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5 THINGS WE LEARNT AT BAME TALENT - BREAKING THE BARRIERS
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ADDRESSING THE IMBALANCE: KEY FINDINGS FROM OUR GENDER PARITY SURVEY
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blogCHANGE MANAGEMENT AND THE FUTURE OF HR
about 2 months agoFor the past six months, if you work in HR, you might feel as though you haven’t had a moment to come up for air. The HR department has been at the forefront of adapting policies, managing employee wellbeing and putting out fires amidst the pandemic. That’s why we hosted our recent panel to see what changes HR is facing and how to better prepare yourself. Ed Chamberlain, the founder of Altus and co-host Lucy Chamberlain, founder of C&C search, were joined by a brilliant panel including: Rachel Patterson, Human Resources Consultant Sally Miles, Business Consulting, People Practice & Development at TWYO CONSULTING LtdWe’ve highlighted some of the key questions you asked during the session and our panellist's answers. How can HRs encourage more traditional leadership teams to embrace remote working? Rachel: This is a global conversation that I’m having. How can we take this ‘new normal’ and make a lasting change in the office? It’s about how we address or position the justification for working from home. The key is building on the trust that has formed in the last few months and using that trust to move forward for lasting change. I like to twist the argument on its head. People often say that the argument for WFH is reduced costs and people being happier. The question is how can we motivate our employees and how can we retain and engage them – WFH from home wins on that. Sally: For me, it’s about the bottom line and the impact. For a lot of us, we’re working with leaders who are less concerned in engagement and culture and care more about the bottom line and shareholders. There are effective ways to manage costs and facilities when working remotely. You can easily attribute it to the bottom line and that’s a business angle to go in on. When it comes to managing those old fashioned working mindsets, you need to hold the mirror up to leadership and those boards. Ask them what or why do you want employees in the office and around you? Is it for the sake of the employees or the ego of leaders? I work with one organisation where I’ve implemented a tool called Office Vibe. It gives real-time engagement surveys, which we can make bespoke to different areas of change and that gives us feedback. Since doing this, and working from home, the engagement levels have shot up. We now have all the data and rationale to build a business case when talking to the leadership team. It comes back to a knowledge of how your team best wants to work and engage. It’s been fantastic for us. 90% of people don’t want to come back to the old way of working. Only 2% wanted to come back to the way things were and one of those was the CEO.In this strange time, what key actions should HRs focus on? Rachel: People are going to remember how you made them feel during this time. Don’t worry about every communication or policy being perfectly right. It’s about getting out there and doing good stuff that is going to boost morale. For me, a key focus I have is upskilling my managers to make them more comfortable with building connections. The pandemic has extenuated the areas when managers aren't communicating. Anxiety is high for everyone, so I would say the advice is to communicate and encourage managers to talk to their team and not just about work. Check how they are, how things are and ask ‘how can I support you’. Sally: Technology is king right now. Despite the horrific situation, L&D has pivoted quickly. Moving online means you can continue to upskill staff. Tech is also great for wellbeing, surveys of engagement, webinars. We can use tech more effectively than we did before and HR pros should run with that.How do you manage culture-shifting with lots of people WFH?Sally: Trust is the biggest issue. With any policy put in place, there needs to be a framework. Whether that’s set hours or days that people are working, they like a sense of structure and belonging. It's also about measuring people on output. Decide as an organisation what that is and then allow people to work in that framework the best way they can. Rachel: It’s important to recognise the environment. Facebook, for example, gave everyone a Friday off just because it’s been difficult. I’ve had clients stall quarterly performance reviews, saying they’ll push them back to just the end of the year because they’re stressful. It’s about recognising the environment and pivoting HR policies. How do you deal with people's fear of coming back to the office? Sally: There are guidelines with social distancing and risk assessments to manage the return. But it’s also understanding fear and investing in staff where you can. I have some clients who can pay for their staff to get taxis so they don’t have to rely on public transport but not everyone can do that. I listen to Kevin Gaskell, he’s a turn-around guru. He turns businesses around by taking the vision and breaking it down into manageable chunks. For example 100 day plans, or even further. That way every success, every milestone is communicated. How do you think the role of the HR will change post-COVID? Sally: HR needs to understand business revenue, bottom line and the customer. There is a real opportunity for HR pros to step-ups and be confident and open and honest with opinions. Take on the responsibility to understand commercials of the business and the economics of how the business may change. When HR understands the bottom line, they have more impact and bring about more confidence in leaders and staff. What are the key skills to improve yourself in HR?Sally: One of the great things about not commuting means I can read and learn more. Read the Harvard Business Review, look at Quartz. Mckinsey reports and try listening to podcasts to keep learning and ask your network if you have questions. Rachel: I’d always recommend joining or building a network of other pros. Having like-minded people in your industry can give you real-time direct competitor analysis. Which does help when you're justifying initiatives. You also need to practice what you preach. Take the advice you’re giving. Take time to learn for yourself, either work-related or just something you enjoy. I did the CIPD qualification and that taught me how to communicate and form an argument. This meant I’m much better at persuading people around change.Just take some time for yourself as well. HR has been hard, this is our time. It’s such a polarised situation. Now it’s about organising priority and focusing on what matters. This period, whilst exhausting, has opened up the opportunity for HR professionals to show the value they add to businesses. Be creative with your ideas and solidify your seat at the management table. To hear more incredible insight from Sally Miles, why not check out our upcoming Behavioural Science Series for HR and Talent Professionals, event series. Get your free tickets here.
