Know your corporate DNA, realize that risks are necessary for extraordinary achievement, always know where to secure support for your endeavors. That was advice offered by Kim Nelson, president of Snacks Unlimited Corp. and vice president of General Mills, to 500 black female executives during BLACK ENTERPRISE’s inaugural Women of Power Summit, hosted by State Farm. Nelson, a panelist in the power session titled “Fearless Leadership: Making Real-World Decisions in Real Time,” shared lessons on strategizing, leadership, and networking. Held in February at the Arizona Biltmore Resort and Spa in Phoenix, the summit was a rare opportunity for women of color within the top tier of their industries to share experiences and impart hard-won wisdom on how to gain and retain solid footing within the corporate arena. The picturesque city of Phoenix, with its expansive mountain ranges and desert climate, provided a serene setting for this ground-breaking four-day event.
Speakers culled from BE’s roster of the “50 Most Powerful Women in Business” included go-getters from consumer goods, finance, and media industries. Nelson, a WPS advisory board member, joined a roster of women including Donna James, president of Nationwide Strategic Investments, and Deborah C. Wright, chairman and CEO of Carver Bancorp Inc., the nation’s largest black-owned bank. Building and sustaining business relationships, achieving corporate success, and participating in honest dialogue about corporate politics and workforce diversity were among the themes this year.
By sponsoring the event, State Farm gained access to the powerful and influential female executives and entrepreneurs who attended the summit. “These women are respected and connected in their companies and communities and they’re tough to reach through traditional advertising and marketing channels,” says Pam El, State Farm’s vice president of marketing. It was an important event because it effectively harnessed the power of the attendees. It offered an environment that promoted fellowship and allowed women to network, bond, share strategies, and leverage the experiences and perspectives of their peers. Of equal importance was the opportunity to establish a support network, which opened avenues for women to hear about and benefit from the best practices of leaders in diverse industries.
By 2010, the number of women in the U.S. labor force will increase by almost 10 million-a growth rate almost one-third higher than that of men-according to a 2003 Catalyst Census of Women Board Directors. Yet, another Catalyst study revealed that only 1.6% of female corporate officers were women of color. “Women need to understand that they are at the forefront of opportunities in the corporate world,” says Ella Edmonson Bell, professor of organizational management at Dartmouth College’s Tuck School of Business. The workforce has become increasingly diverse, particularly with women of color. “They need to develop their business acumen, pinpoint their niche market, determine how their company is fairing, and what steps should be taken to make their company successful,” says Edmonson Bell.
For Alicia Ross, a financial planner at Los Angeles-based Independent Capital
Management, the conference confirmed that she was not alone in her career struggles. The session “Up Your Staying Power: How to Identify and Avoid Career Derailers,” says Ross, showed her that “when you make mistakes, you can still be eloquent and pick your emotional self off the ground.” She adds: “It made me feel good that there were other women who could identify with what I’ve gone through. I realized that this is the culture of corporate America, and there are other women who have surpassed and overcome those same obstacles.”In the panel “Getting Noticed: How to Cultivate and Leverage the Right Relationships,”
Deborah Elam, chief diversity officer of General Electric Co., suggested that black female professionals be supportive of each other and share resources. As an example, Elam discussed how she and Carla Harris, managing director of Global Capital Markets for Morgan St
anley, provided each other with mutually beneficial information and contacts. She has invited Harris to a number of high-powered events such as the GE Women’s Network, a gathering that has included valued clients and partners from Morgan Stanley. Harris used that platform to laud Elam’s professional achievements. Such exchanges are important, Elam maintains, because “we only have one generation of relationships with African Americans on any [corporate] level, so it’s up to us to maintain, nurture, and help them grow.”During the Entrepreneurs Master Class hosted by Verizon, attendees discussed the challenges and sacrifices of entrepreneurship. The session featured a quartet of female business owners: Lisa Price, president and founder of Carol’s Daughter Inc., a personal and beauty care products manufacturer; Iman, the former model who runs IMAN Cosmetics, Skincare & Fragrances; Amy Hilliard, CEO of The ComfortCake Co.; and Janice Bryant Howroyd, chairwoman and CEO of The Act 1 Group, a temporary services agency and the largest BE 100S company owned by a woman. All offered stories of perseverance.
Hilliard, a single mother of two, recounted how she sold her home to start her enterprise. Attendees also learned that Valerie Mosley Diamond, SVP & Fixed Income Portfolio Manager for Wellington Management, helped fund Hilliard’s company during the startup stage.
“We were very proud of the women in this audience,” said Bryant Howroyd, “and although the women commented on their pride in us, the women on the panel agreed that they were lifted up by them. We received as much, if not more, than we gave.”
The summit wasn’t all business. The event honored the first group of BE Legacy Award recipients: Johnnetta B. Cole, president of Bennett College for Women; Ernesta Procope, president and CEO of E.G. Bowman & Co Inc.; Joyce Roché, president and CEO of Girls Inc.; and Rep. Maxine Waters (D-Calif).
A luncheon honoring BE’s 50 Most Powerful Women in Business was hosted by BMW North America, and Gayle King, editor-at-large of O, The Oprah Magazine, handled the mistress of ceremonies duties. At the luncheon, Atlanta Mayor Shirley Franklin inspired attendees with her keynote speech about work and life balance.
Activities included yoga and belly dancing in the morning, golf and tennis tune-up sessions in the afternoon, and a BMW-sponsored ride-and-drive to round off the festivities. Personal development and time management sessions included “Choices: A Mind, Body and Soul Workshop,” hosted by PepsiCo and “The Art of Business Entertainment,” hosted by Scripps Network.
The gathering emphasized the importance of building a solid business and personal network. “Developing strong relationships is the key to every area of our lives, but especially in our careers where teamwork is critical,” says Debra Langford, executive director of strategic sourcing and talent management for Time Warner Inc., who sat on the panel “Your Power Quotient: Maximizing Your Realm of Influence in Your Company.”
By the end of the conference, women had made contacts, exchanged numbers, and established friendships, all in an effort to join forces in helping each other get to the next level. There were laughter, tears, affirmations, standing ovations, and embraces for almost every introduction and each parting. Each woman understood the challenges of the next, and felt more empowered by the stories of triumph. But, more importantly, WPS provided them with a road map to follow. Asserts Edmondson Bell, it provided a venue “where black women can come together, learn from each other, renew our spirits, and discuss strategies to help us be successful in the work world and our lives.”