International Women’s Day (IWD) is an annual call to accelerate action in addressing the systemic barriers and biases women face. One of the best ways to forge gender equality is to acknowledge strategies that positively impact women’s advancement and support and elevate their implementation.
As IWD approaches, and as we celebrate our thirtieth anniversary, we’re proud that at Frontier we have a gender balanced team (in fact, 51% female). Our Board is also equally balanced, and with a female Chair. Of course, the challenge is more than just numbers. Are we operating with an inclusive culture where everyone is heard equally? Are women reaching senior levels and are opportunities equally accessible? Are there pockets of our business where women are under-represented, or over-represented?
Why is that important and how does Frontier, and our clients, benefit from a gender balanced team? The answer of course is, in many ways. However, perhaps the most significant relates to the diversity of thought and perspective that informs our work. This is critical in investment decision making. There is a constant challenge to find new ideas and opportunities and to consider the potential risks and downsides that come with evolving and uncertain markets.
Any team that draws on a wider range of perspectives and experiences, no matter where they come from, will make better decisions and find more opportunities. There is much data to support that from multiple research sources, in addition to what Frontier has produced over time on this topic (The Power of Gender Diversity in the Workplace and Diversity: inclusive, not intrusive). The evidence of Frontier’s strong long-term investment performance also points to our history of successful practice in building diverse and balanced teams.
So, in the interests of sharing knowledge of what has worked at Frontier, we’ve identified some factors we think have contributed to success in our firm. Like strong long-term investment returns, the results haven’t happened by accident.
Mentors. Fiona Trafford-Walker was Frontier’s inaugural Managing Director and forged a 25-year career in our firm. When Frontier was established in the 1990s, female leaders in the investment industry were rare, particularly in an advisory capacity. Fiona was, and continues to be, a mentor to many emerging women in Frontier who have gone on to hold very senior positions throughout the industry, including our own Director of Consulting, Kim Bowater. Just as importantly, Fiona was also a strong mentor for men in Frontier Of course, these people are now mentoring the next generations.
Environment. Being early to build a cohort of senior women meant influence and opportunity was more equally apportioned within Frontier. That also helped build a culture and management philosophy that was supportive of women and their careers more broadly, accommodating factors such as periods of absence due to maternity, embracing part-time or irregular hours, consideration for caring duties and managing travel requirements. Importantly, normalising and encouraging men to also take the opportunity to share family priorities.
Momentum. Creating a team and a culture that includes women attracts more women. Having female leaders within a team, not only demonstrates an equitable path to the top exists, but more capable people will be drawn to that dynamic, including men. Increasing the flow of female candidates into the firm has helped reduce the challenge of breaking cycles of unconscious bias and networks and expands the spheres of connection the firm has for attracting not just new staff but clients.
Grow the pipeline. Boosting the numbers of women in senior and decision-making roles within finance requires growing the numbers of women in the industry more broadly. It is important to focus on bringing more women into the industry rather than the movement of women between organisations, which is positive for individuals, but doesn’t grow the base. Frontier has forged strong alliances in the university sector and established a PhD scholarship program steering a number of highly capable young women into a career in investment.
Influence. Businesses and individuals can influence others. We meet with hundreds of fund managers from around the globe annually. Actively assessing investment team gender (and other) diversity as part of our manager research is a way Frontier can influence consideration and progress. Similarly, for many years we have applied the principles of the “Panel Pledge”, whereby Frontier won’t participate in any conference or seminar panels unless a woman has a prominent role. At times that has meant forgoing opportunities, but more often it has led to opportunities for women in other businesses to be given a voice in discussions in public forums, often for the first time and generally with fresh and valuable insights.
Measure. Although our progression to a balanced team has been more organic than forced, monitoring and intent has certainly been important. Addressing issues such as the gender pay gap, which exists to some degree across virtually all industries and has many factors fuelling it, can only be impacted and understood by measurement and transparent reporting.
Inclusion. Importantly the focus on diversity and inclusion needs to extend beyond gender. Further, women from different backgrounds and experiences often face even more hurdles and barriers in their progress and it is important strategies, behaviours and measurement include all women.
International Women’s Day is a great time to focus effort and energy toward continuing to impact the path to progress for women. It’s also a great time to review and celebrate success. We’re proud of everyone in our team at Frontier but at this time of the year, we’re particularly proud of the women in our team – our current leaders, our emerging leaders and those who have helped weave the fabric of Frontier over the last thirty years.
