An Interview With Candice Georgiadis
Be a mentor, ally and sponsor for women: In both the workplace and the community, mentors, allies and sponsors can make a huge difference. Having the right sponsors is especially critical early in one’s career journey as they can help provide opportunities for growth and development, serve as a sounding board, offer unbiased advice and open doors.
As part of my series about “the five things we need to do to close the gender wage gap” I had the pleasure of interviewing Neha Mirchandani.
Neha is the Chief Marketing Officer at BrightPlan, a leader in Total Financial Wellness that is democratizing access to financial wellness for everyone. She has spent 20+ years in B2B and SaaS marketing and her career spans global enterprise technology companies as well as innovative startups. Before BrightPlan, Neha was the CMO at Topia, a cloud global talent mobility company. Previously she held senior marketing roles at RingCentral, Cisco, and Adobe. Neha is an advisor to several startups.
Thank you so much for joining us! Can you tell us the “backstory” that brought you to this career path?
My love affair with marketing and the power of the written word started way back in high school. I had this phenomenal English teacher who taught us modern literature. He took a unique approach where it was not just about exploring and delving into different classics, it was also about drawing insights and meaning through discussion, debate and analysis. Questioning the obvious was encouraged and what we thrived on. He sparked a deep interest in me that has been instrumental in charting my path forward. From there I went to journalism school and became a reporter and writer. I tried my hand at advertising for a bit and realized that I’m not great at thinking in sound bites. This led me to the broader world of marketing — communications, branding, positioning, storytelling… And I knew this is what I was meant to do. I love finding the story in everything, simplifying complex concepts and marketing the value of how technology has the power to positively impact people’s lives.
Can you share a story about the funniest or most interesting mistake you made when you were first starting? Can you tell us what lesson you learned from that?
Not sure I’d call it the funniest mistake but it was definitely a defining one for me. Early in my career, I signed up for a role that was too big for my boots- I didn’t have enough experience to succeed. It was my second job out of college and it was about running marketing for the US for a well-established gaming company. I don’t know what I was thinking even applying for a role in an industry I knew nothing about and didn’t have a passion for. I think I got hired since I spoke French (they’re a french company) but it was a mis-match all around.
The lesson I learned was that early in your career it’s important to find a nurturing and mentoring environment where you can learn and grow. With that said, later in your career, it is important to stretch yourself and be comfortable stepping into big shoes and growing into the role.
Ok, let’s jump to the main focus of our interview. Even in 2020, women still earn about 81 cents for every dollar a man makes. Can you explain three of the main factors that are causing the wage gap?
Many women, myself included, grew up with their fathers or other male figures managing the finances at home and not openly talking about money. Although this has started to change over the years, it’s still true for millions of families. This lack of exposure is one of the biggest factors causing the gap. Many women grew up not as familiar as men with earning and managing money, with significant ripple effects. Once they enter the workforce, women are also less likely to negotiate their first salary, ask for raises, or invest in the stock market.
Another factor causing the wage gap is the different jobs and industries women are expected to work in our culture. Jobs that are traditionally held by women in this country, such as home health aides and teachers, also tend to be lower-paying compared to jobs traditionally held by men, such as construction. Even within the same industry or occupation, functions that are primarily done by women are lower-paying than those that are primarily done by men.
The third factor is caregiving. Women are more likely to take a break in crucial parts of their careers to care for their families. Whether it’s raising children or taking care of aging parents, women are overwhelmingly expected to shoulder this burden. After these obligations have been met, many start over from scratch and thus have less relevant work experience, leading to a further widening wage gap.
Can you share with our readers what your work is doing to help close the gender wage gap?
It is crucial for employers to not only ensure pay equity to help close the gender wage gap, but also to empower women as investors and long-term wealth builders. The wage gap pales in comparison to the gender wealth gap. Women on average, own just 30% of what men own. Part of the reason for the wealth gap is the investing gap. Although narrowing fast, women on average are less likely to invest than men.
This is where BrightPlan comes in. BrightPlan’s Total Financial Wellness solution enables employers to provide the financial tools and resources necessary to empower their employees to improve their financial well-being. As the main source of an individual’s income and benefits, employers are perfectly positioned to do so.
