Hybrid Working and A Return To The Office

Photo courtesy of picnoi.

Photo courtesy of picnoi.

This week we are joined by Ruth Cooper-Dickson, positive psychology practitioner, trauma-informed coach and Managing Director and founder of Champs: a mental well-being consultancy. Ruth helps us explore the current state of transition facing many organizations as we see an increase in office-based work. We discuss the challenges facing both companies and individuals as they navigate this new territory and one thing can be certain: things will never return to how they used to be. Ruth brings her wealth of knowledge about positive psychology as she discusses the implications of the current transition on mental health. Whether you're a leader in an organization or an individual contributor, we've got some gems for you in this episode.

Transcript below:

Erica D'Eramo 0:12

Hello, and welcome to the Two Piers podcast season two. Today we have Ruth Cooper Dickson joining us from the UK and she is joining us to talk about the transition from working from home back into the office and what that might look like. So Ruth is a positive psychology practitioner. She is a trauma informed coach. She's also the managing director and founder of Champs which is a mental wellbeing consultancy. And we are really lucky to have her joining us today.

Erica D'Eramo 1:00

So, Ruth, welcome.

Ruth Cooper Dickson 1:02

Hello, thank you for having me, I'm excited to be here and chat to you about this.

Erica D'Eramo 1:07

Yeah, I mean, you're kind of this is absolutely your wheelhouse. And when we thought of tackling this topic, you were sort of the ideal person. So I'm really glad that you had space to join us today. So maybe it would be helpful for our listeners to hear a little bit more about you and what your your kind of practices and you're offering and, and why this is a topic of interest to you.

Ruth Cooper Dickson 1:32

Hmm, absolutely. Well, I'm the managing director, as you said and founder of Champs and we are going into our sixth year this year, this business and back when I started Champs, it was through my lived experience of mental ill health as a senior leader in an organization. As you know, how we first met many years ago, I was in a leadership role actually in in an inclusion consultancy, so that was always part of the space I'd worked in, I'd worked in the corporate sector for several decades. And my lived experience of very real burnout and breakdown following a divorce, which I now know is a traumatic experience. But at the time, it was like don't worry, I've got this, it's fine. And sort of six years ago, in the UK particularly, talking about mental ill health at work was a real taboo, it was seen as that invisible disability. And people just didn't really engage with it. So I was banging my drum talking about mental ill health at work and not many people really wanting to listen and then the dial started to shift we saw more acceptance. Very big corporates getting on the front foot with their understanding, leadership understanding that actually well being as a key business driver really sets precedent for future success and growth and performance. And we see so many research that is that happy, healthy individuals, employees are much more productive and shut... Yeah, for Champs just grew from there purely because the business started to evolve. And I myself you mentioned I'm a positive psychology practitioner. So I undertook my MSC and applied positive psychology and coaching psychology at the University of East London. And I did that full time whilst whilst building Champs. And for me, it was really twofold to undertake that qualification, one to have the academic underpinning to what what we do as a business, which is so important. And we've always been evidence based. We've always been driven by science and research. And it's not kind of that ivory towers thinking or just something we just make up. But also the fact that it was applied, it was very practical, which is an approach I've always had right back from being a project manager when I worked in engineering. So there's a real kind of flow there around why that was important to me Champs. And my colleague, Tara Kent, who's the CEO of Champs came from an organizational change leadership background. So we created something I think which is very powerful because it's positive psychology, it's well being. Myself and Tara plus our facilitators, many of them are Mental Health First Aid practitioners or instructors. So we have a real mental health ethos to what we do. And where we really kind of found ourselves in the thick of it was at the beginning of 2020, obviously with the pandemic. And it was a really interesting time for us as a business because we were actually delivering Mental Health First Aid training for a client who's based within a hospital setting. And that was right at the beginning of March. And I did the first of what should have been a series of sessions. And it was all very kind of odd. As you know, it was very kind of weird times, just at the real start here in the UK of COVID-19. And all those contracts were suddenly pulled because we couldn't do in person training. And obviously, the client was focused on what was happening internally within the hospital to support the running of the hospital. And it was all thrown up in the air. And as a small business, my first thought was let's batten down the hatches. Because I guess this is twofold, right? There's me as a business owner, and also me as the role that we do to support organizations with their well being strategy with their kind of more strategic thinking their workshops, their training, the whole package we're holistic. And it was like right batten down the hatches really look at kind of how we can mitigate any hard sort of change to Champs in terms of people losing jobs, or you know, just really figuring out what that would look like in a very quick kind of, let's evolve the business very quickly. And then we just brought everything online. And I'm really fortunate that the majority of the team really are great at being online trainers and facilitators, and they took that in their stride. Organizations, were really interested in either one group of people who were already with us who'd been on board with champs for a couple years or right since the start of my journey. Setting up champs, were immediately emailing calling what can we do, or we've already got this training booked. But obviously, we need to shift the focus, you know, focusing on keeping people well, and how they're going to settle in at home working, checking in on each other in the early days. How do you use technology to to do the self care check ins, all of that good stuff. So that was great to see. Plus, it also brought a whole load of new clients who were always had well being or mental or mental health at work on their agenda. But it wasn't a priority. It was all this is a nice thing to have. But it's not top of the leadership agenda. And suddenly it was, which was great. So it gave them that push that incentive if you like, which often we see with a trauma, if something happens in the market, the global market that pushes an agenda up to the top of the list, right, it's sometimes it takes that push to do that. So it did which was also good to see. And then some new clients who'd never even thought about well being or thought about what it meant to be well at work, having now lost our employees very quickly from people going from being in the office, to all of a sudden working at home, especially organizations that had no flexible work policies really or didn't encourage working from home. So that was the last year for us. And we really, as a business got burnt out, we were exhausted ourselves. I mean, I just saw something on an article earlier on about physician heal thyself. And, you know, we were just on our knees pretty much by Christmas of 2020. And what we came back to, was here in the UK organisations really struggling in like what we had as lockdown three that January to March months, because of winter and the pandemic and just lockdown. And it was very different to lockdowns in the summer, we had a beautiful UK summer, sort of came very early in March, April, almost coinciding with with a pandemic. And suddenly people were at home all the time. And it just felt fatigued and exhausted, as you know. So it's been, it's been a real, it's been a real journey in the last year of understanding mental health and well being at work, but in a very much more complex and nuanced way that it was sort of pre pre COVID times, I think. So I think it's been an interesting one for organizations who've probably never had this on their radar to even start thinking about. That was a very long winded answer to what your question was, but hopefully that's given your listeners a little sense about how we are what we do and kind of like really I think like lots of people, even the business we're in, but as a small business, like really had to quickly adapt and evolve and to keep to keep our doors open as well. And also to make sure my team is supported and well, to do all the support they're doing like the holding the space for others, which has been it's been a hard it's been a hard journey to navigate as a leader myself, I think.

Erica D'Eramo 9:45

Yeah, because as the leader, you're playing these multiple roles of facilitation, creating the communication pathways, supporting everyone making sure they have the resources they need, and that looks totally different when you're doing it remotely versus in person. Different tools, different interfaces. Yeah. I think that we're at this very intriguing point right now where as different countries are kind of coming out of the lockdowns and companies are looking at returning to work in different ways. It's this uncharted territory that the pandemic showed us that working from home was possible that there were, it was much more complex than people had previously understood. There were the people who said, like, oh, no one will be productive from home, people will just like watch TV all day, working from home is a privilege. And then they realized, oh, when people are working from home, actually, we need to be worried about the reverse, because nobody has boundaries, and we're seeing burnout. And we're seeing like, the kind of the mixing of home and, and work that means that no one ever gets relief. And so it really turned that concept on its head. And now that there is an ability to go back to an office setting, how companies navigate that is sort of a big topic of debate. And there's we're seeing a lot of a lot of decisions being made a lot of pushback one way or the other. And so this was a topic that has been coming up amongst my network and my clients, who are both leaders and kind of individual contributors. The leaders trying to navigate how do we keep the business running, you know, maybe we weren't as efficient in working from home as we could have been in the office. So we want to get back to that right away or from a from like, an individual contributor perspective, people who suddenly have to rearrange, you know, childcare responsibilities that they've had for a year now that don't suddenly go away, because they have to be in the office all of a sudden, and there's a lot of anxiety, there's a lot of anxiety on both sides of it. There's a lot of anxiety from the leadership, and there's a lot of anxiety from the individual contributors. So that sense of anxiety, you know, people sort of asking me, like, I don't know what's gonna happen, and, and how do I, how do I plan for this? It seemed like a good topic for us to discuss. So I was thinking today, we could talk about, you know, both from an organizational standpoint, what is best practice look like? What are some of the things to consider when looking at a return to work or once you're able to return to work? Do you return to an office like, what what does that look like? And then, separately, maybe looking from an individual perspective, for those of our listeners that will be subject to this kind of change? What are your thoughts on...

Ruth Cooper Dickson 13:06

I'm smiling, because it's like, that's a huge topic like it's huge, right? Let's see if we can do it justice in this short space of time.

Erica D'Eramo 13:14

We probably can't, we probably can't. I mean, we could write, I'm sure people are literally right now writing theses on these topics, right? Like...

Ruth Cooper Dickson 13:22

Yeah, I know, people who've graduated from the same program as me because I do academic research, as you know, and I'm involved in several papers at the moment and not to do one was actually from my own research taken a coaching program from last year happens to be last year. But there's I know lots of people who did their dissertation thesis off of their MSC on COVID times. So you know, living, working all the complexities around well being, positive psychology.

Erica D'Eramo 13:55

Yeah.

Ruth Cooper Dickson 13:56

Makes it interesting.

Erica D'Eramo 13:58

So I mean, I guess this would be like a little whet the palate of people who want to learn more. So I guess, what are you what are you seeing right now in your networks and kind of your space?

Ruth Cooper Dickson 14:12

It's been really interesting because I've had this conversation with a couple of my leadership team, people that that work in Champs and peers who have similar style businesses or work in a similar space, but slightly different in their offering. And the market kind of went a little bit quiet around, say for example, looking at mental health wellbeing style training workshops, about a month ago, it kind of went a little bit quiet. So we had May which is... May's Mental Health Awareness Week here in the UK, I know it's Mental Health Awareness Month in the US. So it's generally a month that's kind of given a lot of attention. But I think people had spent and the media particularly like I heard this from a PR and comms expert that the media a bit almost a bit done. In some cases where there was a lot of mental health conversation, it's almost been so much in the kind of the mainstream media as well. And I think also because of this hybrid working and understanding what's next. And actually, we saw a similar pattern here in the UK, last June, when we were waiting on the announcements from our government as to whether they would be everybody coming back into the office again, so we thought it was going to be for several months, and then everyone would be back in by summer, September latest, which obviously didn't happen. And the market went really quiet then it was almost like it was this collective breath around what's next. And it has felt a little bit like that I think in lots of respects. I also think that leadership and I mean this is my assumption that leadership and organizations have been thinking we've done so much on mental health and well being training and support the last 12, 13 months, actually, now what we want to focus on is getting people back into the office. So it's like we've done that we've done we've done that training, we've done that support, let's let's focus on leadership or kind of hybrid leadership. If you're any kind of transformational leader, authentic leader, a brilliant leader. Well being is actually at the heart of what you do anyway. Right? I mean, it kind of is pretty much part of that. Because again, going back to why I said that I started Champs and we know that all of that good stuff makes a successful organization. And mental health and well being isn't just about the check in it's more about meaningful work, it's communication, it's... you know, there's so many facets to it. It's much more than okay, we're going to deliver some Mental Health First Aid training, of course.

Erica D'Eramo 17:01

Yeah.

Ruth Cooper Dickson 17:02

So it's almost like at the moment there is this whole shift towards right, we need to focus on hybrid working. And I think leaders and organizations often because obviously leaders drive organizations and the subsequent culture that sits around that, but they're very compartmentalize. So you know, as you know...

Erica D'Eramo 17:22

Yeah, 100 percent.

Erica D'Eramo 17:22

...from your inclusion world, well, let this month we're doing race and ethnicity. This month is LGBTQI+, you know.

Erica D'Eramo 17:31

Yup.

Ruth Cooper Dickson 17:31

Next month, it's women. It's so compartmentalized.

Erica D'Eramo 17:37

You can only do one at a time.

Ruth Cooper Dickson 17:37

Yeah. We can only do one at a time.

Ruth Cooper Dickson 17:41

I just, yeah, I know. And it's so frustrating. So I do think there is this kind of, right, now we're focusing on hybrid working. And then there's a real there's a real pressure within we know, within HR teams at the moment where flexible working policies have needed to be updated, even perhaps more so from working at home. What does a return blended work, return to work look like? If we're going for hybrid working, what does this look like? What does this mean? So I guess the policies and procedures, which are often the first port of call are being reviewed and looked at and put into place, which would might include, you know, obviously, will include things like, how do we keep employees physically safe at work as well, you know, we've seen I've seen lots of LinkedIn pictures of people who've returned to their co workspaces where, you know, open plan spaces where they've got, you know, the perspex shields and everything else to get to keep people COVID safe, not mentally safe, but so there's almost like, let's push on with the policies or procedures and the practicalities of getting everybody back in, but without the bigger picture thinking like that, aside of like, what are all the other factors that are going to imp... a kind of come into play here that we need to consider? So it has been and I thought this was, you know, because as a leader, as a business owner, you start to the first, you know, the first thing you tend to do is go well, what's what's happening with us? First of all, we're like, let's do a sense check in. Is what we're offering wrong, or is it... the, you know, this isn't saying we've got no work, I'm not saying we've got no work, but it's that whole issue, the focus, there's just a sense, this intuitive sense that things have started to shift. That's what it is. And then it was me going out, say, April, April time, May, having these conversations with different people, having the conversations with the team having the conversations with the clients. And with we're running, as I said to you, before we started, I'm running a session tomorrow a webinar. We've had so many people who've signed up for this because I, oh, we were just thinking we're struggling to think about what to do or what does this mean for us? So it's so different, isn't it? Because you're right, I think when people were either working fully in the office, and then they were suddenly at home, and now there's like this gray area, because it's, it's not one or the other really.

Erica D'Eramo 20:18

Yeah.

Ruth Cooper Dickson 20:19

I've had a taste of that, or...

Erica D'Eramo 20:21

Yeah.

Ruth Cooper Dickson 20:22

It's just, it's very different.

Erica D'Eramo 20:25

Yeah, it's like the employees have seen, and the management too, some of the benefits of flexible working and working from home. And some of the dark sides of it as well, right, like we've seen that it's, it is complex, it is not better or worse, it is different. But employees that have gotten a taste of, you know, not having to do the extremely long commute, not having to put in all of this like non value added time and energy for I don't know, getting your getting your clothes dry cleaned, like all these little things that actually usually disproportionately affect women, I will say, Yes, a lot of these kind of expenses and time time inputs that have to go into preparing to go into the office. But being able to be more efficient and more flexible, and and manage your life while you're also managing your workload and that autonomy. Once people have been given a taste of that, and seeing that they can thrive in that environment, it's it's pretty tough to convince people that there's no value there, and you have to return to the way things used to be. Because it's more comfortable for leadership or, you know, I it's not really clear to me and I think one thing that's come into focus, for me has been sort of the the hierarchical view of working from home or flexible working as being a privilege that you have to earn in in certain workspaces like that kind of traditional view of you have to earn it. So if you're more senior, perhaps you get more flexible working opportunities than if you're more junior, versus, you know, if you need the flexible working, because you're balancing childcare, because you're balancing like an adult care, you have different elements that require flexible working, um, that I was hoping would sort of go by the wayside through the pandemic, but I'm starting to see that reemerge is like certain people will get to work flexibly or work from home. But it's not necessarily based on need. It's based on seniority, or I don't... like hierarchy, which kind of brings into question trust in the organization like is it that people aren't being trusted to deliver? Or?

Ruth Cooper Dickson 22:59

I think we know that organizations, in lots of cases, especially large, big corporates, especially those that been around for a long time are very hierarchical. Yeah, there's a promotion structure. There's who gets the big office, who gets the car, you know, there's some of the more senior you get, the better perks there are. If your face fits, you know, when we go back to like cliques, and who the in and out groups, who gets those unspoken privilege, as well. And it was really interesting in the pandemic, because we did in the last year, we did a session that was for graduates and apprentices who for for a firm who who started during the pandemic as their first job, you know, and I see you know, where you miss it. And you will know this from from where you've been in your career. But you know, when you're surrounded by experienced people, you can dip in and out of those conversations, you learn by osmosis, you pick stuff up, but also, there is a, we have all this tech now. And I think this was also what we've not, we've got this amazing technology we can use but I think one thing we've not learned to do yet and I did read a really good peer reviewed research piece on actual Zoom fatigue, as it's been coined, but you know, we don't use the tech in the right way. We've kind of we... we just kind of tried to replicate what we do in person, but online and it's like, well, that doesn't quite work. So there should be ways that people can learn and develop without having to be in the office physically, you know, they should still be able to have those opportunities. You know, I I've done all my coaching as you will have done online during the pandemic have run a research program online, I I coach people in different countries and different time zones. I mean, that was...

Erica D'Eramo 24:54

Yeah.

Ruth Cooper Dickson 24:54

That was also before the pandemic as well. So yeah, and I'm also coached by somebody who I don't see in person. So there's lots you can take from those experiences, you don't have to physically be together. I think that that is how we've, we kind of do that. And I, you know, that idea around you mentioned it before about performance of people who are working from home is much higher. And I think there's been a real, you know, where, where organizations have furloughed staff or people have been made redundant. I'm not gonna lie if I was in a corporate and I was seeing friends, peers, colleagues, lose their jobs, or be put on long term furlough, you know, would I be working my butt off to make sure that I wasn't at the top of that list? For sure. Like why, you know, you're there's going to be an inherent motivator there and an extrinsic motivator to just do it. Because...

Erica D'Eramo 25:53

Right.

Ruth Cooper Dickson 25:54

Yeah, you want to save your job, right.

Erica D'Eramo 25:55

Correlation, not...

Ruth Cooper Dickson 25:56

Yeah.

Erica D'Eramo 25:56

Yeah. So the working from home is like a correlation in some ways. Yeah. Yeah, it's not across the board. Right. It's like, some of those companies did have that, like, increased pressure, headcount, headcount cuts. And other companies that did not saw kind of different, I guess, different incentives act act on their companies, where you were able to see sort of a, what does it look like without that some of the companies that were thriving, although even those companies that were thriving in this new environment, they they just saw increased workload as well, right?

Ruth Cooper Dickson 26:35

Yeah, no, and that says a bit, then it's about going back to those boundaries. So you're not living at work, right? It's, it's how do you practice having that space to switch off? How do you and you have to, you have to take responsibility for that, and that even as a leader, that's something that I really had to work on last year and work on for my team, but it is really hard, like, it's hard. And we do this for a job. And I don't get it right all the time. But we found it tough. So if you're not in that space, or you're not that self aware, or your boss's checking in to see when you're online or why, you know, you finish, you can be sat at your desk, right from you get up 6:30 to nine o'clock at night, without people really checking in.

Erica D'Eramo 27:28

Yeah.

Ruth Cooper Dickson 27:29

You could be working, but are you productive all that time? Maybe you are for a period, but there's gonna be a point where that stops being productive, right?

Erica D'Eramo 27:38

Yeah, and I think everybody's brain works very differently. Like we had a podcast episode recently on ADHD and, and productivity and how, at least for me working in the office, because it was sort of like a sentence to me of like, you have to be here for eight hours I would really struggle to be particularly productive, like I really I would struggle to hit flow states in the office. And so I ended up just like taking a lot of my work home and doing it at home anyway, which meant I was putting in this like time in the office but then also just doing it at home where I could hit you know, I could reach flow because I didn't have the distractions of the office around. So in that regard, working from home was... I really thrived in it when I transitioned from the workplace to the home to home because then I didn't actually end up putting in the eight hours at the office and then going home and doing more right I got to like do my work during my work hours. But the boundaries issue has certainly... it's it's definitely been a challenge for a lot of the people in my network. There's no there's no getting in the car turn you know or getting on the the subway and going home. There's no like demarcation of this is the end of your work day.

Ruth Cooper Dickson 29:03

And you're physically leaving the building aren't you you're physically going somewhere. I think those people... I know I did it in the third lock down when it was winter because it was too dark to go out in the morning and in the early evening. So in the daytime, I would definitely make sure I took a break outside because I could be in all day. But even now I mean yesterday I work from home and I'm still working from home at the moment but I am going back into London just through personal preference to have a day in London every so often. Just because I enjoy traveling and seeing people and having something different about my week. But yeah, yesterday I didn't leave the house until I needed to leave the house at eight o'clock at night. And I was like oh my god I've only just left the house today. Because I didn't need to go outside, I didn't go out and train or do anything that I needed to do. It was my kind of rest day from training. So didn't leave the house, sat sat on the balcony but didn't didn't leave physically leave the house at all yesterday. And it's it's kind of sad, when you think like that?

Erica D'Eramo 30:07

Yeah, right. And so we don't want like, we don't want either extreme right? We don't want people... this like really rigid, rigid structure of presenteeism and all that. And we don't want isolation and people kind of burning out on their own without that balance. So I guess what are you seeing organizations doing that you would consider best practice as they kind of enter into this brave new world?

Ruth Cooper Dickson 30:37

Well, I did read the the FT article that you shared with me from last month, actually, which was really interesting to see that Dropbox have decided against using a hybrid model, which I thought was really interesting. So they're going virtual first policy, because they're worried about inclusion disparities. And...

Erica D'Eramo 30:57

Yup.

Ruth Cooper Dickson 30:58

...in regards to performance and career trajectory, which is a lot of the stuff we've spoke about, about that in group. And having, you know, cliques form. There was definitely clients who shared experiences of cliques, in the early stages of when all people could return to a cut to a more skeletal staff level. So they were encouraged if they wanted to come in, it was safe to do so. But there was those who are in the office, those who weren't in the office. So I have yet to see real beacons of best practice. I think it's too early to say that I think, where organizations are really trying to... our clients are trying to support their leaders through this process. They're aware that this is going to cause problems. So we were, you know, working with them on different kind of support mechanisms. And kind of more leadership development practices, which encompass well being at the heart of kind of thinking about how they lead in a hybrid model. But I have yet to see the effects of like, what is best practice? And I think that's going to take a little bit of time, but I think it's those who've actually said, we don't know how this is going to... so they've not made some big assumptions. They've they've not said, yes, we've got this right, because I think you probably haven't yet.

Erica D'Eramo 32:45

Right.

Ruth Cooper Dickson 32:46

And it's gonna take some time. And also those who aren't listening, I think the ones that are taking their time are also finding the space to listen to the individuals, like the individual contributors, as you said, to find out what people want so then they're doing the surveys, they're having the conversations, they're figuring out what works best. They're seeing how that's going to work, there's more support there than just you need to come back into the office now, or we're working from home. And that's it. So it's kind of... it's kind of...

Erica D'Eramo 33:21

Flexible.

Ruth Cooper Dickson 33:21

...a bit more collaborative. Yeah, there's a bit more of there's more communication. So that's kind of where it's seen as I think it'll be interesting to see how those all go well both sides will kind of work because I think if you're just saying, right, you've got to come back.... I don't know, I'm finding one particular client as well, an organization that I know of, they've you know furloughed staff out. And they've really struggled with the staff returning back into the environment, you know, having had quite significant... where we where we've seen people who've been furloughed for quite a significant period of time, because, you know, academic evidence shows good work leads to good mental health. Now, if you're not in the workforce on any level for a significant... so imagine, like everybody who's just worked from home, during the pandemic, you're still working you still have those connection, those touch points, that meaning and purpose that is driven by who you are, you know, often we ask people, what they, what they do who they are, and they talk about their job, right, first, more than often.

Erica D'Eramo 34:31

Identity.

Ruth Cooper Dickson 34:32

Yeah. So those people who've been furloughed, I mean, imagine the amount of change their brain is going to require to switch back. I mean, that's, that's quite hard. You know, it's an unscheduled sabbatical whether they've loved it or hated it, or wherever it's been. That's a big that's a huge shift. That's going to be quite huge.

Erica D'Eramo 34:54

Especially. Yeah, I guess, especially if they they did not have agency in that decision that it was sort of done to them, like the decision was made for them.

Ruth Cooper Dickson 35:09

Yeah.

Erica D'Eramo 35:09

And so that can that can really change how that experience feels. Yeah, confidence, like getting your feet back under you.

