Ahead of International Women's Day, CIBC Mellon and CAAT Pension Plan make the case for stronger support, not just representation in leadership roles
Women have made significant strides in leadership but as Cynthia Oakden and Karen Burnett assert, the work is far from over.
Oakden, assistant vice president of operations administration and communications at CIBC Mellon was quick to highlight the progress already made in her own organization, where nearly half of the leadership team reporting to the CEO is female, well above the 30 per cent global average.
“I’m a big believer in ‘you can’t be what you can’t see,’” she said. “It’s been inspiring to see women advance at CIBC Mellon,” she said, pointing to her own recent promotion by CIBC Mellon’s chief operations officer.
“It’s rare to see a woman in an operations leadership position,” she added.
While Burnett agreed that representation is crucial, she emphasized organizations must go beyond just hiring women into leadership. They need to actively foster environments where women can thrive.
“The industry is evolving, but we need to continue fostering an environment where women feel valued and supported,” said Burnett, VP of Pension Solutions at CAAT Pension Plan said. “It’s not about just opening doors, but also ensuring women are empowered to walk through them with confidence.”
That confidence, Oakden added, is often a barrier for women trying to break into senior roles.
“For me, I never want to miss an opportunity to help a woman develop confidence,” she said. “A lot of women shy away from self-promotion. I think it is a skill that you have to learn and get comfortable with. It’s not cockiness and it’s not overconfidence. It’s frankly what’s needed to advance today.”
Burnett agreed that self-advocacy is essential, while also raising the bar for innovation.
“Strategies that really work are being an active listener, being supportive, but also pushing boundaries and making women feel empowered to be uncomfortable with new things and be comfortable with raising their voice and sharing ideas,” she said. “Some ideas may not get traction, but opening up conversations expands mindsets and ultimately drives better outcomes.”
But even with strong mentorship, women still face systemic challenges, especially when it comes to major life transitions. Maternity leave, caregiving responsibilities, and personal hardships can often derail career progression.
That’s why Oakden underscored employers must create safe spaces where women feel comfortable addressing these realities without fear of repercussions.
“It’s the people managers that these women have to feel safe and comfortable with to go into moments like, ‘I had an unsuccessful pregnancy. My child is sick. I’m the first person that the daycare or their school will call to pick them up,’” she said.
“However much you disclose is up to you but knowing that there is someone there who will meet you in a very human way is critical.”
For Burnett, keeping women in leadership roles also means addressing the retention problem in male-dominated fields. She recalled seeing many women start down the actuarial career path, only to drop out before completing their qualifications.
“The nice thing about today is we are seeing more women complete the exams to become an actuary,” she said. “But it’s still challenging to keep them within the workforce. Looking for opportunities to support women, to keep them in high-profile positions and help them grow into leadership roles is a big focus of mine.”
As for what aspiring women leaders can do to push the movement forward, Burnett offered some direct advice.
“Stay curious. Never underestimate the power of your voice. Be open to learning, seek out mentors, and take risks, especially if it feels uncomfortable. It’s also important to support other women, share your experiences, offer a hand up, and celebrate everyone’s success,” she said.
“When we lift each other up, we all rise together,” she added.
Oakden also emphasized having a collaborative approach.
“Never forget there is a place for you, and you belong. It might not always seem like it, and sometimes it can feel quite lonely, but we're all in it together,” she said.
