How assertive communication helped this M&A executive rise to the top

A 2023 women’s leadership study from LeanIn.org and McKinsey & Co. found that American women held 40% of corporate management positions, and women continue to fight underrepresentation when it comes to board positions and CEO roles. They also face gender bias, harassment, and opposition to their management styles.

Here’s how one MIT alumna has pushed back on those statistics and used what she’s learned along the way to help those behind her.

Clarisa Estol, MS ’98, managing director of consulting firm SellSide Group. Estol is also the co-founder and director of genomic and molecular testing company Biomakers.

Given what you know now, what would you tell your younger self about being a woman in your industry? 

Being a woman in the finance industry comes with unique challenges but also incredible opportunities for growth and impact. Here are a few key pieces of advice: Embrace your own strengths and uniqueness, seek mentorship and allies, take responsibility for your own confidence and resilience, don’t try to out-work everybody, advocate for others, and enjoy the journey.

Can you give an example of a time you’ve experienced or witnessed gender bias? How did it affect you professionally? What impact did it have on your job?

One notable example occurred early in my tenure as chairman of the board and CEO at Banco Hipotecario. During a high-stakes negotiation with external stakeholders, I noticed that some of my male counterparts were directing questions and comments predominantly to my male colleagues, despite my role as the lead negotiator and decision maker.

Rather than allowing this to undermine my confidence, I used it as a catalyst to assert my presence and ensure that my voice was heard clearly and authoritatively in all discussions.

This experience reinforced my resolve to ensure that the contributions of all team members, regardless of gender, are recognized and valued. It also heightened my awareness of the importance of fostering an inclusive environment where everyone feels empowered to contribute.

What is the most difficult lesson you’ve learned in your professional life? In what unexpected ways did you grow from it?

The importance of embracing failure as a stepping stone to success. Early in my career, I was involved in a high-profile project that ultimately did not achieve the desired results. Despite our team’s dedication and hard work, external factors and unforeseen challenges led to the project’s failure. It really felt like a personal setback and tested my resilience and confidence as a leader. I was able to grow from this experience by learning to look at failure not as a definitive endpoint but as a valuable learning opportunity.

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What’s one specific way you tend to your well-being, and how do you encourage well-being among your staff?

I engage in regular physical activity and meditation. These activities not only help me maintain my physical health but also serve as a vital outlet for stress relief and mental rejuvenation. The fact that I can do this on my own at any time and anywhere further helps with my adherence to the practice.

With respect to encouraging well-being among my staff, I value results more than time spent at the office. I promote work-life balance with flexible work hours and remote options. I have been a pioneer in extending paternity leave far beyond what is required by law, and I have created opportunities for flexibility when it was not the norm. For example, I instituted birthday leave and Family Day for employees to have some leisure at specific times of the year.

What’s one skill or behavior women can adopt to make their career path more successful and more manageable?

Assertive communication involves expressing thoughts, feelings, and needs in a clear, confident, and respectful manner. This skill is essential for navigating the professional landscape and can significantly impact career advancement. It helps establish credibility, sets clear boundaries, enhances problem-solving, builds stronger relationships, and boosts self-confidence.

If you could snap your fingers and change one thing about workplaces, societal norms, or public policies that would most benefit women in the workforce, what would it be?

The implementation of bias-free recruiting processes. This would include CVs with no photos or data that could lead to gender recognition. The interviewing process would include a panel made up of both male and female members, and there would be strict observance of meritocracy. Companywide training and testing in unconscious bias should be put in place, and policies should be regularly reviewed as well.