Ruth Cooper Dickson 35:21

I mean, I know when I did my first talk, so it was a live talk at a client's but there was no audience. And we did that in April. So I actually did the journey. Because had been since September, I had it, I hadn't done it, I actually did the journey, end of March time back into London, just to get a feel for it. Because I know what I'm like in terms of my anxiety disorders, just kind of, I didn't want the first time I went back into the workplace, to, to deliver something to be on show if you like or be on my stage and on my game, so I wanted to do that route.

Erica D'Eramo 36:04

A dress rehersal.

Ruth Cooper Dickson 36:05

Yeah, just like, yeah, dress rehearsal, and just go in. And, you know, had a couple of meetings, but nothing that was a big deal, and then came back and then took so much out of me. And then...

Erica D'Eramo 36:17

Yeah.

Ruth Cooper Dickson 36:18

...get it... being aware of that. And then going back in again to do the event. Kind of a bit more prepared to know what to expect, but just the energy. And then you and I've chatted about this offline about the amount of energy it takes to do stuff in person versus remotely, you know, and introvert extroverts that kind of, is a big, that's a big part for for managers to... leaders to consider, you know, what, I, there was a, there's article I posted on on LinkedIn yesterday that talked about, especially if your employees suddenly were in the office, and then they were out of the office, very quickly, they will have gone through some metamorphosis over that period of time. So even if you think they are the same person, they aren't, they will have changed on some level, most people will have changed on some level.

Erica D'Eramo 37:08

Yeah, that's fascinating, and we'll have put in these support structures, like formally or informally, that will have embedded in our lives. And in many cases, not even be aware that we've done it, right.

Ruth Cooper Dickson 37:22

Yeah.

Erica D'Eramo 37:22

...that may be serving us quite well, and we'll be a bit challenged by like a full return to work. I think some of the things that I'm seeing and hearing, that seemed like, seemed to be good practice that I'm interested to see how it how it will turn out is continuing to maintain sort of that like flat distribution of information that existed when COVID hit. So companies realized, like, we don't have this trickle down in the office anymore. So we'll have like global webcasts with our CEO, or we'll have a lot more accessibility to the top, because it's just more efficient to like, do the recording once and get it out there. And town halls became, you know, like global or regional instead of people being kind of broken up into teams. And that I think maintaining that could be really helpful in tackling some of that hierarchy and cliquishness that will come into play from a hybrid model where certain people get access to the information sooner than other people. So making sure that access to information isn't poorly, I don't know distributed, or preferentially distributed, I guess, I should say. And then there's a lot of talk about like schedules, which is interesting to me, because in the energy industry, historically, there was a lot of like what they call flex Fridays, at least in the US. And it was a big, kind of it was seen as like a really big perk in the energy industry that everybody gets to pick a flex Friday. I know when I started back in 2002 or so you got to pick which flex Friday was your flex Friday, and then you would just work additional hours throughout the week, but you got every other Friday off whichever one you wanted. And then that kind of shifted because they realized, well, the people who were in the office on the Friday where other people aren't in the office aren't really having a productive Friday. And so it kind of makes that Friday a wash. So they would they sort of shifted to everyone takes the same flex Friday off like this team is always, you know, this is your Friday off and that's your Friday working. And people grumbled about that a little bit, but at least they knew what their Friday off was going to be and they could still kind of get stuff done on that Friday. And then they move to like getting rid of flex Fridays altogether. I don't think anybody really... maybe some people still do flex Fridays, but it's pretty uncommon now. And that people really did struggle with that, because they had embedded that in their lives like that would be the day that they went and did their doctor's appointments, you know, that would be the day that you go run to the bank and like, and access these businesses, and it was seen as a big perk. So now there's a lot of talk, you know, in all industries about, okay, we'll do flex working, but it's not really gonna be flex working, it'll be like, you get to choose two days a week that you can work from home, but they have to be the same two days for the whole team. And, or, you know, or maybe it's on more of like a weekly basis, you get to, you know, the whole team has to be in the office during one week, or I think they're trying to balance the flexibility of giving people some time to work from home that they found useful with the, the downside of having too many people disparate, and never having the team come together face to face. So I think Catalyst has put out some information about, they've done some really great research in the future of work around best practice here and sort of making that wavelength a bit longer. So it's not necessarily two days a week, but it might be, you know, this one week, per quarter, we want to bring the team together for some team building for some, you know, some bonding, but giving people more flexibility in the long term. Because that can be that can be tough. Two days a week means you're sort of still, you can't like group that time together, you know? So I mean, I guess what, do you have any thoughts on the cadence of like, how a hybrid model could work? Or, you know, from, from a wellness perspective, from a mental health perspective of that, like, brain switching that has to happen?

Ruth Cooper Dickson 42:02

I think it's going to take, like we've just spoke about, some trial and error to find out...

Erica D'Eramo 42:08

Yeah.

Ruth Cooper Dickson 42:08

...if it fits and expecting that expecting that.

Erica D'Eramo 42:10

Yeah.

Ruth Cooper Dickson 42:11

I think when we pretend everything is, everything is going to be okay. And it will just slot into place. And it's not going to happen, right. I mean, there might it might do some organizations, but I, but big corporates, you know, they're gonna have to figure out like, how it's going to work and try stuff and see how it fits and, you know, stick with it for a period of time and see what kind of response they get, and then look to alter it. So this is kind of almost I don't think there's this one size fits all I, I actually really admire Dropbox was saying what they've done and say, well, we're just going to do virtual, you know, we're not going to go for this hybrid work model, you know, we're going to go for virtual, because even if, you know, you consider co workspaces or people kind of having that opportunity to get together, then you're still going to create those cliques, and you know, people that can do that or want to be able to do that, but then there's, there's gonna have to be organizations that are, you know, that they will say, people have to come into the office. So I think there's going to be more of a focus around understanding, like you said, the comms piece, making sure that is flat. And it's, it's fair that if, you know, if you're having a session, a meeting that people dial in as well like understanding, then you know how to deliver. And that is hard, because I've delivered training workshops, where I've got people in person in the room with me and people on a video camera or webcam, either in the same country or other countries. So it's hard to do that you have to be such an inclusive facilitator, and really think about your audience to make sure you're bringing people in. So you know, leaders in the teams who are in the room need to think about those people who are sat online and how they're engaging with those people. So there's gonna have to be some, there's going to have to be some kind of support and training there in place. But I also think there's got to be an understanding around, this is going to still create some anxiety for lots of people to settle into what was. You know, we've only we've, we've we've taken 12, 13, 14 months, 15 months, to get to where we are now. So it's going to probably take that amount of time, you know, we're talking weeks and months, not days and weeks to kind of get back into that sense of this is the new routine, right? So we're talking to end of 2022, not end of 2021, possibly, of alienness. Because we were always so far advanced on tech, and the ability to create virtual teams and the ability to be more collaborative with our work and to think more differently about how as as humans can inbuild self care and well being, to be more productive and to be healthier and happier and to enjoy our work, but we've just not got there yet, like we've we've kind of this has given us the opportunity it is a real opportunity it's an opportunity to shape how for leaders and organizations to shape the future of their business, going into the future, but also for individuals to really reflect and think about... And of course, I'm not saying everyone's gonna go, right, I don't want to do this anymore. But what do you want to shape your work to look like? You know, how is that important to you? What does what have you really taken from the last 13, 14 months? What do you want to see more of now? What do you want to see less of? You know, because some people will be I really want to be around people, I want to be back in the office. So if your organization goes, oh we're all virtual, then maybe that organization isn't for you anymore, likewise...

Erica D'Eramo 42:59

Yeah.

Ruth Cooper Dickson 44:18

...if you're a virtual person, you might say, I need to look for something else. Like maybe it's a different sector, maybe it's a different role...

Erica D'Eramo 46:13

Yeah.

Ruth Cooper Dickson 46:14

...maybe there's... Sorry.

Erica D'Eramo 46:16

No, go ahead.

Ruth Cooper Dickson 46:17

I was gonna say, um, what about all those people who shifted, who were furloughed, who might have been doing something completely different for the last 12, 13 months, you know, to had to survive to keep the money coming in. Maybe that's really changed their perspective of work. Like there's a real sense around, I remember doing a module in my undergrad degree back in the late '90s, called the realities of work. And I think this is what we're really starting to see, this is organizational change and development right at its finest. It's, it's going to be so interesting to see, like you said about people writing theses right now, I think it's going to be such an interesting place to look back on in 5, 10 years from now and go, wow, after the pandemic, look what happened to the world of work, look how it shifted and changed.

Erica D'Eramo 47:08

And I think that's the that is the piece around the reality that people are still coming to terms with that it has changed forever. And some companies will try to go back to the way it used to be. And some will be more successful than others, I think, and some of that will have to do with the age of their workforce, perhaps or the makeup of their workforce. But I do think that how companies proceed over the next kind of 24 months will become sort of their brand offering to their employees, right? That will be a competitive differentiator as far as acquiring talent. And, again, not good or bad. But differentiator right. So the people like me who love flexible working, love working from home love autonomy. They'll be they'll get to choose to the extent they have the ability to or have the privilege to choose, they'll choose those employers that really celebrate that way of working. And that's kind of a differentiator that's it existed before, certainly, but just not to the extent I think it will going forward. And so companies are going to have to compete for talent in a way that they haven't had to before. That's my prediction.

Ruth Cooper Dickson 48:23

Yeah, I think that's it, that is such a such an important part of well being because when we spoke to organizations before COVID, around more strategic consultancy, of understanding their well being strategy, you know, what do you have on your website around mental health and well being, you know, more broadly, instead of just a the obligatory statement, like how do you invest in your employees mental health and well being? How do you work at which, obviously, inclusion sits at the heart of that, and that was, for me was always a big thing, as you know, that well being was a wrapper that sits around who we are. So you know, how do you use that from a strategic brand perspective? And if you can confidently say, on your website with testimonials from employees on I don't know, Glassdoor and other websites where people can find out about what it's like to work for a company that people are really talking about. There's a real ethos here that this is what's believed in. It was really interesting because when you were talking, I was thinking about Champs, and we have we have a lot of we have a lot of women that work in Champs, and we have a lot of mums that work at Champs as well. And I wonder if that's partly and I'm not a mother but partly down to the culture that I've created around you know we the flexibility. So I got rid of our office space in 2019 in the heart of London, because we just really weren't utilizing it and actually we did co working and we got together as a team once a month to sit and work on a Monday all together. And we all traveled in. And that worked for us. And it's been hard not to see them. And then we have started to see a couple of them now in person. But we almost were like ahead of that, I guess, around how I wanted to the culture that I wanted to create and even in the last week. So last week here in the UK was a beautiful week, it was half term week. So some of the some of the team had got kids off and, I was off, but I was tapping in and out of work. And we had our usual team meeting, but actually, the ethos was like, it's a bit of a quiet week for clients just you don't need to take holiday, but just be around if needed. Like, it's, we've been through enough, like I recognize my team have been through enough and I'm exhausted. So they're definitely exhausted. So let's while we can take some of this time to refresh, and hopefully, you know, things, you know, things will as cyclical as they are and as things kind of start to, you know, we've got stuff in the diary. But as that builds again, and you know, just take that breathing space while we can. But you've got to do it, you've got it, you know.

Erica D'Eramo 51:14

This is where to get really deep for a moment, I really do think this is where true leadership like quality leadership becomes so valuable, because if your mission is clear, and if what your team contributes, is clear, then the physical location of where they are, may or may not matter, but you have trust, and you understand what they are actually contributing, versus what I call kind of the lazy version of leadership or the type of leadership that just doesn't have line of sight to that. The only analog that they can measure performance with is kind of bums in seats, as I call it. So like face time in front of the computer or face time through conversation, perhaps, but it's not necessarily output. So if you really know what you're contributing and what the mission is, and how well you're accomplishing the mission, then a lot of this other these other arbitrary measures sort of fall by the wayside because you don't need that's not part of your performance management. Like how present somebody is. I mean, present as in like physical presence...

Ruth Cooper Dickson 52:29

Yeah.

Erica D'Eramo 52:30

..is is not actually important.

Ruth Cooper Dickson 52:33

And also when knowing when the people are online. As a, you know, sometimes I think, oh, my goodness, I don't actually always know when people are online, I can check diaries, but it goes back to that T word, right, trust. That just knowing...

Erica D'Eramo 52:52

Yeah.

Ruth Cooper Dickson 52:53

...that you trust people to do their job. You trust the outputs that you see. I we don't work on Fridays at Champs as in the office is closed, people have a choice if they want to catch up with admin, if they want to do things they can, but no external emails go out. No internal team meetings happen unless it's mega urgent, you need a one to one with somebody but that's, I think happened once in a time, twice that I know of. So it's a day of sometimes I know some of the team like to work in the morning on a Friday just to wrap up the admin for the week. But that's it, like I don't, I like to work on a Sunday afternoon for a few hours. So I would rather do my time on a Sunday afternoon sort of four or five o'clock in the evening, just to get ready for the week, week ahead, than be online on a Friday. So if that's my choice. People are very different. And I give that give that permission to choose how you want to work. That's probably how everyone in the team is it's it's a choice, you show up because of the the mission and the values and the work that we do. And people care about the work that they do and the output that they give to our clients. And we know the client is king, but there's also boundaries around that.

Ruth Cooper Dickson 54:13

Yeah.

Ruth Cooper Dickson 54:14

You know, which is why we don't, which is why we don't generally you won't get emails ridiculously late at night, or at weekends from us on a Friday because there's boundaries around us even if somebody does want to work on a Sunday. If I do an email on a Sunday, it's send later it's not send an email on a Sunday.

Erica D'Eramo 54:31

Yeah, yeah, that's some that's some good practice right there with the setting of the expectations. That's something that I had to learn over the course of years that even verbally, like you don't have to work late, you don't have to work long hours if I am displaying other behaviors, people will mirror my, the leader's behaviors...

Ruth Cooper Dickson 54:56

It was so funny...

Ruth Cooper Dickson 54:57

...versus what they say.

Ruth Cooper Dickson 54:57

...both, there's two people in my team who I know who joined and they both fairly early on when starting emailed out on a Friday, one on a Sunday and both were oh my gosh, I'm so sorry I emailed a client I was like I don't even need to shout at you like, oh there was an email that did go out kind of my usual direct bluntness of you emailed a client on a Friday. Let's not let that happen again. And people know right, they're like, no we don't email on a Friday.

Erica D'Eramo 55:30

Yeah.

Ruth Cooper Dickson 55:30

You've got to set that you have to set it and you have to, you have to also set it so I don't have what I don't have work emails on my phone, I took them off in lockdown one never put them back on, unless I travel into London, and I might put the Outlook app onto my phone, but I don't have my work emails on my phone. So the only way I could check my emails, if I log onto my laptop. I don't use WhatsApp for work. My team contact me by Slack. If I'm on holiday, I delete slack. And they know that if they need to get hold of me by WhatsApp, somebody has to have been... someone has to have something really serious to have to warrant a WhatsApp message.

Erica D'Eramo 56:06

Yeah. I mean, so these are some of the when we talk about best practices, you know, for leaders, I think these are some of the best practices, especially when you're looking at hybrid models because setting those boundaries and being clear that it's not an it's it's not a fake boundary. It's not like, Oh, we don't work on Fridays, but then the people who really try hard they do come in and work on Fridays, you know, like, No, we do not work on Fridays. Or we, if you do it better be secret, like don't let anybody see you doing it because we don't want to we don't want to set that example.

Ruth Cooper Dickson 56:35

Yeah. And this there'll be internal, out of offices on a Friday often say things like, Hi, I'm I'm taking some downtime from the screen and phone today, if you need me, Whatsapp or Slack me. Somebody might say, you know, there's, I'm working this, I'm around this morning, or I'm not around today, I'll be online, but on Sunday, or whatever it is. So there's, there's generally a consensus that the you might be catching up on stuff, and that's okay. It'd be really rare any leader would ask for something on a new request on a Friday, there might be stuff that's already happened in the week for somebody to work on on a Friday that they might want to tie up or wrap up on a Friday morning, for example, that they do it. But it would be you know, there's it's really rare that I would email say, Kate, my admin in my team and say, Oh, can you do this on a Friday morning, because my assumption is generally she is not, my assumption is she is not working. So therefore if she's doing her own little tidy up admin, that's for her to do. It's not me adding to her workload on a Friday.

Erica D'Eramo 57:40

And I think that that is so contrary to how a lot of people have been brought up through the business world to view what quote unquote, good work ethic is, right? Like, we've taken, again, what I what I consider sort of arbitrary metrics that aren't key to delivering the mission like response that, you know, responsiveness is always one that you should be able to drop everything at any hour of the day or night and reply to your manager for even like the smallest little thing. And you can get that and build that into your organization, but at what cost? Right. And? And is that really serving your mission? If you if you're a fire department? Yes, it is serving your mission, right? Like, there are some jobs that are all about responsiveness, security is one of them, right? But...

Ruth Cooper Dickson 58:25

Yeah.

Erica D'Eramo 58:26

...in most cases, like updating the slide deck for the executive team, it just means like you either didn't do your work in advance, or it's poor planning rather than, but it's seen as, like loyalty to the company or loyalty to the to the manager. And I just think that we lose so much potential talent that way by picking these outdated measures that we measure people by that aren't true to the purpose. And that's not why you hire those people. Right? I don't want to hire people who I need to check if they're online at the right time. Like do you provide quality work and insights? If yes, then I want you on the team?

Ruth Cooper Dickson 59:06

Exactly. There is not. There is not enough. Yeah, there's nothing like that. Which is really interesting. Because when you said that about coming through the ranks, I think all the times I spent in the corporate world. Why probably I have a different approach. But maybe that is because of my lived experience. But also just the fact I wanted to create something that was very true and authentic to how I am and how the business now is. And we would be going against everything... we know it's not all rose tinted glasses. We know that even though like I said, we got burnt out at the end of last year because there was so much work and we were just kind of like supporting others, we've we always put our own needs on the back burner to some extent around, you know, processing what was going off because we were supporting others, like many other frontline workers, I guess, in that sense. So you know, we're not we're not exempt of that, but actually, where we can say that these are the practices we hold and so when things are busy, like you say, when there's when our mission is to support organizations or support individuals to help ingrain a culture of positive mental health in a pandemic, of course, we're all hands to deck because that's our job like the firefighter, right? That's our job. So they're actually how do we recoup back from that, and this year has about a softness, a compassion, an ability to really look after each other to look after ourselves to understand we're all probably chronically fatigued, to know what's happening next to think ahead of the next 12 months, rather than the next five years, like, just take a breath, reset and recalibrate before we kind of move forward.

Erica D'Eramo 1:00:50

Yeah, I do hope that some of these large organizations that are making what seem like big decisions, and some of them feel like knee jerk decisions, you know, a lot of companies are like accelerating their return to work expectations, maybe they said, end of 2021. Now, a lot of at least in the US, a lot of companies are targeting September, like Labor Day is a big day in the US for like full 100% back to the office, which is in September. And I, I do hope that companies take that with them that like compassion and softness. I'm hopeful I think the ones that will have more staying power, they'll have more success, will have to incorporate that. And that growth mindset of like, we're figuring it out. This is our hypothesis for what it's going to work. If it doesn't work, we will pivot and we'll try something else. Versus like, there is a right way, there is a wrong way, we are betting that this is the right way. And we're going to put all our chips on the table, you know, I think that there, that could be a risky, that could be a risky strategy. So. So for any individuals out there whose companies maybe aren't taking best practice into account, do you have any thoughts on how they can be kind of protecting their own mental well being as they transition and are facing, you know, anxiety, changing schedules, changing demands?

Ruth Cooper Dickson 1:02:21

Recognize that it is affecting you I think, is first and foremost, don't dismiss how you feel because how you feel is valid. No one can tell you how you feel, right? So that's first and foremost is know, that's how you feel and that's valid. Second, where you might be transitioning back into the workplace. And if you've got to, and, you know, as we talked about before, that, that's how you earn your money. And, you know, maybe there is some bigger picture stuff, which I'll mention in a minute. But, you know, think about that dress rehearsal, think about as you would do, kind of preparing yourself mentally, physically to get back into that. So it's doesn't feel so different. So if you can, for example, work from a coffee shop, and maybe not go back into work at the moment, but you're going back into work in September, maybe if you work from somewhere else. So it's a transitionary phase, you maybe go out of the house a couple of days a week and work from somewhere a little bit different, maybe even it was for a few hours, but grab a coffee and take your laptop and work if you can do that, for example, if that's a possibility. Think about if you're if you have mental ill health diagnosis already. So know how, how to support yourself, what triggers to expect. But also if you don't, and you are feeling anxious, then think about those support systems. And we touched on this before about the US particularly, you know, there's a very strong kind of link towards having therapy or seeking that therapeutic intervention, less so probably in the UK, but coaching support, any, you know, whatever your support network is, is to use that.

Erica D'Eramo 1:04:00

Yeah.

Ruth Cooper Dickson 1:04:00

Speak to your manager, if you can. I often think employees, individuals often make a lot of assumptions, especially if they're feeling unwell mentally, or they're not feeling 100% or they're anxious or unsure. A lot of that time is misguided, you know, because we don't give a leader or manager an opportunity to have that conversation. So don't take don't make a big assumptions. And don't tell the story from your own narrative, like think about potentially how you could explore having a conversation with your manager or leader. If you have to go back and you don't want to go back. And you know, there's obviously there's HR to have a conversation with but there is a bigger question here, which was alluded to before about is this the right job still for you? Is this the right sector for you? Is this the right organization for you? There's some bigger questions that are going to drop out of what you've been through. So if that's the case, what does that look like and start to explore that with a coach or a career guidance counselor or somebody you can just give you that kind of different perspective and, and kind of give you a holding space to have those kind of conversations. Because it might just be the adjust... I say it might just be, it could just be the readjustment to a new routine. And that is going to feel weird, unnatural, yucky, horrible bring up a load of stuff, which are normal rational emotions to kind of experience right going through a big change. So also give yourself patience and space to kind of, you know, maybe if this is on your mind, I'm thinking that this might not be the right role for me anymore, the right organization, the right job, you don't have to make that cutthroat decision right now. Otherwise, that said, you know, maybe give it till the beginning of the new year, and then say, you know what, I've been doing it for six months, and it still doesn't feel right. It's time that I took this leap. Set yourself a milestone for then, rather than thinking, I've got to be in it forever, right? This is it, I've got to go back and it's going to be awful. How about, let me see how I feel in one month, three months, five months, six months, and then start to think this... you know what, this still doesn't feel right, I need to kind of look at my options, or think about what this means for me. So.

Erica D'Eramo 1:06:16

Yeah. And working with a coach, like you mentioned, can really help you find ways to, to even like prototype some of your ideas. There's a book called Design Your Life and they talk a lot about that like prototyping before you make these big changes. What are ways that you can test it out? Because the grass... some, you know, sometimes the grass is greener, then we get to the other side and we're like, oh, this is also awful. All this like freedom I envisioned is actually very lonely and solitary.

Ruth Cooper Dickson 1:06:46

Well that's it right? Yeah. Definitely. My my friend Harriet Minter has written a book called Working From Home: How to Build a Career You Love. I think that's what it's called, I think that's the second part of the title, how to build a career that you love. And again, how, for those of us, the small minority who are working from home, predominantly, although we would be perhaps on client sites, in coffee shops and co workspaces before the pandemic, we were much more used to doing working from home, right. So yeah. How do you curate what like you say that prototype of what would that actually look like? Where... do I like to be around people? Would I rather be in a nice co workspace where, okay, I'm not in a office, but I have an opportunity to travel in somewhere a couple of days a week and be around people and still grab that coffee and do a little bit of a commute, maybe not the full two hours, maybe it's a 45 minute or half an hour drive or a 20 minute walk. But it's something that's not, it's very different. And again, if your organization is forward thinking and they're trialing different options, maybe if you present, if yours is flexible, and you say well, actually, there's a co workspace, which is around the corner from my house, I can travel in there in 15 minutes, I could work from there three days a week, and there's private conference rooms, I can book out for meetings and video calls. And maybe they might go for that, like, this is the thing, right? There's an opportunity for you to also... that should be exciting to curate that. So it's not all you know, it's also about taking... people forget, they can take control. And I know, people have responsibilities, and they've got childcare and mortgages and the pressures and complexities of life, but you've gone through a pandemic. So that's that's the hardest part right now is the time to kind of think about, well, what does this look like? Like what? What is your meaning and purpose? Like? What do you want to have in your life more of or what do you want to have less of? You know the big coaching questions. What do you want more of? Or what do you want less of?

