Name: Empower the next generation of women leaders
Uploaded: 2023-09-04T13:39:09.901Z
Duration: 602.93
Description: Despite the fact that female-led companies perform better, they are not sufficiently supported. According to McKinsey's "Women in the Workplace 2021" report, women remain significantly underrepresented across the corporate ladder. Michelle Tran, Founder of NYC Fintech Women, shares her insights on how and why women should be supported.

Empower the next generation of women leaders Final.mp4

empower the next generation of women leaders.vtt

English

{{00:00:00}}
Why do companies with female founders
or female leaders do better is one.

{{00:00:05}}
We just bring, a different perspective.

{{00:00:07}}
Right?

{{00:00:08}}
So diversity in perspective in general
is very important when you think about

{{00:00:11}}
business growth and business opportunity.

{{00:00:13}}
And so women are able to bring a
different perspective to the table.

{{00:00:17}}
I think that's absolutely number one.

{{00:00:19}}
Number two is how do we continue
to change that culture though?

{{00:00:22}}
Right?

{{00:00:22}}
It's, it's a very different culture.

{{00:00:24}}
It's  we see is we see a lot of women in
Fintech in operator roles, we see a lot

{{00:00:30}}
of women in FinTech in analyst roles.

{{00:00:32}}
But what we don't see is a lot
of women in leadership roles and

{{00:00:36}}
that continues to be a problem.

{{00:00:39}}
We need to continue to one, be
very vocal about this issue in

{{00:00:43}}
order to raise it even more.

{{00:00:45}}
We, as women also need to, we
need to proactively push that

{{00:00:49}}
question with our leadership.

{{00:00:51}}
So I also run through besides NYC
FinTech Women, I run enterprise

{{00:00:55}}
sales and partnerships for a digital
401k platform called Vestwell.

{{00:00:59}}
Okay.

{{00:01:00}}
Part of what I do at Vestwell too is
not just my day job, isn't just, you

{{00:01:04}}
know, to bring in the enterprise deals.

{{00:01:05}}
But it's also to ensure that our firm
is thinking about the makeup of our

{{00:01:09}}
firm to really bring in that diversity.

{{00:01:11}}
And so I've taken on as my role
to say, Hey, how do we, how do we

{{00:01:14}}
continuously think about bringing
women into leadership roles?

{{00:01:17}}
How do we continue to think about
other diversity and leadership roles?

{{00:01:20}}
So it has to be a very intentional
and focused conversation.

{{00:01:24}}
If women help companies thrive,
why are we still not seeing enough

{{00:01:29}}
of them in the boardroom or as
leaders in their organizations?

{{00:01:33}}
Representation.

{{00:01:34}}
When we just had this conversation
on the panel is the last year

{{00:01:40}}
was a record funding year.

{{00:01:41}}
There was 330 billion dollars that
went in from VC, institutional

{{00:01:46}}
VC money into companies.

{{00:01:49}}
Sadly though, only 2% of that went
into female  founded companies.

{{00:01:55}}
And that is actually a, a
decline from the previous year.

{{00:01:58}}
So, and it wasn't that,
that big of a decline.

{{00:02:01}}
It was about 2.8 in the previous year.

{{00:02:03}}
And it went to 2%.

{{00:02:05}}
Females are 50% population.

{{00:02:07}}
We should be somewhere
way above the 2% mark.

{{00:02:11}}
It's all about representation.

{{00:02:12}}
So when you think about companies that
are giving that money, people that are

{{00:02:15}}
sitting on the boards, who are they?

{{00:02:17}}
what's their makeup?

{{00:02:18}}
Are they looking beyond themselves?

{{00:02:19}}
Are they looking beyond
their personal networks?

{{00:02:22}}
And most times the answer is no, there has
to be a driver that makes them do that.

{{00:02:27}}
California had passed legislation
that would require companies to

{{00:02:32}}
actually have a female on the board.

{{00:02:34}}
That legislation has
actually been reversed.

{{00:02:38}}
Very recently in the past
couple of days, which is sad in

{{00:02:40}}
Europe, there's legislation that
requires women to be on boards.

{{00:02:43}}
Sometimes you need that push in
order to see that representation.

{{00:02:46}}
So the first problem that we really
need to fix is representation.

{{00:02:49}}
And we talked about this on the
panel was when you look at VC firms

{{00:02:53}}
and who are their partners, who are
their decision makers when you think

{{00:02:56}}
about funding and giving money?

{{00:02:58}}
They typically look one way,
you know, and I'm gonna say it,

{{00:03:01}}
they're usually white males.

