A Framework for Thinking About Allyship

A few weeks ago I shared pragmatic allyship actions men can take to close the gender gap in finance. This week, let’s zoom out and look at a big picture framework for thinking about allyship and incorporating it into your every day work. This article includes excerpts from my article originally published by Morningstar on March 2, 2021.

Gender equity depends on men.

A recent study found that women represent only 21.9% of leadership roles in financial companies. Another study shows that though women enter into finance at parity with the population, their percentage in the finance workforce declines at every single management interval. Yet another study shows that women represent only 18.1% of financial advisors.

So how can we close the persistent gender gap? Men, we need your help.

I know most of you want to ensure that women have equal access to the opportunities and rewarding careers that financial services can offer.

Men, I’m talking to you. I want you to be allies.

What is an ally? 

An ally is typically defined as a person supportive of groups to which they do not belong. But I want you to take this further and move from support to action. Be an active ally. Succeeding in financial services takes skills, knowledge, and a network. In the same way you can offer access to those things for men, do it for women. Your most powerful ways to be an ally will be unique to your position, experience, and network. You’ll find them with practice!

But what about systemic sexism ?

Sexism is a systemic issue in financial services and needs systemic changes. While we work on systemic issues, active allyship is also important, and something everyone can do in their day-to-day work.

An Allyship Framework 

To find where your allyship can be most useful, it’s important to first consider how you think about allyship. Here are 5 pillars to consider:

Pillar 1: Allyship isn’t about you.

I want you to make an important perspective shift as you take on allyship as a daily practice.

Being an ally is not about you. And it’s not about getting credit. In financial services, white men are almost always the center of any conversation. CEOs look like you, marketing programs are aimed at you, job paths are built by and for people like you. Because of this, men (and especially white men) in finance are accustomed to being centered in actions and conversations. 

So here’s the shift I’m asking for: Not being the center of a conversation can be an unusual or awkward feeling. Acknowledge that feeling and keep going. Don’t be an ally for credit or to “be a good person.” This is not about you. Show up for women and people of color because it is good for the community, our industry and the people your allyship can help. Over time, you’ll likely be rewarded with deep friendships and a resilient network, but if you go into allyship for selfish reasons, that won’t happen.

Pillar 2: Listening is the foundation of active allyship.

I know I’m asking you to take action. Before you know what action to take, you’ll need to be quiet and listen. When we stop talking and just listen we can learn so much. We can hear women’s ideas and lift them up. We can understand what opportunities women are looking for, and the strengths they bring to a business relationship. Listening is the foundation of active allyship. 

Pillar 3: Talk about the problem.

Publicly acknowledge the gender issues that financial services faces, including at your specific company. Don’t only talk about it with women. (Believe me, we already know about it!) Instead, illuminate the inequities to other men. People are more likely to listen to people they can relate to. So men, if financial services is to grow out of the lopsided and inequitable state we are in, the ball is in your court. Talk to your fellow dudes and get to work changing unjust systems.

Pillar 4: Allyship isn’t a zero sum game.

Working in a community of people who support each other, root for each other, defend each other, and hold each other accountable makes work more pleasant, and makes our companies more trustworthy. It’s often a joyful and satisfying way to work. Jump in!

Pillar 5: Talk is cheap. Action is an investment.

Standing up for or against something publicly, or internally at a company, comes with risks of a cost to you. The highest risk to you is often when your allyship is most needed- likely taking a stand for someone who cannot stand up for herself because of power dynamics. This can potentially be costly in the short term- possibly alienating peers or angering bosses. The cost to you is likely much lower than it would be for the woman you are speaking up for, and we need you to take a stand against discrimination, harassment, and inequity. Your voice can make a difference and we need it.

Allyship can also be costly when you realize an opportunity you are offered is more appropriate for someone else. For example, saying “thank you for thinking of me for this opportunity, I think Daniella would be a better fit for the project, and I know we are always looking for ways to offer opportunities more equitably here.” Your words and actions not only set one colleague up for success, it also leads your other colleagues by example. And while you may have a personal opportunity loss, the financial services business is large and lucrative. Other opportunities will come along. Your firm and community will be better for your collaborative approach.

For pragmatic actions you can take, check out this post, and if you find these examples useful, continue to seek out other ways to help. Be proactive. More ideas will come to you based on the unique role you have in your company, and the place you sit in your community. Remember, allyship not a zero sum game. A profession that supports every individual is a benefit to the entire professional community.

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