DealBook Summit: Women, Power and Money in 2024 and Beyond

Release Date: December 11, 2024 | Host: Andrew Ross Sorkin | Produced by The New York Times

Introduction

In the December 11, 2024 episode of the DealBook Summit, hosted by Andrew Ross Sorkin of The New York Times, a distinguished panel of women leaders delves deep into the intricate dynamics of women's progress in the business world. Recorded live at the annual DealBook Summit in New York City, the episode titled "Women, Power and Money in 2024 and Beyond" brings together experts to discuss why, despite significant societal advancements, women's progress in business leadership remains limited.

Panelists Introduced:

• Lynn Martin: President of the New York Stock Exchange Group.
• Reshma Sajani: Founder of Moms First and Girls Who Code.
• Brooke Shields: [Description to be explained in context].
• Thasunda Brown Duckett: President and CEO of TIAA.
• Donna Langley: Chairman of NBCUniversal Entertainment and Studios.
• Dionne von Furstenberg: Legendary Fashion Designer.
• Emma Grede: CEO of Good American and founding partner of SKIMS.
• Amy Griffin: Founder and Managing Partner of G9 Ventures.
• Brooke Boyarsky Pratt: Founder and CEO of Known.

1. Assessing Women's Progress: A Rating Exercise

Andrew Ross Sorkin initiates the discussion by asking each panelist to rate the current state of women's power and leadership on a scale from 1 to 10, with 10 being exemplary progress.

• Lynn Martin ([06:23]): Rated a 6, emphasizing that while there's room for improvement, leveraging women's unique traits offers tremendous opportunities.

  "We're not there yet. There's work to do. But I see tremendous opportunity if women use their uniquely female traits, productively." – Lynn Martin [06:23]

• Reshma Sajani ([06:41]): Took a stark stance with a 1, highlighting fundamental issues like reproductive rights that impede women's progress.

  "When women in America don't have control over their reproductive rights, we don't have basic human rights, period." – Reshma Sajani [06:41]

• Emma Grede ([06:53]): Assigned a 4, acknowledging progress but citing strong historical and systemic resistance.

  "The resistance to us advancing in those numbers is so strong and so historical that we have to be even smarter and beat it, them, whatever, at their own game." – Emma Grede [06:53]

• Thasunda Brown Duckett ([07:28]): Gave a 3, focusing on tangible metrics rather than potential.

  "If you have 10% women running a Fortune 500... you have to look at the outcomes." – Thasunda Brown Duckett [07:28]

• Donna Langley ([08:04]): Declined to assign a number but emphasized the pivotal moment in the movement for women's rights.

  "We're at a pivotal moment in this era of this movement... we have to hunker down, pivot, shift our strategies." – Donna Langley [08:04]

• Amy Griffin ([08:57]): Also refrained from a numerical rating, expressing a desire to act with compassion rather than assign a number.

  "I don't like to be a victim. So I think we have to actually act with compassion." – Amy Griffin [08:57]

• Brooke Shields ([11:04]): Rated a 1, stressing global issues and setbacks in reproductive rights.

  "We cannot ignore what is happening in the rest of the world for women. So I give a solid and resounding one." – Brooke Shields [11:04]

• Brooke Boyarsky Pratt ([11:23]): Expressed optimism despite initial reservations, citing the empowering role of women in household spending and business.

  "I think there's something really exciting happening... we can bring another person along." – Brooke Boyarsky Pratt [11:23]

• Dionne von Furstenberg ([12:14]): Rated a 5 from a U.S. perspective, recognizing halfway progress but noting cultural barriers to reaching higher leadership.

  "We're now at this second much murkier part, which is what are the cultural issues and the supporting structures that aren't there to allow us to get to the C suite." – Dionne von Furstenberg [12:14]

This exercise set the stage for a multifaceted discussion, revealing a spectrum of perspectives on women's advancement in leadership roles.

2. Impact of Major Changes in the Last Decade

The panel explores five significant changes over the past decade and their effects on women in the workplace:

a. Fertility Technology and Egg Freezing

The introduction of egg freezing has been a double-edged sword for many women. While it offers the flexibility to postpone childbirth, the reality has been more complex.

• Diane von Furstenberg ([20:54]): Criticized the efficacy of egg freezing, sharing personal and anecdotal evidence of unmet expectations.

  "There’s a false hope in the sense of now that you have these eggs, you can just have a baby at 40, 35, 45, and everything is going to go swimmingly, right." – Diane von Furstenberg [20:54]

• Brooke Shields ([22:33]): Echoed the sentiment of false hope, highlighting the emotional toll and unmet promises associated with egg freezing.

