Leasing Life - Sept. 2007

Brian Rogerson talks to women in leasing and discovers a positive trend in favour of the fairer sex In the 30 years since the Equal Pay Act there have been many advances in women’s position in society and work. More women are in employment and occupy a greater number of senior positions.

In the UK the two generally accepted key levers for improving economic performance are: improving productivity, and increasing the number of units that are economically active. The second of these actions requires people to operate businesses successfully – and it appears that the greatest potential resource to achieve such an aim is the female section of society. Given that women are at least as capable as men in business, there should be no reason why this potential cannot be unlocked easily – but the facts seem to show a different picture.

This July, a National Business Awards (NBA) “White Paper” revealed that businesses run by women contribute some £70bn to the UK economy, and employ more than one million people. From the perspective of the NBA report, only around 7.5 per cent of the finalists are businesses operated or led by women. Yet in the economy women represent almost half the workforce, around 25 per cent is self employed, but only 15 per cent of businesses are led by women.

The corporate world has traditionally been the preserve of the male – and it is still today predominantly a male world. Women constitute 41 per cent of the workforce, yet occupy only 10 per cent of the management positions, and make up a mere 1 per cent of board members. The higher the level of management, the more glaring is the gender gap. In spite of this, the UK has the highest number of women in management (33 per cent), according to a Grant Thornton survey, and the lowest number of businesses with no women in management (37 per cent) – but is still a long way behind the US and Australia, where some 43 per cent of the managers are women.

A study by Catalyst of successful director-level women in large organisations in Europe and the US found that 53 per cent of the European sample of 500 cited lack of desire as a success barrier compared to only 30 per cent in the US. The study identified that among the barriers to success, “stereotypes of women’s role models” and “lack of management experience” were among the top three reasons on both sides of the Atlantic.

Female lessors

There are no specific published figures for the number of women employed in UK or continental European leasing companies. However, since leasing’s importation from the US in the 1970s, it has customarily been something of a gentleman’s club and, undoubtedly, traditional barriers to entry still remain significant for many women. We have evidence, however, that things are starting to change.

One interesting point to emerge from Leasing Life’s survey is that those women that have succeeded in the sector do not well much on past difficulties. One women lessor said: “Although leasing in general is still a relatively male-dominated environment, this is gradually changing and I do not see this as a problem or a limitation.” Another said: “Women have struggled to reach the glass ceiling. But equal opportunities in training and career development now mean that there is a structured career path in place in most accredited companies.”

For women with positive attitudes few negative perceptions exist. One woman lessor said: “If you have the feeling that you won’t succeed – then you probably won’t. If you believe in yourself – and you are backed by a good skill set and experience – then you probably will.” Women have definite advantages in several aspects of the leasing process. When setting up appointments, for example, it is harder for a man to say “no” to a female than a man. One said: “It is easier to get my foot in the door. Then, post appointment, people begin to trust me and want to deal with me again and again. Most of my customers are men.”

One recruitment agency director told us: “The perception still remains that women have to work harder to achieve the same level of pay and status as their male counterparts. This, I feel, is a misconception, as from my leasing recruitment experience I can confirm that both genders have equal chance of securing a new job or promotion.” Furthermore, women are organising themselves in mutual support and help groups. Women in Banking and Finance (WIBF) was formed in the UK 1980 by five women with the primary aim of addressing recruitment and retention issues in the industry.

Today, with over 700 members, the group provides a forum for women in the financial services industry to share experiences, develop themselves and, equally important, develop others. So, women in leasing are changing. Today, they are far less likely to segregate themselves as different because they are female. Although, undoubtedly, men and women lessors for the most part have different styles of management and communication, and different interests when they are chatting around the photocopier, in business their goals are the same – to produce. Those women who are willing to adapt their style slightly, and for example learn to talk about sport, won’t have to compromise their goals.

Problems facing female lessors

“The age-old problem that women in all industries face,” said Anne Revell, business development and integration director at Fortis Lease, “is juggling career with family. Perhaps, however, leasing itself does not attract too many women as it is not a tangible product or service. It is more a range of financial possibilities to assist customers to optimise their asset management. Perhaps some women find this so ‘abstract’ when they view it from outside the sector that it does not appeal.”

Victoria Eccles, education sales consultant at Syscap, believes that the sales aspect of leasing may deter some women from becoming involved. “Like any sales industry,” she said, “it is male dominated – but it comes down to the sort of person you are, rather than your gender. You need to be able to carry on after knock backs. Perhaps women don’t go after sales jobs as much as men because they don’t think they will succeed. So when a female does enter the industry there is a certain expectation that they will fail. So you do have to prove them wrong – and at the same time hit your target.”

