INTERNATIONAL WOMEN'S DAY 2024 - CLAIRE WATT
What inspired you to pursue a career in Finance, and how did you navigate your way to becoming a Finance Director?
Having graduated with a degree in Maths, I wasn’t sure of my career direction. I liked the idea of continuing to study whilst working and I saw that Zeneca (now AstraZeneca) had a CIMA graduate scheme so it started there. I then moved to Pfizer and JTI in Business Analyst and FP&A roles before moving to BT where I spent just over 12 years. My first FD role was at Plusnet following the acquisition in 2007. I’d been at BT for 18 months in the newly created cost transformation team where I lead projects in various parts of the business working with senior stakeholders. It was a fantastic business partnering role. The divisional CFO championed the work we did as a team and was a huge advocate of career development. He had a simple framework, if you showed capability, work ethic and ambition, he would help you progress and find exciting opportunities. I had a great relationship with him and despite being given many stretching roles at BT, he always supported me. He was more than a boss and CFO; he was a mentor and coach. He was a brilliant CFO and one I learned a huge amount from.
In male-dominated industries like Finance, what challenges have you faced as a woman, and how did you overcome them?
I’ve also worked in Technology so combining the two I have certainly found myself in very male dominated SLTs and Board rooms. There is no doubt in those situations, particularly social environments, topics and discussions can become far more traditionally male dominated. I have also been in situations working with men who aren’t used to working with senior and talented women and whether it is their unconscious bias or not, there have been situations where the undertone is that I would be expected to take the minutes or pour the coffee! Fortunately these have been few and far between and overall I have had the opportunity to work with inspiring professional executives for most of my career.
As a Finance Director, what strategies do you employ to promote gender diversity and inclusion within your team or organisation?
Diversity is essential but I think gender is only one factor. Having colleagues from difference backgrounds, experience, culture and beliefs can create a formidable team as long as there is respect for each other, a common goal, everyone pulls their weight and of course a sense of humour. Building trust with members of my team is essential – it’s a two way agreement. I’ll go all out for my team if they are with me.
Can you share any significant achievements or milestones in your career that you're particularly proud of, especially as a woman in Finance?
Having not long returned from maternity leave at BT I co-hosted a Women in Finance event and was asked how I managed with a young family and full-time CFO job. I was honest, explaining how hard I found it and it lead to a very open and honest discussion about the challenges women face as working mums. I recall one of the attendees coming to speak to me afterwards thanking me for the conversation as she had been really struggling and thought everyone else was coping brilliantly. Whilst this might not be a moment of getting a deal over the line, or an investment approved, I felt proud to be part of the conversation and that one lady who spoke to me afterwards I am sure felt better after the event. Over 10 years on we still have a long way to go.
What advice would you give to other women aspiring to leadership roles in Finance or similar fields?
Be authentic. Be true to yourself. Stand by your values and learn from others you respect, and respect you. Life is too short for anything else.
How do you balance the demands of your professional career with personal commitments and wellbeing?
I do my best and am sure could always do better! We have 3 very sporty children who have something going on every day so we have to be organised and strict on time schedules. For myself I run and often go whilst the children are at swimming club – it gives me some head space and the timing works. Fortunately I like to be busy – but there is a balance to be had to not be overwhelmed. Family holidays are sacrosanct.
In your opinion, what are the key factors contributing to the underrepresentation of women in senior finance positions, and how can organisations address this issue?
I believe it’s not only the finance profession but specifically I think having a family is a key factor. I’ve seen it and heard so many times that the perception of the CFO is they have to be available 24/7 and so it is off putting for any parent, mum or dad. Setting boundaries is essential, it’s not easy and I don’t always achieve it but it was a brilliant piece of advice I was given after my first child and I’m still working on it!
As a leader, what initiatives or policies do you advocate for to create a more equitable and inclusive workplace for women in Finance?
Flexibility is essential. On one occasion I had an amazing Commercial Finance Manager work for me and her childcare arrangements changed almost overnight. We worked through and agreed on the best way of working and made sure it suited her and the business. It proved that 9-5 working doesn't have to be the norm.
How do you approach mentorship and sponsorship opportunities for women in your organisation or industry?
I have been fortunate enough to learn from some brilliant mentors in my career and use their experiences as well. I think it’s all about building a relationship with a mentee; trust, respect, honesty and support. I have often found with women mentees it's about building confidence; they have the capability but not always the self belief. Supporting mentees to push themselves out of their comfort zone a little and then build on that can make a huge difference and I have felt really proud when I have had the chance to support someone in this way.
Looking ahead, what changes or advancements do you hope to see for women in Finance in the future?
I’d love to see all elements and levels of finance showing an equal mix of men and women, be that in industry, practice or advisory. Attracting women to go for it in finance in an authentic way – being true to themselves; not in a manner they believe they have to behave to achieve senior roles.