Latina Executives Tell Young Latinas to 'Take Risks and Use Your Influence'
Take risks. Ask. Use your influence. This is the advice from two Latinas who have made it as senior-level executives.
Latin Post recently spoke to Yvonne Garcia, senior vice president and global head of client solutions group and PMO for State Street Corporation, and Ileana Musa, managing director and head of global segment and strategy for Merrill Lynch Wealth Management, at the Association of Latino Professionals for America (ALPFA) Convention. Both made it clear that a strong work ethic and mentors along the way helped them rise to the top.
According to the Bureau of Labor Statistics, Employment Projections, the increase of Latinas in the labor force between 1992 and 2022 will be 65 percent. However, women of color held only 3.2 percent of board seats in Fortune 500 Companies in 2013 and there were only 2.8 percent women of color who were board directors according to 'Still Too Few: Women of Color on Boards,' Catalyst 2015.
According to Musa, the key for the advancement of Latinas and women is the corporate culture of a company.
"[You] need to be in a company that embraces women," she says. "That gives you the resources and creates an environment where you can thrive," Musa said.
This is why both Garcia and Musa are perhaps an anomaly, even though the two are working hard to change this fact and have made Latina leadership a core goal.
With ALPFA -- an organization aiming to empower and develop Latino men and women as leaders of character for the nation, in every sector of the global economy -- both Garcia and Musa play leading roles within this association. Garcia serves as chairwoman and Musa sits on the advisory board and leads the organization's Latina leadership initiative called Women of ALPFA.
One of the goals of ALPFA is to mentor and develop young Latina professionals into the C-Suite and onto corporate boards.
"Everyone who works with ALPFA are volunteeering their time," said Garcia. "We do it because it brings incredible networking opportunities and access," she said.
As ALPFA chairwoman, Garcia influences the direction of the organization and brings a vision of mentoring and empowering young Latinas. In her own career, Garcia has worked in marketing and distribution strategy for Liberty Mutual's agency corporation. "I never aspired to be a CMO," she said. So she relocated to China and became vice president of Bank of America's china construction bank strategic assistance.
"I am always looking for ways to fill the gaps in my resume and while in China I acquired my Six Sigma Black Belt," Garcia said. Six Sigma is a set of techniques and tools for process improvement. It refers to a professional who is well versed in Lean Six Sigma Methodology and leads improvement projects on a full-time basis, according to the International Association for Six Sigma Certification.
Garcia then headed to State Street where she took on a general management role. Garcia has global responsibility for developing new client relationships and delivering complex consulting services around the world.
Garcia confessed she would like the CEO chair one day.
As chair of Women of ALPFA, Musa strategizes and focuses on advancing Latinas in corporate America.
In her own finance career, she led teams that supported lending solutions to financial advisers and high net worth clients in international markets and held a national sales executive position in wealth management banking.
In terms of how few Latinas there are on corporate boards and heading divisions, Musa said, "I don't think Latinas recognize their strength and influence." She added latinas have to lean in and go forward. Do take risks, she emphasized.
She continued by saying Latinas are natural collaborators and are inclusive.
"From an early age we learn to bring others in, we work well in teams," said Musa, who grew up with an immigrant single mother from Cuba. "It is cultural, using that strength is a huge [advantage] in the workplace," she added.
Relocating for assignments, asking for more responsibility, and taking action to further her career has been Musa's template.
"I just jump in without analyzing the situation or having all the answers upfront," she said. She sought the answers after making her decision, she acknowledged. It has worked out well for her at Merrill Lynch, heading the international high net worth and ultra high net worth clients by leading a team of international financial advisers.
Both Garcia and Musa said organizations such as ALPFA, are leading the way in bringing more Latinas into the C-Suite. It is possible to change the game and they are leading examples.
"We have to be better risk takers. True to yourself. And don't let the circumstances define you," Musa said.