The more women occupying senior positions in a company, the more profitable that company is. That’s the key finding of a study of nearly 22,000 publicly traded companies in 91 countries reported by the Peterson Institute for International Economics, a nonprofit group based in Washington, and EY.
All the same, women all over the world still face more problems than men when climbing the corporate career ladder, and Ukraine is no exception. Empowering women through business and the difficulties they usually face when exploring career options were among issues community leaders discussed at the Fedoriv Hub in Kyiv on Nov. 15 during the fourth Kyiv Post-organized Straight Talk public discussion, in partnership with sponsor Redcliffe Partners law firm.
Hard work, ambition and effort are the most important elements when it comes to achieving a dream career, said Svitlana Romanova, chief legal advisor and member of the management board at Metinvest.
“In order to succeed in business, we need to look into ourselves first,” Romanova said. “The quality of a person is what matters in business. You can succeed if you play the game people around you are playing: update your behavior, language, attitude.”
However, Romanova suggests that women should not be afraid to stand up for themselves when a situation gets out of hand, referring to harassment at work: “I know how to play by men’s rules, but if I’m forced to defend myself I will stand for myself. Don’t try to touch me.”
Other panelists included Olena Voloshina, the head of International Finance Corporation’s operations in Ukraine, Tetiana Lukyniuk, general manager for Red Bull, Sevgil Musaieva-Borovyk, chief editor of the Ukrainska Pravda news website, and Irina Mirochnik, president of IMMER GROUP, one of the world’s largest producers of flexible packaging materials, films and labels.
The panel was moderated by Zoryana Sozanska-Matviychuk, a lawyer with event sponsor Redcliffe Partners.
The participants discussed the style of management that works best for their businesses.
Musaieva-Borovyk said she has to be “a mother for her team.”
“However, for me, it’s difficult because I’m only 30,” she said. Musaieva-Borovyk became the chief editor of Ukrainska Pravda, one of Ukraine’s most popular news media, when she was 27.
Mirochnik of IMMER GROUP said she had to become “a queen” for her team, hitting the best standards so that she can be an effective leader. Still, she faced prejudice from male colleagues when they learned about her role.
“Once I heard a man saying ‘is that wench going to rule us?’ and unfortunately, that’s a typical situation,” Mirochnik said.
Lukyniuk of Red Bull said it might be difficult for women to embrace leadership roles because “we were taught by our mothers not to speak up, not to think about ourselves.” She said it can be an obstacle in pursuing better career choices and fight gender inequality in the workplace.
Lukyniuk said that once a colleague came to her for a performance review, but when she came in, she started crying.
“It turned out that she wanted to ask for a raise, but she couldn’t put it in simple sentences because she was so emotional about it,” Lukyniuk said. “Eventually she did get a raise because she was underpaid — and that’s another problem in business.”
Lukyniuk advises all female leaders not be afraid to say “how smart you are.”
“There isn’t going to be anyone who will look at you and say — you’re so cool you need a promotion,” she said. “Share your opinions, and don’t be shy. Speak up — that’s what helps in international companies. All the other things are in your hands.”
Another crucial element is to find a mentor to help boost one’s confidence and work on one’s weaknesses.
For IFC’s Voloshina, her mother has been her greatest helper.
“Business is not only about financial models or contracts, it’s about people, and when it comes to dealing with people my mom is my best mentor,” Voloshina said.
A mentor is someone who invests in a person’s growth, Lukyniuk said: “Spend time with people you like and those you can learn from, and whom you respect.”