BrightPlan’s platform combines an award-winning digital platform with experienced financial advisors that guide each employee through financial education, planning for their life goals, investing to reach these goals, and tools to manage their money day-to-day. As a registered investment adviser, BrightPlan is held to the fiduciary standard, which requires us to act solely in the client’s best interest when offering personalized advice. BrightPlan is also the first digital financial wellness solution certified for fiduciary excellence by CEFEX, which means we have a legal obligation to act in the employees’ best interest and prove our commitment through annual audits.
It’s a strategic imperative for employers to offer financial wellness benefits, especially for women and people of color. When employees are financially secure, they tend to be more productive and engaged―ultimately driving business success for the employer.
Can you recommend 5 things that need to be done on a broader societal level to close the gender wage gap. Please share a story or example for each.
- Promote a culture of inclusivity: Inclusion plays an important role in well-being. True inclusivity in the workplace is about recognizing each employee’s unique background and experience and supporting them in their well-being journey. Inclusion in the workplace should focus on fostering a sense of financial security through equal pay, equal opportunity and access to benefits, tools and resources. Finances are the top source of stress for employees, especially for women and people of color. Employers have the opportunity to incorporate diversity, equity and inclusion (DE&I) initiatives that include access to equal benefits, resources, and tools. This can help women gain the security and confidence needed to build long term wealth.
- Prioritize financial literacy: Many women grew up in households where money wasn’t talked about. Because women may have missed out on learning the basics of managing money and achieving financial security, employers need to provide access to financial education tools and resources that can increase their financial literacy and give them confidence when it comes to managing their money.
- Ensure equal access to financial resources: Women should have access to not only financial education, but also broader financial wellness programs that offer resources and tools on financial planning, investing and money management. This can help reverse the larger societal mindset that men should handle the finances and empower women by showing them the different opportunities they have to grow their own wealth.
- Provide caregiving benefits: Women are often the ones that care for family members and are therefore more vulnerable to dropping out of the workforce. By offering childcare and eldercare options, women will have the opportunity to be part of a more equitable work environment, invest more money into their futures and increase their financial confidence.
- Be a mentor, ally and sponsor for women: In both the workplace and the community, mentors, allies and sponsors can make a huge difference. Having the right sponsors is especially critical early in one’s career journey as they can help provide opportunities for growth and development, serve as a sounding board, offer unbiased advice and open doors.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
I’m passionate about creating equal opportunities for women. That includes empowering young girls with access to the right financial resources and tools to increase financial literacy early so they can chart their own financial future with confidence. This also includes creating more opportunities for women to have a seat at the table and to make an impact. I can’t tell you how many times in my career I’ve looked around the room and found myself to be either the only woman or the only person of color. People of color and especially women have to work so much harder for the same opportunities. We’re making progress, but there’s a long way to go. And this is where mentoring and sponsorship can make a big difference.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
This goes back to the interesting mistake story I recounted earlier. It’s a quote from Richard Branson: If someone offers you an amazing opportunity but you’re not sure you can do it. Say yes first, then learn how to do it later.
As I highlighted, I wouldn’t recommend following this advice early in one’s career but definitely something to live by a bit later in your career journey. It’s important to continuously learn, grow and stretch yourself.
We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US whom you would love to have a private breakfast or lunch with, and why? He or she might see this, especially if we tag them. 🙂
I’ve been fortunate to have had the opportunity to engage with some phenomenal leaders. Reshma Saujani, the founder of Girls Who Code, has created an amazing movement to empower girls in STEM. Her thinking (and book) around teaching girls to be brave and not perfect is inspiring and spot on for addressing some of the systemic societal notions towards girls and women.
Another inspirational leader is Sal Khan. What he has created with the Khan Academy by providing access to free education for kids has been a game changer. I’ve had the privilege of meeting him in person- his unassuming demeanor and humility is inspiring.
This was really meaningful! Thank you so much for your time.This was really meaningful! Thank you so much for your time.
Neha Mirchandani of BrightPlan: 5 Things We Need To Do To Close The Gender Wage Gap was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.