As we continue our celebration of International Women’s Day and Women’s Heritage Month this March, SPMB’s Bianca Moreno and Rosalie Lovy share highlights from their recent sit down with Tricia Montalvo Timm. Together they discussed the vital importance of board diversity, and Tricia shared actionable insights for both current and aspiring board members. Below is a summary of their discussion.
Tricia Montalvo Timm is a first-generation Latina who advanced through Silicon Valley, advising tech companies and playing a key role in the $2.6 billion sale of Looker to Google. One of the few Latinas to reach the C-suite, join a board, and break into venture capital, she currently serves on the board of Salsify, where she chairs the Compensation Committee and sits on the Audit Committee.
Recognized as one of 50 Women to Watch for Boards in 2023, Tricia is also a mentor, advisor, and venture investor in female-founded companies. She has received numerous awards, including the 2020 Women of Influence and Latino Business Leadership awards from the Silicon Valley Business Journal.
Tricia is the author of the bestselling book Embrace the Power of You: Owning Your Identity at Work, aiming to inspire individuals to embrace their authentic selves and thrive in their careers. A sought-after speaker, she has presented at companies like Google, Microsoft, and eBay.
Addressing Gender Disparity in the Boardroom
What do you think companies can do to address gender disparity in the boardroom? What are the greatest barriers that need to be addressed?
Tricia: I always start with the pipeline. We have to create the pipeline. Every search starts with a matrix of skills and qualifications needed so candidates must possess these various skills. Companies should look at their high-potential female and diverse employees and find opportunities to develop these skills. For example, find P&L opportunities, GM roles and otherwise groom them for the C-suite. We need to be intentional at every leadership stage because the pipeline falls off as people go up the ladder.
Additionally, I’d encourage companies to widen what those qualifications look like. Oftentimes, companies want a former CEO or CFO, but that unintentionally severely limits the pool of women and diverse candidates. For example, there have been only three Latina CEOs in the Fortune 500. If you say “I need a former CEO,” you’ve just eliminated numerous amazing, qualified candidates. Let’s encourage companies to dive deeper into what that experience looks like and how someone might have those skills through other paths.
Becoming More Visible
How did you get where you are? What recommendations do you have for women or Latinas trying to become more visible?
Tricia: There’s inner work and outer work. The inner work involves overcoming cultural and societal norms that teach us not to brag or rock the boat. We tend to make ourselves small. We need to understand why we do that and why we’re afraid to be visible. It takes courage to be visible.
The outer work is taking the steps to be visible. It’s important to create a brand around yourself and let others know what you’re doing and what your area of expertise is. For example, consider becoming a thought leader. LinkedIn is a great opportunity for this. Data shows that women who got on boards often wrote an article or won an award within 12 months prior. So think about how you can be visible, win awards, write articles and blogs. Unlearn the idea that your work ethic alone is enough—you also have to be visible.
Additionally, find people in your community or organization who amplify your voice and successes. People often ask, “Who do you know?” So if you’re not top of mind or don’t have a sponsor, it’s harder. Nurture relationships so you have voices outside your own amplifying your brand.
First Board Role Experience
What surprised you most about your first board role?
Tricia: The transition from being an operator to being a board member can be difficult for many first time board members. One of the best phrases I learned was “head in, fingers out.” As a board member your role is to be an advisor, brainstorm, and share ideas, not execute on the day-to-day operations. The board hires the CEO and the management team runs the business. My role isn’t to dictate how they run it.
Managing Imposter Syndrome
Any tips or tricks to get that noise out of your head, the “you don’t deserve to be here” thoughts?
Tricia: As a first time board member, you may run into imposter syndrome. To combat these thoughts, lay out the facts. Write them down. Create a sheet of your experience and qualifications. Remind yourself you have the qualifications. Understand the role is too important for people to not have the most qualified candidate. Find people in your inner circle you can be vulnerable with and talk through it. They can remind you of all you’ve done. You need validation to interrupt your negative self-talk.
Being an Effective Board Member
What would be your advice to someone stepping into a board role for the first time?
Tricia: Get to know the company. Understand the industry, financials, public filings, and issues. Meet with the executive team one-on-one to hear their pain points and worries. I still meet with the team regularly; it creates a close relationship. As a result, I know the business and can provide insight at the board meeting. This deeper understanding also builds trust for tough decisions.
Secondly, listening is a skill. Really listen and understand different perspectives. But also, don’t be afraid to bring your voice to the table. I tend to sit back and listen too much. If you have a different opinion, it’s important to share it, even if it’s uncomfortable. Diverse boards do better because they raise and discuss potential blind spots.
Evolution of Diversity
Do you feel like conversations have evolved positively regarding gender diversity at the board or Executive Leadership Team level?
Tricia: We made a lot of progress for a short time. In the last 5-10 years, there was an increased focus on diversity on boards and it made a difference. Data has shown the value of diverse boards. Boards with diversity including gender diversity tend to outperform companies with less diversity – higher profits, better decision-making and improved ESG performance. Diversity mandates were also helpful. In California, SB 826 led to a large increase of women on boards. But that law was challenged and ruled unconstitutional so we may begin to see a decline there.
Most recently, however, the DEI word has been weaponized. We’re in a time of evolution and it’s hard to tell how it will impact board composition. I don’t think it’ll go away, but how we talk about it will change.
Improving Executive Search for Diverse Candidates
How can executive search partners focus more effectively on growing their diverse networks?
Tricia: Plug into where the pipeline is. I’ve joined many women and diverse organizations and have seen first hand that there are thousands of incredibly experienced candidates. I always hear there aren’t enough qualified candidates, but it’s not true. The connection just hasn’t happened.
Individuals need to reach out to recruiters, get into their databases, and send their resumes so that they can find them. And search firms need to find these networks, sponsor events, and meet them. There are many organizations like Black Women on Boards, Latino Corporate Directors Association, 50/50 Women on Boards, How Women Lead, and Firstboard.io — all of which have deep databases of qualified female candidates. When we were in Miami for the annual LCDA convening, recruiters came and did one-on-ones to meet candidates. That’s how you’ll get to know them. It’s doing the work on both sides.
When running a search, be intentional about diversifying the slate of candidates. It’s easy for it to look one way. It may take longer to diversify the slate because of this network gap, but it won’t happen unless you set the intention. And while you’ll inevitably lose candidates along the way in every search, it’s critical that you start with a diverse slate.
As organizations continue to evolve their board composition to meet today’s complex business challenges, SPMB partners with companies to identify and secure exceptional board talent that brings diversity of thought and experience. Our deep expertise in board placement and our commitment to advancing diversity in leadership positions us to help organizations build boards that drive innovation and sustainable growth. To learn more about how SPMB can support your board development initiatives, visit us at SPMB.com.