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diversityHOW TO PROMOTE GENDER EQUALITY IN PRIVATE EQUITY
2 months agoWhilst 2020 continues to be a rollercoaster year, at Altus we are continuing to focus on our Empower for Change series. This includes a series of events (now online), addressing gender parity, BAME talent and mental health. We may all be riding the corona-coaster daily, but that doesn't mean these industry challenges have disappeared. Our first event addressed gender parity. You can read more about the panel and key takeaways from the event here. It's important that as well as talking about these challenges, we also determine ways to measure change. How else can we see progress? As such we surveyed our attendees to answer the question, how far have we come, what matters, and what should we be doing?Hiring strategies There's been much debate about effective hiring strategies. Many believed that blind hiring and hiring quotas would provide the shift needed to bring a gender balance into the workforce. But was this enough? From a choice of 19, we asked our attendees to choose the 5 most effective hiring strategies. The top four selected were:diverse hiring panels. (65% examples of women who have succeeded in an organisation (56%)applicant pools beyond traditional sources (56%)development and mentoring initiatives in schools, colleges, and universities (50%)Employees also recognised the organisational ripple effect of diversity and inclusion. 41% thought that if there was training around D&I and its effects thereof, it would be an important hiring strategy. Interestingly, blind hiring (20%), hiring quotas (14%) are no longer considered to be leading strategies for effective hiring, and even balanced shortlists (36%) and bias training (38%) just fall outside the top 5. Takeaway:It appears that our participants want examples and action rather than a hiring process modification. Employees recognise that companies must evolve with these effective strategies to recruit and, more importantly, retain talent. The current situationWhile 56% of respondents confirmed their business has a gender-parity strategy in place, which is a progressive step, this is counter measured by the extent of what businesses are doing to provide an effective strategy. According to the Women in the Workplace 2019 study by McKinsey, there are over 7 initiatives listed that help address the issue. However, we found that 65% found their businesses ran less than 5 initiatives or none at all. Takeaway:To effect real change, initiatives can no longer be tokens or used for commercial purposes, it must be genuine. Employees recognise it is not enough just to tick a box and paying lip-service will affect recruitment and retention rates. One of the initiatives, highlighted by the panel, which could be introduced is gender-neutral policies. This was supported by a huge 82% of employees that said they would like their company to adopt this strategy.Making inclusion part of your strategy Strategy is the mind of a company, and the individuals working are the engine room. But culture and values are the heart of the business and provide identity. Inclusion is becoming a significant part of the culture and the degree of that has a commercial impact in the form of retention. 95% of respondents have placed cultural workplace inclusivity is important in their decision to remain at their current company. Measurement of culture is the examples and initiatives set in place, if businesses do not extend their gender parity policies then this will filter into a workplace culture that does not value inclusivity, which will result in resignations and ultimately affect the bottom line. Takeaway:Inclusivity is a relatively new concept within hiring and its integration into policies has been varied. Only 11% of those surveyed have a detailed plan on inclusive hiring. It's clear that many businesses have not prioritised gender parity strategies, but without one, we cannot expect change. It's positive to see that 85% believe their career has not been held back by the lack of policies. This demonstrates incredible resilience and strength to break through barriers. It is this testimony that allows increasing sponsorship in the workplace and better mentoring to navigate challenges ahead. Despite this, just under 30% felt discriminated in the workplace over the past 3 years. This may be a number that continues to decrease, it is important that businesses aim for 0%. No person should ever attend their workplace and feel discriminated against, irrespective of their differences.So what needs to change for it to work? Here are the top 5 suggestions from our event and survey:Action plans rather than postponing them or delaying their introduction into the wider business.Better recruitment and retention through gender-neutral policies that have substance (not just ticking boxes). Role models and examples are essential to influence and demonstrate gender parityTraining staff about diversity and inclusion, and tangible impacts and effects that can happen in the wider businessPut in place cognitive diversity. Many perspectives stemming from the cultural differences between people will result in creative problem solving and innovation. We hope these findings influence individuals and companies to take action. At Altus Partners, we welcome partnership with businesses that seek to empower change and be progressive. We can help provide hiring structures that implement effective recruitment strategies. If you are interested in discussing options, please contact us at info@altus-partners.com
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diversity5 THINGS WE LEARNT AT BAME TALENT - BREAKING THE BARRIERS