Erica D'Eramo 1:08:48

Yeah, yeah. I think this is a good opportunity as well to talk to the managers and the leaders out there about when your employees are struggling, or they are going through this like what can the leaders and the and the managers be doing to keep an eye on that to be taking care of their own mental health perhaps?

Ruth Cooper Dickson 1:09:10

You touched on it before with the boundaries about role modeling. So there's gonna have to be a real piece from leaders and managers to role model the best practice. And not doing what they kind of expect their leader or manager to do, right. So it goes all the way up to the top. The more senior leaders that hopefully listen to this that it can set a precedent then others follow suit. So try and role model those best practices. You won't get it right they'll be times you mess up, but that's okay. Forgive yourself. Compassion... compassionate leadership is also about strength. People think compassionate is just softness, it's also having strength in that to hold that space for your teams and your people. So listening as you know, active listening, listening non judgmentally. Like why does Erica want to not come into work? She doesn't have childcare responsibility. She's at the top of her game, blah, blah, blah, like, why wouldn't you want to be in the office? You know, actually, this isn't just about what you might know of Erica on a surface level in terms of her responsibilities and commitments, this is much more deeper than that. So actually not listening, listening with that kind of non judgmental ear of understanding, signposting mental health support where needed, whether that's your employee assistance provision, or health care insurance or therapy or whatever, you have... coaching, internal coaching, external coaching support, which would be massively beneficial.

Erica D'Eramo 1:10:36

I agree.

Ruth Cooper Dickson 1:10:37

And also asking, what can I do to help you? Like what do you need from me? What would help you? Because I think leaders and often managers forget to ask that question. They kind of are like taking all this stuff in from an employee who sometimes might be the first time they've even articulated this out loud, or they're worried to death about having this conversation. So they get all tongue tied, and it all comes this big one big ramble or they kind of just blurt it all out with no kind of thought, thought through. And so just saying, like, well, maybe go away and have a think about what it is that you need from me, like going back to my point before about maybe say to your manager, this is some of the options I'm thinking, like, what do you think or? You know, ask them what you need, what they need from you as well. Like, that is a good starting point to kind of work from.

Erica D'Eramo 1:11:30

Yeah. Yeah. Being open minded.

Ruth Cooper Dickson 1:11:31

Yeah. Because if they just want to download to you, they might just want to download. So that's very different to actually there is something you could do to help and support me with this. Or it might just be I just want you to know how I'm feeling as my manager.

Erica D'Eramo 1:11:46

Yeah.

Ruth Cooper Dickson 1:11:46

Which is a pretty big thing in itself, but just... they may not need anything from you. But sometimes just asking that question gets the employee thinking, oh, okay, I hadn't really thought about that. What what could you do for me? What would work here? Especially like you say, if somebody has to return to work? Like, what does that look like? Or what else can they do? So.

Erica D'Eramo 1:12:08

Yeah, I mean, this I this is why I'm a big believer in leaders going through some level of coaching training, because those open ended questions, those powerful questions, the what questions and the how questions, can really just open up so much information to you as a leader that gives you access to these opportunities that you know, your team can be doing.... really performing, if you can tap into that and support your employees in the way that they need to be supported, not necessarily the way that you enjoy being supported. So yeah, really, really good stuff in there. So Ruth, if people want to know more about what Champs has to offer and and resources that they have workshops, coaching, etc., where should they go? What what should they look for?

Ruth Cooper Dickson 1:12:56

You can find our website champsconsult.com. And we are also on all social media channels, which are all listed below in your show notes. So you've got all the links there, and you can reach out to us. If you go to the website, you can also download a free quickstart well being strategic guide, which is really handy and helpful. So it's a good starting point for for your journey.

Erica D'Eramo 1:13:22

Yeah, great. So I'll, I'll definitely advise our listeners to keep an eye out for webinars that come through. Ruth and her team have really great resources. And they are certainly friends of Two Piers Consulting, so. In fact, I probably owe a lot of the genesis of Two Piers to Ruth because it was sort of our conversations way back when that made me realize I I really wanted to do this. So thank you so much for taking the time to talk to us about this kind of transitional world that we're in right now and and how it's gonna look. We really appreciate it.

Ruth Cooper Dickson 1:14:02

We need to do one next year and do a update as to where we're at, what we what we've seen happening.

Erica D'Eramo 1:14:07

Year in review, check our assumptions.

Ruth Cooper Dickson 1:14:10

Thank you for having me.

Erica D'Eramo 1:14:11

Yeah, absolutely. And thanks to everyone for joining for our our latest podcast episode. And for Two Piers, you can find us online at twopiersconsulting.com, or on all of the social media channels. So we're on LinkedIn, Facebook, Twitter, and Instagram, and we look forward to seeing you at the next episode.

Let's Talk About Intersectionality

Photo courtesy of picnoi.

Photo courtesy of picnoi.

This week, we welcome our trusted friend and advisor, Kamilah Cole, to join us in a discussion of intersectionality. We explore the history and evolution of the term, how it shows up in our lives, and how we can be more mindful of intersectionality as we strive toward diversity, equity and inclusion in the workplace. 

Transcript below:

Erica D'Eramo 0:05

Hello, and welcome to the two peers podcast season two. Today we are joined by our guest, Kamilah Cole. So Kamila is a paralegal with experience in corporate law firms. She's originally from Baltimore City and has 30 plus years of experience living at some of the busiest intersections of identity.

Erica D'Eramo 0:34

So full disclosure, Kamilah is one of my dearest and most trusted friends. We met way back in our college days when Kamilah served as the President and I served as the Vice President of a sorority called Lambda Delta Omega, which was specifically for lesbian, bisexual, transgender and ally women. Not only that, we also served on the Student Senate together, so we were quite busy. Kamilah now serves, you know, more than 20 years later, serves as an advisor and board member for Two Piers.

Erica D'Eramo 1:06

Today, we'll be exploring the topic of intersectionality: some of the history around the term and what it means as well as how it manifests in the workplace, especially in terms of fostering diversity, equity, and inclusion. So welcome, Kamilah.

Kamilah Cole 1:20

Hi! Hello Erica.

Erica D'Eramo 1:21

Hi!

Kamilah Cole 1:21

How are you?

Erica D'Eramo 1:22

Good. It's good to have you on finally.

Kamilah Cole 1:25

Yes.

Erica D'Eramo 1:27

So yeah, thanks for joining us today. Um, I feel like this is a topic that you and I have discussed over the years. And it's a topic that I thought was really good for us to discuss now, particularly with Pride Month upon us and all of the, all of the attention we're seeing around one certain type of identity and intersection. And yeah, I thought, you know, you'd have some good thoughts to share with us.

Kamilah Cole 1:56

Yeah, thank you for having me. I love intersectionality. It's, it's a fun topic to talk about can't wait to get in it.

Erica D'Eramo 2:04

Yeah, it's really impactful too.

Kamilah Cole 2:05

Yeah.

Erica D'Eramo 2:06

So how would you describe like the just the kind of textbook definition of intersectionality as we, as as defined today.

Kamilah Cole 2:15

So the dictionary defines intersectionality as the interconnected nature of social categorizations, such as race, class and gender, as they apply to any given individual or group regarded as creating, overlapping and interdependent systems of discrimination or disadvantage.

Erica D'Eramo 2:33

That's a lot of words.

Kamilah Cole 2:34

That is a lot of words.

Erica D'Eramo 2:36

Yeah,

Kamilah Cole 2:37

Take a deep breath there.

Erica D'Eramo 2:41

All right. Okay. And the history of intersectionality which is kind of used, it's used a lot now, I feel like I you see it and hear it quite a bit. Although I'm not sure if people really know where it came from, or what the history of it was, and, it, it dates back to 1989. And a professor named Kimberly Crenshaw, Kimberly Williams Crenshaw, who used the term in a 1989 paper that was quite, you know, highly regarded, and widely read from the University of Chicago legal forum called Demarginalizing the Intersection of Race and Sex: A Black Feminist Critique of Anti-discrimination Doctrine, Feminist Theory and Anti-racist Politics. Also, also, a lot to say, yeah,

Kamilah Cole 3:39

Thank you, Professor Crenshaw, for bringing intersectionality to us, to the masses.

Erica D'Eramo 3:45

Yeah, I mean, I think it came about originally, really to describe, like, specifically around race and gender.

Kamilah Cole 3:56

Mm hmm.

Erica D'Eramo 3:57

Because, I mean, let's face it for like, a lot of history, feminism has been about white women.

Kamilah Cole 4:04

Yeah. Yeah.

Erica D'Eramo 4:06

And has not actually described the experiences of Black women

Kamilah Cole 4:11

Anyone else?

Erica D'Eramo 4:12

Yeah. Well, anyone else?

Kamilah Cole 4:13

Anyone else?

Erica D'Eramo 4:15

Yeah, let's not forget that the suffrage movement actually relied heavily on racism, right. I mean, Elizabeth Cady Stanton and Susan B. Anthony outright opposed the passage of the 15th amendment and relied on arguments, very racist arguments for why white women should get to vote to like, outweigh the black vote. So

Kamilah Cole 4:41

Exactly.

Erica D'Eramo 4:42

So like white feminism didn't have a great run there for a while.

Kamilah Cole 4:49

And a complicated track record? For sure.

Erica D'Eramo 4:51

Yeah, yeah. So So yeah, I think this, I don't know which wave of feminism it was. I think I think that this introduction in 1989 of the term kind of started to get some attention. And by the 2000s, it really started to get picked up and standing intersectionality. And while the genesis was around like race and gender, now it's expanded really to, to talk about, like humans as our whole selves, and all the different ways that they are marginalized, or all the different ways they they experience the world.

Kamilah Cole 5:29

Exactly. You know, humans, I think are way more complex than we give ourselves credit for. and way more capable of being so multifaceted. But we do like to boil ourselves down to very simple, simple things, simple sort of categories. And I think, you know, intersectionality has, is really gaining traction as people really come to embracing this, like, we're more than just a race or sex, our orientation, you know, things of that nature. But yeah,

Erica D'Eramo 6:13

Yeah. And I think this is a really important topic for us at Two Piers, because the work that we're trying to do to tackle inequality in the workplace, and to really promote diversity, equity and inclusion in the workplace. What we often encounter is companies and organizations that have really good intentions, perhaps they set goals. And they have, you know, projects and efforts and work streams to address the, you know, DEI initiatives. But when looking at it through a very segmented lens, as a task force around race, a task force around LGBTQ, a task force around gender, it leaves so much of the lived experiences of the employees kind of out of the picture.

Kamilah Cole 7:14

Exactly. And I do think that I was gonna say, especially in the workplace, you see how, especially in corporate spaces, the workforce tends to be segregated by race and class in this very white at the top, and the, you know, black and brown at the bottom, sort of way in, in terms of like, for my firm, for instance. And most of the times I've been to people on the sort of service level, the assistants, and all of those are alway, always tend to be predominantly Black and brown, and predominantly women I find, and so whereas like, the attorneys tend to be white and male. So, no surprise there. But, you know, I just found that it, it some times holds people back, because those, you know, people are not allowed to sort of ascend different levels all the time. And people are often, I've been at places where they hire like, like-colored people, like, you know, other women, because they're like, well, they'll be more comfortable, they'll fit in with the whole the rest of them.

Erica D'Eramo 8:37

Culture fit.

Kamilah Cole 8:38

Culture fit. Yeah, yeah. So yeah, I mean, I think intersectionality if you're talking about the diversity and inclusion efforts that a lot of a lot of employers are trying to implement, or at least on paper, you don't see enough talk about I think, intersectionality and how the workforce is made up of these complex people who have many different needs and different lives and identities as well.

Erica D'Eramo 9:14

Yeah. I mean, I want to revisit this a little bit later through, you know, in terms of how this manifests in the corporate space. I think a lot of times, it gets boiled down, you know, these different boxes that we put people in, become sort of check boxes in the corporate world, like, "Oh, look, we're doing okay, on diversity, because we have these candidates and they check these boxes." And in reality, it's really more like a kaleidoscope, like you're putting one lens in front of another and you're creating a totally different outcome. So you can have Black, yeah, right. Like you can have a Black man and a white woman and you don't have you're completely missing out on the lived experiences of Black women in that case, who live with very different types of marginalization and, and stressors and tensions in their lives that white women will never understand. And Black men will never understand. Like, just as one of the most dominant examples out there, right? One of the most common examples out there.

Erica D'Eramo 10:26

But I did want to give listeners, like, some examples around some more examples. So just give some color to intersectionality. Because I think we do recent, huh. To give some illustration, to the, to this concept, because, um, I find that is, because race and gender are usually what we talked about, that some of the other elements of intersectionality are maybe less familiar. And so giving people you know, other touch points to think about. So, I mean, race and gender. That is, that's a whole actually, there's a whole different terminology even there as well, right?

Kamilah Cole 11:17

Yeah, exactly. There's... as a Black woman, an expert on this topic, no, I kid. But gender and race is where you sort of, "baby's first intersection," that's where you, you know, like, that's the easiest, that's the easiest, like, sort of tangible example of how people live at these intersections. As a Black woman, I deal with a lot of misogynoir, which is defined as a hate, you know, a hatred, a dislike for Black women. And it's sort of takes sexism to another level and sort of adds in this intersectional approach, and is a way to, like shine a light on like, you know, there are instances in which there are ways I should say, in which Black women have to navigate around the world in ways that other people do not. And also in it also is about the ways that Black women are discriminated against, especially if they're darker, if they're bigger if they are any, any shade of LGBTQIA.

Erica D'Eramo 12:39

Yeah, misog..., misogyn, misogynoir.

Kamilah Cole 12:42

It's a little it's a little, it's a little bit for the tongue. You know, it's a little tongue twister. But you know, it's it's the misogyny, that Black women, Black femmes face, I would say even Black, non-binary people face in a way. Because we, a lot of people view the world in very binary terms, you know, so yeah, you definitely see that come up a lot. But there's so many, you know, there's a lot more.

Erica D'Eramo 13:17

Yeah, there is a lot more. I mean, I'm, I'm just curious. How do you describe your intersectionality? What intersections do you live at?

Kamilah Cole 13:28

Oooohh. Well,

Erica D'Eramo 13:30

I say I'm curious. I would like you to...

Kamilah Cole 13:32

I'm about to drop some secrets on you. No, no. Yeah, I think you'll I think you won't be surprised by any of these. As I said, I live at the corner of Black and lady. So I'm a woman, I also identify as queer, mostly lesbian, sometimes gay, sometimes, you know, but, uh, I definitely have that intersection as well. I'm also a first generation American. So I grew up with an immigrant family. And immigrant life in America is its own... Trying to think of a nice way to say it, but it's its own thing. You know,

Erica D'Eramo 14:26

Its own experience

Kamilah Cole 14:30

...experience. And I also also deal with, you know, I live with mental health issues. And that's another that's definitely something I feel as though in corporate spaces, you don't really get to talk about how that affects people's lives, how that affects, you know, how they operate within the workspace. And yeah, that's definitely At least a another intersection that I that I live with. What about you? What intersections do you have?

Erica D'Eramo 15:09

Well, well before I share my intersections, I do want to say like the mental health, and neuro neuro diversity, which I feel like is somewhat related, like how our brains are working?

Kamilah Cole 15:24

Yes,

Erica D'Eramo 15:25

Um, we have we actually have an upcoming podcast episodes talking specifically around that and like the transition we're going through right now, but how that manifests in different cultures and like the acceptance of that in different based on, you know, like, especially in different immigrant communities that, you know, might have varying levels of acceptance, or support. Same with orientation, right, like, yeah, so let's see, my, I guess some of my intersections would certainly be white lady, queer lady. I also would identify as neurodiverse I deal with ADHD. Um, I say deal with because I don't know, it's like my superpower as well as my like. Yeah, something that challenges me. And I don't know, what are my other intersections?

Kamilah Cole 16:41

You don't want children? But sometimes, it feels like being a motherless woman is, especially in the workplace. It can it can cause problems either way.

Erica D'Eramo 16:58

Yeah, I mean, I've definitely taken less traditional life choices in some ways. So yeah, but I think that the way it's interesting, right, because I am, I am also married to a man. And so as a white woman who I mean, I don't know as far as gender goes, I I'm not super femmy. I'm not super butch. I'm kind of just like, somewhere in the middle. There's a lot of assumptions around my queerness. And that I must be straight. And cis, and I do identify it cis, but it's just there are a lot of assumptions that get made. So

Kamilah Cole 17:47

Yeah,

Erica D'Eramo 17:48

Yeah.

Kamilah Cole 17:49

Yeah, no one ever knows I'm gay, it's horrible. It's unfortunate.

Erica D'Eramo 17:57

Are you joking?

Kamilah Cole 17:59

No, I'm not joking.

Erica D'Eramo 18:00

Really? Oh, it's just I've known you so long, I just...

Kamilah Cole 18:03

I know. I know. I've known me so long that sometimes when people when someone reads me and st may ask me something like, Oh, do you have a boyfriend? I'm like, why would you ask me that? Like, I'm just shocked. Like, what are you talking about? I don't have a boyfriend. But I'm like, Oh, you don't know me? You haven't known me for the last 20 years like you.

Erica D'Eramo 18:23

Amazing. I love it. So yeah, I mean, like actual actually like that sexual orientation, cultural heritage, that is an a big intersection for people that we don't think about all the time. Especially in Pride Month, you know, like, what different people are dealing with right now.

Kamilah Cole 18:46

Exactly. That also made me it. You know, in terms of the the workplace, the beginning of the year is always, you know, we start the onslaught of everybody gets their own month, right. And so we get Black History Month, I'm sorry, January, I don't know what it is. But I don't think it's everything. But you know, we start with Black History Month and then there's Women's History Month

Erica D'Eramo 19:13

As you say that we're gonna, we're gonna hear from the people.

Kamilah Cole 19:15

People I am so sorry, whoever's month is January, I'm sorry. But um, you know, the Black people get February and women get March and want to say April was Asian?

Erica D'Eramo 19:32

Nope, nope. The Asian folks and the Mental Health Awareness folks have to share May.

Kamilah Cole 19:38

See, that's not even right. It's not even right. But um, it's just so funny to me, because it's like, we celebrate these things at work. And I think like, when we're celebrating Black History, I'm like, Okay, this is great. But then we celebrate Women's History, and it tends to be very white women focused like we can't talk about brown outside of February. And it just it just like further shows how we live our lives so segmented like, okay, you get to celebrate your blackness this month, and then you get to celebrate your if you're a woman this month, and then if you're also Asian, which you could also be all three of those things in your like. Gotta wait till May. And if you have mental health, go ahead and celebrate that too, because it's also May. It's just like this very, it's like this

Erica D'Eramo 20:38

sort of taxonomy, right? I know.

Kamilah Cole 20:43

And it's no, it just feels like, just another way that we don't. We don't really experience ourselves as full, and complete humans.

Erica D'Eramo 20:57

Yeah, I mean, I do want to since we mentioned Pride Month, and intersectionality, I do want to give, I do want to take a moment to pay tribute to Marsha P. Johnson and Sylvia Rivera, who were kind of the original, some of the original leaders of the Pride movement, like the Stonewall protests,

Erica D'Eramo 21:21

Mhmmm,

Erica D'Eramo 21:22

and who lived at very complicated intersections in life as trans Black and brown women.

Kamilah Cole 21:32

Yes. Who were also struggling economically, you know, living like really with housing insecurity. And I think that's another, that's another intersection that we really need to make sure isn't forgotten, because you could, it's pretty deadly to be poor in this country. So that is definitely an intersection that a lot of people find themselves.

Erica D'Eramo 22:04

Yeah. I mean, class. So there's, the book I'm reading right now is called Caste. I'm a little late to the game, but I wanted to be able to give this one the focus that it deserved, and, and it it talks a lot about I mean race and caste being very much related in the United States, but that there is this economic, social hierarchy that is more complex than just race. So in the US like race is, one of the ways that we determine, it's like one of the primary ways that we determine caste, but it's it's just it is a, I mean, if this is a topic that interests people, if intersectionality interests people, I highly recommend that book because it definitely takes a more complex look at how this manifests through class, socio economic status, intergenerational wealth, and kind of trauma and oppression. Really light stuff. Real light reading? So what are some other? So what are some other intersections that we see a lot, that maybe we aren't thinking about?

Kamilah Cole 23:24

Disability, especially, like, it's also something especially since not all disabilities are visible, you know? That's definitely an intersection people find themselves at and also a place where, you know, the workplace can get really hairy, it can get really inaccessible, or just in general, not a friendly place to be so.

Erica D'Eramo 23:55

Yeah, I mean, if you even just look at, like, the strong Black woman kind of trope, right, that we've placed on an entire population of people that makes it very hard to show vulnerability to show depression and like, like somehow depression isn't affecting Black women who are bearing like,

Kamilah Cole 24:27

Yeah,

Erica D'Eramo 24:27

more burden than a lot of other people. So yeah, I mean, and, and also, like we said, how it is treated and accepted. Culturally, especially like in first generation, families. I'm, I'm now third generation Italian American. But I can say that like, depression, alcoholism, ADHD, some of that stuff was just like, it was not talked about you needed to buckle up and toughen up and just live in misery. Right? And now. Now it's becoming like, more accepted in in, I don't know, like my, my networks to talk about these things and to be vulnerable, but there are still plenty of populations in this country and everywhere where mental health issues are seen as a weakness or a flaw.

Kamilah Cole 25:29

Definitely.

Erica D'Eramo 25:30

Yeah. So I mean, one topic that came up to me, or that came up in a recent conversation that I was having was with a good friend of mine. She and her wife have kids, and she was talking about how, you know, especially during the pandemic, like, how they decided which person was going to do primary child care and scale back her hours at work and how in their case, you know, you can end up with both female parents on like a mommy track when they have kids, right, both of them facing a gender wage gap, both of them facing more difficulty in securing loans or financing or mortgages. And facing that discrimination. So in that way, kind of like sexual orientation, gender, and class had a really interesting intersection that I don't I don't know why it hadn't really occurred to me until then that like, Oh, yeah. I mean, you're both facing the wage gap. Yeah. And the mommy track?

Kamilah Cole 26:36

Track. Yeah.

Erica D'Eramo 26:38

Mm hmm.

Kamilah Cole 26:39

And that's another thing, you know, you during the pandemic, when there were, a lot of people got to work from home. But there were also a large number of people whose job just could not go remote, you know, and then that puts them in this really precarious situation where their kids aren't going to school, they still have to go to work in a pandemic. And I can imagine that, I mean, I, you know, how many 1000s of stories of that had there have there possibly been, you know, during the, like, really thick parts of the pandemic that, you know, we don't really talk about, like, these are the things that women are going through, especially women of color, who are making less and also potentially raising up children, you know, as well on that less money. Um, yeah, so,

Erica D'Eramo 27:38

Yeah, I mean, we we definitely saw COVID exacerbate issues. Well, I mean, in women's engagement in the workforce dropped to levels that we haven't seen since 1980. We lost like 30 years of progress with women's participation in the labor market. And we know that COVID hit communities of color are particularly hard in particularly devastating ways. So yeah,

Kamilah Cole 28:06

Yeah. Yeah.

Erica D'Eramo 28:09

Okay, I have another interesting one, ethnicity and race.

Kamilah Cole 28:13

Mm hmm.

Erica D'Eramo 28:15

Those are the same thing. Right?

Kamilah Cole 28:16

They are not.

Erica D'Eramo 28:17

Oh, tell me more!

Kamilah Cole 28:21

Well, your ethnicity is more about the country, the place the region that your people are from. I remember growing up, a lot of people were moving towards using the term African American to describe every single, dark, brown person that they met. And so but my mother, for instance, never identified as African American. And I actually have never liked the term African American. But my mother,

Erica D'Eramo 28:59

For you or for everyone?

Kamilah Cole 29:00

For me.

Erica D'Eramo 29:02

For you. Yeah.

Kamilah Cole 29:03

I can't speak for everyone. I don't know all the people. I'm

Erica D'Eramo 29:09

Just clarifying

Kamilah Cole 29:10

Just clarifying, yeah. But I remember being sort of shocked when my mother said, I'm not African American. And I was like, Oh, that must have been in like, middle school or early high school. I was like, Oh, yeah, no, that makes sense. You're not from America. But she did identify as Black. So her ethnicity is Jamaican, and her race is Black.

