Jean Stephens became Chief Executive Officer of RSM International in January 2006, after joining the network in 1996. RSM is the sixth largest global network of independent professional services firms with members and correspondents in 118 countries and over 41,000 staff.
Jean currently spends over 70% of her time on international business trips in countries around the world. During 2015, Jean oversaw the implementation of the new unified global brand name and logo that is now used by member firms in 100 countries.
In 2007, Ms Stephens established the RSM Academy. RSM Academy is an international leadership programme that develops the international skills of RSM's future leaders, with emphasis on cultural issues, international issues facing clients, and using a foundation of quality as the base for successful and sustainable growth.
Under Ms Stephen’s leadership, RSM developed the Connected for Growth programme – a cultural change programme extending across all firms – that drives the implementation and continuous improvement of business development processes and strategies. Ms Stephens is passionate about encouraging the use of cultural differences for the benefit of international development. She is also interested in using her international experiences to promote the development of our young professionals, both men and women.
How has your life experience made you the leader you are today?
The most important lesson that life has taught me is learning to fail. One of my earliest experiences of this was at University when I had to give a presentation. Public speaking can be very daunting if you have not done it before, but I was determined to overcome the nervousness and deliver my presentation as well as I could. I prepared and practiced over and over but when the day came, I froze. When the class left, I was stuck to the spot in tears. I hadn’t uttered a word of my presentation.
This was the first time I’d had to really confront a weakness - and I realised that I had a choice. I could either face the challenge head on or avoid public speaking for the rest of my life. I didn’t want my life to be shaped by something I couldn’t do, so I threw myself at any opportunity to get up in front of people; I joined charities and clubs and practiced speaking publicly, wherever I could.
What I didn’t realise then, was that I had learnt to fail. In the business world you are confronted by failure every day. There is always room for improvement. Success in business is about being able to understand why you failed, identifying how to fix it and not beating yourself up over it.
How has your previous employment experience aided your tenure at RSM?
I came into accounting having graduated in 1981 from the University of Redlands with a BS in Finance. At this time, I began working in a small accounting practice in California which gave me my first introduction to office life, business life and the realities of accounting in practice. I then moved to another firm in California and completed my Masters in Finance. I became a partner of that firm and eventually merged the practice into the US member firm at the time, RSM McGladrey back in 1994 (now RSM US LLP). I have always been in the accounting profession and for the most part, with RSM. Without a doubt, the turning point in my career was in 1996 when I accepted a secondment offer to the UK. This was actually a step backwards for me career wise, going from being a Partner in a major national firm in the US to a manager in small office in London, but it was a personal objective of mine to travel and see more of the world – and it turned out to be well worth it as it was the start of my international career. In the UK, I began working for the CEO at the time and when his tenure finished at the end of 2005, I was invited to be CEO. I’ve never looked back since and I am very proud now, after living in the UK for over 20 years, to be a British citizen.
What have the highlights and challenges been during your tenure at RSM?
When I began as CEO in January 2006 RSM was quite a different thing to what it is today. Back then the network had firms in 78 countries with a workforce of around 30,000. Now, RSM is in 120 countries with 41,400 staff. I think that a major highlight for me has been watching this evolvement – yes we have more offices and people, but what is important is that we are also a much more sophisticated organisation as well. Our clients are increasingly global and they want to work with global advisers. RSM firms are independently owned and managed (just like all other networks) and so the challenge is for our leaders to put the needs of the whole network above those of their own firm – and, when you get almost 100 firms around the world doing this, you get the cohesion, trust and loyalty that is required to be the advisor of choice for international businesses around the world.
A major achievement for RSM was the launch of our global brand in October 2015. This was the culmination of many years of work and very much a ‘hearts and minds’ project involving everyone in RSM – the leaders and partners of our firms and all their staff. But, we have not simply changed the colours in our logo, we have recommitted to our global and local strategies, to each other, and to the actions that will make us even more successful together. We are now really starting to feel the change and see the benefits of our new identity and brand promise having been embracing it for over a year.