3 months agoThis July we hosted the second event in our series of talks as part of our Empower for Change campaign. The first was on gender diversity and you can read more about it here. Our most recent talk focussed on BAME talent within finance and what is needed to turn up the dial on diversity within organisations. Altus’ founder Ed Chamberlain was joined by an excellent panel including: Lydia Ofori – CEO at Victoria Lion PartnersNicole Downer – Managing Partner and Head of Investor Relations, MV CreditRachel Green – Associate Director, Aviva Investors. Ambassador of the Diversity Project and co-founder of #TalkAboutBlackTingting Peng – Head of Investor Relations & Business Development, ESO CapitalArfan Akhtar – Associate Director, Altus PartnersHere are 5 key things we learnt at the webinar. Inclusion means belonging Tingting kicked off our webinar with a fantastic quote: “Diversity is being invited to the party, inclusion is being asked to dance and belonging is dancing like no one is watching.” When it comes to getting BAME talent into the industry we don’t just need to focus on opening the doors but creating an environment of inclusivity. As Tingting went on to say, “you need a sense of belonging, that you have value contribution and are seen.” But how can we create this environment where inclusivity is an ongoing process? Nicole had some suggestions. “Training and mentoring is where you start. Conversations like this one, talking in public, debating and being open about it. It's a difficult topic and some people feel uncomfortable talking about it. People might identify themselves differently to how they’re seen. There are a lot of complex issues. There needs to be open debate and a clear process internally.”Leading from the top: you can’t be what you can’t see “There are so few senior role models, so the career path for ethnic groups is unclear. You find yourself asking, how do I look up to someone and who do I speak to ask difficult questions?” Tingting has hit the nail on the head. To feel comfortable asking uneasy questions and to be able to see a potential future path, BAME hires need relatable role models. “We need to understand unconscious bias. The issues we think we’re comfortable with but aren’t.” Says Nicola. But it’s not just about how we behave with our employees, it’s also about widening the talent pool. “We need to think about how we recruit and be prescriptive about hiring across socioeconomic and gender diversity. The industry must move away from hiring the same people from X, Y, Z school and have a degree in finance from a certain university. We need a robust hiring process that makes it clear you want to be diverse.” Mentoring and sponsoring Apart from the recruitment process, there are other ways senior leaders can support diverse talent. Nicole goes on to suggest that, “firms can do a lot more, especially London ones, and should do more with subsets in our group. Working with young people in more challenging economic situations. We should open the possibility of what a career in finance involves.” Lydia builds on this, “the idea of encouraging the youth is exciting but I'm conscious that the road to where they want to be is skill and skills need training. Make it clear what is required and help them get through it. Also mentoring shouldn’t just be diverse to diverse, but across everyone. That way when the next generation joins they can relate to everyone across the business. As well as mentoring sponsorship is also needed. Someone within an organisation backing you, giving you visibility in the community or organisation and that can push you up to the c suite. That needs to happen.” But it’s not just the senior leaders who are needed to make the change, says Arfan. “To get an Obama you need a Martin Luther King to start breaking the barriers. Seniors need to do more now for the next generation but it takes grassroots, middle and seniors to work together to get change.”Networks and being your own championHowever, if you’re part of the BAME community, you can’t just rely on the industry for change. You need to be your own champion, says Rachel. “We’ve spoken about what organisations can do but there should be an onus on individuals as well. Irrespective of if there is a program or not, we know there is an unspoken code, we know it's not a meritocracy, so self promote in your networks. You need to challenge your mindset that meritoriously doesn’t work. We also work in political firms as well we need to be able to understand that and why and how decisions are made.” Rachel suggests that BAME talent should consider their mindsets and adapt to have a growth mindset. “BAME talent, we have to challenge the way we’ve been taught to think. Seek people who will challenge you so you are broken and built back up over again. The breaking down is removing the stuff that you know isn’t good. Getting rid of cultural baggage you don’t need. it’s toxic.” However, Rachel doesn't suggest you go completely alone. “ Nepotism exists, so never underestimate the value of your network. I have a mentoring circle outside of where I work, someone I can speak to about career progression, someone for politics. Surround yourself with people who will challenge and develop you.”If you’re still feeling unsure follow Rachel’s advice and “fake it till you believe it. You do belong. You were hired for the job.”What can organisations do? “Data. Companies need to publish about the pay-gap for minorities. Also D&I shouldn’t be in HR, HR protects the business D&I should be accountable to the c-suite and the CEO.” Says Rachel. Tingting expands on the need for the D&I role. “Think about having a dedicated D&I professional, how that person can contribute value. From where I am in investment management, it’s all about making money. You make money you get a bonus. But the quantifiable value you add to the firm by leading D&I needs to be accounted for.” At Altus Partners we are passionate about driving diversity in Private Equity. The Empower for Change initiative is one activity we are doing in order to promote change. Our third and final talk will focus on mental health and will take place in October. You can join our mailing list to keep up to date with all future events.