Melissa Carter, senior vice president of global corporate development at Key Equipment Finance (Key), pointed out that differences exist between attitudes in the US and Europe. “In the US, as a working mother, I think that balancing family needs with work needs is the most daunting challenge in most women’s careers. Europe is far more generous in providing a working environment that makes this easier to manage – at least while the baby is very young.

“In the US most women who are serious about ‘making it’ in the corporate world do not take time off from working after the usual six to 12-week family leave. That is physically and emotionally very difficult – and many women feel guilty about the baby when they are at work and guilty about work when they are at home.” She added that Key is currently actively exploring ways to make work situations for women with families more flexible.

The Highgate Partnership, however, has a broader recruiters-view of the sector. Lucy Garrard, its managing director, stressed: “It is still not an equal market in every regard – but it is a lot better than it was. Many employers still worry that women will leave and have children, and that this will therefore make them less employable as a long-term option.

“Whilst most employers nowadays have an excellent attitude at the top level to diversity, and understand that a diverse workforce is actually a stronger one, it doesn’t always reach down to all the line managers who make the hiring decisions and this is something that needs to change.” Garrard added: “Many of the (continental) European banks are much better at managing this process than those in the UK – and we can learn from them in many instances.”

A shrinking pool of employees

The recent Leasing Life recruitment survey showed a significant lack of good staff in the leasing sector. This begs the question whether women can benefit from this skills shortage in some way. Simone Wecht, European business development director at Key Equipment Finance certainly believes it can. She stressed: “It should – and I can only encourage women who are looking for a new position to take the lead and speak pro-actively to the industry leaders.”

Carol Roberts, MD of Bibby Leasing, believes that the opportunity is therefore provided for women to “compete for sales roles instead of roles in operations”. She added: “They should learn to be more competitive, strive to do a better job and, more than anything, be professional in all aspects.”

This is echoed by Victoria Eccles, who said: “It’s an even playing field, but maybe more women should take up the challenge. Syscap sales support and finance staff are almost all women – but on the sales floor women are still a minority.”

Anne Revell argues that, as the leasing industry becomes increasingly less domestic and more international, there are “fantastic” opportunities to draw in talented staff from non-leasing organisations who are seeking to develop their careers in a global environment. She said: “Maybe, however, leasing doesn’t always appear to be a very ‘sexy’ industry from the outside.”

“Women can benefit from the skills shortage,” Denise Canvin, marketing manager at the White Clarke Group, said. She added: “As long as they remember that knowledge is power, and remember to speak out using that knowledge to gain respect. Over the last five years, more and more women have been moving up in the sector, but the top positions remain elusive.”

Summing up, Garrard said: “There is always a lack of good people in the leasing sector – both men and women. Women, in my view, cannot benefit from this any more than men can. If they have the right skills and experience then they are employable in the same way. Perhaps the only significant difference is confidence – women are often less willing to put themselves forward in the same way men are and will often put up with a difficult work environment where, in a similar situation, men may seek to change by looking at alternatives quicker.”

Points of action – but don’t be a twerp

Most women in leasing agree upon the requirements for success in the sector. These include: obtaining a good knowledge and understanding of the industry; building a diverse internal and external network to see and understand different views and communicate with people in the industry; learn the business, and don’t try to run before you can walk; look for advancement and progression and think about diversifying away from what you are doing today; identify a mentor with whom you can discus issues and from whom you can bounce ideas; do the job well, and don’t spend valuable time and effort complaining about the lack of opportunities for women.

In addition: act with integrity and be true to yourself. Have a can-do attitude (Katherine Amin, of New Leaf Search); don’t be afraid to ask questions and listen and observe the leaders in their sphere of expertise. If you see the position you want just go for it (Suki Gallagher, of smartfundit.com); and remember that a leader isn’t always the one with the title. Don’t be obnoxious, but if you see a power vacuum, and something needs to be done, act like a leader. Pretty soon that’s how folks will define you (Melissa Carter, of Key).

Some criteria for success, however, are more challenging. Garrard, of Highgate Partnership, said that it is important for women in leasing to learn from their mistakes, and not to take things personally. “Women will often feel personally aggrieved in a situation where men would not and this is not an asset in leasing or banking,” she said.