Erica D'Eramo 29:41

Emmanuel Acho's book, Awkward Conversations With A Black Man, kind of talks about this because his family also identifies, like, he also is, I think, first generation from an immigrant family and he kind of responds to like, questions he gets and one of the questions is around like, Can I, should I use the term African American should I use the term Black? And he's kind of like, well, you should just ask people how they identify. You just don't know. You just do know, we can't assume. But

Kamilah Cole 30:16

I think you should always just ask.

Erica D'Eramo 30:19

Yeah.

Kamilah Cole 30:20

I mean if you want. If it matters to what you your dealings with this person, I suppose you know, if you're in line,

Erica D'Eramo 30:28

If it's, if it's germane. Yeah. Like, we're not advising for anyone to just go around asking like, Hello, are you identify as Black or African American?

Kamilah Cole 30:40

If you're in line at your local Target, please don't do such things.

Erica D'Eramo 30:44

Please don't.

Kamilah Cole 30:44

But yeah,

Erica D'Eramo 30:45

Yeah.

Kamilah Cole 30:46

But I think people are afraid. You know, in an effort, I think there's always been this concerted effort to get people to not talk about race, because there's this fallacy that if you talk about it, it will exist, but it already exists. In one shape or the other. So, you know, I encourage people to not be afraid to just ask.

Erica D'Eramo 31:16

Yeah, like, respectfully,

Kamilah Cole 31:18

Respectfully like, and I like to I like to lead with, I identify as X, Y, and Z. How do you identify that's a great way to get into somebody's business and find out...

Erica D'Eramo 31:32

Yeah,

Kamilah Cole 31:33

...what they are

Erica D'Eramo 31:33

Again, like if it's germane,

Kamilah Cole 31:35

Yeah,

Erica D'Eramo 31:35

I think, right? Like, if it's, if you're trying to be respectful, and you need to use a term, just don't don't be assuming. This comes this also applies to like orientation. Right? I mean, let people self identify. Yeah, but don't expect them to educate you. That's my caveat. Right? Like, if you're gonna ask them how they identify.

Kamilah Cole 32:05

Yeah, if you need more information Google is free.

Erica D'Eramo 32:13

Google is free. Yeah. I mean, and not just Google, right. There are so many really good resources out there. Doing research this day. These days. Yeah, yeah, books, podcasts. There's Yahoo, or YouTube? Um, yeah, there's plenty of resources...

Kamilah Cole 32:37

Definitely.

Erica D'Eramo 32:38

So. So you asked me how I identify like, I think it's interesting, too, because we, you and I have talked about how white is an intersection too, right? Because when we assume that white is not, we assume white as the default.

Kamilah Cole 32:56

Mm hmm.

Erica D'Eramo 32:57

And everyone else is the other. And so I think like, for me, it's important to recognize how my whiteness shows up and what that means as far as like, especially in terms of privilege. Yeah. And the implications of my actions sometimes. Yeah, thanks for thanks for asking me. So we wanted to talk about how it manifests in the workplace. We talked about a little bit of that with Pride Month and are like different designated months where you get to be the certain thing.

Kamilah Cole 33:32

Yeah.

Erica D'Eramo 33:33

More of that thing than other months?

Kamilah Cole 33:35

Yes. Um, yes.

Erica D'Eramo 33:38

I think what another area I see it come through, or lack of intersectionality, I guess, is around kind of these BRGs or business resource groups or employee resource groups, where they will sometimes elevate voices of people, you know, who are wearing multiple different hats and identities, but often the focus is around, like coming together around this one trait and how that exists in the company and how they can support each other in that one way. And it can sometimes disregard intersectionality, right, like women's groups. I have heard about certain companies where, say, you know, like, the women's group might host something around uh Black History Month, and it's led by white women. And not you know, and not a Black woman has been consulted on on this or asked for their input. So, I think we need to be a little careful.

Kamilah Cole 34:56

Exactly. I also see it come up in the ways of like, Hmm, I found in corporate spaces, if there is a chance to connect you with a mentor or a mentee, there is definitely a push to connect you with someone who is just like you, but maybe is not actually just like you.

Erica D'Eramo 35:22

Like at all,

Kamilah Cole 35:24

At all. For instance, I would say for instance, if I entered a new workplace, and they tried to connect me with someone who was very religious, I wouldn't have a problem with it. But I could see if they wanted to hold my hand and pray. And I said, No. And they were upset, you know, like that could cause an issue. And we may both be Black people, we may both be Black women, but like, that is an area that could potentially cause some rift between us, you know, if somebody's, not a rift, Wow, that sounds really horrible. Um not like a fight. But you know, like, I just think that,

Erica D'Eramo 36:10

Yeah.

Kamilah Cole 36:12

That's an example cuz I know of some people I've know of workplaces where it was, a lot of it was all Black people, and a variety of ages of Black people. And so the culture really skewed very religious, and there was regular praying together, in like, before meetings, and events. And so if you're someone like me, who doesn't ascribe to organized religion, that may feel uncomfortable, but, you know, everybody out, you data, that's an intersection that the people in that room would not think about, necessarily, right? And how that sort of manifests?

Erica D'Eramo 37:03

Yeah, because you are, these are like, we're going farther down the iceberg, right? Like, the, the visibility of some of these differences. And sometimes we wear indicators of what our religious affiliation is, or spiritual affiliation. And sometimes we are very out in the workplace, or we give indications of that. But oftentimes, you don't know you don't know about the people's disabilities, you don't know about their religion, you don't know about their orientation, or gender identity? Don't know.

Kamilah Cole 37:39

No, you do not know. And also, you know, especially in terms of like, gender, you don't know where they are in the, you know, like, what am I saying, people intersections, or are moving living breathing things? And so some, you know, I'm likely always going to be Black, but I may not always identify as a woman. I may not, you know, I think we also need to be open to the possibility that people's identities shift over time and in in different ways.

Erica D'Eramo 38:18

Yeah. I mean, and, and what's going on in the world, sometimes can force sort of a prioritization, I guess, of like, how you would rank that those identities like how, you know, if I said, "How do you identify?" just the very order in which you describe those different identities can change over time? Yeah. I think like way back when, when I was a bit younger and naiver? More, more naive, naiver? More naive.

Kamilah Cole 38:57

More naive.

Erica D'Eramo 38:57

Um definitely more naive. Um, I think I like asked you kind of, what do you see as your primary identity? Like if you had to choose sides, like what would it be? Would it be like queer? woman? Black like, and, yeah,

Kamilah Cole 39:19

And there was a time when I was also younger and naivier, more naive, that I would have probably maybe told you Black because I felt like I had to choose Black. There has been a notion, I mean it still persists that you are within the Black community that you are you could potentially be, you're Black first before everything else. And certain certainly in the perception of other people. You are Black first before anything else because people perceive you. People use their eyes typically to determine who you are whatever, at least, like get a guesstimate of who you are. And so, but now, now that, thank you to Professor Crenshaw, I have a word. It's called intersectionality. I don't have to guess I live right.

Erica D'Eramo 40:20

And be all the things.

Kamilah Cole 40:21

...in the right place, I am all the things at the same time all the time, to varying degrees. And I think that's beautiful. You know, I think that

Erica D'Eramo 40:29

Yeah. I mean, so when we were researching this a little bit, um, and we saw the quote from bell hooks, where she she kind of said, the emergence of intersectionality, is it it challenged the notion that gender was the primary factor determining a woman's fate, right, that it might be other things like race, that might be the primary determinant of a woman's fate at that time. And that evolves over time, right. Like, that's different societal shifts and stuff can certainly impact what is going to most affect people at any given time. I want to just to revisit in the workplace intersectionality. I think one of the other areas, and maybe this occurs, you know, in BRGs, maybe this is sort of what I'm thinking about, but when we speak on behalf of people that we think, are just like us, we speak for, you know, when I, if I were to speak for women, right, I am absolutely not able to speak on behalf of most women, actually, yeah. Well, there's one woman I can speak on behalf of, but I mean, I'm just saying, like, to the experiences, the experiences I've had are those of a white woman existing, you know, a financially secure, housing secure white woman. And I think it can be well intentioned. And I think it can be really detrimental. And so an alternative of speaking on behalf of people would be to elevate their voices, right, to like, raise up those voices, make sure those voices are being heard.

Kamilah Cole 42:25

And allowing people to I mean, I think I think, you know, in the workplace, we just really need to consider as many of people's like, identities as possible, you know, like, elevating people, and then sort of, I mean, I think it's, I think you want to stay clear of tokenism. You know, so really honoring that people are, are more than one thing, usually more than two things even. So,

Erica D'Eramo 43:01

Yeah, yeah. Yeah, quite a few. Okay, so for anyone who wants to know more about this topic and educate them a bit more themselves a bit more like where where would you recommend they go?

Kamilah Cole 43:12

Currently, I'm reading an awesome book by Heather McGee. It's called The Sum of Us: What Racism Costs Everyone and How We Can Prosper Together. And it's really focused around the toll that racism has had on people especially in America. And how we can move forward, move on and

Erica D'Eramo 43:37

yeah,

Kamilah Cole 43:38

work well together.

Erica D'Eramo 43:39

When you say the some of us You mean "s u m" or "s o m e,"

Kamilah Cole 43:43

I mean "s u m" the some of

Erica D'Eramo 43:46

Like the mathematical sum. Yeah. My recommendation would be a YouTube series called hashtag RaceAnd, and it's presented by an organization called Race Forward and they have various videos that discuss like "race and" and the different intersections that people kind of face. And there's lots of great voices on Twitter, like one of my favorites that kind of discusses his different intersections is Michael W. Twitty. I love following him for the food, but also his kind of analysis of like religion and orientation and queerness and blackness and and Ijeoma Oluo

Kamilah Cole 44:30

Ijeoma Oluo.

Erica D'Eramo 44:32

Yeah, she's an incredible author, and also has really good commentary on these topics, on Twitter as well. And if you want to work with Two Piers and kind of look at how your organization handles intersectionality and where you could improve some of your offerings or if you need support or resources, then you can find us at twopiersconsulting.com or on any of the social media platforms, so Instagram, Twitter, Facebook and LinkedIn. And with that, thank you so much, Kamilah for coming on and giving us your candid insights.

Kamilah Cole 45:13

Thank you for having me Erica.

Erica D'Eramo 45:15

Really appreciate it.

Blockchain and Cryptocurrency - What to Know

Photo courtesy of Unsplash.

Photo courtesy of Unsplash.

Transcript below.

Erica D'Eramo 0:09

Hello, and welcome to the two peers podcast season two. I'm your host, Erica D'Eramo. And today I'm joined by a special guest, Karen Scarbrough. Karen is going to talk to us a little bit about blockchain, cryptocurrency - just give us some information about how we can get involved and develop our understanding.

Erica D'Eramo 0:37

So welcome, Karen.

Karen Scarbrough 0:39

Hi, Erica. Thanks for having me.

Erica D'Eramo 0:43

So, tell us a little bit about yourself, Karen, like your background, and maybe how you got involved or developed a curiosity around blockchain?

Karen Scarbrough 0:53

Sure. Um, so I actually graduated from university as an engineer, but I went into supply chain because I was really interested in understanding how just businesses and systems operated at a global scale. And when blockchain was first coming out, as a innovative technology, a lot of the applications first pointed towards supply chain, and I was really interested in something that could solve kind of the fires, so to speak, that I was putting out every day as a long term solution rather than than just a day to day fix. So I got interested in the tech. I learned how to program and develop applications within blockchain, specifically within Ethereum, that was the most prominent at the time. And since that the space has really evolved and what's more interesting now is what it can do on the the financial side realistically, and there's probably much more that blockchain can do in the future. That definitely what's happening from a financial perspective is really interesting to follow and pay attention to and not just the pricing, it's definitely the the way things are being built and the new designs of a financial system. To be honest, the price is probably the least interesting aspect of things right now.

Erica D'Eramo 2:27

Yeah, it's probably the piece that gets the most attention. But I feel like at least for myself, I hear a lot about blockchain. I hear a lot about cryptocurrency. But I'm not sure that I really understand it. So can you tell us a little bit about what exactly is blockchain?

Karen Scarbrough 2:45

Sure. So some of the components that make up blockchain, I think it's easiest to explain what those components are first, and then kind of add them up together. So one thing that we're used to from databases and networks is what we call different nodes in a network. So nodes would store a replication of the data set that you're looking at. So if you have a couple of different nodes, maintaining a database, each node would have a replication of the database. And what's different in blockchain is, unlike the nodes from a closed database system, any nodes can participate in this replication of data, because they've designed what they call a consensus mechanism that ensures that any party who verifies tran... what we call transactions, so updates to the data, essentially, is ensured to be to have integrity within the system. So the what these creators of blockchain essentially did was take the the benefits of decentralized systems and they came up with a really interesting what they call game theory, or game theoretic way of making the system open, but also secure. So we can get into a little bit more about what that means. But the the whole system integrity is maintained by different forms of cryptography as well. So like, for example, verifying transactions and that you as Erica signed that you want to send the, you know, X amount of money to somebody is verified through forms of cryptography. And then there's a couple of different ways that the nodes which you realistically call miners, that maintain the network and add these blocks to the blockchain, there's a couple of different ways that they compete in which to, quote unquote, win the block. So, they do that, because when they win the block and are the, basically the miner chosen to add a block onto the blockchain, they're rewarded in cryptocurrencies. So the incentivization is that these miners spend their energy, their compute power to participate in the blockchain. And therefore, they should be creating correct transactions and the reward for that is the reward in cryptocurrencies. So there's some newer forms of consensus out for certain, I think, proof of work, which is what that's called, will likely go away in the next few years. The way that mining is being redirected is that instead of compute power, proving your integrity in the network, miners instead lock collateral up in the network and say, well, I'm going to give 32 Ether to the network, and they can hold on to that, and I'll verify transactions correctly, until I want to withdraw that and not participate as a miner anymore. So again, it's iterating on itself and saying, okay, we got this open system to work, how can we make it better? So that's a really long introduction. But there's just been so much happening that I don't want to leave out what's happened first versus what's happened now.

Karen Scarbrough 6:43

So we can go further into any of those components, for sure.

Erica D'Eramo 6:48

Yeah, no, it sounds fascinating. So when you say they can provide Ether? Is that a type of cryptocurrency?

Karen Scarbrough 6:57

Yes, so most people are probably familiar with Bitcoin that the first public blockchain with crypto currency out there, there had been other decentralized, or I don't know if they were decentralized, but there were other forms of digital cash in the past that other creators had tried to prolifo... proliferate. But Bitcoin was the most successful, I think, in part due to just the design of open participation and its global scale. What Ethereum did differently is Bitcoin users can send Bitcoin to and from participants on the network, and Ethereum, you can add programming to that. So instead of me just sending you Ether, I could say, if seven days from now I have 100 Ethers send 10 to Erica. So that enables you to build more sophisticated applications with the logic built into the financial system. So it that's why the majority of the the coins that you see out there on the list, they actually are built on the Ethereum network, 'cause you use that kind of logic to build tokens. There's certainly a lot of other blockchains coming up, that work in the similar way that have claims of improving upon the consensus mechanism. They may be faster, say they're cheaper or whatnot. But that premise of moving from just a blockchain that sends and receives cryptocurrencies to one where you have programmable logic is the most interesting component of what you can do with blockchain right now.

Erica D'Eramo 8:54

So when we use the term cryptocurrency and we use the term blockchain, what is the relationship between those two? Is it interchangeable? Or what's the relationship?

Karen Scarbrough 9:06

It's a good question. So because blockchain has been a big topic within enterprises as well, so those blockchains that you see that companies are using that are using them to track and trace something in supply chain or do some kind of verification among a consortium, those blockchains don't have cryptocurrencies associated with them. And the reason for that is that they're private. So if a company knows that they're only going to have themselves and their suppliers and industry partners that they have agreements with participate in the network, then they don't need this incentivization for actors to behave truthfully. Where the cryptocurrency comes in is when Bitcoin or Ethereum, as an open network, wants to allow everybody to participate, but there's got to be a sort of skin in the game measure. One, for miners to put in correct blocks, and that they won't put a bad block in and say, well, you know, all of a sudden I have a million Ether and I'm just going to take that and cash that out. Other miners would see that in the network and say, no, that's not right, we're not going to add that block. And then also, there's transaction fees associated with things on the user side as well. So for example, if the network has a high amount of usage, and lots of people want to send transactions, the transaction fees will actually go up on these networks, and those transaction fees are received by the miners again, but it actually does a an OK job right now at balancing the amount of network traffic on the blockchain as well, these public blockchains because, you know, if you've read recently, the the fees are actually really high on some of these blockchains. And you've got a lot of developers and cryptographers looking at ways to design better optimization around that. So it's, it's kind of like a self propagating cycle, really, is that, as the fees go up, people look for ways to to get around that. And then, uh, you know, that makes the whole system theoretically better, and that that cycle kind of starts over again. And it's ultimately supposed to be a good way to maintain the network and incentivize participation, but also, not just, I would say, needless transactions that makes a user really think do I really want to put this on the blockchain? Or should I be doing this and another format off chain? So they work in a couple of different ways the the cryptocurrencies do to facilitate what's happening. And I should add too that, there's two different frameworks that you want to think in as well. There's protocol cryptocurrencies. So like, your bitcoins and your Ethers that are the ones that maintain the the main blockchain, and those are the ones that are paid transaction fees in. But there's also, because Ethereum has that programmable logic, you can actually use code to create a token on top of the network as well. So some of the examples of those that you might have seen in the news, there's a stable currency called USDC. So USD Coin, that's a token that's built on top of the Ethereum network. There's others like Dai, which is another stable coin: D, A, I. That's also built in that manner. And there's, there's really 1000s of them. I mean, I could go through them all, and probably mentioned another one or two here, but that that realistically gives you the whole picture of what's happening with cryptocurrencies, in terms of blockchain. So the summary is that they're needed for public blockchains because they maintain the integrity of the network and incentivize people to behave in the right way to maintain it. And then there's in blockchains, like Ethereum, where you can program on top of it, you can also program cryptocurrencies on top of it for specific applications.

Erica D'Eramo 14:04

So whenever you mention miner, I think of someone who can't buy alcohol, but actually, in this case, it's miner with an E, correct? And what what is that person?

Karen Scarbrough 14:15

Right!

Erica D'Eramo 14:16

What's like the definition of a miner?

Karen Scarbrough 14:19

Good question. Though, there's somewhat, uh they, miners on the network, basically, when we say blockchain, you think of blocks and a chain, right. And that is the way the data on the network is maintained. So in Bitcoin every 10 minutes, you have a new block and Ethereum it's about every 15 seconds, you have a new block of data. And it's based on time and so it's a chunk of transactions basically, and a little bit more cryptography and things mixed in but the miners are the ones that produce these blocks. So if you want your transaction included in a blockchain, it's the miners who would verify it and add it to a block. And the the tie in there is that the miners, because it's open, and anybody could participate, like theoretically, and it's, it's happened, I mean, you can have miners that come in and say, well, I would like to create a block where I own, you know, a million Bitcoin or something like that. And they'll try to include a false block. What the network is built to do is that you should have enough miners incentivized to earn cryptocurrencies through through mining and maintaining the network that a faulty block wouldn't be included. So the miners are the maintainers of the network, and the builders of it really. And the novel part is just again, going back to you could have malicious actors come in and say, I want to include a faulty transaction, but because like, for example, I know, I believe Bitcoin and Ethereum have over 10,000 nodes throughout the world. And that's probably more than that. But if you get one out of those 10,000, trying to put up something false, the other ones are going to say, well, we have no interest in crashing this network and the price of bitcoin or Ether going down, so we're not going to include your faulty transaction, we're going to show what actually happened and maintain the network with integrity. And that's like, how it's supposed to ultimately be maintained that that game theory around if you are mining, you want more than most parties, that it's a good network that people want to use it and they trust it. So that's kind of the the reciprocity there.

Erica D'Eramo 17:07

So what are some other terms that we should maybe know or be familiar with? We've kind of covered blockchain and cryptocurrency and, and some others throughout this discussion, and now miners. Are there any others that get you know, any other terms that get thrown around that perhaps people should be aware of?

Karen Scarbrough 17:29

So I have alluded to code being built on top of Ethereum, and that would be referred to as a smart contract, that people often call that. It makes it sound like a financial agreement, but really what all a smart contract is, is code. So you can have a smart contract that has nothing to do with sending cryptocurrency back and forth, but just, you know, stores something like a "Hello World" expression. So that's one distinction to note there. And then probably another one to be familiar with is decentralized finance. That's, that's also been a popular terminology that's been coming out. So decentralized finance refers to financial applications that have been built with code smart contracts on top of these decentralized, public blockchains. And they're a bit different because it's not codifying old financial systems, like you wouldn't take what a bank does today and just put that in code and put it on a blockchain. Like, the differences lie in the fact that the smart contracts themselves can actually hold value. So that's a that's a pretty novel aspect to understand. So like if, if a company writes a smart contract, where, let's say I send 10 Ether to that smart contract, that 10 ether is debited from my account. So it's no long... it's not in my account. It's not in the developer company's account. It's in this smart contract that they've built, it's in code. They can write a smart contract like that, for example, that somebody else can take out a loan or something against my 10 Ether. And you can programmatically maintain the integrity of that loan. And there's a couple of different ways that they do that, but that's a good short example of what's happening is that the the value isn't being held in centralized systems for decentralized finance, it's been held in smart contracts. And they're programmed in such a way that they facilitate things like loans and exchanging and even insurance that we do today in our financial systems, but they're not operating at the same way when you get down to a granular level, because you've got these smart contracts, maintaining what's going on, not the centralized systems that we we had in the past.

Erica D'Eramo 20:29

So that, you know, brings me nicely to one of my next questions, which is what do you see is sort of some long term macro impacts of blockchain and cryptocurrency or maybe even just decentralization?

Karen Scarbrough 20:45

It's a good question. I think we're shaping, and the days of depending on how regulations go, and the innovations go it could shape up in lots of different ways. And what ultimately, the aim is to enable, I would say, a lot more frictionless personal banking, in a lot of ways. And that can span everything from, you know, alternative currencies and exchange rates across borders to the example I just mentioned, where you know, somebody putting up collateral for a loan, it's far easier then applications that we've had in the past and a lot more open. And I guess, I don't want to say more easily maintained, but it's something that that when I say easily maintained, what I what I more mean, is that because the whole system works together, and you could and what's happening is on the blockchain, because you can build an exchange, a loan system, an insurance platform, and all these different applications, they're not disjointed anymore, they actually talk to each other and build on top of each other because they're built on the same protocol. So like, for example, like imagine if we all use like a different internet today. And I had to connect to one internet to get Facebook and one internet to get Google like, eventually, what happened in the days of the early internet is we all agreed on one protocol that pretty much whatever website you want to access, uses the same underlying protocol. And that's what's happening realistically, with things being built in decentralized finance and public blockchain is we're agreeing, as a financial system, okay, I'm going to build this on this protocol, as an exchange, and there's going to be this company that builds a lending system, this company that builds a insurance system. And because it's all in the same protocol for a user, you can actually connect what you want to do far more easily in a lot of ways than we can today where we have to go to these different institutions to do different things.

Erica D'Eramo 23:20

So that sort of makes me think about regulation, then what eventually, do you see the state of regulation with regard to cryptocurrency or I guess, do you have any thoughts on the current state and maybe the future state?