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blogADDRESSING THE IMBALANCE: KEY FINDINGS FROM OUR GENDER PARITY SURVEY
3 months ago44 per cent of businesses do not have an effective gender parity strategy currently in place, and 42 per cent of employees feel that their company does not have a hiring policy that is truly inclusive. This is according to the results of our latest survey which explored how organisations were performing when it came to gender inclusion, and what employees felt needed to change for gender parity initiatives to work. Altus Partners is committed to improving diversity and inclusion in the private equity and venture capital industry and as part of this commitment, in May, we ran the first of our Empower for Change: Each for Equal events. The webinar focused on the importance of gender diversity in business, and how to overcome the imbalance we currently have in our sector. Following the event, we surveyed our attendees to get their thoughts on how things stand - here’s a summary of our key findings. The need for grassroots initiatives Interestingly, while 56 per cent of our respondents said their current employer had an effective gender parity strategy in place, 82 per cent would like to see their company adopt a more detailed strategy to address the imbalance. This isn’t surprising when we dig deeper into the number of gender parity initiatives currently running; almost a quarter (24 per cent) said their company does not run any such initiatives, while a further 41 per cent say they are running less than five. Furthermore, 24 per cent of respondents reported having ‘no idea’ if their employer was running any schemes to promote gender equality. We strongly encourage all businesses to implement grassroots initiatives that will support and enable people from all backgrounds enter our industry. Effective hiring strategies Looking to recruitment, one in five businesses are not adopting any of the following practices; blind hiring, diversified talent pools, balanced shortlists, diverse hiring panels, statistical analysis and reporting. We would consider these vital for any organisation wanting to promote change and enhance the way their company operates. When asked about the most important factors of a hiring strategy that addresses gender imbalance, our respondents overwhelmingly said that the incorporation of diverse hiring panels was key. This was closely followed by the need to widen the application pool beyond traditional sources and promote stories of women who have succeeded in the organisation. Driving change To conclude the survey, we asked our participants what they felt needed to change in order for gender parity initiatives to succeed. A number of respondents referenced the importance of flexible working arrangements and better enhanced paternity leave. Others said it was not just to do with childcare and that significant work needed to be done to address conscious and unconscious bias in the workplace. Many also called out the need for leaders to have real desire and commitment to make necessary changes. As Lara Markham, Investment Manager at Graphite Capital said during our Empower for Change event, “you can have all the initiatives but if senior management doesn’t actually believe in the diversity drive and just see it as boxing, there just isn’t a chance of change.” To see what else was discussed at the event, take a look at our blog, 4 things we learnt at Empower for Change: Each for Equal.
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blogBAME TALENT WEBINAR - WED 22ND JULY, EVENT TICKETS
4 months agoWe have an extraordinary panel who will provide a roadmap to both attract and realise the power and potential of BAME talent.Click here to sign-upAbout this EventThe Empower For Change initiative:This is the second of a three-part series of events that Altus Partners are hosting in 2020 (covering Gender Diversity, BAME Talent and Mental Health), with this webinar focused on empowering the message of diversity and inclusion within the workplace. At Altus Partners we are passionate about Diversity and Inclusion, and I am delighted to say alongside the above event, our Head of D&I – Arfan Akhtar is also an ambassador of the Diversity Project https://diversityproject.com/team/arfan-akhtar a cross-company initiative championing a more inclusive culture within the Investment profession.What is the purpose of the event?While we all appreciate the need to hire a diverse workforce, it is also critical to retain one. This webinar will centre on how we retain exceptional talent by better understanding the differences and needs of a racially diverse workforce; All of the evidence demonstrates the clear benefits that materialise from wider racial diversity in building companies that deliver stronger financial returns as well as positive social impact.We will address how to create the right culture and company infrastructure to enable success from every individual within the firm regardless of their heritage.You will leave with:Simple ideas which can bring about positive change in your organisationHow to integrate shared thinking from the top downA more detailed understanding of what the industry