“Women should volunteer to speak at conferences,” Terese Kramer, of TK Consultants, said. “Or write articles for industry magazines like Leasing Life. Another option is to attend and participate in seminars or exhibitions that are not directly aligned with leasing to broaden their perspective.”

She added: “I encourage them to find opportunities and spend time in other departments within their company. For example, if they are in a customer support role - and this is often where women are to be found - they should volunteer and assist in a sales and marketing campaign. The visibility and awareness will pay off.”

Carter, meanwhile, stressed: “Believe in yourself and show it. This isn’t permission to be a twerp. Part of being successful is getting along with other folks you work with. Love what you are doing and enjoy the industry you are in. And if you have the chance to reach out and help someone else to climb the ladder – do it regardless of their gender.”

Changing attitudes

On a lighter note, several women have stories regarding attitudes in the workplace. “Well,” Gallagher said, “many men in the leasing industry still enjoy a good lunch at the RAC Club and at long last women are welcomed – even though it is an extraordinary long walk to the ‘facilities’. “Some 20 years ago lunch was the focal point for all important meetings – but women try to shy away from this today. In my experience, for those of us who do take the rare lunch hour, it’s normally spent multi-tasking with domestic chores.”

Daulby gets annoyed when mail is addressed to her fellow (male) director on the assumption that he is the senior partner, while Revell frequently jokes with colleagues “about each others’ nationalities and cultural differences far more than about gender differences”. Garrard said: “In my role as a head hunter I see attitudes improving constantly. In the past, as a lessor, I have been in situations where I was actually told by a male client that he did not want me working on his deal, but wanted a man there as there would less likely be mistakes.

“I persuaded him to let me continue, and at the end of the deal he actually apologised to me and accepted that he couldn’t have had a better person working on his lease – and that he wanted me for all future deals.”

It’s a tough business

Individually, women in leasing’s experience varies, partly depending on how they entered the sector. The majority of women that Harrower works with in the asset finance industry have worked their way up through a variety of roles. “Project managers, however” she said, “are often from other finance areas, and do not necessarily have an asset-finance background.”

Revell knows women who have been active in leasing and asset finance all their careers, progressing to different roles on their way to the top. “I also,” she added, “have colleagues who have come in from other sectors. Leasing is a great opportunity to host a great blend of skill sets. A group such as Fortis accommodates an exceptional bank of talent from both inside and outside the industry.”

Eccles started at the bottom as a graduate. “One colleague,” she said, “left Syscap, worked for another finance company and then came back to Syscap. Others have joined the company from other finance companies or were recruited through agencies – so it’s a real mixture. I don’t know of anyone who has joined from a completely different sector.” Canvin, at the White Clarke Group, said that most women lessors have worked their way up. “The main exception,” she said, “is in IT where a woman with requisite technical or implementation skills could move into the sector from outside.” Similarly, Garrard argues that for certain roles, such as legal of human resources, skills are far more transferable – and this is as true for men as for women.

“Historically,” Kramer said, “I believe that women worked their way up from customer support and administrative roles. Today, fortunately, I see some change in that trend. For instance, the number of women in the UK who have obtained their plant and machinery appraiser qualification through several international appraisal organisations is encouraging. They may begin work with a valuation company but are very much in demand in leasing as well. I think they will be well placed to take on leadership roles in leasing risk management going forward.”

“Most successful women in leasing have worked their way up from the bottom,” said Amin. “Which is why when they get to the top they are well known, highly regarded and respected individuals. The asset-finance industry, being specialist generally, tends to recruit from within, and rarely entertains recruits from other sectors.”

Gallagher agrees: “Most women have worked their way up over many, many years. This is a tough business and you need to be strong and determined to survive. But if you get it right it’s as exciting and fast moving as it has always been.”

“With a shrinking employment pool,” Carter said, “working one’s way up will not be the only way asset-finance positions will be filled in the future. We will need to encourage folks to make the leap into our industry.”

LEASEUROPE: UNREPRESENTATIVE OF THE SEXES

The European Federation of Leasing Company Associations (Leaseurope) is the representative trade association for the leasing industry in some 34 different countries. Surely women are well represented in the numerous technical committees and industry gatherings with which it is involved? The answer is, not very many.

Jacqueline Mills, an adviser at Leaseurope, said that of the composition of Leaseurope’s 12-person board, one of the two governing bodies of the federation, not one is a woman. Similarly, when one looks at the national member associations, very rarely are the chairs held by women. “From a European viewpoint,” she said, “it appears that women are sorely missing from the industry’s higher ranks.” An examination of its technical committees, which bring together experts from leasing companies and other association professionals on matter such as accounting, taxation, and prudential supervision, reveals that the situation is only marginally better.