{{00:03:03}}
And so how do we change
that narrative, right?

{{00:03:05}}
We need to bring more women who
can, who make that decision to

{{00:03:09}}
give that money to female founders.

{{00:03:11}}
We need to make it that journey
to be a female founder easier.

{{00:03:15}}
We need to de-risk it.

{{00:03:16}}
We may need to make it less lonely.

{{00:03:18}}
We need to provide all
the support around it.

{{00:03:20}}
So there's a lot, there's a lot we
need to do, but I think it really

{{00:03:24}}
starts on that representation piece.

{{00:03:26}}
And as a female leader yourself, have
you had any challenges when it comes to

{{00:03:29}}
supporting and cultivating other leaders?

{{00:03:32}}
I have a story.

{{00:03:34}}
I don't know if I want say it's a
funny story, but it's quite a story.

{{00:03:37}}
So a previous firm that I was at, I
went in, I wanted to start a woman's

{{00:03:42}}
group within this firm because I
find it very important that we,

{{00:03:45}}
we come together as a community.

{{00:03:46}}
We need to build our own personal board.

{{00:03:48}}
And the woman who led the people
team or led HR at the time

{{00:03:53}}
wasn't really supporting my idea.

{{00:03:56}}
And it was because she said
that they, they didn't wanna

{{00:03:58}}
discriminate, the men at the company.

{{00:04:01}}
And so I think, you know, I remember that
conversation very clearly in my head.

{{00:04:05}}
And I think I just paused and
I didn't know what to say.

{{00:04:08}}
I was like, you don't wanna support women
because it's gonna discriminate men.

{{00:04:13}}
Let's think about the history, right?

{{00:04:15}}
We do need to have these
organizations, it's better one

{{00:04:18}}
from a business perspective.

{{00:04:20}}
We wanna be able to support
the women in the organization.

{{00:04:23}}
And so those are some of the challenges.

{{00:04:26}}
I wasn't really, I paused cause I
didn't know what to say to that.

{{00:04:29}}
And where were there any female leaders
that supported you on your journey and

{{00:04:34}}
maybe what did that experience look like?

{{00:04:36}}
A hundred percent.

{{00:04:37}}
And I am a big believer.

{{00:04:39}}
This is something that we say
all the time at NYC FinTech.

{{00:04:42}}
Is that you need to build your
own personal board, right?

{{00:04:44}}
So your, your board directors, they're
there with different experiences, you

{{00:04:49}}
know, different backgrounds and they're
helpful to you in so many different ways.

{{00:04:53}}
And so throughout my career, I've built
this great group of women or groups

{{00:04:57}}
of women who help in different ways.

{{00:05:00}}
And I've had a thousand women who
have been more than just say, as

{{00:05:04}}
a mentor, they've been a sponsor.

{{00:05:05}}
So a sponsor's very different, right?

{{00:05:07}}
A sponsor, it's very different than a
mentor where they are the ones that raise

{{00:05:10}}
their hand and say, "Okay, Michelle, I
know you're gonna be great at this job.

{{00:05:13}}
And I'm gonna tell this person
that you're great at this job.

{{00:05:16}}
And I'm not just gonna give you advice.

{{00:05:17}}
I'm actually gonna go and
make that happen for you".

{{00:05:19}}
And I've had, you know a previous
manager of mine at, when I worked

{{00:05:24}}
at BlackRock, she was amazing.

{{00:05:26}}
You know, she raised her hand for me many,
many times and spoke out for me and people

{{00:05:31}}
within, you know, kind of the industry.

{{00:05:34}}
And so it's really important for One to
continue to seek people, not just women,

{{00:05:38}}
but seek people who can help you with that
your own career narrative, your journey.

{{00:05:45}}
But making sure you do so in a way that
you're also giving back to them, right?

{{00:05:49}}
Like, and so I'm in a position
now where I can also help women

{{00:05:52}}
and stick my head out for them.

{{00:05:54}}
And we were talking about this
again at the panel was that's

{{00:05:57}}
how you built the community.

{{00:05:58}}
Is that it's, there's sometimes an
ask, but there's always a gift too.

{{00:06:03}}
You wanna do both.

{{00:06:04}}
And that's how you build
those strong relationships.

{{00:06:06}}
And so building your personal
board is, is so important when

{{00:06:10}}
you think about progression in
any type of business or career.

{{00:06:13}}
And, you know, as we know, Gen Z are
a completely different generation,

{{00:06:17}}
they have different expectations,
they have different values.