and your competitors are doing to create and retain racial diverse workforces within their organisationsWhy?Inspired by the work of various steering committees (Diversity Project, #Talkaboutblack, AAAIM, BVCA, Level 20), Altus Partners is committed to improving diversity and inclusion in the private equity and venture capital industry through the Empower for Change programme, and is committed to partnering with clients to address blocks that exist.Our exceptional speakers are:Nicole Downer – Managing Partner and Head of Investor Relations, MV CreditNicole is a Managing Partner and Head of Investor Relations. She joined in 2005 and is a member of the MV Credit Manager Board. Prior to MV Credit, Nicole was a Managing Director at Deutsche Bank where she ran the Structured Securitisation Team. Nicole holds a Bachelor of Science degree (First Class) in Banking and International Finance from City University in London.Rachel Green – Associate Director, Aviva InvestorsRachel joined Aviva Investors in October 2014 to further externalize their institutional business across the UK and Ireland. In this role, she is responsible for delivering investment solutions to meet investors’ specific objectives using a range of traditional and alternative asset classes. She has led the growth of the asset manager’s distribution efforts into Irish institutional investors, successfully capital raising newly launched Alternative Income products. She joined from global reinsurer, Munich Re where she was responsible for delivering longevity swap solutions for large UK DB pension schemes. Prior to this, she held positions at Russell Investments and RSM Tenon, with a focus on risk management. She graduated from University of Westminster with a BA (Hons) in Business Management and is currently undertaking the CAIA qualification.Rachel is an Ambassador of the Diversity Project, an industry initiative to increase diversity in asset management, and is a co-founder of #TalkAboutBlack, the Ethnicity workstream focussed on increasing black leadership within the industry.In recognition of her commitment to creating a more inclusive culture, she was awarded the Freedom of the City of London in June 2020, for her work on promoting ethnic diversity and minority representation within the front office positions. She is a recipient of WeAreTheCity’s Rising Stars 2019 award and was featured in Investment Week’s Rising Stars of 2020: Driving industry change. In 2018, Rachel was one of twelve future leaders chosen to sit on Aviva Group’s shadow board, the Evolution Council to provide a fresh perspective on a wide range of topics from strategy, to culture and digitalisation.Tingting Peng – Head of Investor Relations & Business Development, ESO CapitalTingting is currently the Head of Investor Relations & Business Development at ESO Capital, a London-based investment firm. Prior to joining ESO, she was Principal and Chief Operating Officer at Real Asset Partners, a boutique advisory firm in London where she was responsible for raising capital from family offices and institutional investors across Asia and the US for real estate direct and fund investments. Previously, Tingting was based in Hong Kong where she worked in real estate development and investment across Asia and the US. She began her career as an investment banker in Morgan Stanley’s M&A team in Hong Kong and was subsequently a hedge fund analyst at Fortress Investment Group.A long-time advocate of diversity and inclusion, Tingting is a member of the Young Leaders Circle at the Milken Institute and a recipient of the 2019 Emerging Leader Award from the Association of Asian American Investment Managers in the US. She is fluent in Mandarin and English and has a BSc from the Massachusetts Institute of Technology (MIT) and an MBA from London Business School. Tingting has been a certified yoga teacher for over 11 years and is passionate about the integration of wellness into all aspects of one’s life.Lydia Ofori – CEO, Victoria Lion PartnersLydia, CFA, CAIA is Chief Executive Officer at Victoria Lion Partners where she leads the firm and selects managers for the investor community. Most of her day to day activities are cantered around discussing manager clients and strategies with viable professional investors. Lydia has more than 18yrs industry experience, is a frequent speaker at industry events and was named Finalist for the Investment Week Investment Woman of the Year Award (Small to Medium Business) 2019Lydia is a CFA charterholder and a CAIA charterholder. She has completed Executive Education at Columbia Business School, New York. She holds a Masters (MSc) in Financial Management and an honours degree in Business Studies from The Robert Gordon University, Aberdeen Scotland.Ed Chamberlain - Managing Director, Altus PartnersEd is the founder of Altus Partners. Ed graduated with a BA Hons in Architecture before starting his career in Search in 2002. He was a founding member of Investigo (a Virgin fast-track business), which grew from a team of 4 to, over 250 people, before its sale. He helped establish another search firm in 2006 – One Search – before identifying a gap in the market and setting up Altus Partners in 2009.
