How plan sponsors and public sector employers can ensure women are represented and treated equally

In honor of Women’s History Month, we celebrate the impact women have made in our lifetime. Yet despite the progress, there are still biases and disparities that we encounter. Whether these are unconscious or not, bias makes it difficult for women to move ahead. Knowing that bias exists isn’t enough, action is needed to level the playing field. This year’s theme — #BreaktheBias —spotlights the individual and collective biases against women that fuel gender inequality. While we have been moving in the right direction, there is much more to do. For example, if you consider the fact women are still facing a pay gap, you wonder why this is still the case. This is one area where we can see the ripple effects of pay disparity.  These are far-reaching, leading to retirement inequity and retirement insecurity for women.

Retirement is the single largest financial objective we have in our lifetime, and for women it is even a greater hurdle.  As a woman, and the CEO of a financial services company focused on serving the retirement needs of those working in public service, this is very personal to me. Women make up half the workforce and control one-third of U.S. household financial assets. Yet, they earn, on average, 84 percent of what men make and hold fewer leadership roles. Because they assume the lion’s share of parenting and caregiving, they are absent from the workforce longer than men. Women also live longer than men, meaning they require even greater assets to retire. There are actions leaders can take to address this difference by creating opportunities for women to ensure the playing field is balanced. This is not just good to do, it’s good for business. According to McKinsey & Company data, $4.3 trillion can be added to the country’s economy if gender parity is reached by 2025.

Like many women leaders who work in male-dominated industries, I have seen, and experienced women being talked over, passed over and denied the proverbial seat at the table. My biggest disappointment – that after several decades not enough has changed – is also my biggest motivator.  For me as a leader and for the people we serve, I am focused on the growing importance of financial wellness, community and health, and how they intersect. That extends to women, and the importance of a diverse workforce and leadership team. This also translates to a more balanced approach to diversity and company performance. MissionSquare Research Institute reports that having a diverse workforce yields a 56% improvement in employee job performance. Across the board there are benefits to be gained.

When I was putting together my leadership team at MissionSquare Retirement, I looked for expertise, experience and skills. Over the course of my 35-year career, I have built a network that is able to identify top talent. It so happens that includes a significant number of women, and today my leadership team is nearly 75 percent female. I am proud of what we are building at MissionSquare Retirement.  I am also beyond inspired by the courageous women I see every day, who are continuing to excel, do outstanding work and build their skills despite the biases they encounter.

So how do we move to eliminate this gap? Solving for this can seem like trying to boil the ocean when we think of all the socioeconomic, gender, race, representation, and educational opportunity issues that contribute to the disparity. That said, there are steps that all of us can take to help drive change and break the bias. 

• Create mentorship programs, encouraging women and men to be mentors for future leaders. Representation matters. If women in your organization can’t see other women leaders, it’s harder for them to see themselves being one. 
• Create peer groups. In addition to building networks and mentor connections, a women’s affinity group can help women focus on the “can” versus the “cannot.” Women, more often than men, will not apply for bigger roles or promotions unless they can check every box on a job description whereas men are more likely to apply if they meet most of the requirements. Helping women focus on what they can deliver immediately, in the near term and in the long term as they acclimate to a role can help address this.
• Actively knowledge share and coach. Women can struggle with “imposter syndrome.” My most important piece of advice is to learn to trust yourself and have confidence in what you know and what you can do. I spent way too much time early in my career thinking male colleagues must be right because they said something more assertively. I would second guess myself, only to find out my original thinking was correct. 

To build a more diverse and dynamic team, I recommend the following approach:

• Motivate with Purpose: Let your teams know what you stand for, share your own experience and how you overcame them, offering ideas to share and contribute to the mission, whatever that north star might be.
• Empower: Bring the right people and teams together and give them the space to do what they do best.
• Trust: Have confidence in your team and trust them to succeed.
• Dare to Dream: Embrace the idea that it’s ok to push the norm, abandon self-doubt, stay resilient and never give up. 

As a female leader, I take the obligation to support other women seriously as we continue to drive the path forward. By helping each other, we can accomplish anything. I encourage my fellow leaders to do the same.

Lynne Ford is CEO and president of MissionSquare Retirement.