Karen Scarbrough 23:36

I think the discussion between you know, what's happening with inflation and fiat versus crypto is one that, you know, it's just a that's a hard one to comment on, because it's, there's so many factors that play into that, but I think what's more important to understand is what you can do as a personal user with cryptocurrency versus cash, because the other reason why cryptocurrency is so interesting is that you can hold funds in your own personal digital wallet, that you are the only one that has the the password to it. That introduces a lot of challenges, because if you lose it, you know, obviously you don't have a backup to potentially get your cryptocurrency back. So there are tons of risks involved there. But it also is something that opens up, you know, a lot more seamless of a financial system and a lot of ways just on the digital side. So to thrash out what that means a little bit more. If I go to a central exchange, and I buy Ether with my cryptocurrency, what I can do is I can take that that cryptocurrency that I bought and say I want to send it to this address. And a cryptocurrency address is like, you might have seen them in the news, they look like 0x, seven, four, etc, you know, 64 numbers leading off of that it's just a randomized set of numbers. But when you send that from the centralized exchange to your wallet, you can you control where it goes, it can go in and out. So it's, in many ways, it's a bit the equivalent of taking out a chunk of cash from your bank. And, you know, once it's in your wallet, realistically, the bank doesn't know where it goes from there. The catch 22 of cryptocurrency, and where some of the regulation gets interesting, is that because blockchain keeps a record of all the transactions, realistically, if you take out cryptocurrency from an exchange, and then send it to somebody else, people can see that you've done that, because these systems are public right now. There are lots of different privacy solutions coming out that might change that in the future. But as far as an auditing system, it's actually a lot better than cash. There's a big misconception about a lot of criminal activity happening with cryptocurrencies. Smart criminals really aren't doing that. I mean, that it happens all they can fully see that. But if it was really this private, great system for criminals, I think we'd see a lot more activity of it. There's some reports that have said that that criminal activity has even gone down in the past couple of years, and the reason for that is the auditability of it. And the fact that you can go back and see, well, if this address, got Bitcoin from this address, and sent it here, this must have been what they did with it. So there's some regulation, proposals around exchanges being responsible for reporting above a certain threshold that if they if you withdraw this much amount, then the exchange has to report that, and then the exchange has to report where you sent it. That's actually far more invasive than what we have for cash right now. So like, for example, if I withdraw cash from a bank, like, they report that I withdrew the cash, but they don't know where I spent it, so they don't report it. So there are some lawmakers that want to put that extra reporting burden really, on some of these centralized institutions. And yeah, that's kind of up for debate, it would make it a little bit harder as to some of the innovation in some ways. But, you know, that's just being discussed at the regulator level. You know, with these systems being live for bitcoins, you know, 20, oh, gosh, almost 20 or no, not 20, 12 years now. And then, with Ethereum being live for six years, or, yeah, six years this year, I think. Anyways, like that's already that the the cat's kind of out of the box already. And that kind of transmission's happening. So it'll be interesting to see which way it goes. But users just have to be conscious that it hasn't been fully determined how these systems should operate. And I feel like we're trying to allow for innovation but also maintain the integrity of the financial system as well. So the hope is that we reach the right balance with that.

Erica D'Eramo 29:19

So what do you personally see as some of the risks involved in either partaking or investing at this point?

Karen Scarbrough 29:31

So there's lots of risks because the... so you can definitely...

Erica D'Eramo 29:38

You mentioned a couple like forgetting your password.

Karen Scarbrough 29:42

Absolutely. So the market in general is unlike anything that can be mirrored in traditional markets. People don't know how to value these cryptocurrencies yet and that's why you see, in part these wide swings of prices. And you do have instances as well, where a small amount of users can possess a large amount of tokens depending on which one you're trading. So that is also something to be aware of is that we talked about these systems being decentralized. But if you have a core group of users kind of having the majority of the tokens, that's also not a great thing for market control and fluctuations, in many ways, so it's the volatility that that's out there and the fact that people don't know how to value these things, that gives it such a wild, swinging price differentiator. And then when you get, especially for decentralized finance, these systems are all are all new. So in many ways, they're like, you can see that they're, you know, quote, unquote, working because they have users, things have worked thus far. That doesn't mean down the line, that it's not going to have issues. So there have been hacks, and even not like code hacks in the smart contracts, but like, for example, there was one platform that pegged their price oracle, so where they were getting their price, from a certain website. And that particular website had a big price swing that day. So the other websites moder... monitoring cryptocurrency prices didn't see this. So what happened on that platform is that because of these wild price swings, the loans were called in, and many people were liquidated because of it. So it's, it's not something that like, they hacked the, you know, loan or borrowing platform code. It worked as it should. But, you know, these price oracles were erroneous that they were looking at. So there's things like that, that that can happen. There's all sorts of components in these systems now where people just have to take into consideration that if one of these goes wrong, that's when issues come up. And then there's also a catch 22 in that, unlike traditional financial systems, a lot of these don't have emergency brakes. So, you know, like, with what happened with Robinhood and GameStop, and how they stopped trading, you know, whether you think that's a good thing or a bad thing, that's another discussion. But you know, there were sort of emergency brakes built into the system, so to speak.

Erica D'Eramo 32:58

I won't comment. It's a different podcast episode.

Karen Scarbrough 33:04

But in crypto currencies, you don't have those emergency breaks. So, you know, that is something to consider as well is that you just have to be really responsible and aware of what you're getting into and be prepared with what you're putting up for risk to be there. So, yeah.

Erica D'Eramo 33:28

Kind of buyer beware.

Karen Scarbrough 33:30

Yeah, exactly. I mean, I, it's I think these systems have a tremendous opportunity and innovation to make things better than existing systems, but, you know, at the same time, it requires people to be aware of because, yeah, there's still just so much in flux. So I think the better you can promote what's actually going on, as opposed to buy this token then, you know, retire next week, is all the better because it's, it's amazing what's being built but the buyers need to be just as informed in this as they would in a lot of other undertakings and financial systems.

Erica D'Eramo 34:20

So when you talk about cryptocurrency, and we talk about different coins, what, what are some of the different types of cryptocurrency out there right now? And how would one decide? I mean, are they all the same? Or is there some differentiator? Is it just like gambling or how would you make a decision about where to focus?

Karen Scarbrough 34:45

Yeah, there's so there's a couple of different categories there. We already mentioned the the protocol tokens, so the ones that are rewarded to the miners that people pay transaction fees in, like Bitcoin and Ethereum. And then more than that, there's the tokens that can be built in the smart contracts and the toe... in the code. So I mentioned earlier there's cryptocurrencies now that are pegged to fiat and one of those is USDC, and that institution basically keeps US dollars in a bank on a one to one basis of the the tokens that they issue. The other stable token that's interesting is called Dai. And it's D, A, I. It's made by a company that called MakerDAO. And I hesitate to say that because it's actually a decentralized system where, you know, if MakerDAO actually went down tomorrow, you'd still have Dai. So and how that works is you lock collateral in a smart contract that based on the ratios that are decided by that team, you basically received Dai, which is pegged one to one with the US dollar. So there's, gosh, there's over $2 billion tokenized in Dai now that are pegged to the US dollar, and they're collateralized with things like Ether and a couple of other cryptocurrencies on the Ethereum blockchain. And a good kind of lead in is, I mentioned the company, MakerDAO that's maintaining this. So there's also a maker token, which functions as what they call a governance token. So those tokens allow you to vote in protocol changes. So like, for example, if you wanted to decrease the collateralization rate, you could buy some MKR token and participate in that voting structure. And, yeah, there's also, I guess, a broader category of that is like utility tokens, that power basically like a specific network. There's a company called Brave, which has made a browser that has built-in ad blockers. And essentially, if you are shown ads like you can be re... you can receive micro micro payments in their token. So people have made specific tokens for their application, they've made these governance tokens, there's stable tokens, and then you might have also heard of these other tokens called non fungible tokens. And basically, the interesting point about those is instead of like, a token being a part of a group, so like, for example, if I trade you one Dai, my one Dai is equal to your one Dai. Whereas if we have a non fungible token, what they call NFTs, those tokens can represent specific things. So like people are making them represent things like a song or a piece of artwork. And it's basically like a digital certificate of ownership of a specific asset. So...

Erica D'Eramo 38:29

That's fascinating. I knew nothing about that, actually.

Karen Scarbrough 38:33

Yeah, they're gaining in popularity. I feel like they're the beanie babies of the next generation in some ways.

Erica D'Eramo 38:43

So I'm curious about another element that I, you know, you hear a lot in the news, and that is the environmental impact of some of the mining and just kind of the power requirements and energy usage. So in this world where there's so much discussion about net zero and emissions and in power consumption, what, what is the implication for blockchain or cryptocurrency?

Karen Scarbrough 39:16

That's a good question. So I'll try to keep it short and we can dive into more things that we'd be more interested in. So to dive in a bit more about how mining works, this proof of work mining where you have to extend computational power. Basically how that works is you make random guesses on a computer over and over again. They use a algorithm called hashing, which is basically something that takes in an input and gives you a randomized output. And it's an output that can't be like backwards computed. So, anyways, this hashing algorithm, every time a Bitcoin block, or a Bitcoin transaction, excuse me, happens on average it takes 8.7 quintillion hashes to produce that transaction. So that is a ton of hashing algorithms. I mean, imagine if you like ran 8.7 quintillion addition, you know, sequences on your own computer. Like, it would take a lot of power. And then when you add something...

Erica D'Eramo 40:35

I don't even know how many zeros are in that number.

Karen Scarbrough 40:39

Yeah, it's a lot. But anyways, that goes back to like the computing power to that's required for it. And what's fascinating is, it's not that the production of the block requires these hashes, those hashes are there so that a miner can't just come and randomly produce a block, like, basically, it happens that as network usage goes up, like the mining will go up or down. So if you have more miners, the mining will get harder. If you have less miners, then the the mining will get easier. And it's kind of maintained that way. But that just gives you a frame of reference for like, right now, I think that calculation was done at the end of last year. It's 8.7 quintillion hashes per transaction on average. But that's a lot. And so there's wild estimates out there because you can't necessarily calculate the power consumption in detail. Because if I'm a miner, and I use some equipment to make my hashes, I may have completely different hashes, hashing equipment than what you have. And maybe I'm using renewable energy for my hashing, and you're using, you know, coal, or whatever's cheapest in your area. So you see, like wildly different estimates on, oh, Bitcoin takes as much energy as the country of Ireland, and then it's like, oh, no, they take so much more energy than that, it's more like, you know, 1/4 of Germany or something, all these different estimates that kind of swing wildly. But it goes back to we don't know all the mining equipment, we don't know what power is being used. But we know it's taking a lot of hashes to make these things happen. But that is where the move to what I alluded to earlier, proof of stake gets interesting because proof of stake takes out that need to do all those hashes, because instead of that power consumption from miners proving integrity, instead, they have their Ether or whatever cryptocurrency depending on the network locked in a smart contract, saying, I'll make a block for you. Here's a bunch of money that says I'm probably not going to, you know, produce a bad block. So, you know, let me participate as a miner basically. And instead of mi... at those proof of stake miners participating as a competition, what effectively happens is they're randomly selected to produce a block. So you basically lock your collateral in a smart contract, you may have done that with millions of other people. I don't know if it's a million yet. But it's it's good that the numbers are getting up there. But anyway, it's like you're randomly selected and if you win the block what you have to produce is a block. Because you don't have to do all that hashing, it's really simple. It's like less than 1% of the energy consumption that's involved in proof of work with all the hashing that has to take place. So I think in the long run, that proof of work will go away. And I don't know, like one challenge with the Bitcoin network is, you know, and I am no expert, but I haven't seen as much of a path to get there as some of the other networks that are out there. Like there's some networks that have already have started day one with proof of work or proof of stake. There's networks like Ethereum that have said we're going to transition and they've already started it. But the environmental concern comes from that proof of work, but again, it's a, it was a trade off in the beginning in that they had to have a way for miners to have that skin in the game, so that they participated with integrity. But obviously, you know, the world doesn't want us to waste that much energy on, you know, random guessing. And computers. That's, I mean, it's not ideal. So that's where the biggest concern comes from.

Erica D'Eramo 45:23

Interesting. And are you seeing any sort of regulation or lobbying for this or activism around pushing cryptocurrency and blockchain to a more environmentally friendly model?

Karen Scarbrough 45:41

I think you do see a lot from people who are critics of public networks in general. And the, there's also been studies that have said 34% of mining and public networks that use proof of work actually already use renewable energy sources as well. So I mean, probably the biggest concern is just what Bitcoin is going to do, because I, there realistically are no more networks that are coming to light that are using proof of work, because it's not the best design anymore. And then...

Erica D'Eramo 46:29

Interesting.

Karen Scarbrough 46:29

...Ethereum has its transition plans. So the probably the biggest question from a future standpoint is just what's going to happen with Bitcoin and proof of work?

Erica D'Eramo 46:41

What is the market share that Bitcoin has, if they're one of the key players?

Karen Scarbrough 46:47

Well, I mean, as a value proposition, they, you know, obviously have the largest market cap, but from a transaction activity perspective, gosh, there's there's like 10x or more happening on other blockchains. So I think, you know, Bitcoin people are interested in for the price, for this opportunity to be a world reserve currency, if it ends up in that way. But realistically, the actual activity and and people actually, moving cryptocurrencies from here to there, building in logic, actually using it on a day to day basis, is happening on other networks. So, where that leaves proof of work, we still don't know, because the the Bitcoin network was, I mean, all these networks are designed in slightly different ways than another like, you know, you don't realistically have smart contracts on Bitcoin. I think there's some people in Bitcoin who would challenge that and say, you can do a smart contract on Bitcoin if you really want to, but it's, it's not the same as other networks. So, yeah, it just leaves a big question of a network that big, with that much value, you know, what's the the transition plan? And, yeah, well, we'll see where it ends up in the long run, in many ways. So another thing to consider, and it gets really interesting, is that as Bitcoin mining and this, like hashing function got such a rise in popularity, the hardware has gotten better. So there's whole hardware industries that have made specific hardware for Bitcoin mining, and it's also gotten more efficient in a lot of ways in what it's doing. So I think, overall, the kind of exciting thing to think about with a lot of these systems is that because they're open, as long as people find value there, innovators will innovate. And, you know, theoretically make it better. So I don't think there's any malicious parties out there that want to maintain proof of work, because it's a better system, and, you know, we got to have that. I think, maybe that's a little bit optimistic to me, but I think that the free market is intelligent enough to, or, you know, not that they're unintelligent, but you know, that there's that genuine drive to like, make it better. It's just figuring out the solution, I guess you can say. And that looks different for different networks.

Erica D'Eramo 49:38

And steering the ship probably looks different for, you know, for something like Bitcoin that, like you said, has attracted a lot of attention and very high amounts of, of just monetary investment. Might be a bit harder to steer the ship and make changes, but...

Karen Scarbrough 49:59

Yeah.

Erica D'Eramo 50:00

So. I, one of the primary reasons that I really wanted to invite you on to the podcast to talk about this is because I feel like there's a perception that cryptocurrency and Bitcoin and blockchain are all sort of the domain of the tech bros and you sort of envision like a white dude in Silicon Valley, talking about, you know, mining for coins, I guess. And I feel like it can maybe be intimidating for people who don't envision themselves that way, or don't feel that this is a space that they would be welcome in. So tell me a little bit about your thoughts on that.

Karen Scarbrough 50:50

There's so many components to this industry now that I think on the spectrum of, you know, whether your strength is in creativity and design, or communication, or organization and project management, or as a programmer, or a developer, like that's a place for excelling in all those areas. So it's definitely, from what I've seen, you know, it's not just the technologists' domain anymore. And it's really exciting because it's more than just a technology, it's a financial system, it's a new design. It's about user experience, as well, which, as designers will tell you, that's just a whole domain in and of itself. So there's just so many components that you can participate in, that I think people that are interested, you know, spending a little time in the ecosystem, just maybe listening to some different podcasts or reading some articles. There's lots of companies hiring and it's using the skills that you have to make the industry as it is better. Because it definitely needs more strength in it to refine what's happening. So yeah, there's a lot of different ways to do that now, I'd say.

Erica D'Eramo 52:28

And probably wou... that the industry, I guess, I guess we could call it an industry, would benefit from the diversity of thought of having people from a variety of backgrounds across the gender spectrum involved in, in sort of this development and the future.

Karen Scarbrough 52:46

Yeah, I'd say so. And I think programming, developers, technology in general, you know, the, the repres... representation of women is, you know, unbalanced and for for different reasons, but what's absolutely fantastic about this industry is that, you know, most of it is open source, if not all of it. And that really breaks down kind of the barriers to entry of who wants to get involved. So like, in comparison, you know, an industry like we've worked in like oil and gas, if you want to learn how a piece of equipment works, like you got to go talk to all these different people, it may or may not be written down. What's wonderful about public blockchains, in general, is that code's open for anybody to go and read and spend some time on to understand. So I think that can open up a lot of doors that haven't been as easy in other industries.

Erica D'Eramo 53:50

Yeah, you don't need a helicopter to go check it out.

Karen Scarbrough 53:55

Yeah, exactly.

Erica D'Eramo 53:56

Yeah. So if somebody wanted to learn more, you mentioned podcasts. What you know, where would you point someone to if they wanted to do some more research and maybe dip their toe?

Karen Scarbrough 54:10

Yeah. So the podcasts out there that are great. There's one called Bankless that that does some great overviews. There's another called Zero Knowledge that gets into a lot of the cryptography side. It's it's fantastic if you want to learn the cryptography but if you're just starting out in blockchain there's also ones like Epicenter. Another podcast is called Unchained. And all of them to some degree use a little bit of their own lingo for blockchain, but there's been a lot of people posting articles on Medium. There's a, there's a great newsletter called Week in Ethereum, that gives an overview from a developer perspective and then, you know, also what's happening in the industry. And yeah, I mean, it's sometimes it's hard to differentiate what's happening from a, an article point of view versus under the hood, with developers and technologies, but I would say the best source of information is trying to get it directly from people building things, rather than, like third party sources that are that are writing on them because there's so much blogs and articles from people who are building applications or protocols. Like that's really the the best place to start. And this industry in general does do a pretty decent job at, you know, what people are working on they'll write about or put go on podcasts about, so, you know, like...

Erica D'Eramo 56:01

Like we're doing today.

Karen Scarbrough 56:03

Yeah, exactly. But I would say definitely, it's kind of hard to decipher what's going on, if you go to a mainstream media outlet. I think there's a lot of confusion at that level. But if you go to the source, there's a lot more clarity.

Erica D'Eramo 56:19

And how about organizations? Are there any sort of organizations that are focused on this that people could find some community in?

Karen Scarbrough 56:28

Yeah, I know almost in every major city there's either some kind of Bitcoin meetup or Ethereum meetup that different people host. And then there's a lot of projects, too, that just have an open chat forum and applications like Telegram or Discord, to ask questions as well. And yeah, I mean, because this is a online first kind of community, I think there's a lot of opportunity that if you don't feel like you're in the right city, you can actually connect with people a lot more easily than you probably think, just by the nature of what it is.

Erica D'Eramo 57:15

Yeah, that's, that's really interesting. So I think we've exhausted sort of all the areas that I wanted to explore but I'm interested if there were any parting thoughts that you wanted to leave us with on, you know, blockchain, cryptocurrency and, and the future?

Karen Scarbrough 57:37

Um, I guess I would say, like I got involved in 2017 was when I first started working in the industry. And I have just continuously been amazed at how many problems they've that that different developers and researchers have solved and made better and not that everything's perfect yet. But I think there's just such an amazing room to grow. And you've got lots of brilliant minds working on this stuff. So if anything, I hope the discussion kind of led people away from price tickers, and more interested in actually what's going on. Because it's worth it to just spend some time and understand because it's definitely has huge opportunities for the future.

Erica D'Eramo 58:26

Yeah, absolutely. This has been fascinating for me, and really, really insightful. So I appreciate you dispelling quite a few myths and giving us a bit more vocabulary and understanding to to help maybe introduce us and do a bit more research after this. Actually, I'm probably going to start digging into some of those other areas to learn more. So thank you, Karen. We appreciate it.

Karen Scarbrough 58:53

Awesome. Thanks for having me.

Erica D'Eramo 58:55

Thanks. And for our listeners, you can find more information about Two Piers on our website at twopiersconsulting.com. And you can follow us on all of our social media channels. So Facebook, Twitter, Instagram and LinkedIn and we look forward to seeing you at the next podcast.

Diversity on the Board

Photo courtesy of Unsplash.

Photo courtesy of Unsplash.

Transcript Below

Erica D'Eramo 0:06

Hello, and welcome to the Two Piers Podcast. Today we will have a special guest joining us from the business world. His name is Cliffe Killam, and he recently took the helm as Chairman of the Board of the Laredo Chamber of Commerce. And he has quite the story to share with us.

So Cliffe, welcome to the podcast.

Cliffe Killam 0:38

Thank you, Erica, for for having me. Excited, excited to be here.

Erica D'Eramo 0:41

Yeah, we appreciate it. So we really want to explore some of the stories that you have to share with us. But first, I wanted to get a little background on you. So tell us a little bit about yourself.

Cliffe Killam 0:56

Sure, yeah, happy to share that. I'm the president of Killam Development and Killam Oil Company. And we're a family owned, private family owned business. And I work here with my my father, we're based in Laredo, Texas. And we've been in business for over 100 years, and I'm the fourth generation. And my brother also works here as well in our field operations. And, yeah, we, you know, in terms of a little bit about me, I sort of have a little bit of a different background for the oil and gas industry. I have an undergraduate degree in English literature from Boston University, after I got out of college, worked as a field hand and kind of doing manual labor out there in the oil field. And said yeah, this is kind of a chance for me to kind of put the books down and kind of get my hands dirty. And that was a great experience, met some great people that way. And then I ended up going to the University of Texas, getting a master's degree there in a program called Energy and Mineral Resources, which at the time was housed in the petroleum engineering college and later got moved to the Jackson School of Geosciences. And that program is basically an interdisciplinary program that pulls from all the different disciplines that might be helpful to have a career in the oil and gas field. And from there, I moved to Houston, worked for a company called Wood Mackenzie, and did research and consulting there, and then got a job for a company called Harrison Lovegrove. The first day I started working there, we were, it was announced that we were acquired by Standard Chartered Bank, so became part of their corporate finance group. And we are one of the called top three, international M&A for in the upstream oil and gas business. And after that, did that for a little while, and then finally came home to, back to Laredo, and have been working here for about a decade.

Erica D'Eramo 3:00

Wow. So that's quite the journey. And I have to imagine that that journey has probably been through a lot of kind of male dominated spaces, a lot of oil and gas that I'm hearing. So that's what makes this kind of story that we wanted to talk to you about all the more interesting. So you took the helm as Chairman of the Board of the Laredo Chamber of Commerce, and you made a bit of a splash with some of your leadership decisions there. So tell us a little bit about that.

Cliffe Killam 3:35

Sure. I, I'm assuming you're referring to, I ended up appointing 10, 10 of my Board of Director appointees were all, were all female professionals, female leaders. And yeah, so really, really excited about that. You know, you know, basically every every chair gets an opportunity each year to, to make 10 appointments. And so I got my, my daughter was born on September 18th. And I was made the chairman on October 1st. And so we're, you know, so my, that was sort of in the back of my mind, and I went to the to our office over there and sitting sitting at the table with some of the staff and we were talking about, well, you know, what are some of the things I have to do now as chair and so we also have to go through these appointees. So I said, "Well, why don't we go, you know, kind of work on that?" And so as we're going through, you know, in my mind, I was trying to find, you know, people that were, you know, highly qualified professionals that also represented a diverse, diverse elements of our local economy. And so that was really what I was trying to do. And so I started kind of listing the names of people that I had worked with in some capacity on other boards are professionally and people that were highly accomplished. And so, you know, getting this cross section of the logistics industry and, you know, the real estate industry and, you know, healthcare and, you know, other other elements of, of the economy. And so, you know, we, we kind of looked kind of, as we kind of listed the names there, they just so happened to all, all six of them were were, you know, female leaders, and it wasn't really, you know, just sort of happened to shake out that way. And then that's where I kind of paused. I was reflecting on that, and I kind of looked up, and in the board room, there, you know, we have the, the Laredo Chamber has been around for over 100 years, and they have all the, you know, all the photographs of all the different previous chairs. And I asked, "Well, you know, how many, how many women have been chairs in the past?" And, you know, it's only been like, maybe, three, three or so, and, and then I was thinking about my daughter, and thinking about how she needs more female, you know, I want her to have more, you know, female role models in her life, and, and, and more, but, you know, more so. And so, yes, then we're there. Then I said, "Well, you know, in terms of the next four appointees that we have to make, you know," I said, "has anyone ever appointed 10 women before in our history, to this, to the Chamber board?" And so they said, you know, "No, that's never happened before." And I said, "Well, let's, let's make it happen." And so then I kind of asked, the staff just said, you know, you know, "I also don't want to be blinded, I don't want it to just be people that I know, you know, are there other other female leaders that are supporting the organization in some capacity on a grassroots level, that are really putting the time in that, you know, maybe I just happened to not know them very well. And that you think would be, you know, strong additions." So they made some additional recommendations. And that's kind of how we came up with our, our 10 appointees. And it's, it's really, you know, had a big a big impact. And, you know, even more so than that I, you know, could have imagined, and I can elaborate on that as well, if you'd like.

Erica D'Eramo 7:34

Yeah, absolutely. Let's explore that a little bit. But first, I want to understand why, why was it important to you to increase female representation? You kind of mentioned role models, etc. But was there anything else in that decision?