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Blog4 THINGS WE LEARNT AT EMPOWER FOR CHANGE: EACH FOR EQUAL
4 months agoDiversity and inclusion are at the core of what we do at Altus Partners. Despite these unusual times, we’re continuing to push this message and open up conversations within the industry. This year we’re hosting three Empower for Change events. The first on gender diversity, the second BAME talent and lastly mental health. In May, we ran the first event in the form of a webinar co-hosted by our MD Ed Chamberlain and founder of C&C Search Lucy Chamberlain. Lucy and Ed were joined by an excellent panel including: Caroline Woodworth, Vice President – General AtlanticLouise Boothby, Partner – Coller CapitalLara Markham, Investment Manager – Graphite CapitalPam Jackson, CEO - Level 20Here are 4 key things we learnt at the webinar. Actions speak louder than wordsEducation is critical when it comes to change, but it’s the actions we take that will make the difference. “Who are you trying to educate and why are you trying to educate them? If someone is interested in making the change, they’ll listen to the why, but you then need to tell them how.” This point, made by Louise Boothby, is fundamental to making progress with diversity. Louise then went on to suggest how to approach these conversations. “(You might say), have you thought about this, these are the implications for us and this is how we go about doing something about it. To avoid just listing problems that we know are there, we need to offer solutions for that dialogue.”Widen the talent poolTraditionally, new PE recruits come from a banking or consultancy background with around two years of training. But the panel questions whether this route and training is necessary at all. “The skillsets of PE are intellect, interest and raw financial skills. It’s not rocket science. We’re not trying to find a tiny sub-sector of people. We’re looking for raw talent and something to build on. Often people are taken from banks who’ve had two years of training - but we don’t just need that. We should be training internally to find diversity of thought from different places.” For the Private Equity industry to achieve diversity, we can't rely on the traditional, or as Pam Jackson put it, “tried and tested” routes.At Coller Capital, this has come in the shape of a grad scheme. Whilst schemes like this are found in many sectors, it’s not prevalent in PE. Louise describes it as a “wildcard”. For each intake, the company brings on board three to five people based on their work ethic and how engaged they are - not their background or academic achievements. “It’s very labour intensive for us, but it’s a good way to get diversity into the team. Normally you’re looking at a room of 30 plus-year-olds, now we have 21 years olds and it’s great to have that different thought process.”Change from the top downLara Markham reminds us that “there is no silver bullet when it comes to diversity, especially in financial services.” Lara is right, each firm and service is different, but there is one thing they must all do for change to work. “It has to start with good culture,” she says. “You can have all the initiatives but if senior management doesn’t actually believe in the diversity drive and just see it as box ticking, there just isn’t a chance of change.” Speak up and listen To see change, we must all have courage. Whether that’s the courage to speak up if you’re in a more junior role, or the courage to listen and act on suggestions as a leader.Pam suggests that to retain great talent, “you need to understand why people leave. Often people say, ‘women leave to have babies,’ actually, research says that isn’t the case. The only thing women have to do is get pregnant and give birth. After that, it’s a joint responsibility. So what stops people from staying?” Pam and the panel went on to highlight the importance of voicing your individual needs to your firm and how they will help you do your job better. By focussing on output, rather than how many hours spent at a desk, firms will attract more diverse talent and improve performance. Altus Partners actively engages in driving diversity in Private Equity. We created the Empower for Change initiative in early 2020 to help promote change. If you’re interested in joining the next webinar on BAME representation on 22 July get your free ticket here.
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MENTAL HEALTH AWARENESS WEEK - KINDNESS MATTERS
5 months agoWe are currently living in an unprecedented and uncertain period of time, arriving soon in a new ‘normal’ where the world will continue to turn, albeit differently. This has been, and will be, an incredible mindset shift that has been forced upon us and adaptability is vital. This will be one of the greatest challenges people will face in their lifetime, some will manage, but there are many others who will psychologically struggle. Not everyone is a superhero. There will be clients and candidates who are currently working immensely hard to find opportunities in this current climate. Hours will be spent trying to create ideas and completing tasks in the rush to compete in the market. In this period, individuals will feel that they are struggling to manage with workloads, can’t deliver work to the standards they want, unable to separate their professional and personal life, or personal routine has been heavily displaced. This creates an environment of low self-esteem and self-worth. This is where we must be kind to ourselves and remember that we are not alone, currently 1 in 6 workers will experience depression, anxiety or problems relating to stress at any one time. Right now, everything is disjointed and we’ve had to majorly adapt to working from home, and our personal liberties have been restricted, yet we can be proud in the fact we have managed to adapt and still work. We are not working from home; we are trying to work in the middle of a crisis. However, kindness to others is what will help organisations and individuals recover and thrive in this climate. It is imperative for colleagues to support each other and this could come in many forms. Non-work team catch ups, sending a card or present in the post, or even telling an individual, with sincerity, how good they are at their job can make a difference. From a commercial perspective, a business is measured by the sum of their parts and employees will play a determining factor on whether the firm survives or thrives. On average every year it costs businesses £1,300 per employee whose mental health needs are unsupported, therefore it is vital to check in on employee’s mental health. If there are those who are struggling, this will have a ripple effect across the business if they do not have appropriate support to help overcome this and work deteriorates. Mental health is incredibly serious and requires effort to maintain, just like physical health. Currently 1 in 4 people experience mental health issues each year with 792 million people affected by mental health issues worldwide annually. Having good mental health is not the absence of diagnosable problems but it is the ability to learn, feeling and managing a range of positive and negative emotions, forming and maintaining good relationships with other people, and the ability to manage change in uncertain times. If you feel any of those of lacking, then be kind to yourself and focus on your successes, however if you see someone struggling then be kind to them and tell them how brilliant they truly are. If you are struggling or need someone to talk to, we encourage you to reach out to Mind on 0300 123 3393 or info@mind.org.uk.
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DIVERSITY AND INCLUSION IN THE WORKPLACE: WHAT'S THE CURRENT REALITY WITHIN FUND MANAGEMENT?