  "It really isn't fine... women can't have an easy time starting a family because their frozen eggs didn't turn into embryos." – Brooke Shields [22:33]

• Emma Grede ([24:27]): Shared a personal critique, emphasizing the lack of information and support during fertility treatments.

  "A more empathetic female doctor could have given me more information... more control over my fertility." – Emma Grede [24:27]

• Reshma Sajani ([28:15]): Highlighted the systemic issues, such as the motherhood penalty and the inadequacy of corporate support structures.

  "We have to continue to inspire them and say... you may be the one that has to create it." – Reshma Sajani [28:15]

• Lynn Martin ([31:10]): Offered a cautiously optimistic view, noting advancements in capital focused on women's health but acknowledging ongoing challenges.

  "The fact that we're here talking about this issue speaks volumes to how far we've come." – Lynn Martin [31:10]

Conclusion on Egg Freezing: While egg freezing symbolizes progress in reproductive autonomy, the panel unanimously agrees that its promises have not fully materialized, often leading to disillusionment and emotional strain for many women.

b. Sexual Harassment in the Workplace

Post-#MeToo, the workplace environment for women has seen significant shifts.

• Brooke Boyarsky Pratt ([37:14]): Observed a substantial increase in female-led ventures and investment in women-centric companies.

  "Venture funding to women jumped from 2% to 24% in 2024." – Brooke Boyarsky Pratt [37:14]

• Donna Langley ([39:43]): Asserted that the MeToo movement has positively transformed Hollywood, fostering safer environments and opening doors for women.

  "We have to make sure that that door stays open... policies changed, sets became safer." – Donna Langley [39:43]

Conclusion on Sexual Harassment: The panel recognizes #MeToo as a catalyst for meaningful change, fostering greater female representation and safer workplace environments, albeit with ongoing vigilance needed to sustain these advancements.

c. Paternity Leave

The introduction and acceptance of paternity leave have begun to reshape traditional family dynamics and workplace roles.

• Reshma Sajani ([48:58]): Highlighted the minimal uptake of paternity leave despite its availability, emphasizing cultural barriers.

  "Less than 30% of the American workforce has paid employer-provided paternity leave." – Reshma Sajani [48:58]

• Thasunda Brown Duckett ([51:18]): Shared personal insights on the transformative impact of shared caregiving responsibilities.

  "I'm 100% more present in that moment... acknowledging the strength of my husband." – Thasunda Brown Duckett [51:18]

• Amy Griffin ([48:35]): Advocated for paternity leave as a means to promote equality and shared responsibility within families.

  "It's about equality and it's about equal responsibility." – Amy Griffin [48:35]

Conclusion on Paternity Leave: While the structural adoption of paternity leave signifies progress, cultural reluctance hampers its effectiveness. Encouraging societal acceptance and corporate endorsement are essential for its widespread adoption and impact.

d. Flexible Work

The COVID-19 pandemic accelerated the adoption of flexible work arrangements, presenting both opportunities and challenges for women.

• Lynn Martin ([58:35]): Emphasized the difficulty in building corporate culture and mentoring without in-person interactions.

  "The most efficient way to move your business forward is to do a whiteboarding session for five minutes or grab someone in the hallway." – Lynn Martin [58:35]

• Brooke Shields ([59:36]): Criticized the viability of leading from home, stressing the importance of physical presence for effective leadership.

  "To think that you're going to do that from the comfort of your own house is just not true." – Brooke Shields [59:36]

• Dionne von Furstenberg ([63:55]): Offered a contrasting view, suggesting that virtual work can mitigate appearance bias and foster inclusivity.

  "Virtual work has actually helped reduce appearance bias... look different and you can't see that." – Dionne von Furstenberg [63:55]

• Reshma Sajani ([66:09]): Advocated for redesigned work structures that offer grace and flexibility to accommodate caregiving responsibilities.

  "How do we redesign or think about work to give people grace?" – Reshma Sajani [66:09]

Conclusion on Flexible Work: Flexible work arrangements present a paradox for women: while they offer necessary flexibility for caregiving, they can also lead to decreased visibility and hinder career advancement. Balancing flexibility with strategies to maintain presence and accessibility is crucial.

e. Educational Parity and Women in STEM

Efforts to bridge the gender gap in STEM fields have shown mixed results over the past decade.

• Lynn Martin ([69:20]): Acknowledged progress in early education but noted stagnation at the collegiate level, citing continued underrepresentation.

  "We’re probably closer to 1 on the college disciplines." – Lynn Martin [69:20]

• Reshma Sajani ([70:32]): Highlighted significant gains in female participation in computer science, but also warned of systemic biases that undermine these advancements.

  "We moved the needle from 19% to 40% and sometimes 50% in computer science." – Reshma Sajani [70:32]

Conclusion on Educational Parity: While early educational initiatives have bolstered female participation in STEM, challenges persist at higher educational levels due to entrenched biases and systemic barriers.