Cliffe Killam 7:53

You know, I wanted to, you know, I really, there was, there's primarily two things in my mind at the time. One was, I was thinking about my daughter, and you know so, she was sort of an inspiration for me to, and I wanted, and then in turn, use that so that she could be inspired. And I thought it was important, you know, when I was thinking, you know, 5, 10, 20 years down the road, you know, I hope that there's going to be more female chairs, photographs of them, you know, that had previously led the Chamber in the years to come. And so it's important for me to help to, you know, create some of those, you know, pathways. And then in addition, I also wanted to signal to the marketplace, that we were going to be doing things differently. And so, this was one way to basically say, we're going to we're going to do things there, you know, this is this is at the same thing I would say, too is, I mean, I, to certain degree, I, to be candid, I think I maybe didn't fully appreciate the impact that this would have in the community and at large. You know, I guess it's, you put 10 men on there, people wouldn't think twice. And so for me, I said, well, put ten women, I mean, it's, it's, I didn't really fully appreciate, you know, how that would make people feel in a positive way. And and really, it was, it's become a learning experience for me as I've had different female leaders come and confide in me and talk to me about different situations. And so it's really, it's not something that I think people often openly talk about, but I guess because of this, it really created a some additional conversations that helped me to appreciate I guess, how much of an impact it had.

Erica D'Eramo 9:57

Yeah, that's that's really kind of moving actually. So I, I'm interested in this, in this kind of selection that you went through, you spoke a little bit about your selection criteria, but I'm interested in how you think it might have differed, in this case, from how board members have been selected in the past that you ended up with a slate already kind of starting out with six members, or six selections that were already female leaders. So how do you think your selection criteria in this go around, may have differed?

Cliffe Killam 10:38

Well, you know, I don't want to I mean, what I would say is, I can share with you how I approached it, and, and I can't really speak to, you know, how other people approached it, but I can share with you mine, which was, it was important for me, to, to, the Laredo Chamber of Commerce is meant to represent as a non, it's a nonprofit that represents the business interests of, of its local economy, of the local, you know, the community that it represents. And so whatever is that kind of cross section of the economy, you want to find different folks that represent those different lines of businesses in there. So I made sure we had representation, I wanted to make sure we had representation in the logistics industry, and we in the real estate industry, I wanted to make sure that we had various educational institutions represented, higher education, as well as on a high school level that we had the, you know, hotel, hospitality industry represented, financial services. And, and so those are some of the different, you know, different industries that we had. And so I just picked different people and, you know, that either, you know, own their own business, or had been in a leadership role within a company. And, and that was sort of the criteria, and many of these ladies have, you know, I had worked with in some capacity in other nonprofits, or professionally and people that I respected and, and I thought, you know, they would add a lot of value, and really were, you know, got things done. And so that was, that was what I was looking for: people that can help. You know, you as the chair, you're, you're only there for, at least at the later Chamber of Commerce, you're only there for one year. And so I wanted to find people that would help me be more effective as a leader.

Erica D'Eramo 12:50

Yeah, that sounds like a really robust set of kind of selection criteria. So I'm, I'm curious, you mentioned that there's been a really positive impact, positive feedback. And I do want to explore that a bit more. But first, have you been confronted with any resistance around this decision?

Cliffe Killam 13:12

Um, you know, I, I wouldn't say that there was any resistance, I think was generally received extremely positive. I would say that there's maybe even a handful of people that approached me that it's not that they were resistant to it, but maybe they had a harder time putting it into, into context or into you know, perspective, and kind of understanding the decision. And so in certain ways, they've kind of said things that, you know, under, underminded, you know, sort of that decision, in a way, and again, I don't think there was any kind of, you know, malice per se, I think sometimes maybe it's just a generational thing, or it's, they just have a hard time understanding it, so, there were some comments that we're, you know, kind of oriented towards, you know, you know, sort of saying, oh, aren't aren't you, you know, you know, sort of having all these women around you, you know, isn't that such a nice, you know, sort of, you know, sort of more of a, I guess, I guess you say sexist way, you know, kind of oriented that way. And again, I think, you know, these are kind of typically older, you know, older people, I guess just sorta maybe had a hard time and I've had and it's not just from men, I've also heard from women. Very similar, you know, type of way of describing it, and I just think maybe, I don't think, you know, maybe I just sort of see you know, and see the best people, so I just I don't necessarily think they're coming in with a negative way of looking at it. I think it's just something that's a little harder for them to, you know, it's more of a generational type thing.

Erica D'Eramo 15:14

Yeah. And normalizing kind of seeing women in positions of power is, is part of the journey, I think, right, that we normalize it. And sometimes when I hear you talk about this, this story, or this, this journey that you guys have been on, it makes me think about this quote from Ruth Bader Ginsburg, and she said, "When I'm sometimes asked, 'When will there be enough women on the Supreme Court?'", basically, and she says, you know, "When there are nine." And people are shocked, and then she recounts, you know, but there, there have been nine men plenty of times, and no one ever raised a question about it. So when we normalize just seeing all men, all women, and nobody blinks an eye at it, that's when we kind of know that we've reached equality, perhaps, but just normalizing seeing women in positions of authority and power, I think, is part of the journey.

Cliffe Killam 16:11

For sure, for sure, that's, you know, we're you know, I mean, again, I go back to my daughter, you know, you know, so I mean, I want her to be this, you know, kick ass, you know, person, and let her, you know, I want her to do all the, you know, all the things that she wants to do in life and accomplish, and I think, you know, feel empowered, and to do the things that she wants to do with her life. And so, you know, I, like you said, I mean, there shouldn't be any boundaries or limitations for that. And so, I think that, you know, in order to, you know, create the world we want to live in, we got to do something about it now, you know, and so, and that's just kind of one small way, they just sort of, as you say, kind of normalize things are kind of, you know, it shouldn't be, I mean, in many ways, it shouldn't be a big deal, you know, and so and so I hope that over time that that's, you know, and, and also, I mean, I, you know, Laredo is a, I mean, it's got its own distinct culture and values. And so there's a little bit of machismo here and stuff. So, you know, I think also that kind of, you know, just sort of, you know, change, changing things up a little bit, and like you said, you know, normalizing those kinds of things.

Erica D'Eramo 17:23

It's interesting, because I think it's, it's actually pretty consistent across the US that purchasing power in many households is, in many cases held by women. Interestingly, and so, you know, what, to what extent did women's participation in the economy kind of play into your decisions?

Cliffe Killam 17:53

Um, you know, not so much. I mean, I, you know, I was really looking for accomplished executives, and, or people that represented other institutions that had leadership roles in different institutions. So, you know, like educational institutions, or maybe other nonprofits and to build those relationships. So it was, it was, it was more about, you know, finding, finding people that, that really were effective in, in making, making things happen. So that's, that's really what I was kind of looking for is that was kind of the main criteria for me was, you know, finding effective managers, leaders, people that are involved in the community, that are going to put the time in to volunteer, and ultimately, what, this is a volunteer organization, that they're going to be committed to helping us be better. And, and so, you know, this organization focuses on a lot of it is very much oriented towards government affairs. And it's on policy issues on a local level, a state level and on a federal level. And so we know we've written like, as an example, the Laredo is the largest, largest inland port in the country. $300 billion worth the trade coming through here. 18,000 trucks on the road, but Laredo also, you know, but under the previous administration, the bridges here were shut down for non-ess, quote, unquote, non-essential travel. And so you know, Mexican nationals coming to the US is a big part of our economy in terms of tourism and dollars spent, but we wrote letters in support saying, hey, look, this is really affecting the whole border region, and this is really important to us or when USMCA was happening, you know, write, you know, writing letters on that, having meetings on that. So those are the kinds of different issues, you know, with, with the, with the COVID happening now, you know, we're writing letters to and having meetings with our mayor and county judge and our governor, and talking about, you know, hey, you know, this is affecting bars and restaurants and hospitality industries and these other businesses, and, you know, what you're calling non-essential, you know, our people's livelihoods. And so, really just, you know, our job, you know, I think of the the mission of the Chamber is to, is to listen, support and advocate for our members and the business community. So that's, that's, and that was, so that's kind of, I was looking for people that were going to help, help me fulfill that mission.

Erica D'Eramo 20:55

Yeah, so really action oriented?

Cliffe Killam 20:58

Yes.

Erica D'Eramo 21:00

So what benefits have you seen so far, what impacts have you seen, I guess, of the, this kind of fresh slate of, of appointees?

Cliffe Killam 21:10

One of the things that I'm super excited about, and I was not expecting was that you the, the women that I appointed on there, you know, they got super fired up, and kind of, you know, it kind of really galvanized them. And so now, we're creating a Women Leadership Program as part of the Chamber. And so I'm really excited about that. They are, they're bringing in the other female members that are part of the Chamber. And so what they're doing is, they're looking at creating mentorship programs for female professionals, they're looking at also doing a speaker series to bring in different, you know, female leaders and thought leaders to come into town and speak to a female audience, but also a broader, you know, broader audience as well, but already, you know, kind of thematically on on some of those different issues. And then also looking at creating some fundraising events as well around recognizing female business leaders, and community leaders. So this has sort of emerged, it's this kind of really, you know, this, this import, now important part of the Chamber, and I'm absolutely thrilled about it, because it's, it's, it's my hope, and I think that will be is that this is now going to be a part of what we do in perpetuity. And so we're going to work really hard to maintain that. So I hope that, you know, my daughter will be able to be, you know, mentored through this program, you know, you know, 20 years from now and be able to, you know, go to some of these different, you know, lecture series, and all these other things are happening. So we're, you know, they've really, it's been really embraced by the membership. And it's actually helped us to recruit more female members and professionals. And so it's just this this virtuous cycle has been created. So it's really, it's really been very cool.

Erica D'Eramo 23:27

That's awesome to hear. That's really heartening. I think a lot of times when we hear stories like this, or just any effort towards increased diversity, and representation, there's always the challenge of like, is this a philanthropic effort? Are we doing this to be nice to women? And so I wanted to hear a little bit more about that, like, what are the actual business impacts of this? And it sounds like this is not just to be nice to women, right? This is actually improving the accessibility of the Chamber of Commerce and improving the operations. Have you seen any examples of kind of the way you've done things previously, versus the way you're doing them now changing?

Cliffe Killam 24:16

Well, I think that yeah, I mean, I would not I, you know, I, I'm, I'm, you know, I really just wanted the best, the best people to be part of the organization. And that's really, for me, that's the only thing I really kind of mattered, it sort of ended up happening that this sort of thematically, you know, kind of came together. And it's been really great to see that, you know, as I mentioned, you know, this Women Leadership Program has been created. I would say that, the, they're the, the, a lot of the female board members are, I think, just really fired up and really vested in there. And I think it also has inspired some of the, you know, male board members too and got them excited to see, hey, we're, we're changing things up. So I think, you know, overall, it's really just kind of helped to create more commitment and more more drive into getting things done and, and, you know, like many businesses and nonprofits across the country, I mean, it, COVID has been, you know, devastating. So, I think at a time when there's been a health crisis in our country, in certain ways, you know, economic crisis, and, and, and has also affected, you know, families and people in so many other ways, the isolation and so forth. I mean, I think this has really, you know, given us a sense of focus and purpose. And so I think people are just really excited to make a difference through the Chamber. And that's really been one of my goals is to, you know for the Chamber to become a really, not just some kind of a ribbon cutting organization, but to really be a platform to effect meaningful, positive change. And so that's, that's really been what I've been, you know, really focused on trying to deliver on.

Erica D'Eramo 26:27

Yeah, that, I mean, that's very inspiring, you're making me want to sign up for my local Chamber of Commerce. So hopefully, you know, we, this podcast gets heard by other people who wouldn't previously consider that and would, might think to themselves, like I could be a benefit to that type of organization, and I just never thought about it before. So thank you for that. So I'm interested in what the transition onto the board looked like, a lot of times, I think, and maybe, you know, either confirm or correct for me, um, organizations, like any other type of business are often self perpetuating with sort of bringing in informal contacts or, you know, people that you knew from your you know, your, your clubs, or your school or your friends or your net, your close network, people who look like us, act like us, are in the same circles as us. And sometimes it can be a bit self perpetuating. And that's how we end up with maybe like the boys club mentality of people that already are in our circle getting appointed to some of these roles. So in this case, you went kind of beyond your circle, and brought in new people who maybe didn't have that informal network. Have you found that there were any sort of trans, there was any transition support that was helpful for people coming into this that might not have sort of been operating in this circle before?

Cliffe Killam 28:12

You know, um, not really, I would say that, not really, I would say that, you know, all these women that were appointed, I mean, they're all very accomplished and experienced, and they've been on, you know, boards before and have been in, you know, high, you know, in executive type. So, if anything, I'm asking them for advice, you know, so, you know, I'm saying, you know, this is, you know, this, this is sort of a new, newer thing for me. I mean, I, this is the first time I've been chair of a, of a nonprofit. And so, so yeah, I, no, I kind of come in with a sense of more of humility and asking them, you know, you know, you know, how can I, you know, run the meetings more effectively, or how can I, you know, you know, how am I doing, you know, and how are we doing and kind of, you know, trying to chart out these different, you know, milestones and things we want to accomplish as an organization. So, you know, more than anything, I think it's really me, you know, just kind of talking to them getting their feedback to be quite, you know, candid and so, you know, the, really that's, you know, there's been probably one or two people on there that are, though my appointees that maybe are a little bit less experienced. But, so, you know, I wanted also to strike a balance. I mean, I didn't, you know, I wanted to also have some women in there that may be, you know, they were sort of, you know, rising stars, if you will, and so, you know, they you know, give put them, you know, give them an opportunity to to you know, get involved, rather than kind of, you know, sort of having to, you know, maybe takes longer someone's, you know, life, whatever to get into some of these different organizations on a senior level. So. So there was a little bit of that, and I and I, and I'm assuming that, you know, there's a little bit of internal mentoring there and so forth, but they're also holding their own too. And they're bringing fresh, you know, fresh ideas, to, to the meetings and to kind of some of the different initiatives that we're working on. So it's been, it's been really gratifying. So if anything, I've been trying to listen and learn from them. Actually,

Erica D'Eramo 30:46

Yeah. Wow, that sounds great. And that internal mentoring can be so valuable as well.

So I'm, I'm curious soon what you think the barriers to entry were before? Like, why is this the first time that you've had a board of? Or that you've had a full slate of appointees that included so many women?

Cliffe Killam 31:11

You know, I'm you know, it's hard for me to, to answer that, you know, I think that I don't want to cast any aspersions or anything like that, or make any assumptions. But I mean, I think that I'm sure it's, as you mentioned, I mean, sometimes people make choices that they're more comfortable with, or maybe they're more used to, or this kind of cultural things, I guess, sometimes. But, you know, I really wasn't focused on, you know, why people made those decisions in the past, I was really kind of focused on, on on the future and helping to, to make a positive impact, you know, going forward. So that was really kind of the mentality I was trying to take and just just try to be, you know, positive and really try to make a make a strong impact there.

Erica D'Eramo 32:19

Yeah, that does sound very positive. So do you think that this will be a turning point, kind of for a bit of sustainable change or representation? Do you think that maybe this won't be such a rare occurrence going forward?

Cliffe Killam 32:35

Well, I hope that's the case. I mean, that's what you know, that's what I was so encouraged, by this effort to create this new Women's Leadership Program, because, you know, the idea is that that could be coming in on an ongoing program, so there's their, you know, our, our board members, and our members are putting a lot of time and energy into creating a mentorship program and, and bringing in speakers and looking at, you know, recognizing different female leaders, so, you know, putting in sort of the foundation for that, so that this becomes a strong part of the Chamber, going forward, and, and therefore, kind of institutionalizing that in a way where, you know, it will be, it's just going to be a normal part of, part of the, of the nonprofit.

Erica D'Eramo 33:36

And love that, yeah, I love that idea of kind of institutionalizing, putting in the systems in place, so that it's not just left up to our human brains that are obviously subject to our own biases or heuristics. So I think that's great.

Cliffe Killam 33:54

Yeah, I think, you know, sometimes it's, you know, just to help you create that, you know, consistency, and sometimes people don't necessarily, I mean it's not that they, it just helps to reinforce that, you know, like you said, it helps to put it, you know, kind of structurally into, into the organization.

Erica D'Eramo 34:12

Yeah, absolutely. So, were there any, you know, final thoughts that you wanted to close with? And we really appreciate your time here, and this has been really insightful. So, any any last, like leaving thoughts that you want to leave us with?

Cliffe Killam 34:29

Well, you know, I think I, you know, like I said, it's been very insightful for me to, to you know, make these choices and then seeing you know, how how it was received in the marketplace and, you know, it's really helped to help me kind of enlighten, enlighten me more. I've had a, I've had an employee, come up to me, and tell me how much, it really meant to her and it really got her excited. And also, you know, wanted, wanting to join the Chamber. And she talked to me about her sister who's a doctor in Austin and how, you know, how people always think she's the nurse, you know, or she's the, you know, assistent in some way. And so, you know, I think that that's, you know, those aren't, those aren't conversations prior to this that anybody normally had with me or, you know, shared, shared those kind of things with me. And so I wasn't really as aware of some of the different challenges that that that women may face. And so, for me, it became a really powerful experience, you know, to have different women, you know, confide in me and, and talk to me and share different stories and how it was, you know, how that decision was so meaningful to them. And I don't think I really fully appreciated the impact until afterwards. And so for me, it's been very moving. And, and so I've really wanted to sort of embrace it. And, you know, like I said, I want to be the best leader that I can be, the best father that I can be, the best husband that I can be. And so I mean, I think that, it's, you know, this is hopefully it was, it's just one on one small step. And so, and I hope that I'm really excited to see what future things happen in the Chamber and excited to help you know, you know, be a part of that.

Erica D'Eramo 36:47

Yeah, that sounds just so impactful and valuable, as a business leader, because this is one part of your life, but you're, you're a business leader, in the other parts of your life, as well. So to have access to those perspectives, just seems so valuable and enriching as you go through your career. So I'm curious for anyone listening to this, who thinks, oh, I might want to get involved in my own Chamber of Commerce, what would you recommend? And where can people find more information about the Laredo Chamber of Commerce?

Cliffe Killam 37:22

Sure, yeah. If you can just go to the laredochamber.com and you can look, you know, look us up there. And then you can also always Google the US Chamber of Commerce, and most most communities, most cities have a Chamber of Commerce. And yeah, I definitely recommend looking into that. There's a lot of great programs there to help champion you know, the business and and also get involved in, you know, different policy issues that affect businesses. And it's a, it's a great, it's a great American institution, and nonprofit. So yeah, definitely encourage everyone to, to look into it and get involved.

Erica D'Eramo 38:11

Awesome, thanks, Cliffe. For our part, we appreciate our listeners tuning into this and they can find any information that they're looking for regarding Two Piers on our website as usual, which is twopiersconsulting.com. And then they can follow us and our stories and future podcasts on any of our social media platforms. So Facebook, LinkedIn, Twitter, Instagram, we're on on all of them. And yeah, thanks for spending some time with us today. Cliffe, we really appreciate it.

Cliffe Killam 38:46

Thanks so much, Erica. Enjoyed the conversation.

Macroeconomics & COVID-19

Photo courtesy of Unsplash.

Photo courtesy of Unsplash.

Transcript below:

Erica D'Eramo 0:04

Hello, and welcome to the Two Piers Podcast, Season Two. I'm your host, Erica D'Eramo, and today I'll be joined by special guest Sandy Leeds. We'll be discussing some of the macroeconomic impacts of the COVID-19 pandemic, particularly on both women and communities of color. And we'll also explore some ways for us to increase our understanding of the markets.

Sandy is a faculty member in the finance department at the University of Texas at Austin. He teaches an acclaimed Macro Markets class, which is pretty renowned amongst the business students. While Sandy is a proud Crimson Tide fan, we do happen to share a Longhorn connection. Prior to joining the faculty at UT, Sandy managed money for a private money management firm. He was one of four portfolio managers responsible for approximately $1.6 billion of assets and he holds the Chartered Financial Analyst designation. But that's not all. In addition to money management experience, Sandy also has significant legal experience. He's a member of the Texas State Bar and has tried over 100 cases. He also participated in the regulation of the securities industry and is a published co-author of Investment Analysis and Portfolio Management.

One of the reasons that I wanted to have Sandy on the podcast is because of his efforts to make the understanding of markets and their movements accessible to people who may not have the opportunity to pursue an MBA. Sandy puts out a free weekly market update that analyzes and distills movements and happenings in the markets; you can sign up for that newsletter at sandyleeds.com. He also hosts a Macro Markets course that, while not free, has open enrollment, so no university affiliation is required. So Sandy, welcome to the podcast. Thanks for joining us.

Sandy Leeds 1:59

Thanks, Erica. Thanks for inviting me. I'm excited to be here.

Erica D'Eramo 2:02

So we have been seeing over the past year, some of these major impacts of COVID-19, on the markets, on the economy, and really some profound and unfortunate impacts on women and communities of color when it comes to employment and engagement in the workforce. So with the Two Piers mission, that is to create diverse and reflective workforces by unlocking, cultivating and supporting talent. These impacts are, you know, something that we wanted to explore a bit more, and we thought that you would have a great perspective on it.

Sandy Leeds 2:42

Well, it's great. I mean, these are, these are really important issues to me. So I love what you're doing.

Erica D'Eramo 2:48

Thanks. So I mean, one of the things we've seen in the news headlines a lot lately is around the metrics and statistics on women's employment numbers, and us kind of backsliding, something like 30 years with some of the the numbers that we're seeing of women in the workforce. So I was hoping that you might be able to kind of explore that with us and talk about what, what is what is the problem that we're seeing here?

Well, I think that the really big picture problem is that women have been more impacted by the pandemic than men. It's somewhat unusual, actually, that typically in a recession, men are impacted more, because you tend to see very cyclical things drop, you tend to see construction drop, which is dominated by men. You see, manufacturing slowdown, again, tends to be more heavily dominated by men, particularly in the past, but, but certainly, still a fair comment. But when you look at this, this pandemic, if you compare the jobs report that we got the first Friday of February, which tells us about our January employment, and you compare to one year earlier, the prior January, which was really pre pandemic, for the US and for the US labor market, women have lost about 5.2 million jobs since then, and men have lost about 4.4 million jobs. And so women have been impacted more. And the reasons for this are number one, obviously the service industry or the service sector, that women dominate the service sector and the service sector often requires close contact, and that's what's been shut down the most. And the other issue is that women bear a disproportionate amount of the responsibility for kids, for the home, for parents. And that's not to say that it should be that way, but rather that is what we're seeing. And so, you know, the result is when our schools are closed, it's, it's impacting women, even more. And, you know, one of the things that, that I always tell people is, you just look at, like the really basic idea of when you have people who are divorced, or people who never got married and have kids, the vast majority of the time, not all the time, but the vast majority of the time, what you see is that the kids end up with the mom. And, and then, you know, even when people are together, what you, you know, what you tend to see, and I asked my students this do long before the pandemic, I would say, how many of you would say your primary caregiver was your mother, rather than your father? And, you know, certainly the majority, and things of things have certainly changed over time, you know, I can look back to I was born in 1964. And, and I think back to, I lived in a very middle class, neighborhood, and, you know, up in New York, and Yonkers and, and it was all the dads that went to work, you know, I mean, I was out in the street playing, you're probably when I was 19. So when I was six years old, 1970 b, all the dads, and they'd all come home at five o'clock, and very few of the moms worked outside of the home. And so, but bottom line is that that's what we see. And so, you know, that's where the job losses have been. And, and, of course, you know, what we're worried about is just, you know, the, on a macro level, we worry that we're losing all this human capital, you know, we're losing the output of all of all these people, men and women, but you know, especially women, who's what we're talking about here, and productivity, and, you know, the problem that once you become long term unemployed, you sort of lose your connections to the workforce, you end up going back, it's harder to get a job, it's, it's harder to get fair pay, um, you know, we increase financial security, and you know, it, one of the things that that we have to worry about is that when these things happen, you sort of then re-victimize the victim. And what happens is that, then people consciously or subconsciously start to say, "Oh, well, you know, women have other responsibilities. And so they're going to be less reliable, when we need when we need people to work." Right? And that's, you know, that's, that just perpetuates problems like that. So, so, you know, we have a lot of problems. And as you said, you know, bringing it back 30 years, I think a lot of those views were going away, or hopefully, they're improving slowly, I think, you know, the younger generation, so much different than, than the older generation, but I think, you know, those, those the problems, and I think this really has furthered them or brought us back to them.

