The Examiners: J. Scott Victor On Men’s Role in Bridging the Gender ...

What factors can make restructuring a difficult field in which to balance work and family obligations, and what should professional firms be doing to help employees? 

Business is a competitive sport, but restructuring has an added level of difficulty that strains any professional’s ability to balance work and family obligations. Of course, this assumes the playing field is level for all professionals, but we know by looking around us that it’s not. As the father of two teenage daughters, I want them to have the same opportunities to succeed and become a leader that my son has. To make that happen, we need a change in thought leadership on gender equality.

In all sectors—but especially financial services and law—the number of women in leadership positions tends to flatline around 16%. The composition of this panel of Examiners further reinforces that statistic. This under-representation is consistent from conference rooms and corner offices to boardrooms and courtrooms. Women have achieved a few seats at the table, but that hasn’t given them enough of a voice to affect the balance of power.

Many of the bigger firms in the restructuring industry have developed initiatives to help employees balance the challenges of our profession, but this doesn’t fully address the lack of parity. Every firm in the restructuring industry, from bulge bracket to boutique, must make a conscientious effort to recruit, train, develop and advance female leaders. At SSG, we hired our first lateral senior-level woman in 2011 and have fully supported her efforts to become a leader in the restructuring community. It’s incumbent on all professionals, especially men, to support women’s advancement, and we all have to work together to achieve parity.

Senior women often have incredibly powerful personal networks, but association groups that advance women’s professional development are also essential. The Turnaround Management Association launched its Network of Women (TMA NOW) to foster female leadership not only by increasing awareness among female professionals but also among male professionals. The resulting dialogue from NOW-hosted events was an eye-opening experience for many of the male participants who have since become champions of TMA NOW’s mission.

There are many successful female professionals who may resent the idea of needing assistance to achieve further success, but we have to look at this in a global context. It’s not a question of competency or commitment. It’s the fundamental realization that women have more obstacles to overcome. Many women enter the finance and legal industries but as they climb the ladder, they also have to consider personal choices about family and other matters. These choices often force them to step aside. While some can transition back, we’ve collectively done a poor job of re-engaging these high-achieving women and ensuring they regain their place in the industry.

It’s not just up to the firms or the industry to help employees.  As a society, we have to fully value the contribution that women make outside the workplace and resolve the core issues of the gender gap.  There can be no true parity until we finally level the playing field that allows us to objectively hold our leaders to same standards and provide equal opportunities for advancement.

J. Scott Victor is a founding partner and managing director of investment banking firm SSG Capital Advisors LLC and a member of the Turnaround Management Association’s global board of trustees.