You are the first woman to become CEO of a financial company, which is rare in the financial industry. Coming in as a human resources expert and not from sales is even rarer. What are some of your characteristics that were instrumental in your success in becoming CEO?
I’ve always believed that principles of success are not found far and beyond. When I look at whenever I face difficulties, it is my nature to work myself up to face them instead of doubting myself or looking for excuses. Most importantly, I appreciate and value every job that is given to me and do them with passion. Rather than preoccupying myself with what others might think or judge, what I believe and how I can benefit others to fulfill their dreams were all that mattered for me to have faith in what I do.
What, in particular, are the specific leadership qualities in the financial industry or life insurance industry that you are looking for? Why do we have so few women in leadership positions? How would you define your leadership style?
Life insurance is different from other financial products in the way that its purpose is to protect people from diverse risks associated with life such as death and illnesses. Life insurance products are designed to guarantee protection and security to customers for not one or two years but for an extended period of time such as 20 years, 30 years or a lifetime, so it is crucial for life insurance companies to offer assurance and trust. This assurance and trust also include careful risk management and a conservative business approach, which must be executed under a strong and trustworthy leadership. Plus, leaders should never lose sight of the true meaning of life insurance: paying the insurance benefits to the customers.
Unfortunately, women in Korea still have a long way to go when it comes to being recognized and rewarded for their leadership potential. This applies to not just the financial industry but other sectors of Korean society, so it would be hard to isolate the situation to the financial industry and try to pinpoint the exact cause. It is something that society as a whole should contemplate. As for my leadership style, I tend to lean toward being more of a listener than someone who aggressively expresses one’s opinions. I’ve learned that listening often gives me better and more opportunities to hear diverse opinions and narrow them down to best solutions. I don’t see myself as a charismatic leader. What I envision my leadership style to represent is harmony and attentiveness.
I’m sure your career path is full of important milestones. Would you like to share any one particular example?
I joined Prudential in 1996, and that event almost single-handedly changed my life. When I quit my job to accompany my husband to the United States, I thought that would be the end of my career. Even when we returned to Korea, it wasn’t me who went out in search of a job. It was Mr. James Choi Spackman, former chairman of Prudential, who came looking for me unexpectedly and offered me a job. Having a career has always been my lifelong passion, and I was absolutely grateful for this wonderful opportunity that was given to me. I had to say yes, and I didn’t care about my position or salary. People often say that we are given three big life-altering opportunities, and I believe that one was given to me when my life crossed paths with Prudential back then.
What are advantages and disadvantages of being a woman leader?
Tolerance and flexibility are unique characteristics of women that make us great leaders. As society is increasingly embracing the concept of communication in management over hierarchical authority, I believe women have an edge over men in terms of our ability to facilitate communication without hostility.
As chairman of WIN (Women in Innovation), I’ve often heard members expressing their difficulty with networking. Women and men typically apply different networking approaches, and a society that has been dominated by men for so long is taking its time to embrace the way women network. My advice to them is to use the difference to their advantage and never give up trying. Like I said earlier, I am not the kind of person who wallows in self-doubt when faced with challenges. If it is something that must be done, I get up and face it head on. I know women have this incredible source of courage and guts, and relying on personal strengths will help women overcome any disadvantages.
You have often spoken about breaking the glass ceiling, but it seems like the corporate world can be blamed for its continued existence. Why is it so hard to break it? What should be done in Korean society to bring about changes?
I believe women should take first and foremost control of the issue of glass ceiling. Women have made great strides in our society, but it continues to be heavily oriented toward men. The only way for women to break the glass ceiling is to earn it by outperforming men. I often speak to young women who are starting their career to outperform others first with the right skills and abilities. If their skills and abilities are similar, then work 1.5 times harder. Women, as well as men, should caution themselves against being satisfied and letting the tension go. How can we push ourselves to do more and achieve more when we predetermine our capabilities and limits and be satisfied with our accomplishments? The only way we can guarantee survival in this extremely competitive society is to simply work harder and more than others.
That being said, the glass ceiling can’t be broken without changes to our social system. One important change that is necessary is providing equal opportunities to men and women. Women are not asking for special treatment; we ask for equal opportunity. When women and men are given equal opportunities and judged based on results, they can realize their full potential. When we think about how women make up almost 50 percent of the global population, we, as citizens of the world, can’t really afford to waste their potential. Companies and societies that are successful in tapping into this incredible resource of women workforce will have a strong competitive edge. When Korea embraces men and women based on their potential and competencies regardless of gender, it will not only increase the competitiveness of our country but also finally put a crack in the glass ceiling.
The idea of “Super Mom” is familiar with women in developed countries. Do you think society has too many expectations of women; work harder than men at work and take care of family and children?
I think this may be a transitional phenomenon that follows rapid development of women in the society. Society has encouraged women to enter the corporate world, but it hasn’t had the time to prepare for the absence of women in families. This conflicting social trend has created a kind of imbalance that placed more of a burden on women. But as you know, improvements are being made in the system including maternity leave for men, and men themselves have begun to look at the issue with more logical and understanding view. So I think we have begun the process of helping women better balance work and family life.
Speaking of work/life balance, how do you manage it? Have you had moments when it became too overwhelming for you?
Let me answer by first sharing with you how I define work/life balance. I am certain that many would agree that work is important 100 percent and the same goes for family life. Balancing work and life is not about splitting work and life 50-50 to make 100 percent. Why would you do that when you think both work and family life are each 100 percent important? Balancing work and life is not about splitting numbers. To me, the core of the work/life balance is how we redefine and realign our commitments based on our life cycle and needs. For example, I made a conscious decision to shift my priority to family life in my career: when my children were high school seniors preparing for university and when my husband was battling cancer. Of course I still gave my best to my work, but I didn’t try to fool me or my company into believing that I did not have other priorities that required my special attention. By doing so, I became honest with myself and did not have to suffer from what ifs and regrets. It is important that we have a clear grasp of our situation so that we can make swift decisions to realign our priorities and commitments.