3. Cultural and Political Influences

The panel discusses how broader cultural and political shifts impact women's roles and opportunities in the workplace.

• Reshma Sajani ([73:27]): Optimistic about potential policy advancements in childcare support under new administration pressures.

  "There might be a policy advancement... reducing the cost of childcare, increasing the supply of childcare workers." – Reshma Sajani [73:27]

• Amy Griffin ([74:54]): Addressed the rise of hyper-masculine cultural elements like UFC, advocating for alternative narratives that promote kindness and inclusivity.

  "I have made my mission to make kindness sexy... kindness is a currency and generosity is the best investment." – Amy Griffin [74:54]

• Donna Langley ([78:23]): Shared insights on the release of the film "Wicked," emphasizing its role in reshaping cultural narratives around gender and inclusivity.

  "Wicked is breaking records... opportunity that we have as a media company, as a media industry... celebrate our differences and what unites us." – Donna Langley [78:23]

Conclusion on Cultural and Political Influences: Political actions and cultural narratives significantly shape the landscape for women in business. Progressive policies and inclusive storytelling can drive positive change, while hyper-masculine elements pose challenges that necessitate alternative, compassionate approaches.

4. Evolving Conversations Around Gender and Race

Panelists advocate for a shift from confrontational to empathetic dialogues around gender and race to foster understanding and collaboration.

• Donna Langley ([82:34]): Urged for less rhetoric and more compassion, emphasizing the importance of male allies in conversations about gender equality.

  "We need men to be allies... have less rhetoric and more compassion, more understanding." – Donna Langley [82:34]

• Emma Grede ([85:24]): Suggested removing anger from the discourse to facilitate meaningful conversations and mutual understanding.

  "If you take the heat and the rage out of it, it moves through conversations." – Emma Grede [85:24]

• Dione von Furstenberg ([63:25]): Highlighted the role of media in combating appearance biases, advocating for inclusive representations that reduce stigma.

  "Walking around DealBook, I look different than most people here. Virtual work has helped mitigate appearance bias." – Dionne von Furstenberg [63:25]

• Thasunda Brown Duckett ([87:02]): Emphasized the importance of empathy and kindness in leadership to bridge gaps and foster progress.

  "We don’t have to dim a light to create kindness. Invite the conversation, your perspective and my perspective." – Thasunda Brown Duckett [87:02]

Conclusion on Evolving Dialogues: Transitioning to empathetic and inclusive conversations can dismantle barriers and foster a collaborative environment conducive to genuine progress in gender and racial equality.

5. Final Insights and Closing Remarks

As the panel winds down, the overall consensus underscores the complexity of women's advancement in the business realm. Progress, while evident in certain areas like increased representation in venture capital and shifts in workplace harassment norms, is counterbalanced by persistent systemic barriers and cultural challenges.

Key Takeaways:

• Holistic Approach Needed: Addressing both structural policies (like paternity leave and childcare support) and cultural norms is essential for meaningful progress.
• Empathy Over Confrontation: Shifting dialogues to be more compassionate can bridge understanding gaps and foster collaboration.
• Continuous Vigilance: Maintaining and advancing the gains achieved requires ongoing commitment and proactive strategies from both women leaders and their allies.

Closing Quote:

"Progress is never in a straight line... pressure makes diamonds in the long term." – Thasunda Brown Duckett [87:02]

Andrew Ross Sorkin concluded the episode by thanking the panelists for their diverse insights and emphasizing the importance of ongoing dialogue and action to further women's leadership and empowerment in the business world.

Notable Quotes with Timestamps:

• "When women in America don't have control over their reproductive rights, we don't have basic human rights, period." – Reshma Sajani [06:41]
• "We have to continue to inspire them and say... you may be the one that has to create it." – Thasunda Brown Duckett [17:46]
• "Venture funding to women jumped from 2% to 24% in 2024." – Brooke Boyarsky Pratt [37:14]
• "The most efficient way to move your business forward is to do a whiteboarding session for five minutes or grab someone in the hallway." – Lynn Martin [58:35]
• "We need men to be allies... have less rhetoric and more compassion, more understanding." – Donna Langley [82:34]
• "Progress is never in a straight line... pressure makes diamonds in the long term." – Thasunda Brown Duckett [87:02]

Conclusion

The "Women, Power and Money in 2024 and Beyond" episode of the DealBook Summit offers a comprehensive exploration of the strides and ongoing challenges women face in leadership roles within the business world. Through candid discussions and diverse perspectives, the panel underscores the necessity of both structural reforms and cultural shifts to truly empower women and sustain their progress in corporate hierarchies.

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