TMA Aims to Improve the Turnaround Industry’s Relationship with De&I

width= — Angela Allen
Partner
Jenner & Block

This double-edged sword is at the heart of some of the industry’s failures when it comes to creating a more diverse and inclusive environment. But, for an industry that has been historically dominated by white men, there has been some progress made, especially recently. For example, according to Angela Allen, a partner at Jenner & Block, when she took over as president of the Chicago Midwest chapter of the Turnaround Management Association, she became only the fourth woman to become president for the chapter in nearly three decades. However, she notes that the number of women in the chapter has risen by 5% over the last decade. This incremental improvement is indicative of the slow pace at which change is occurring.

Unique Vantage Point

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Shanté George
Principal
Bankruptcy & Restructuring, Global Forensics & Litigation Services
Baker Tilly

Working as part of a more diverse and inclusive team is about more than making clients happy, however, as it also can create more success for the turnaround team itself.

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Allen Kadish
Partner
Archer & Greiner

“We have a unique vantage point in order to help pivot that company towards a better positioning in the marketplace,” Amin says. “And diversity is … one of those tools in the tool box that you can take out and make sure that you are addressing.”

“In the 2008 recession, a lot of the gains that a lot of companies had made in terms of women and diversity were wiped out,” Allen says. “I’m concerned that that’s going to happen again now.”

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Rachael L. Smiley
Attorney/Shareholder
Ferguson Braswell Fraser Kubasta

“Corporate clients want to see more diverse teams, not just on the pitch but on the job,” Allen Kadish, a partner at Archer & Greiner, says. “TMA is trying to address those issues and be a leader.”

The working group, along with TMA leadership, have already begun their work, including a training course with Dr. James Pogue, a public speaker and expert on diversity and inclusion. These training sessions forced the members of the working group and TMA leadership to really examine their own perspectives on the demographic disparities within the association, the industry and society at large.

“I think the data will allow us to ultimately measure the level of successful engagement we were able to have,” Smiley says, noting that this also will help the organization better understand how it can address a long-standing weakness: retention. “We want to retain people in our organization, we want to retain them in the restructuring industry, so data will give us some information on whether or not we’re being successful in our retention efforts.”

A Launching Point

“I know that TMA is taking this initiative seriously,” Amin says. “We’re putting resources behind this, not just from a financial perspective but from a training and education and a best practices perspective.”

George admits that quantifying the impacts of the TMA’s initiatives will be difficult, but she says that it will be important to keep canvassing membership about this topic so that it not only remains at the top of mind but so there is data reflecting progress made. One way the TMA can measure its progress is by looking at engagement, including participation in association events and committees, while ensuring that change is happening both externally and internally.

Ultimately, the work the TMA is undergoing is meant to create a better industry that provides opportunities to a wider base of people.

It will take hard work and a dedication to providing results rather than promises to create that type of environment. According to the members of the working group, that’s how the TMA is approaching this endeavor.