Editor’s Note: Dayatra Matthews was recently named winner of the Emerging Leader Award from the Global Women’s Leadership Network. Ms. Matthews’ remarks in accepting the award during a GWLN breakfast in Washington are featured here.
By Dayatra Matthews
I have to tell you, when Lena Giakoumopoulos of Global Women’s Leadership Network first contacted me to let me know I would be receiving this award today, I was of course humbled, appreciative, and excited. Excited because I’m so honored to be recognized by such an esteemed and impactful organization in the credit union sphere; but also because, I must admit, I was just happy to be called “emerging.” I figured that meant folks still considered me to be young!
But seriously, I am a bit of newbie here, as this year represents just my ninth year in the credit union industry. And I have to say I could not be more thrilled to be part of this movement. I’m honored to be here and I humbly and excitedly accept this award on behalf of the many women in financial services who might not be considered for an award like this, or even for a role in senior leadership or executive management within their organization.
And why do I say that? Because currently, the proportion of women in leadership roles within financial services is just 24%. Now, that number is projected to grow to 28%, but that’s not until 2030— and even then that percentage will pale in comparison to our male counterparts.
Now, I have to tell you, the financial services industry is not the only service industry in need of some work when it comes to gender equity. Take for example, my profession, the legal provision. And yes, the legal profession is a service industry. The numbers are particularly bleak in my field, especially for those like me who fall within the intersection of race and gender: women of color.
For example, would you believe that women of color make up less than 4% of all attorneys in the U.S.? And that just 2% of equity partners in major U.S. law firms are black women? And let’s not talk about the number of black women at the GC/CLO level for Fortune 1000 companies. I believe we’re up to 34 now.
The Credit Union Folk
But enough about those darn attorneys, let’s talk more about us – you know, the good guys, us credit union folk.
I believe the credit union industry is more committed to racial and gender equality than most other financial institutions and service organizations. And that is thanks, in large part, to the nature of our Cooperative Principles, and to the guidance of organizations like the Global Women’s Leadership Network. It is because of who we are at our core, and because of organizations like GWLN, that gender equity remains a priority in many of our credit unions.
Indeed, I would say about three-four years ago, across the financial services industry, gender equity was finally ready to take its rightful seat at the table, when what current event took its chair?
Right — COVID 19.
Now, the pandemic’s disruption did cause the financial services industry to stop and re-examine the workplace: how we do business and where we do business — and that was important because across the board women were disproportionately impacted by the domestic impacts of COVID. Childcare needs at home fell squarely on the shoulders of women who were already struggling to balance work demands at home.
I know because I have an 11-year-old with whom I spent most of last year trying to teach long division; all while trying to tend to the legal, compliance and risk needs of two credit unions.
What More Can be Done?
So, then, the question to ask is: “What more can we do as a credit union industry to promote gender equity?”
Well, a couple of things that I’m sure you’ve heard before but bear repeating. For one, keep stoking the embers of gender equity. It’s not just a workplace topic. It should be your culture, who you are. Remain committed to the truth that gender equity is vital for a productive and prosperous world. As my CEO, Maurice Smith, often tells us at LGFCU and Civic FCU--a diverse organization, and particularly one that prioritizes gender equity, is good for the future of credit unions, good for profitability, but most of all, good for our members.
Now, understand that solutions to creating gender equity in the workplace are not transactional in nature. And I know that is hard for us because we’re all about the ROI. We want our return on our investments, and we want it now. But there’s no one-stop solution to rectifying gender disparities. Instead, it’s a process, a transformative journey that we should all want to take together.
Second, to my sisters here today – and my brethren who stand in solidarity with us as our allies and advocates – remember, even if we never see gender disparity completely disappear in our lifetimes, never stop doing the work. As the late Rep. John Lewis proclaimed, “Let’s keep getting in good trouble!”
Lead Where You Are
Ladies, gentlemen, lead where you are. I don’t care if you are a teller, receptionist, auditor, compliance analyst or CFO, lead where you are regardless of your position, knowing that through your work and efforts positional authority will come. But even if it doesn’t, and it won’t for everyone, never ever forget that we rent our positions – titles will come and go – but we own our character – that’s where our true legacy lies.
Speaking of our legacy, finally, and most importantly, I’d encourage us all to continue reinforcing the principles of gender equity at home with our children and grandchildren, aunties and uncles. Because I truly believe that will be the only way gender equity will become a cultural norm across generations.
Again, I’m so proud to accept this award today from the Global Women’s Leadership Network. And I’m equally proud to do so on behalf of my two credit unions – LGFCU and Civic FCU. Our CEO, board members and leadership team (many of whom are with me here today) are the consummate examples of servant leadership. Thank you for giving me the opportunity to help you lead. I wouldn’t want to take this transformative journey with any other group of folks.
So, I’ll end where I began, and that is by expressing my excitement for today and our future together as a credit union industry. Let’s keep doing the work and getting in “good trouble,” all towards the ultimate goal of achieving gender equity.
I mean, who knows, if we keep it up, we may all be sitting here one day breaking bread together and one of my male counterparts will be receiving this award. I don’t know about you, but that’s a day I look forward to seeing. I hope you feel the same.
Dayatra Matthews is chief legal officer and general counsel for Local Government Federal Credit Union in North Carolina.