enterprise insurance programs.
In her previous job, Helen had been elected President of Prudential’s wholly owned subsidiaries, Pruco Life and Pruco Life of NJ in February 1991. As head of Pruco, she was responsible for the staff that managed variable and interest sensitive-life products and all individual annuity products. Prior to that assignment, she was Vice President and Associate Actuary in the Actuarial and Product Development department in Newark, New Jersey.
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