“In these groups,” Mills said, “about 14 per cent of the people around the table are women. However, this falls to 7 per cent if one takes into account the Automotive Steering Group, a group which guides the federation in matter of specific concern to the automotive leasing and rental industries. This apparently sustains the stereotype that the world of cars and trucks still belongs to men.” This year’s Leaseurope/Eurofinas convention is to be held this month in Edinburgh. At last year’s convention in Antwerp only 11 per cent of delegates were women. “From the viewpoint of Leaseurope,” Mills stressed, “there does appear to be room for improvement – at least in the upper ranks of the profession.

Nevertheless, with the newer markets crying out for skilled professionals, and the expertise in Western Europe rapidly aging, qualified women should be able to play a more prominent role in the business going forward.” Jacqueline Mills stresses that the views expressed in the above article are her own and do not represent the position of Leaseurope.

Katherine Amin

A recruiter’s viewpoint

Current sector: Leasing recruitment How long in leasing? 14 years Current company: New Leaf Search Ltd Current position: Director Progression to current position:

Following university I worked for Barclays Mercantile and later De Lage Landen. This provided me with a great introduction to leasing. I then moved into leasing recruitment, working for a couple of established agencies. In 2004, Jane Theobald and I recognised a distinct gap in the leasing recruitment market for providing excellence in service, coupled with professionalism and integrity – so we decided to fill that gap by establishing New Leaf Search, which is flourishing and achieving year-on-year growth.

My biggest challenge

There are no particular challenges that I have faced that I would attribute to being a woman. The biggest challenge so far, however, was plucking up the courage to leave a secure job to establish a new business venture. However, it must be said that this was just as exciting as it was a challenge.

Anne Revell

A global lessor’s viewpoint

Current sector: General/Vendor leasing How long in leasing? 18 years Current company: Fortis Lease Group Services Current position: Business development and integration manager

Progression to current position

Following university and post-graduate studies in law, and after a short while working in commercial property law, I moved into leasing. Through a series of moves and progressions through sales and broking, through account management and vendor management roles, I worked as a programme documentation legal adviser for a large UK lessor. From there I capitalised on my legal background to be head of legal and business development for the UK arm of a European leasing company.

From there I moved to an American captive lessor as European business development director (still based in the UK) and then, with the same company, I moved to the Netherlands to work on transactions and structures from the Benelux. I moved away from leasing for a while to work in organisational change for a Dutch multi-national. It was great to get some commercial experience outside of the financial sector. I continued in the same vein when I moved to Brussels to work again on organisational change, integrating a UK company into a Belgian parent.

The Fortis organisation had been on my radar for some time, and I approached the company – although there was no particular vacancy in mind. As a strong and fast-growing leasing group, Fortis seemed the ideal place for me to utilise both my leasing and legal background, as well as my change-management experience.

I have worked as a business development and integration manager now for just over two years and have seen Fortis Lease’s presence grow from some 11 countries on my joining, to around 23 today – with another three on the horizon as I write.

My biggest challenge

Sometimes you have to take a big decision to leave a company, or even a country, for another opportunity. It is always vital to do as much research as possible, and network to the fullest, to find out if the move really is right at this particular stage of your career – and that it will offer you the growth potential that you need. Ultimately, you have to go with your instinct. If it feels like it be a good fit for you, it probably is.

Simone Wecht

A global lessor’s viewpoint

Current sector: Equipment/Vendor leasing How long in leasing? 21 years Current company: Key Equipment Finance International, Germany. Current position: European Business Development director

Progression to current position

I started my career with Key Equipment Finance in 1989. Of course, when we started out here in Europe, everybody needed to be willing to do everything. That was great because, as a young person, it gave me the opportunity to really look into all aspects of the leasing business – and also how to set up and run companies. After the company grew, I held several positions in various areas, such as sales, operations, re-marketing and accounting. In 1994 I was promoted to sales and marketing manager for our German business, and in 1996 got promoted to country manager Germany and Switzerland.

Further on, in 2000, I became Central Region director, and had overall responsibility to run our German-speaking countries. After parental leave I returned to the business as business development director, again for the Central Region, responsible for setting up banking relationships, and in autumn 2006 I got promoted to European business development director.

