Tackling career blockers in the finance sector by challenging the status quo

Key takeaways from an event co-organised with Wo.Men in Finance on creating a culture of change based on diversity, equity and inclusion

Aleksandra Klein

By Aleksandra Klein

Professor of Management Accounting

13 June 2023

On 1 June 2023, our vibrant Brussels campus hosted the “Tackling career blockers” event which was co-organised by Wo.Men in Finance (WIF) and Vlerick Business School. Gathering more than 120 professionals working across different functions and seniority levels, this event was a true testimonial to the strong community spirit and emerging changes in the finance sector in Belgium.

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After a warm welcome by WIF co-chair Claire Godding and Diversity & Inclusion expert Anna Maria Francken, Nathalie Delaere presented the survey results on career blockers for people working in the Belgian financial sector. As an independent advisor and expert in diversity, equity, and inclusion in finance, Nathalie conducted her research in collaboration with WIF.  She inquired more than 1,300 managers and professionals about the main reasons for leaving their organisations. Specifically, most women and men in finance named the following three factors as the main resignation causes: office politics, corporate culture, and leadership style. In addition, Delaere’s research points to several troubling issues present in the work environments of Belgian financial and insurance organisations, such as bullying, sexual harassment, and toxic behaviours. Topped with an agentic and male-dominant corporate culture that takes socio-emotional skills and genuine commitment for granted, these work environment issues essentially echo the unfortunate reality of many modern workplaces, regardless of their industry or geography. In 2023, this course needs to be changed, bringing us to a fair question raised by City Bank Belgium CEO Nicolas de Callataÿ during the discussion of the survey results: “How do we create the culture of change?”

This question was swiftly picked up by Smaranda Boros, Professor of Intercultural Management and Organisational Behaviour at Vlerick Business School. In her keynote talk on how to contribute to organisational change, she questioned the taken-for-granted business and economic frameworks postulating what the ‘right’ ways of doing business are. And she suggested more inclusive and evidence-based approaches that are more sustainable, human- and collaboration-oriented rather than money-driven. The final act of the keynote was the farewell speech of the former prime minister of New Zealand Jacinda Ardern, underlining the importance of authenticity in leadership. In other words, being oneself – be it strong, weak, crying, laughing, compassionate, scared, determined, true, etc. – while being a leader.

During the rest of the afternoon hard work was delivered by all the event participants who were divided into six different workshops, conceptualised and run by dedicated WIF community members and Vlerick faculty. The main goal of this interactive part of the programme was to trigger the change within the event participants and, thus, to potentially contribute to bigger transformational processes within their respective organisations. How exactly? By discussing the pain points mentioned afore and working together on the viable solutions in the following six workshop streams:

  1. Dare to speak up! How to build psychological safety at work by Jesse Segers of Sioo and Alois Thiant of Marsh McLennan
  2. The role of internal networks in changing the company culture by Jeroen Somers of BEAMA, Katrien Goossens of ING, and Anne Charlier
  3. How many feminists does it take to change a lightbulb? Sexism, belittling comments and jokes at work by Claire Godding and Leen Vermeersch of Euroclear
  4. Skills for the future by Vlerick Professor Aleksandra Klein and Nathalie Delaere
  5. Kaleidoscope: how to encourage inclusive behaviours? By Cecile Cormier of Inclusive Games SRL, Veronika Colucci of SWIFT, Kristof Verbeke of AXA Belgium, and Mathy Mande Muteba of AIESEC in Brussels
  6. Assimilation and Imposter Syndrome: how to address those 2 enemies of inclusion? By Frédérique Billay of ING, Sarah Ndayirukiye of NBB, and An Van Doorselaer of Euroclear

Workshop participants could explore useful coping mechanisms and ways to break the systematic flaws by sharing their own experiences and creating peer awareness about the burning matters in the industry. After the hard and engaged work, everyone gathered to debrief and reflect on the main takeaways of the day:

  • People admit that office politics, corporate culture and poor leadership make them consider leaving their current job.
  • Micro-aggressions are real. Thus, it is important to raise awareness about them on an ongoing basis and make use of existing coping and resolution tools.
  • Speak-up culture is vital for organisational and employee well-being, and organisations must make sure that fear of retaliation does not hinder it.
  • ‘Soft’ – aka socio-emotional or people – skills are the most on-demand skills that drive other future skills, including digital, and higher-cognitive ones. Organisations should reward them and consider them as superpowers rather than something taken for granted.
  • Assimilation is the opposite of being oneself, yet often – especially when there is not enough diversity of role models – it is the only way to climb up the career ladder. Only by supporting individuality and authenticity organisations and their individual members can strive, to enjoy a healthier, more creative, and productive work environment.
  • There is no inclusive leadership, there is a kaleidoscope of inclusive behaviours.

The upshot of the debrief was a loud and clear call for action to challenge the status quo, either from within or outside the system! And looking at the full-house attendance of the event and participants’ engagement during the workshops, professionals representing the Belgian finance sector are willing to make this happen by nurturing their strengths and constantly investing in their talent development and the development of others.

Do you want to create positive energy for change? Discover our Change Management programme. Or do you want to get the skills and technologies to lead your finance team into the future? Learn all about our Digital Finance programme.

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Smaranda Boros

Smaranda Boros

Professor of Intercultural Management and Organisational Behaviour