Women leaders in the ARM Industry
In years past, women were largely outnumbered in the financial sector, especially in leadership roles. However a shift has been occurring. While women face barriers due to inequality, statistics show that in the United States in 2019, the financial services industry was 54.3% female. Despite this gain, women still face a pay, promotion, senior/executive leadership, and mentorship gap.
The accounts receivable management, or ARM, industry however, is a bit of an outlier. There is no shortage of exceptional women, steering thought leadership, catalyzing change, and paving the way for the next generation. No journey is uniform, but all these women share perseverance and grit in the face of adversity.
Though Joann Needleman is a familiar face and a fountain of knowledge in the industry, she faced many challenges when first practicing law. The Member at Clark Hill and Leader of the Consumer Financial Services Regulatory and Compliance Group said, “When I was a baby lawyer, judges would refer to me as ‘young lady’ which is so condescending. When I started to actively litigate, male opposing counsel would behave so badly when you disagreed on a point. (I later learned that the louder they yelled, the more my argument was correct). It wasn’t until about 10 years into practicing law that I was treated as a lawyer and not as a woman.”
Needleman recounted in the past, when the ARM industry was dominated by men, conferences were daunting if you didn’t play golf. Getting involved, especially on the leadership level, helped, she said. “I was very involved at NCBA. I quickly joined committees, got elected to the Board of Directors and eventually became the first woman president.”
Needleman’s determination and hardwork have not gone unnoticed; she is an incredibly visible and accomplished member of the ARM industry. And she is not alone; there are so many other women who stand alongside her. One of those women is Stephanie Eidelman.
Stephanie Eidelman, President and CEO of The insideARM Institute, is always ready to spark change. As leader of insideARM, one of the leading news sources and advocacy groups in the sector, Eidelman has helmed key projects that have advanced the industry. But getting to where she is today took work.
In the past, the financial services industry was dominated by men. Eidelman remarked that she was used to being the only woman in the room. Regardless, she placed her focus on growing herself and her business and pushing past her comfort zone. “I was always very comfortable in operations roles, behind the scenes, and with projects that could be clearly defined and accomplished. But to be a CEO I needed to get comfortable with unstructured outreach, starting something from nothing, managing through ambiguity, developing external relationships, engaging in marketing, and asking for the sale. These were huge new skills that took years to develop. I wish I had the benefit of a mentor (or mentors) through the process.”
Eidelman’s experience highlights the mentorship gap that has been identified in the industry, but her company’s work pioneering the Women in Consumer Finance Conference offers a fantastic networking platform to mend the gap.
Many of the impactful women in the ARM industry are part of the MRS family and work everyday to create an impact. Guiding their teams, leading by example, mentoring new talent, fostering growth, and championing charitable endeavors, these women work to leave the industry better than they found it.
Throughout the country, women accounted for 26% of all Senior Vice President roles in 2019. MRS ranks above the national average, with an executive team made up of 40% women. Though many women started their careers at other companies, they consistently remarked on the welcoming environment here at MRS. Regina Weir, Chief Personnel Officer said, “The culture has always been like a family.”
Executive Vice President of Sales and Marketing, Misty Carson added, “I am very fortunate to have the leadership support and encouragement at MRS of our Co-CEOs and Executive Team members.”
MRS prides itself on a family culture. As such, a welcoming community of people have always worked together to ensure the company’s environment remains open, friendly, and as always, equal.
Though MRS has a warm culture, not every company does and that can be difficult to navigate. Weir offered advice to women looking to enter the sector, “Be confident and professionally assertive in your area of expertise when you have the opportunity to present your ideas.”
Kelly Feoli, Executive Vice President of Operations, continued, “My advice to all women is to stay true to who you are. Do not change your beliefs based on those around you. To all the young ladies out there, you are so smart and powerful and can do anything you want as long as you work hard to make things happen. Never settle for less because you deserve more!”
Women in the workforce have witnessed and experienced plenty of inequality, but MRS’s commitment to equality for all is unwavering. The ARM industry has transformed over the past few decades and the impact so many women have had on its growth cannot be underestimated.
Sources:
https://www.catalyst.org/research/women-in-financial-services/