7 months agoAt Altus Partners we believe that a happy and healthy workplace is one that makes everyone feel welcome and part of the team, promoting flexibility and doing everything in their power to ensure employee satisfaction. We are confident that a diverse workforce is also a beneficial asset to the company themselves, as it has been proven to generate 19% more revenue.In order to find out how much this was reflected within workplaces in the fund management industry, we have asked our clients to answer some questions about Diversity & Inclusion.Initiatives to promote a diverse, empowering and flexible workplaceWe were happy to discover that all clients adhered to at least one of these initiatives. Level20, which encourages private equity firms to recruit suitably qualified women, was the most popular, with 62% of votes.Mental health When it came to mental health, the results were more disappointing, since less than 40% of the workplaces had a mental health policy in place. While the lack of a dedicated policy does not automatically mean that there is no consideration for mental illness, there is certainly room for improvement: since a survey has found that 67% of employees who struggle with mental illness are too worried to bring it up at work, we think that a mental health policy would reduce this fear and encourage them to discuss it with their bosses. Returning to workReturning to work after some time off, whether that be for maternity or paternity leave or any other scenario, is a pivotal and often dreaded moment of someone’s career: it can be hard to reinsert oneself into a work environment that might have changed during someone’s time off, but only 23% of clients run a return to work programme.When it came to paternity, the Statutory Paternity Leave was the most common arrangement, but many workplaces offered more than one option, including Contractual Paternity Leave, with two weeks at full salary being the most popular offer.Flexible workingAllowing employees to work flexibly is directly proportional to their happiness and inversely proportional to their stress levels, so we were thrilled to find that all of our clients offer this option to their workforce.DiversityThere are many ways to prioritise, promote and ensure diversity within the workplace.One way is to educate the staff internally about the benefits of diversity, which is something that just over half of the companies involved with our survey do.Another way is to appoint an officer responsible for it, but it did not turn out to be a popular option, perhaps because it’s particularly difficult for small companies that can not rely on large teams.Another idea is to have a diversity target. It did not prove to be popular at the moment (only 46% have one), but it’s certainly something that could be discussed and considered. On the contrary, using social media to attract and build a diverse team was a very popular choice, with 62% of votes.When hiring, over 90% of our clients look for shortlists that balanced gender groups, with just under half of them concentrating on minorities, too. In fact, 85% insist on a level of diversity when receiving such lists.62% have even considered rewriting their job descriptions in order to encourage as many people as possible to apply, including minorities.We found the answers very interesting and believe that they can be a great starting point for a conversation on diversity and inclusion in the workplace, which are undoubtedly signs of good people management and valuable assets to any company.
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BlogEMPOWER FOR CHANGE – EACH FOR EQUAL: OUR INSPIRING LEVEL20 SPEAKERS
8 months agoAs both International Women’s Day and our Empower for Change event are fast approaching, at Altus Partners we decided to seize the opportunity to celebrate the successful women in private equity who will lead our programme as speakers and panellists.The first event of a three-part programme, Empower for Change – Each for Equal will take place on Wednesday 11th March. Our mission is ‘To Inspire, Elevate and Support’ and to help change the current situation in the male-dominated industry of private equity by attracting and retaining more female professionals. In order to provide you with relevant insights and practical tools to start changing the situation in your company, what better way than to partner with dynamic and uplifting Level20 members? Set up in 2015, this non-profit organisation shares our mission of gender equality in private equity: they aim to see 20% of this industry’s senior roles being held by women since the current reality only amounts to a small 5.2%.Here are the female professionals who not only decided to enter private equity, but also managed to turn it into a successful career path by growing with and within their companies.Caroline Woodworth – Vice President at General AtlanticFocusing on investments for their Financial Services sector, Caroline is one of the reasons behind the success of the European arm of General Atlantic, a pioneer of growth equity with 40 years of experience in this industry. After graduating in Economics and Political Science from Middlebury College, she worked as a Senior Associate for the American private equity firm J.C. Flowers & Co, and as an Investment Banking Analyst for Citigroup in New York.Caroline was also included in the prestigious list of 25 Rising Stars in European Private Equity in 2019, a program that celebrates Europe-based professionals under the age of 40. This was thanks to her inspiring variety of personal and career achievements, including her beneficial contributions to General Atlantic’s investments in Deutsche Börse’s Index and Portfolio Risk/Analytics Business.Lara Markham – Investment Manager at Graphite CapitalAn Oxford Law graduate, Lara has been an asset to Graphite Capital across a variety of sectors since 2017, first as an Investment Executive and then, after only a year, as a Manager. She has also worked in mergers & acquisitions and corporate strategy for OC&C Strategy Consultants, in their consumer, business services and TMT sectors.Louise Boothby – Partner at Coller CapitalA key member of the investment team and Partner for ten years, Louise is in charge of origination and execution in the London branch of Coller Capital, a multinational company that has been leading private equity’s secondary market for 30 years. Louise has previously worked in the Debt Advisory team at DC Advisory Partners and in the Securitised and Principal Finance team at Dresdner Kleinwort. She also graduated in Economics from the University of Nottingham.Proactive and highly motivated, she has been getting involved with events and courses such as Mental Health First Aid to help raise money, support and awareness for mental health.Louise has kindly agreed to answer our questions regarding gender equality, sharing interesting insights and her personal experience, as well as a little Empower for Change sneak peek.Was there a particular moment in your career that made you realise that the current situation regarding gender equality in the workplace could definitely be improved?