{{00:06:19}}
So when it comes to, you know,
the leaders of today supporting

{{00:06:23}}
this next generation of leaders,
what are the potential,  you know,

{{00:06:28}}
adjustments that might need to be made.

{{00:06:30}}
I think it's one of just being
very super intentional about what

{{00:06:35}}
is that diversity makeup that you
expect at a company and you have to

{{00:06:39}}
raise the uncomfortable questions.

{{00:06:41}}
You know, in our company I'm hiring for
a role, it's a relatively junior role.

{{00:06:46}}
And unfortunately the candidates
I've seen are not very diverse.

{{00:06:51}}
And so I've had a very open front
conversation with our recruiting team

{{00:06:54}}
to say, I want diversity in candidates.

{{00:06:57}}
How do we find them?

{{00:06:58}}
We need to just change what
we're doing on a regular basis,

{{00:07:01}}
because they're not showing up.

{{00:07:02}}
Like we need to go out and find them.

{{00:07:04}}
And so I think from a Gen Z perspective,
it's one being very intentional in the

{{00:07:08}}
conversation, being ready to have those
uncomfortable conversations, but doing so

{{00:07:13}}
in a way that makes business sense, right?

{{00:07:17}}
Because there's a lot of stats
of why diversity in a company

{{00:07:20}}
does support business growth,
does support business success.

{{00:07:24}}
And you know, how do you
tie that back together?

{{00:07:27}}
So, I guess, to, to finish off what would
be your advice for maybe younger women

{{00:07:32}}
who are sort of fresh out in their career?

{{00:07:34}}
And like, that sounds great.

{{00:07:36}}
They're watching this and they're thinking
like, I would love someone who would

{{00:07:39}}
sponsor me, but maybe they don't have
that around them or they don't really

{{00:07:42}}
know, like, how do I go about finding
someone that really will, will advocate

{{00:07:45}}
for me and equally, like, maybe they
feel like, what would I give them back?

{{00:07:49}}
How do I know that I
have something of value?

{{00:07:52}}
Any advice for those people?

{{00:07:53}}
One is just don't be shy.

{{00:07:56}}
I think people feel, you know,
especially as you're starting out,

{{00:08:00}}
you don't know how you can give back.

{{00:08:02}}
You don't know who to reach out to.

{{00:08:04}}
You'd be surprised at how people
respond to people who are starting out.

{{00:08:09}}
You know, after being in a
career for 10, 15 years, we

{{00:08:12}}
all wanna get back in some way.

{{00:08:14}}
And so I have people who at cold
outreach to me on LinkedIn, and

{{00:08:17}}
I'm really happy just to have a
30 minute conversation with them.

{{00:08:20}}
Whatever they want to talk about.

{{00:08:22}}
It's amazing.

{{00:08:22}}
And, you know, I don't always
expect to give, but the ones that

{{00:08:26}}
I always appreciate the ask is
like, well, how can I help you?

{{00:08:28}}
Like, are you looking to fill a role
that I can recommend some friends?

{{00:08:31}}
Or are you interested in
talking to this company?

{{00:08:35}}
Or, you know, is there anything I
can help you talk about even right.

{{00:08:38}}
Having a fresh perspective, no matter what
level you're at is always very beneficial.

{{00:08:43}}
So that would be my number one
thing is just, don't be shy.

{{00:08:45}}
Just  go ahead and reach out.

{{00:08:47}}
I know it's intimidating.

{{00:08:48}}
I'm shy a lot of times.

{{00:08:50}}
And so for me to reach out
randomly to someone can be shy

{{00:08:53}}
or, or find a warm intro, right.

{{00:08:55}}
And then network and network.

{{00:08:57}}
I think people early in their career
and  this is me a lot of the times was

{{00:09:02}}
I'm just gonna work really hard and I'll
get promoted and I'll find that company.

{{00:09:05}}
And that's true.

{{00:09:06}}
You need to work hard to prove
yourself, but you also do

{{00:09:08}}
need to absolutely network.

{{00:09:09}}
And it's all about the people you
know,  outside of my very first

{{00:09:14}}
job, I have not found a job online
or because I've applied somewhere.

{{00:09:19}}
It is because of who someone I
know has recommended me or someone

{{00:09:24}}
I know has heard me on a podcast.

{{00:09:27}}
And so there's, it's just, so
it's more important these days in

{{00:09:32}}
terms of building that community.

{{00:09:33}}
And having  that network.

{{00:09:35}}
Thank you, Michelle, for joining us
today, it's been an absolute pleasure.