What advice can you offer to women who want a career in your industry?
Be focused, determined and prepared to work hard. The accounting profession can be very rewarding if you put the effort in. I would also encourage those joining the profession to seek out that something extra – an added dimension that can become a continual focus of your career. For me, that passion was working internationally. I knew from an early age that I wanted to travel and experience the world, embrace and learn about cultures and traditions; intricacies and nuances of business etiquette. And, I am still doing this now – over 30 years later I spend 70% of my time abroad – and the new things I learn never cease to amaze me.
It is perceived that the accounting profession is predominately white and male, but if you spread your wings, you’ll find many talented, successful and driven women, like there are in all of RSM’s business streams, who are excelling in their various fields. Don’t let unconscious societal bias prevent you from realising your potential.
Finally, don’t be afraid of problems, every problem is a learning experience.
How do you maintain a work/life balance?
I am lucky that I have found a work/life balance that works for me and I try to inspire other women to do the same. Everybody’s circumstances are different and there are always obstacles to overcome but if you know the goals you want to achieve, and are encouraged and empowered to reach them, I believe, that everyone can have a happy and contented personal life that is fuelled by a successful and satisfying career.
What do you think is the biggest issue for women in the workplace?
Since I began my career in accounting, the conversation surrounding women in leadership positions has not changed and this is an issue not just for the accounting industry but for business world-wide. Although within accounting we have made marked progress worldwide, as the first female CEO of a top ten global accounting network, I am conscious that there is still much to be done to ensure that those at all levels of our profession, but particularly at the top, are adequately supported throughout their careers.
The business world in general has seen progression, with an increase in the number of women achieving senior positions in FTSE 100 companies. Success can be seen across the field as there are now no FTSE 100 company boards without women on them. Whilst this is significantly better than 2010, we still have far to go.
However, I do think that women can help themselves in this regard by being more creative and assertive with their companies and senior management in asking for what they need and taking the initiative to create the change necessary for them.
What is the most important lesson you’ve learned in your career to date?
Apart from learning how to react to failure, I have also learned to appreciate the journey. The small things you do everyday matter. Often we are so focused on the end goal that we lose sight of how we get there and what we learn along the way.
Which other female leaders do you admire and why?
There have been many women I admire in my life and throughout my career. Starting with my mother, whose gentle encouragement led me to study the profession. During my years of education and throughout my working life, I’ve been inspired by strong and confident business women. I often feel humbled and privileged, especially when on business trips to countries that are developing or where the economic or political situation is difficult, and I sit down for dinner with a counterpart, whose drive and passion is palpable and stimulating. These are the admirable women in my life.
How has mentorship made a difference in your professional and personal life?
I believe mentorship is absolutely critical. But, it doesn’t just show up, you have to seek it based on your needs. I have had both male and female mentors during my career, with very different skills and experiences, but each of whom has in their own way guided me along my path and helped my personal and professional development. I will always to seek the advice and tutorage of the exceptional people I encounter in my life.
What do you want RSM to accomplish in the next year?
2017 will be a year of uncertainty, but at RSM we have a clear long-term strategy that is focused on greater collaboration, unification and long-term plans for sustainable growth. Our firms’ clients – typically middle-market businesses - also face unpredictable times and so we will continue to provide the advice and insights they need to help them make confident business decisions.
We will continue to grow our geographic footprint to ensure we are meeting the needs of clients in areas where we have less representation or where we need to grow our expertise, as well as actively encouraging our firms to look for inorganic ways to grow through M&As and consolidation.
A trend not just for RSM but across the profession, is the rise in prominence of advisory and consultancy services. That’s not to say other service lines become less important – audit will always be our bread and butter – but value-added services have become a necessity when working with clients.
With business uncertainty at an all-time high, choosing to be proactive and not reactive, to change and the evolving global financial landscape will be critical.