This role primarily focuses on establishing vendor relationships in strategic markets, as well as exploring strategic alliances and portfolio/company purchase opportunities. In addition, early in 2007I also took on the role of leading product development activities in Europe.

My biggest challenge

One of the biggest steps I took was in 1996 when I was promoted from sales and marketing manager to country manager, becoming responsible for our German and Swiss activities with some 16 people at the time.

This new role, with all the new and additional aspects, plus at the very same time managing two very major vendor projects in a crucial development stage, was really challenging. But I was lucky having a great and very professional team that was highly motivated, and also a wonderful mentor – and, of course, a family that supported me in taking this step.

Brigitte Jancik

A country leasing association viewpoint

Current sector: Leasing trade association How long in leasing? 14 years Current company: Austrian Leasing Association Current position: Secretary general

Progression to current position

Once my children were self-supporting (although they never are really) it seemed right to ‘work outdoors’ again. Working half a day soon developed into a full time job. In the end I was asked by one man, and then by several of them, to look after the Association of Austrian Leasing companies (VOEL).

My biggest challenge

I do not remember any challenges being directly gender related. Running an industry organisation in such a small country as Austria is more like holding together a family with very different children – e.g.: banking daughters, captives and independents. With the strong support of the board strategic options have to be implemented and image building is important. Such steps may be easier for a woman to do.

Terese Kramer

A Leasing Consultant’s viewpoint

Current sector: Leasing consultancy How long in leasing? 27 years Current company: TK Consultants Current position: Principal

Progression to current position

Like many women, I began my leasing career in support roles. Fortunately, I worked for an innovative independent US leasing company where I was able to turn that early experience into on-the-job training. At the same time, there were several great mentors in the organisation who, to this day, support and encourage me.

My biggest challenge

I became an asset and equipment manager in the 1980s, and found that very few women were involved in this discipline. This was especially true in traditional male industries such as rail. There were advantages in being one of only a handful of women, though. If there were, say, 500 attendees at a rail conference we had a natural marketing tool – people remembered you.

But that also put additional pressure on us to go the extra mile with market and technical knowledge. I call it the Ginger Rogers phenomena. Remember, she did everything that Fred Astaire did – but she did it backwards and in high heels.

Carol Roberts

A UK lessor’s viewpoint

Name: Carol Roberts Current sector: UK lessor How long in leasing? 43 years Current company: Bibby Leasing Current position: Managing director

Progression to current position

Having been the managing director of several leasing businesses, I was invited by the board of Leeds Group to come and do some consultancy work for them in January 2004 for a three-month term. Here I am, three years plus, as managing director of what was Leeds Leasing, which is now called Bibby Leasing.

My biggest challenge

Having a family and a career has been one of the biggest challenges.

Victoria Eccles

An IT lessor’s viewpoint

Current sector: IT leasing How long in leasing? 17 months Current company: Syscap Ltd Current position: Education consultant Progression to current position

I was at university for four years, and then went travelling for a year. I joined a graduate recruitment agency that specialised in IT sales positions, and Syscap looked like a really interesting company. My attraction was mainly to Syscap’s business values, and the principle behind its business offering – ‘why wait to get something that your company needs if you can afford to get what you need straightaway’?

My biggest challenge

As a newcomer to the industry, hitting my sales target for the year was pretty challenging, but I managed to beat it. I joined the company in April 2006, and April to July is the education market’s busiest time, so sales targets for the team are at their highest. Schools and colleges receive their budgets for the following year, so they can plan their annual expenditure and buy and install over the simmer holidays.

I was given an initial three-month grace period but in July I had to achieve half target. I only had three months to develop relationships with customers and prospects, and then try to convert those relationships into deals. Seasonal peaks are part of the nature of the business, and I managed to make up my number throughout the rest of the year.

Sales don’t suit every type of personality. If you take things to heart every time you get a knock back then you’re not going to last very long. You just have to take it on the chin, and work on something else.

Suki Gallagher

An online technology market lessor’s viewpoint

Current sector: Online leasing market How long in leasing? 20 years Current company: Smartfundit.com Current position: Chief executive officer Progression to current position

I started with Milestone Leasing in 1986 and moved on to found Corporate Computer Leasing in 1993 with Justin Floyd. This culminated in the launch of Smartfundit.com in 2006 and I have been managing director since its inception.

My biggest challenge One of the biggest challenges has been, and continues to be, that of staying ahead of the market. As a specialist in technology funding the key to success has been to understand and respond to the changes in the market dynamic and provide creative funding solutions to meet the demand.