{{00:09:37}}
Thank you so much for having me and
I, I do hope the next time we sit down

{{00:09:40}}
that two percent stack is no longer
2% and it's a lot higher than that.

{{00:09:45}}
I hope so, too.

{{00:09:46}}
Thank you so much.

{{00:09:47}}
Thanks.

Why do companies with female founders
or female leaders do better is one.

So diversity in perspective in general
is very important when you think about

business growth and business opportunity.

And so women are able to bring a
different perspective to the table.

Number two is how do we continue
to change that culture though?

It's  we see is we see a lot of women in
Fintech in operator roles, we see a lot

But what we don't see is a lot
of women in leadership roles and

We need to continue to one, be
very vocal about this issue in

We, as women also need to, we
need to proactively push that

So I also run through besides NYC
FinTech Women, I run enterprise

sales and partnerships for a digital
401k platform called Vestwell.

Part of what I do at Vestwell too is
not just my day job, isn't just, you

But it's also to ensure that our firm
is thinking about the makeup of our

And so I've taken on as my role
to say, Hey, how do we, how do we

continuously think about bringing
women into leadership roles?

How do we continue to think about
other diversity and leadership roles?

So it has to be a very intentional
and focused conversation.

If women help companies thrive,
why are we still not seeing enough

of them in the boardroom or as
leaders in their organizations?

When we just had this conversation
on the panel is the last year

There was 330 billion dollars that
went in from VC, institutional

Sadly though, only 2% of that went
into female  founded companies.

And that is actually a, a
decline from the previous year.

So, and it wasn't that,
that big of a decline.

We should be somewhere
way above the 2% mark.

So when you think about companies that
are giving that money, people that are

Are they looking beyond
their personal networks?

And most times the answer is no, there has
to be a driver that makes them do that.

California had passed legislation
that would require companies to

That legislation has
actually been reversed.

Very recently in the past
couple of days, which is sad in

Europe, there's legislation that
requires women to be on boards.

Sometimes you need that push in
order to see that representation.

So the first problem that we really
need to fix is representation.

And we talked about this on the
panel was when you look at VC firms

and who are their partners, who are
their decision makers when you think

They typically look one way,
you know, and I'm gonna say it,

And so how do we change
that narrative, right?

We need to bring more women who
can, who make that decision to

We need to make it that journey
to be a female founder easier.

We need to provide all
the support around it.

So there's a lot, there's a lot we
need to do, but I think it really

And as a female leader yourself, have
you had any challenges when it comes to

supporting and cultivating other leaders?

I don't know if I want say it's a
funny story, but it's quite a story.

So a previous firm that I was at, I
went in, I wanted to start a woman's

group within this firm because I
find it very important that we,

And the woman who led the people
team or led HR at the time

And it was because she said
that they, they didn't wanna

And so I think, you know, I remember that
conversation very clearly in my head.

And I think I just paused and
I didn't know what to say.

I was like, you don't wanna support women
because it's gonna discriminate men.

We do need to have these
organizations, it's better one

We wanna be able to support
the women in the organization.

I wasn't really, I paused cause I
didn't know what to say to that.

And where were there any female leaders
that supported you on your journey and

maybe what did that experience look like?

This is something that we say
all the time at NYC FinTech.

Is that you need to build your
own personal board, right?

So your, your board directors, they're
there with different experiences, you

know, different backgrounds and they're
helpful to you in so many different ways.

Expert Insight

Despite the fact that female-led companies perform better, they are not sufficiently supported. According to McKinsey's "Women in the Workplace 2021" report, women remain significantly underrepresented across the corporate ladder.  
Michelle Tran, Founder of NYC Fintech Women, shares her insights on how and why women should be supported.

Leadership

Diversity

Talent management

Networking

Next generation

small_1544803571258.jpg

thumbnail_1544803571258.jpg

xsmall_1544803571258.jpg

1544803571258.jpg

Michelle Tran 

Founder

Business growth requires a diversity of perspectives. Changing culture is, however, very difficult. It is important that women speak up about diversity issues and advocate for change.

Female leaders lead to success

In highlighting how little money is spent on female-founded companies, Tran emphasises how representation is a very critical issue. The journey of female founders should be supported more and legislation changes can help along this road.

Representation is the issue

You need to build your own personal board and strong relationships with other women in your industry to thrive in your career. 

Women support women

Be ready to start uncomfortable discussions around diversity issues in your company to support and lead the younger generation. 

Next generation's leaders

Tran talks about two pieces of advice in this part of the interview: "Don't be shy" and "Build your network".