So we've kind of taken the mommy track and exacerbated it.

Sandy Leeds 8:09

Yeah, I think. Absolutely. And I mean, you I think one of the things that's, that's interesting is, when you look at wage inequality, you know, gender inequality with wages, um, you know, it's interesting to see, like, what the research shows about that, you know, it shows that, you know, obviously, the, the disruption in career when you take, you know, a year or two years off, or, you know, many women take five years off until you know, until the kids ready to go to school, that type of thing. That's certainly one issue. But, you know, other issues that we see are that, employers, whether or not a woman is intending to have kids start to assume that they will. Right? And, and that's, you know, the, you know, probably the most problematic, but, you know, it's sort of interesting, though, excuse me, because what you see is, um, in that research, a lot of other things that, you know, are sort of gender based, and that is that, like, particularly married women tend to not accept a job that requires moving. And, but then they move because the husband accepts a job somewhere else. And then what you have is someone who is trying to get a job without a job, right? When, when you move because of your spouse, and that's really difficult, and it's really difficult to get the correct match as far as skill set and economics and to get what you were making before. And you know, those are those are all you know, really big problems. And they, you know, if you think about it now, for a lot of people, men and women, but particularly women, you're going to have sort of being long term unemployed and looking for a job without a job. And and again, we know that's all problematic. That's all been part of the wage inequality that we've seen in the past.

Erica D'Eramo 10:10

Yeah, I think, I guess it was Einstein that said, there's no force greater than compounding interest. And I always think about that when I think about five years out of the workforce and missing out on those raises for five years, and then you extrapolate that across an entire career. And what is that? What does that do to the income inequality and kind of the final tally number of what somebody makes? And so when it comes down to who is going to take a break to take care of the kids, and you're looking at the finances, I mean, historically, we're showing that that wage gap kind of comes into play and that decision making so the person who has the higher wages kind of stays in the workforce, and the person who has the lower wages, financially, it makes the best decision for them to do the primary caregiving. So it kind of exacerbates it. Yeah.

Sandy Leeds 10:56

Yeah, absolutely. That, it's, it's more than just your income, income compounding obviously, right. It's, it's just sort of that human capital in general, the relationships and you know, just everything else. All right, I think I think it's, it makes it really hard. But I grinning potential.

Erica D'Eramo 11:13

Yeah. So what do you think some solutions to this could be?

Sandy Leeds 11:18

Yeah, it's such, it's such, these are such hard issues. But, you know, I think there are a ton of things that that we think about, I mean, I think the first thing that jumps out at everyone, and you hear from everyone say, is childcare, we need better childcare. You know, that's right now, why so many people, men and women, but again, particularly women aren't able to work right now. That, you know, we've, we've got to make childcare cheaper, we've got to make it more accessible, we've got to make it more attractive for people to work in that industry, too, right. It's a, you know, notoriously low paying job. You know, we've got to, with childcare, I'd also say, it's such an opportunity to improve our Pre-K education, which is really lacking. And, you know, it's one of the differences in, in households and I, I remember, when I started studying a lot of these issues, if you had said to me, oh, "What's more important, going to a good, you know, kindergarten, or going to a good college?" I, my thought was, "Oh, you know, you want to go to an elite college." But, you know, all the research shows, it's early education that matters, it sets you on this path to for success. And, you know, some kids are read to, you know, all the time; they grow up in a household that, that values education, if they're not, this is an opportunity to, to get them reading and to, you know, to get them to see sort of the joy of books and things like that. So I think childcare is an obvious issue, we've got to make it more accessible, and more affordable. Um, you know, we've got to, we've got to figure out how to incentivize companies to, you know, to make it easier for women to stay in, in the workforce. We've got to change the culture of companies, you know, we, we have, one of the things that we see, again, and not a comment on whether this is right or wrong, but just the fact that it is, is that, you know, women are taking all this responsibility or bear all this responsibility for you know, sick parents, kids, whatever it is. And so the result is that in a lot of these industries, that are jobs that require face time, you know, when you think about law and banking, you you don't see as many women at senior levels. And so, you know, there has to be more flexibility, you know, we have to reduce the importance of that, that face time. You know, there are little cultural issues at work that um, you know, that we have to sort of accept these gender differences that... you know, and I think this is an ironic one, but but what I always think about is that, you know, when women make mistakes, they tend to apologize, you know, funny thing, and men don't. And the, you know, these are general observations and, and I think that what you find is that apologizing is seen as a sign of weakness, right, which is insane. I mean, you know, I certainly...

Erica D'Eramo 14:31

I know, (laughter)

Sandy Leeds 14:32

You know, I certainly hope I always apologize when I make a mistake. I you know, I certainly teach, you know, all my kids, you know, my my sons and my daughter to always apologize, you know, we need transparency and financial reports, we need to understand, um, you know, the numbers of, of, you know, gender equality and wages. Um, you know, maybe what we need are incentives, tax incentives for companies. You know, we inset production in the US, why would you not incent, equality? You know, I think customers have to care, right? I mean, it has to be something that, that we care about. And I think, I think in certain fields, clients do care, right? They, they want to, they would like to do at least see diversity, they would like to see that it's not all men, you know, we, we know, I was an asset management, and we know that men and women think differently, and, you know, you're going to understand some products better than I am, I'm going to understand some products better than you do, because I use them, or you use them, right, and you see the world differently. And, you know, we all know, I don't have the numbers, you know, at the forefront, but, you know, we all know, the amount of home purchases that are done by the woman in the house, like, you know, I, you know, I'm my wife, you know, takes care of, like buying so much of the stuff I you know, I'm involved in, in so little of it, in many ways. And so, it's so important to be thinking that way. We knew that asset management, but it's got to be, it's got to be valued. You know, we've got to figure out better ways of, of, you know, helping women to get to the top, even if their career is disrupted. And, you know, I think that, that, you know, one of the things, and we've seen this at, you know, my university is that, you know, we've got to do wage surveys and make sure that wages are fair, um, you know, even in, you know, sort of liberal universities, you will find that there is inequality and, you know, inequality certainly makes people leave the workforce, if, if I'm not being treated fairly, if I'm not being respected, I will leave, I think, you know, I think one of the, you know, most important things, though, like, for a really long term perspective, is, we've got to, we've got to make women and, and, really, what I should say, is girls aware of jobs that they can get, when they get older, and when they, you know, when they go to college, and or, you know, whether or not they go to college, and after college, it's, you know, one of the things that that we tried to do, I ran this MBA investment fund at Texas for about 13 years. And one of the big problems we had was, it was all men, it was all men, you know, we would get, we would get all these applications from men, we, you know, we sometimes, we got no applications from women, sometimes we'd get one or two. And, you know, part of it was that... so, so, a woman, I worked with, Laura Starks, who's unbelievable, but you know, just just incredible what she's done. But she and I started this, this little conference for all the MBA women, right when they arrived at school, and to show them that, look, this is a field that's dying, to have women in it, um, that it's not just investment banking, where you do have to work insane hours, which, you know, again, a lot of women had already decided, look, I want to have a family and a career and banking is not going to work. Asset Management, you're not a better stock picker by, you know, working till 11 o'clock at night. And so we tried to sort of show that and we bring in, you know, very successful women from the field. But what we realized, it was already too late, it was already too late, they had gotten here. And they had already decided, you know, I mean, it's hilarious to see that, it's like, you get here, and you see the guys going to finance and the women go into marketing. It's like, you gotta be kidding me. I mean, it's, it's like 40 years ago, you know, and so, so the point is, it's too late at that point. And so we've got to start much earlier, and just sort of convincing people that look, this is a career for you. And you know, you're gonna see I mean, you see these little changes, you know, there there were, you know, women referees in the in the Super Bowl, you know, there was a woman from Vanderbilt who, you know, kicked in a college football game, those things they really do matter, I think, but but I think just on a more practical matter, you just you got to see women money managers, clients want to see it, little girls need to see it. And I think, you know, that's sort of my long tirade, but that's, you know, that's, that's, I think, what you know, what will really change things.

Erica D'Eramo 19:33

Yeah, we say the same issues in engineering as well. By the time you get to university, your pipeline has already diminished so much, nevermind by the end of university, but you raised a couple of points that I, I think are really interesting, in the context of COVID. So the face time issue, I'm wondering, with us, being forced into remote working, how much we are, perhaps, challenging the concept that you have to be in the office meeting clients face to face for X number of hours per day in order to be successful in this role. Do you think there's any opportunity for change there? Perhaps like a small silver lining on the COVID experience?

Sandy Leeds 20:19

That's interesting. You know, one of the interesting things that I've seen, you've probably seen the statistics, too, is that people are working more, people are working more from home. And I don't know, if they're just reporting that they're working more, or if they're actually working more, but I found that interesting. But, you know, I think that I think that this whole remote working is is a double edged sword. I, you know, what I'm really afraid of is, you know, a lot of these places are saying, look, you can go work from anywhere, you know, there are lots of firms in San Francisco in particular, they're saying, go work for anywhere, we're gonna adjust your pay down, if you're not in San Francisco, but but you can go live at the beach, the mountains, whatever, whatever you want to do. That sounds great. I, my real fear is this, that you are now going to be sort of a cog in the wheel, that you are, you know, are we going to promote you to a high level? Or are you you know, Erica in the mountains that handles accounts receivable, and that's sort of what you're good for. And that scares me, for everyone who's who's working remote

Erica D'Eramo 21:22

Proximity bias? Yeah.

Sandy Leeds 21:24

Absolutely. I mean, I think that you know, who's gonna get it, who's gonna get promoted, I worry will be the people who are working in headquarters. So so that scares me. But I will tell you this. I think that the the real benefit, could be particularly for women. In that, I think, as we accept remote work, I think that fits in with the flexibility. And and I think that, that, the other thing that is really helpful is if you think about that research, that I was mentioning that one of the one of the big causes of wage inequality on a gender, from a gender perspective, is the fact that women often move because of their partner. And, and they are then looking for a job without having a job. And that's just brutal to your wages, especially if you if you're at a higher level, where it's really hard to get those wages. Well, if you can at least keep your job, then from there, you can search for a job with, with the fact that you are now still making good wages, you're in a completely different position. And so I think from that perspective, it's it's a real positive, I think, the flexibility that it may offer so that we don't lose people from from the labor force, and also the fact that it will help you negotiate on a much, much better basis, I think that those things are, are possibly going to be the silver lining from all this.

Erica D'Eramo 23:01

Yeah, I think addressing that wage gap is just, and the root causes of that wage gap are, are really key to the retention factor, because of the very decisions that families have to make, right. And it becomes a compounding issue of, you know, maybe the woman isn't making as much because of wage discrimination or not, I'm not advocating for herself enough or having to take, you know, a few years off to be a primary caregiver. And then when you move that that's how the decision is made about who is the leading spouse in the lagging spouse, and so it just compounds on itself. So yeah, really interesting thoughts.

Sandy Leeds 23:43

Absolutely. I would also say this. I mean, it seems to just from my reading of the research that you're right, that that that does drive that sort of, you know, who's the higher earning and who's low earning, and so who do we move for? But I think that the research also shows that it's more than that, that it can that sometimes the husband is the lower earning spouse, but that is whose job we move forward to. I mean, I mean, I, you know...

Erica D'Eramo 23:56

Hm, societal as well as

Sandy Leeds 24:10

I think they're all issues and yeah, no, but I do think that's changing. I do think

Erica D'Eramo 24:15

Yeah. Well, I, you mentioned a comment about what I interpret as inclusivity, right, of women apologizing and that being seen as weakness, just some of these ways that we are shaped by society that represent in the workforce. And to me, I think, we hear a lot of talk about diversity and the importance of diversity. And we know better decisions are made by teams that have diverse perspectives, which you mentioned, that the idea of inclusivity to me is so important if we're going to bring these people into the workforce, but then punish them for behaving in the way that they've been socialized their entire lives. So if we truly want diverse thinking, it has to be more than just statistics, right? It has to be do we welcome people who apologize? And do we welcome, you know, humility or team building or some of these things that we typically associate with female behaviors? are we celebrating that? Or are we? Are we just really celebrating typically male behaviors and wanting our, our statistics to look a little different?

Sandy Leeds 24:22

Right, I think you're absolutely right. And I and and i think that what we forget is that clients customers often want the traits that we do tend to see more in women than men, that a willingness to say, you know, I don't know everything I don't, I don't understand everything, the willingness to apologize for mistakes, empathy. You know, I was reading an article recently about a private wealth management firm that caters to women. And they basically were saying, you know, what, what women clients want is empathy. They want someone who understands what their situation is, and, and you know, that the women investors were more likely to want their money to be doing something that was good, it wasn't just about having the most money, and, you know, and, and so, you know, I think I think those are all important.

Erica D'Eramo 26:22

That's fascinating. I, one of my tests, when I, when I do approach a company, and they talk to me about their parental leave, and how it's an example of them helping women particularly, I always ask, to what extent the men in the company are taking that parental leave as well, if it's available to them. And it's fascinating to me, because men are not taking parental leave, even when it's available, even when it's paid and free. So that's, that tells me very clearly that there is a there is a price or there is a stigma around the leave itself. And so I always wonder, you know, it might be paid parental leave, but what is the non-monetary price that's being paid? Because even when we neutralize the monetary aspect, men who can take leave are not necessarily taking it?

Sandy Leeds 27:14

Absolutely. I mean, you know, it's, I think that in the older generation, right, and I put myself in, in there, and I'm not saying I think like this, but I think in the older generation that is seen, that's seen as soft, right? It's that that's not what you do to succeed. And I think that I, you know, I think I think that is changing over time. And you know, I think I actually am more encouraged about gender inequality than maybe other issues. But I that I think, I think it's moving in the right direction. But I think that, um, I think it is really tough to get guys to do that. And it's, and especially in some industries, rather than, than others, and, you know, I agree with you.

Erica D'Eramo 28:05

Yeah, so this is a message to all the men out there who have parental leave coming up, please take it because it helps reduce stigma for the women who really do want to take for parental leave as well. So it's better for everyone. And those are prime prime weeks and months with the new addition to your family.

Sandy Leeds 28:22

Erica, I'll make a quick parenting comment about that. And that is that we have, we have three kids, and you know, the the, the third one was adopted. And so basically, that meant that she was bottle fed. And she was really the only one that I got up with on a regular basis. I got up every night with her. And what a huge difference I think it made. I mean, it was great for me, but I just think it's great for the relationship. And it's one of the things I tell all my you know, students as far as my my guy, the male students is that it makes a huge difference to miss that, miss out on that sleep. It really pays off. So anyway, there's my little commercial, my parenting commercial. Thank you.

Erica D'Eramo 29:09

So beyond just some of the impacts to women working in the workforce, we've also seen impacts as far as you know, other underserved communities, communities of color, etc. They've been particularly hard hit by COVID from an economic perspective, from a health perspective aspect. What are your thoughts on that topic?

Sandy Leeds 29:33

Um, you're absolutely right. I mean, I think that, you know, we we've sort of all read about the problems of that, and you say people of color, that's such a broad category, really. But when we particularly when we think about people, you know, who, if you just think of lower income, living in crowded housing and work on the front lines and not having access to health care. You know, not having assets that are benefiting as home prices are increasing and stock prices are going up. And, you know, we're seeing problems with less access to technology, so kids aren't attending school, from lower income households. You know, all those things are, are huge. And, you know, I think that I think that it's not just the pandemic, I mean, these these things have been, you know, these been issues for forever. And so, you know, I think those are the things that we're, you know, we're trying to figure out of how do we do better? And, you know, I think that a lot of these are the same sort of solutions, that, you know, we need better Pre-K, you know, for schools, we need, we need to figure out how to stop kids from from dropping out. We, you know, I think one of the biggest things is, in most parts of this country, we really do fund schools with local taxes. So if you're in a poor area, there's going to be poor funding. And, you know, we're one of just a handful of developed nations that spend less educating our low income, lower income kids than our higher income kids. That's crazy, like, how do you expect to have mobility if that's if that's what we do? Yeah, we need to make it safe to go to school. And in a lot of lower income neighborhoods, that's a dangerous walk. And, you know, we've got to, we've got to figure that out, we got to figure out minimum wage. Right. I mean, you know, that's a big issue. Right now, the Congressional Budget Office just put out a report this week about that. And, you know, it's interesting, because we know that if you make workers more expensive, you will have a loss of some jobs, right, that ultimately, you'll find that people, places will find a way to automate and that kind of thing. But the reality is, like, if you look at it, and that's what you've sort of seen that the CBO report basically says, you know, the idea of raising minimum wage is dead, because, you know, we could lose a million jobs. You know, if you look at it, it also says that, you know, we'll move like, you know, 27, will, like 10 million people out of poverty and 17 million people are likely to be better off because they were making a little bit more than minimum wage, and it's going to be raised up. And it's like, everything has a trade off, you know, everything has a trade off. And, you know, one of the things, I'll just also say that, what we've seen is that a large percentage of the country has already raised the minimum wage, right? The federal minimum wage is $7.25. But many states and cities have said, "No, you've got to pay more." We haven't seen, we haven't seen that loss of employment. And so, you know, we've got it, we've got to figure that one out. And it is it's a difficult issue, because you have really high cost standard of living in you know, San Francisco, you've got low cost of living in Mississippi, and can you you know, can you raise it to $15. And maybe it needs to be adjusted another way. But, you know, I think that's a big issue. I think, I think you you've got to have people in power, who want to help force change, I think of David Swensen is a very famous money manager, he manages Yale's endowment, and he's sort of seen as the, the guru in that field. And, you know, basically, he, you know, sometime in the last few months, he basically said, "Look, when we farm out money to money managers, we're going to be looking for diversity, you know, we we need to promote this." You know, we need role models, just like, like we talked about with the the gender issues, and, you know, you've sort of talked about engineering, but, you know, we need to do a better job of early explaining careers, you know, I think we need to get people of color near the money, right, that that to help, you know, wealth accumulation. I saw some statistics about financial planners, the CFP designation for financial planners, which I don't have, but, but just sort of looking at it. And it's like, I saw that 23% of financial planners are women, of course, you know, women make up just over 50% of our population. Black CFPs, 1.7%, you know, Black Americans...

Erica D'Eramo 34:18

That's striking.

Sandy Leeds 34:19

Yeah, black Americans, 13%, right, of our population, Hispanic CFPs, two and a half percent. That's 18% of our population, right? I mean, you've got to, you know, you, that that's a huge thing. You got to promote this wealth accumulation. And you've got to be near people who understand it, and know how to do it. And so that's really important. You've got to promote, not just like hiring, but training and mentoring and retaining and how many people are getting to senior levels. You know, we again, we need more transparency on all these things, and we need to make sure that, one of the things I I think that has certainly improved is we're getting a lot of lower income kids a lot of kids of color into colleges, but then from there, are they getting the same opportunities? You know, just I just look in the business school, when when you grew up with a dad, who was a banker, maybe a mom, but more likely a dad, who was a banker, or you know, whatever, you know how to dress, right? You know how to act in these interviews. Those are the things that if you didn't come from that, how would you know? I mean, I can literally remember I mean, this is this sounds so funny. This is, you know, this sounds like Saturday Night Fever or something but, but which that's probably, you know, a reference way before your time, Erica, but but the bottom line is, like, I remember when I was a first year law student, and I was interviewing, and after my interview, I was in the same city as my older sister who's five years older, she was like a second mother to me. And we're sitting at dinner, and she looked across to me, I was in a suit. And she said, "Alright, you have got to wear an undershirt underneath your shirt." And I was like, Yeah, I didn't, know, it's like, you know, she was lucky, I didn't have like, my collar open with my gold chains. But the bottom line is, that that's what you need. Right? And, and, you know, like, I was fortunate, because I had her five years ahead. And, you know, she was the one who told me "Look, in college, you've got to take classes from these three teachers, because they're nationally known, you've got to excel in those classes, you know, get to know them, and have them write your letters of recommendation, because that's the only way you're going to get into a top law school." Right? Who knew? I would have never known that, right. I didn't want to know any teachers. You know, I just I was just getting through. And so, you know, we need that kind of mentoring. Especially because a lot of us, you know, didn't have it unless, unless we were lucky enough to have, you know, a sibling that went ahead of us. And, you know, and I think something like you said earlier, at the end of the day, people have to appreciate that, that diversity results in more creative solutions, that it attracts clients. You know, just just from a business perspective, you have to remember that people of color are going to be the majority by 2045. And, you know, I think it's just, it's a matter of, I think most people, it's, it's not a matter of wanting to discriminate, or anything like that, I think it's a matter that most of us just tend to like people who are just like us, you know, that they look like us, they act like us, they have the same backgrounds, like, you know, you meet someone, it's like, oh, this is my long lost brother. And you know, and that's a tough one that, you know, and I think, you know, you see places like the NFL trying to say no, you know, you've got to interview others, you know, people who don't look like your brother. And yeah, you know, it's tough. But I think that when you have these natural tendencies to do that, and I think we all do that.

Erica D'Eramo 38:08

Yeah, I mean, there are many books written on heuristics and how biases work, and they're there in order to help us survive as a species. And also, they don't necessarily drive the best decisions for a business. So that's why we need to put more systemic processes in place so that we're not just relying upon our own biases for who gets the promotion or who gets the informal mentoring. You're, because you're right, there are so many unspoken rules. And this is across anyone who's not been in the tent, you know, in the inside club. They don't necessarily know those unspoken rules, they don't necessarily know to wear the undershirt or who to talk to or which, which, you know, club they should join, to hobnob. So. Yeah. How are we going to address that in a more systemic, repeatable way, that's not reliant on our human brains, which are, you know, wired for survival, but not necessarily, for the best overall outcome.

Sandy Leeds 39:13

I tell you another story with that. And the point of it is, I think sometimes you have to say uncomfortable things. Like when I was at a, I was at a big law firm. And when we were recruiting, what we would do is we would take a recruit to dinner, and then the next day, we would interview them, and basically the young associate, which was me, and, you know, I was one of a billion of them, but but the young associate would go pick up the recruit and take them to dinner and we'd meet a partner, often a partner and their spouse there. And I, we had this recruit of a woman and the partner said to her at dinner, "Why did you go to this other school rather than the University of Texas?" We were Dallas firm. And she said, "You know, I didn't get into Texas." And, you know, she didn't realize it, but at that point the interview was done. She wasn't getting a job. And, you know, the correct answer was, you know, "This school had this program, you know, program x, and that really attracted me. And I thought I was gonna get this really unique experience," and that kind of thing. And, you know, when I drove her back to her hotel, I told her, I said, you know, I said, "Look," I said, "Please don't repeat this," because the reality was, I would have been in a lot of trouble for telling her this, I said, "You're not going to get a job, you know, the odds are against you, because no one wants to hear that you didn't get into Texas." And I said, "You know, you're gonna, you're gonna have so many opportunities at these big firms," because he or she was on Law Review and that kind of thing. And I said, you know, here's, here's how you need to answer this. And, and, you know, I really questioned the whole drive, whether I should say this to her or not, and I did. And it was funny, because she wrote me a long, long letter, you know, handwritten letter, several months later, and, and basically, we just like, "Thank you so much, I would have repeated that, you know, so many times," and she told me all the different offers she got? And, you know, I think so sometimes you have to say those uncomfortable things to help people. And you know, it's one things I was always happy that I did. But I think that's, you know, that I was sort of doing what my sister said to me, although my sister had no trouble saying anything uncomfortable.

Erica D'Eramo 41:37

Yeah, I think this is one of the things that I worry the most about with the chilling effect of some of the, the narrative that we're hearing after the #MeToo movement. I mean, we're still in the #MeToo movement, but some of the commentary that I've heard about how men are just, like pulling back, and not engaging, rather than just engaging respectfully, it's, it's like, oh, I'm just gonna not take any risks. And it deprives people, women of women, particularly women of color, just anyone who needs that guidance, that kind of clue into what the what the silent messages are. I feel like they're being deprived of that whenever we sort of say like, "Oh, the safest thing is to just not go to dinner with that person or not have a beer with that person." They're missing out on kind of that, that little like, "Hey, this is how this needs to go. You wouldn't have known that unless I could be really candid with you." So, yeah, yeah. I mean, I think we'll, we'll have to find our way through it, I just hope that people are still willing to have the openness, the brave conversations and to be corrected, sometimes, you know, it's I mean, it, it can be uncomfortable, and sometimes we step on a line, and sometimes we get corrected, and, and we have to not, like run away with our tail between our legs and just come back and, and keep engaging and keep growing. So yeah, it's it's tough, but I'm, so I'm curious if there's any, any other thoughts you have on, you know, some of the some of the more systematic things that, from a macroeconomics point of view, we should be looking at, just with COVID now, in our hindsight, as we go forward?