“I’ve worked my whole career in a male-dominated environment, and in many ways thrived within it. There was never really a single defining moment where I realised things should be different: I’ve thought that since looking around on the first day of my graduate intake. However, as I became more senior, there were a series of moments where I realised things could be different, and that I had the power to make small changes.” How is Level 20 helping tackle this problem?“Level20 is certainly raising awareness of the issues by ensuring that diversity is front and centre in people’s minds. It’s also a helpful network to connect with others with similar experiences and use that to help navigate your own career path. The most valuable and rewarding element of Level20 for me personally has been my involvement with the mentoring program, both as a mentee and now twice as mentor. I’ve learned so much about myself and others as part of that experience!”In this industry, many valuable employees and, especially, minorities leave their positions after a few months or years instead of developing their full potential and growing with the company. Have you got any tips for other companies on how to retain them?“I’ve always believed in focusing on a strength-based development model: be flexible, identify strengths and high-potential early, and nurture them. Allow people to develop in roles where their personal strengths are utilised and valued, with space to grow. Ultimately, creating a supportive environment which gives people the opportunity to do something they both enjoy and are good at should hopefully make them stickier.”Could you give us a little sneak peek of something that you’re excited to talk about at Empower for Change?“Balance—always a hot topic! What does it mean? Can you achieve it? Should you want to? Does it limit your career potential? I’d be really interested to hear others’ views and experiences on the topic.”Given their successful experience in this male-dominated industry, we are confident that Caroline, Lara and Louise are some of the best private equity professionals to show you what an ambitious woman can achieve in this sector, as well as how companies can benefit from hiring minorities and a diverse workforce. Join the conversation and help us change the game!Find out more about this event and reserve your place by contacting us at amy.robson@altus-partners.com or calling us on 0203 854 2681.[Picture credit: General Atlantic, Coller Capital and Graphite Central websites.]
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BlogWHAT DO PRIVATE EQUITY FUND MANAGERS WANT TO SEE IN A PERFECT CV?
9 months agoWe have all heard the saying “you only get one chance to make a first impression.” When referring to the hiring process, some candidates seem to believe that this only applies to interviews. However, the truth is that they are not even present during their actual first impression, as that is conveyed by their CV. Since hiring managers can often receive a large number of applications, it is vital to craft an effective document that is not just a robotic summary of work-life, but rather a persuasive tool demonstrating exactly why they would be the perfect choice for that position. Whilst the overall look can immediately capture the recipient’s attention, it is how the information is presented that will make them decide whether to find out more about the person behind it. Ultimately, there are three types of CVs based on the way the information is organised.Title-based CVA title- or headline-based layout can be a practical choice because, just by glancing at it, it gives us an overview of the individual’s work history, showcasing their experience in the same or related roles. However, many candidates can come from similar backgrounds; therefore, if a CV relies on headlines only, it won’t be effective at all. Candidates should move away from the illusory idea that a job title is a clear indicator of what tasks and skills are required in the position. Each headline should be followed by a short paragraph or bullet-points that clearly detail the role responsibilities, deal list (where applicable) and achievements.Responsibility-based CVThere is a thin line between an effective improvement of a bare, title-based layout and a lazy, mock job description. A responsibility-based CV is generally seen as a better thought-out choice than the former category, but it could present the candidate as delivering only average performance who simply copied and pasted their previous job description. After all, many employees should technically be in charge of something, but their day-to-day work-life does not actually reflect this. A responsibility-based CV that doesn’t provide tangible examples could end up looking like a vague list of buzzwords, leaving the hiring manager wondering whether it showcases the actual reality. Achievement-based CVAt Altus Partners we believe that, when written correctly, this is the most effective CV. It follows the pattern “Accomplished X, as measured by Y, by doing Z.” An achievement-based CV is clearly written with a hiring manager’s perspective in mind, as it gives specific and measurable examples of how a candidate achieved particular results. For instance, rather than a generic “responsible for the company accounts” or “produced pitch-books for deal origination purposes”, an X-Y-Z CV would say: “Personally led new initiative to drive down the time spent on pitch-book preparation, by implementing an automation tool to add key data points easily from larger data sets. This saved over 3 hours per book and is now used widely across the business”. We encourage all candidates to move away from the misconception that a CV is a simple list of job titles that can be used for multiple applications. It should be considered as a meticulously crafted document that shows us why a candidate is the best choice for that particular position, providing tangible examples of what they actually achieved during their time with different companies.Considering a move into Private Equity? Get in contact with Altus Partners now to confidentially discuss your next career move – info@altus-partners.com