Sandy Leeds 43:35

Well, I mean I think that from from a macro perspective, I think we need to figure out how we can avoid this happening again, you know, I think that, you know, from what I'm reading, the, the most important thing you can do is shut everything down right away. And, you know, in other words, and, you know, this sounds terrible, but it's, you've got to shut down for a few weeks right away, you've got to, you've got to actually close the borders, you've got to do everything, it just has to, you've got to get rid of the virus, because once it gets out, it's done. And, you know, there was nothing we could do after sort of the initial decisions. And so, you know, I think I think we've got to figure this this one out, because it certainly could, could happen. Again, I think that's, you know, I think that's a really big, big issue. You know, I think I think that this, you know, what everyone says about COVID is that it's accelerated so many of the trends, you know, the, the colleges that are in trouble are now in more trouble now. You know, we're so much more ready to do a meeting by Zoom rather than travel across the country. Um, you know, I think that, that it also may be accelerating inequality, income inequality, and maybe better said wealth inequality where, you know, those of us with houses and stock portfolios are doing great and as That's

Erica D'Eramo 45:00

Assets are going up.

Sandy Leeds 45:02

You know, I said several times in my class last semester that we would feel a lot different about this if stocks were still down 35% like they were in March. But, you know, the reality is that when it's not where um, you know, I don't really feel the pain, I don't feel if I in fact, I'm spending a lot less money right now. And, you know, I think that's an issue. I think one of the big macro issues that we're facing right now is, I think that we're doing all the stimulus spending, all these people have, the majority of our savings are much higher, and we've got $1.6 trillion more savings than we would have otherwise, because of all the government transfers. I personally think that, you know, we need to be doing a better job of giving money to the people who need it, rather than just in general sending out checks, you know, if you're making $100,000, and you're still working, I'm not sure why we should be sending checks, we need to be able to support the unemployed for longer periods of time. And, you know, I think it's easy when we have a crisis to spend money, but you got to remember that this is going to mean that we do less infrastructure spending in the future things that are going to, you know, make it easier for people who live in a low income neighborhood to have transportation to jobs, right. I mean, like things that really matter, you know, rather than just sending money to people who already have jobs, you know, I think I think part of what we're doing. And, you know, it's and this is a particularly easy time to do this, to say this, because the Republicans did it. And now the Democrats are doing it. Like, I think I think those are some of the really big macro issues that that we're seeing.

Erica D'Eramo 46:48

Yeah, yeah, the infrastructure comment is an interesting one, like, what are we doing for the long term to make, to make to dull the impact perhaps, of future crises like this, and having some of that underlying infrastructure is probably critical. So I am curious, for on an individual level, what your advice would be on how, you know, we can maybe break down some of these barriers around the perceived boys club of investment and talking about the markets and talking about our stocks, because I still find it somewhat intimidating to be honest, even after an MBA and after working in mergers and acquisitions. I, it's not a conversation I readily will jump into for fear of kind of not saying the right thing or being seen as, you know, investment illiterate. And yet, if you asked me to talk about a compressor, I could talk for days. Yeah, so what can we do for individuals like me that want increased awareness vocabulary?

Sandy Leeds 48:04

Well, first, let me say that if you find someone who wants to talk about a compressor for several days, let let me know, so I can stay away. The, the, and the reality is, like, I don't even know what a compressor is. But the you know, I think that I tell you, this is gonna sound funny, but I think the best thing someone could do is, they could every so often watch CNBC, and when they watch CNBC, they should have a notebook. And they should write down what all the experts say. And then look at that notebook a month later, and you'll see that just as often as being right, they're wrong, that, you know, it's, it's like when you hear an expert tell you who's gonna win a game, you know, a football game or a basketball game, that kind of thing. You know, I trust that they know a lot more than I do, that they played the game and that kind of thing. They're, they're wrong just as often as they're right. And so, you know, I think that's the first thing to do to get confidence is to realize that none of us know what's going on. You know, it, no one would have told you on March 23rd, that we were going to have this huge rally, right and stocks and that's, that's when the market bottomed or how the financial crisis was gonna end or anything like that. So I think the first thing to realize is that the biggest difference is that some people can really speak with confidence and others are humble enough to realize that they don't know. And, you know, I think from there, that what you have to do is find something that you can read that doesn't take you know, 100 hours a week, and that you can just sort of keep building and I will tell you that this that like students would always say to me, what should "What should I be reading?" And one summer, you know, when I had a couple days, I took a couple days to do nothing but asked that question, like what should I tell the students to read because I grew up reading the Wall Street Journal. You know, it's just sort of what I was used to. But there's so much now there's so much online. And, you know, I think that number one you got, you got to find what you like. But I will say I'm a huge fan of Barron's, Barron's comes out once a week it comes out Saturday morning, it's it's dated Monday, um, it actually online comes out at about 10 o'clock, you know, I guess 10 o'clock, Eastern Time, nine o'clock Central roughly, I can sort of see the articles. And the reason I think that's, that's a great source is that the Wall Street Journal and Financial Times, all those places, they tell you what the news was, like what happened. Barron's tells you how the markets reacted to the news. And I think that's what we all want to learn. I think one of the other you know, one of the other best piece of advice that I give students who want to learn this stuff is: it's great to read read read, but a great thing to do is instead of reading so many articles, and not retaining that much, is outline a few articles. And when you do that, you sort of see how ideas fit together. And that's, that's sort of that really careful reading that helps you learn. And, you know, you're not going to know everything all at once. But it's just that, that inquiry that that drives you to, to a higher level. And you know, that that'd be my best advice. But I think also, um, you know, just to realize that most, no one knows what's going to happen, if any of us knew whatt was gonna happen, if any of us knew what was gonna happen to Bitcoin or Tesla, you know, or GameStop at one point, I mean, you know, we'd all be fabulously wealthy, and but every so often, some people get lucky, but it's hard to repeat. And so you sort of have to realize that they're, you know, they're just some basic concepts we have to know about diversification and investing. And, and, you know, the most important thing is to participate. And I tell you, one last thing it was study, I saw that, that basically, they asked people how knowledgeable they were about finance. And what you found was that a lot of people assess themselves as very knowledgeable. And you know that tends to be you know, that confidence tends to be a male trait. And what happens though, is that the people who are super confident, they invest, and I would argue that, even if they do dumb things, and they underperform the market by a significant amount, they're still usually earning a positive rate of return.

Erica D'Eramo 53:00

And this is confirmation bias.

Sandy Leeds 53:03

People who don't, don't invest, because they think they know nothing, they get zero. And so, you know, I think that you really have to think about the importance of that confidence and getting and getting into the game. Because there are simple things you can do with just to putting your money in index funds, having a really long term perspective. You know, I like even at my age, where my might term isn't really as long, and I'm risk averse, when I do is I think of my money and you know our money in our family as our kids money. And they have a really long time horizon. And so that lets me have that perspective that you don't really need much more than that.

Erica D'Eramo 53:46

Yeah, that's, that, and those are, that's accessible. I think a lot of people perceive that it takes wealth to learn about wealth, it takes kind of the rich dad or the, like I said, the, you know, Executive MBA experience or whatever. And, and actually, there are publications and there are ways that we can, there's TV, there's CNBC, and there are ways that we can just increase our own vocabulary, understanding and literacy around investments in the in the markets. So yeah, thank you so much for your thoughts on that. Are there are there any other kind of closing thoughts that you had or recommendations?

Sandy Leeds 54:31

I don't know that we have anything else I think, you know, these are these are such interesting issues. I you know, they're issues that I read about all the time and you know, want to learn more about and so so I appreciate you talking with me about these.

Erica D'Eramo 54:45

Well, one resource that you have not recommended but I will recommend is signing up for your kind of weekly markets review that is very informative, and just really helps me distill down the key things that I should be understanding from what's happening in, you know, in the week. So again that you can sign up for at sandyleeds.com, and, and any other kind of events or courses that you're hosting, I think you put that up there as well and inform folks, so it's a good resource.

Sandy Leeds 55:20

I do. Well thank you very much.

Erica D'Eramo 55:22

Yeah, thank you, Sandy. We appreciate it. And for Two Piers, you can find our information on any of the social media platforms. So we're on Facebook, we're on Twitter, Instagram, and LinkedIn and you can always find us at our website, which is twopiersconsulting.com.

Welcome to Season Two!

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Transcript:

Erica D'Eramo 0:07

Hello, and welcome to the Two Piers podcast and our first episode of Season Two. I'm your host, Erica D'Eramo, and today's episode will be a short one. When we last spoke, it was spring of 2020, at the end of April, actually, and little did we know what the rest of 2020 had in store for us.

Our final episode of season one discussed stress in times of confinement, and for most of us 2020 still had plenty of challenges, isolation and turbulence left to it. The Summer of 2020 saw nationwide, in fact, international demonstrations, protesting the deaths of unarmed Black citizens at the hands of law enforcement and others. We learned the names of some of those lost such as George Floyd, Breonna Taylor, and Ahmaud Arbery, joining those that have already entered our societal awareness like Eric Garner, Michael Brown, Tamir Rice, Philando Castile, Trayvon Martin, Sandra Bland, and countless others. We saw awareness increasing about institutional racism and the American carceral system. We saw lots of companies declare that Black Lives Matter and commit to doing more. Less than a year later, after a summer of societal upheaval and promises of change, it's not entirely clear how much the system has actually improved. 2020 also saw the passing of Justice Ruth Bader Ginsburg, one of our icons, and a presidential election that felt like it lasted for months.

So what have we been doing in our corner of the world? And what are we up to now? 2020 was a year of change and growth for us as we redoubled our commitment to our mission of creating diverse and reflective workforces, based on equity and inclusion. While we're hopeful about the promises that many companies have made committing to lasting change, we're looking forward to seeing some of the follow through on their words, and we're here to help make it happen. While we dearly miss in-person events, such as conferences and workshops, we've actually enjoyed the flexibility that we've gained by transitioning many of our offerings to virtual platforms. Events that had previously been scheduled for Houston, and in-person events, such as the Women Offshore annual conference, or a recent corporate workshop that we held on Self Advocacy, were instead opened up to a global audience with attendees from all over the world who brought their own unique experiences and perspectives. And some of it has been a learning curve for sure, I can safely say that I can now facilitate several hours' worth of workshops via Zoom without putting anyone to sleep, but it has been a process.

So what do we have in store for you in Season Two? Well, we've got some great guests joining us to explore a wide range of topics such as the impacts of COVID-19 on underserved communities, or one chairman's story of diversity on the board. We even have an episode about blockchain for those of us that want to learn a little bit more. We're looking forward to sharing this next season with you. And as always, we invite you to reach out via our website at twopiersconsulting.com or via any of our social media channels like Facebook, Twitter, LinkedIn, or Instagram. Thank you for joining us, and we'll see you over at Episode Two.

Two Piers Talks International Women's Day

Photo courtesy of Unsplash.

Photo courtesy of Unsplash.

Hello and welcome to the Two Piers Podcast, season one, episode three. I’m your host, Erica D’Eramo. Today we will be discussing International Women’s Day. We’ll touch on the history and purpose behind this celebration, as well as this year’s theme and the underpinning six missions. We’ll also explain how you can personally get involved.

International Women’s Day occurs on March 8th each year. This year it’s on a weekend, which means you’ll probably be hearing about it in various forms throughout this preceding business week whether on LinkedIn or Social Media, or through events at your company or community. 

You may be wondering about the story behind International Women’s Day, and perhaps you think it’s a recent phenomenon. In reality, IWD has a long history that dates back more than a century. Only in recent years have we started to see more recognition in the US, due in large part to our more globally connected society and the impact of corporate events and social media. 

My first experience with International Women’s Day was while I was living in Azerbaijan and working in the Republic of Georgia, both of which were formerly part of the Soviet Union. IWD was an important Soviet holiday and it remained important in the post-soviet era. My experience in the early 2000’s in Baku and Tbilisi was that IWD was predominantly focused on displays of respect and gratitude toward women. I did find this a bit ironic, as the women were often responsible for any cooking or cleaning required for an IWD celebration, at least at the sites where I was working, but it was a fun day with lots of flowers and chocolates and odes to women’s greatness. I also experienced International Women’s Day while I was working in Angola. It was similarly celebrated with flowers and chocolate, and displays of respect toward women. The similarities made sense to me, as Angola has had a historical relationship with the Soviet Union and now modern day Russia. I found IWD to be similar in some ways to Valentine’s Day, but without the romantic element. Instead, it was a display of affection, support, and sisterhood for the women in those societies.

As mentioned previously, International Women’s Day has a long history, dating back more than a century. The early 1900s saw organizing and activism by women fighting for better working conditions and voting rights which laid the groundwork for IWD. In 1908, there was a protest of 15,000 women in NYC. The following year, the Socialist Party of America declared February 28th National Women’s Day. Then, in 1910, at the second International Conference of Working Women in Copenhagen, a woman named Clara Zetkin proposed what we now recognize as International Women’s Day. This proposal was unanimously approved and IWD was born. 1911 saw International Women’s Day honored in Austria, Denmark, Germany and Switzerland with more than a million people attending rallies. By 1913, it was being celebrated in Russia. The following year, in 1914, the official date was changed to March 8th, (on the Gregorian calendar) and it has remained as that date even since. 1914 International Women’s Day celebrations saw rallies across Europe, including in the UK, where Sylvia Pankhurst was arrested in London while on her way to speak to a crowd at Tragalgar Square about women’s suffrage. Sylvia was the daughter of Emmeline Pankhurst, who features in a great Drunk History episode, by the way.

Another interesting fact is that the Russian revolution was kicked off in 1917 with protests associated with International Women’s Day. Women began protesting on March 8th for bread and peace, and less than a week later, the Czar had abdicated. IWD would maintain a high prominence throughout the Soviet era.

By 1975, the UN had begun recognizing International Women’s Day. The website was created in 2001, and the online presence and corporate sponsorship and involvement has grown over the years with the expansion of social media and ESG focus. 

So what is the purpose of this day? Honestly, the purpose varies depending on the country and context. In some areas, the day is seen as an opportunity to celebrate women and demonstrate respect. In other areas, it’s seen as a day for protest and galvanizing action. The global campaign is directed primarily at raising awareness regarding the issues facing women, and increasing access to resources.

Sometimes I get asked whether International Women’s Day is inherently sexist. Well, we at Two Piers certainly don’t think so. Firstly, we believe the entire world benefits from gender parity and that enabling women to access their potential will reap benefits for all humans. Secondly, we also recognize International Men’s Day on November 19th, which raises awareness about the issues facing men and works to dismantle biases and myths that impact men. Forcing people into boxes is harmful and inefficient for society, regardless of gender. 

Each year, a primary theme is set and this year’s overarching theme is “Each for Equal.” According to the website: “The IWD 2020 campaign theme is drawn from a notion of 'Collective Individualism.' We are all parts of a whole. Our individual actions, conversations, behaviors and mindsets can have an impact on our larger society. Collectively, we can make change happen. Collectively, we can each help to create a gender equal world.”

Along with the theme, there are also six missions that are identified, in which “celebrating women's achievements and increasing visibility, while calling out inequality, is key.” We’ll touch on each of the six missions here. 

The first mission is Women in Tech: To celebrate digital advancement and champion the women forging innovation through technology. The site discusses the need for more women in tech, and has some great videos and articles outlining exciting technologies that are shaping the world for the better. This includes food waste reduction, interface design for better inclusivity, and “Smart Dust” a quantum computing technology to tackle drug diversion and abuse. There’s also a section that explores the implications of gender bias in AI. Frida Polli, CEO of Pymetrics has a thought provoking challenge “Can you imagine if all the toddlers in the world were raised by 20-year-old men? That’s what our A.I. looks like today. It’s being built by a very homogenous group." If we think about the implications across all the sectors utilizing AI, it’s pretty astounding.

The second mission is Women and Sport: To celebrate women athletes and applaud when equality is achieved in pay, sponsorship and visibility. We at Two Piers are big supporters of the US Women’s National Team in soccer (or football as the rest of the world calls it). We recommend Googling the USWNT’s lawsuit for pay equality. There have been some great articles over the past few weeks, including one from SB Nation explaining the current arguments behind the suit, and another from ESPN detailing the support from the US Men’s National Team union.

The third mission is Women at Work: To champion women of all backgrounds who dare to innovate, lead, and uplift others towards a more equal and inclusive workplace. The Global Gender Gap Report for 2020 is available from the World Economic Forum. There are lots of great infographics and a whole bunch of detailed analysis. There’s also a very disappointing extrapolation: at current rates, we are still an astounding 99.5 years away from gender parity. We need to do more.

The fourth mission is Women Entrepreneurs: To support women to earn and learn on their own terms and in their own way. This one hits close to home, as Two Piers is the product of female entrepreneurialism. One article discusses the shift from freelancer mindset to founder mindset: Seth Godin of “The Inner Entrepreneur” defines the difference between being a freelancer and an entrepreneur. He explains that "Freelancers get paid for their work. If you're a freelance copywriter, you get paid when you work. Entrepreneurs use other people's money to build a business bigger than themselves so that they can get paid when they sleep.” Some of the benefits for women as entrepreneurs are economic and creative independence in which women can take control of their own work. Other benefits include finding balance, whether work-life balance or balance between interests, and it allows you to channel your motivations and passion. 

The fifth mission is Women’s Health: To assist women to be in a position of power for making informed decisions about their health. We know from extensive studies that gender bias exists in medicine, whether in the exam room and doctor’s perception of women’s pain, or in research studies that exclude women. One area of medicine that gets explored on the IWD site is heart disease. The British Heart Foundation's briefing, 'Bias and Biology', revealed these four findings:

  • women are less likely to recognize symptoms of a heart attack than men

  • a woman is 50% more likely than a man to receive the wrong diagnosis

  • women are less likely than men to receive life saving treatments

  • women are less likely to be given medicine to stop a second heart attack

You can be aware of the following five signs of a heart attack in women:

  • chest pain or discomfort that happens suddenly and persists, like pressure, tightness or squeezing

  • pain can then spread to the left or right arm or to the neck, jaw, back or stomach 

  • sickness, sweating, light-headedness or shortness of breath

  • sudden anxiety similar to that of a panic attack

  • excessive coughing or wheezing

We encourage you to be on the lookout for these signs.

The sixth and final mission is Women Creatives: To increase the visibility of women creatives and promote their work for commercial projects. The International Women’s Day site includes highlights of female artists and the IWD 2020 Typography Contest. If you’re a female creative, we highly recommend you check it out.

So you might be wondering how you, personally, can engage or get involved. Firstly, check out the website at www.internationalwomensday.com You can learn more about what’s going on this year, and can even find and attend an existing event. If you’re thinking of hosting your own event, the website has all sorts of resources to get you set up and on your way. You can also use the hashtags on social media to both follow and amplify. This year’s are #IWD2020 and #eachforequal.

So that wraps up our coverage for International Women’s Day this year. We’re looking forward to celebrating, and you can watch our social media channels for more information and resources on IWD 2020. In our next podcast, we’ll be sharing some exciting news about Two Piers and our plans for the next year. I’m so excited and want to shout it from the rooftops, but I’m going to save it for later this month. As always, be sure to follow us on social media. We’re on Facebook, Twitter, Instagram and LinkedIn, where we share lots of great content and resources. If you’re interested in our coaching, workshop or consulting offerings, you can find out more on our website at www.twopiersconsulting.com, and inquire directly.

Thanks for joining us for this third episode of our podcast, and we’ll meet you back here soon with our new announcement. 

Welcome to our Two Piers Podcast!

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We’ve included a text version of our podcast for accessibility.

Our introductory podcast gives an overview of who we are and what we do, along with some context and background regarding our philosophy. We  promise to keep these podcasts funny, engaging and relevant because your time is precious, as is space in your brain and on your playlist. So this is for you to use.

First, some background about myself. My name is Erica D’Eramo and I’m the founder and CEO of Two Piers. My career started with a Mechanical Engineering degree from Penn State University. I’ve spent nearly two decades in the energy industry, working domestically and internationally, in field-based roles and office roles, including engineering, operations management and finance. I saw, first hand, the challenges facing women, particularly those starting out in field-based roles. Following a three-year offshore rotational assignment in Angola, I decided to take a sabbatical and start this project, (Two Piers), to provide resources and support directly to women working in male dominated environments. During that sabbatical, I also conducted a study called Spot the Difference which was sponsored by BP and executed in conjunction with QuayFive - a consultancy based out of the UK.  We worked with 12 different FTSE 300 companies spanning multiple industries, each with international reach. We examined the career choices and motivations of employees and how they differed based on gender. We also examined the effectiveness of diversity and inclusion initiatives. There were some very interesting findings, which we will discuss further in a future podcast. 

So why gender diversity as a focus? For us, it relates back to engineering. We here at Two Piers hate to see waste, especially when it comes to human potential. Not only are we putting up unnecessary barriers for more than 50% of our potential workforce, but we also make it more  difficult for them to fully contribute when we have non-inclusive workplaces, or we evaluate them against how well they can conform to a masculine norm. Additionally, we see waste in the stressors this can put on team dynamics when the workforce begins to believe that gender outweighs meritocracy. This sows discord, distrust and disenchantment. We also feel that gender diversity is deeply misunderstood. Efforts to diversify a workforce and create a more inclusive environment are often seen as philanthropic initiatives as opposed to strategic business imperatives in today’s competitive, fast-changing world. In addition, gender is simply one facet of diversity, however it is more visible than many other aspects of diversity, and thus can act as an analogue to open the door to conversations on ethnicity, nationality, sexual orientation, socioeconomic diversity, neurodiversity, etc… We at Two Piers want to foster an intersectional conversation about diversity and gender.

So how are we tackling it? We are taking a two-pronged approach. We are committed to alleviating the current pain points of gender imbalance for those currently in the workforce by supporting individual women through workshops, coaching and resources such as this podcast. Some examples of focus areas are:

  • Navigating pitfalls of masculine workplaces

  • Setting and asserting boundaries

  • Handling difficult conversations and confrontations

  • Individualized coaching and planning

Some might ask whether a focus on equipping women with tools and tactics is paramount to victim blaming. Why should women change to fit the environment, as opposed to the environment changing? Well we fundamentally believe that women should not, in fact, have to change, however, we like to use the analogy of going to Mars. In the short term, we need some special toolkits  in the first place - you can consider these our psychological oxygen tanks, until there are enough successful women and enough systemic change to create the atmosphere that we want and need. To turn a blind eye out of squeamishness is to reject reality and set people up for failure. At the same time, equipping women with survival tactics is not enough. We need to address the systemic root causes by working with organizations.

The organization and corporate work that we do focuses on creating systemic and sustainable change. It also supports and sustains the resources that we provide to individuals. When working with organizations, we first focus on understanding the true baseline using leading and lagging indicators. We also examine the effectiveness of current initiatives and what some of the unintended consequences may be. From there, we determine an action plan and measures for how to reach the group’s goals. We don’t just look at the numbers and percentages, but rather take a more holistic approach. 

So why a podcast? We wanted to make some of our resources and content easily and readily accessible, particularly for those individuals who can benefit immediately. Perhaps it’s difficult to attend a workshop in person, or perhaps someone’s not not ready to ask for help or scheduling a coaching session. Podcasts can remove some of those barriers to access. It also gives businesses an opportunity to sample our offerings and see whether our ethos is a good fit for their company.

Podcast episodes will focus on two different areas. We will look at strategic topics and systemic issues around gender diversity in the workplace, including how we can affect change and how organizations can create diverse and inclusive environments. We will also have podcasts focused on more tactical subjects for professional women. Topics will range from  travel tips to taxes, pet adoption to car buying. We will look at what works for working women.

We want to thank you for joining us for episode one of season one of Two Pier’s podcast. Be sure  to follow us on social media. You can find us at LinkedIn, Twitter, Instagram and Facebook, or on our website at twopiersconsulting.com. We’ll be putting on a workshop this Friday at the annual Women in Leadership Conference at Rice University, here in Houston, TX. The interactive workshop is  focused on navigating challenging interactions and confrontation. It’s one of our favorite topics! Tune in next Wednesday (Feb 19) for a recap with insights from the event.

We’d love to hear  from you. Reach out to hear more about our offerings or provide suggestions on  requested content you want to hear about. Have a great week! We’ll meet you back here soon.