Discover Long Island

Women as Economic Catalysts: The Imperative of Leadership and Inclusion

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Fifteen years ago, during a women’s business leaders forum led by U.S. Senator Kirsten Gillibrand, we began a dialogue about the unique challenges facing women in the workforce. Senator Gillibrand challenged us to keep that conversation alive, and this led to the birth of HIA-LI’s Women’s Leadership Conference. Today, this annual event is not just a tradition but a vital forum for exploring the critical role women play in driving economic growth.

Globally, the gender gap is closing, but progress remains slow. According to the World Economic Forum, the global gender gap stands at just 68.6% closed, meaning women still face significant disparities in economic participation, education, health, and political empowerment. At the current pace, it will take 131 years to achieve full parity. According to the U.S. Bureau of Labor Statistics, the labor force participation rate for women aged 16 and over was just 57.4% in October 2024, reflecting ongoing challenges in workforce engagement. These numbers underscore why events like this year’s HIA-LI Women’s Leadership Conference are essential.

This year’s conference focused on authentic leadership and workplace equity, offering actionable strategies to empower women while addressing systemic barriers. One of the most striking statistics comes from Pew Research, which highlights that women still earn just 82% of what men earn for similar work—a gap that has only narrowed by 2% over the past two decades. For women of color, these disparities are even more pronounced. Addressing these issues isn’t just a moral imperative; it’s an economic one. Studies consistently show that companies with diverse leadership teams outperform their peers.

This year, our keynote speaker, Linda Armyn, CEO of Bethpage Federal Credit Union, shared insights from Bethpage’s “Money Like a Woman” campaign, which celebrates women’s strengths in collaborative decision-making and long-term financial planning. Her message was clear: empowering women financially uplifts entire communities. Armyn’s keynote set the tone for a day that was both inspiring and pragmatic.

The event also featured a panel of accomplished leaders who shared their journeys and insights. Panelist Gwen O’Shea, CEO of Community Development Long Island, reminded us of the critical need to address pay disparities and ensure systemic change. Tracey Edwards, Senior VP at Sands New York, discussed the importance of personal branding and ethical leadership, while Lauren Nichols, President of 3G Warehouse, highlighted how setbacks can serve as powerful learning opportunities. Christine Flaherty, Senior Vice President for Real Estate Development and Facilities at Catholic Health, emphasized listening and adapting as keys to effective leadership, while Carolyn Mazzenga, Office Managing Partner, Marcum LLP, stressed the importance of trusting your intuition and seeking mentors who can guide you through critical moments in your career.

One of the day’s most poignant moments was the fireside chat featuring Kristen Reynolds, CEO of Discover Long Island, and News 12 anchor Erin Colton. Their discussion explored mental health challenges, resilience, and the importance of seeking balance in a demanding world. Colton’s candid reflections on her own experiences with anxiety and depression resonated deeply, reminding us all of the power of vulnerability in leadership.

Our breakout sessions provided practical tools for attendees, covering topics from work-life integration to reclaiming authenticity. And in a particularly inspiring addition this year, we welcomed young women from local high schools. Carol Allen, HIA-LI Board Chair and President and CEO of People’s Alliance Federal Credit Union, offered advice to these future leaders: “Embrace the journey, stay curious, and take something valuable with you from every opportunity.” Their presence underscored the importance of fostering leadership at every stage.

As I reflect on this year’s conference, I am reminded of why this work matters. Women are not just participants in the economy; they are drivers of innovation, growth, and community. Yet challenges like pay inequity and underrepresentation in leadership persist. Through initiatives like the HIA-LI Women’s Leadership Conference, we are not just discussing these issues—we are taking steps to solve them. Together, we can create an economy that works for everyone.

CAN WOMEN LEAD THE WAY?

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Women's Panel 2019
Joining me in this photo are, from left: Joanna Austin, Publisher and Executive Vice President, Long Island Press/Schneps Media; Domenique Camacho-Moran, Partner, Farrel Fritz, PC; Rebecca O’Connell, Managing Director and Region Head, Chase Bank; Carolyn Mazzenga, Office Managing Partner, Marcum, LLP; and, Kristen Jarnagin, President and CEO, Discover Long Island.

In 2010, U.S. Senator Kirsten Gillibrand recommended that HIA-LI create a regular forum where female business leaders could mentor one another – and explore strategies for success.

In response, we inaugurated our annual “Women Leading the Way” Executive Breakfast. And on November 22 – with some 200 guests present – HIA-LI held our Ninth Annual Executive Breakfast at Hauppauge’s Stonebridge Country Club. Our panel was skillfully moderated by Domenique Camacho-Moran, partner at the Farrell Fritz law firm.

Women already own more than ten million companies nationwide employing more than 13 million people – generating more than $1.9 trillion in sales.

In 2018, 24 Fortune 500 firms had female CEOs. In 2019 that figure had reached 33. So while things are trending in the right direction, there’s still a long way to go.

What guidance did our blue-ribbon panel of female Long Island executives provide?

Rebecca O’Connell, managing director at JPMorgan Chase Commercial Banking’s Long Island headquarters in Melville, described her bottom-up approach to leadership.

“I like to define success as building leaders, not gaining followers,” O’Connell said. “And driving forward in a team capacity.”

Long Island Press publisher Joanna Austin urged audience members to act as energizers and motivators.

“Aim to bring in energy and a positive vibe,” she said. “Try to infuse energy into every single task, no matter how mundane.”

Carolyn Mazzenga, office managing partner at the Marcum accounting firm in Melville, told attendees that advancement comes by taking action.  Not by simply “hoping” for recognition and promotions.

“We have a saying,” she said. “Hope is not a strategy.”

The CEO of our region’s tourism promotion agency, Kristen Jarnagin of Discover Long Island, also stressed action over words.

“People love to talk about things,” she told event guests. “So what are we going to do about it? That’s how you execute.”

As I offer HIA-LI’s huge “thank you” to Domenique and our terrific panelists, I’d like to close with some business advice that cuts across both genders.

As I’ve mentioned before, a businessman told me something early in my career. He said that race, age, and gender shouldn’t be a primary driver of hiring and promoting decisions.

He said to look for “strength of character and conviction – and how big your heart is.”

I’d like to wish you and yours best wishes for the holiday season and health and happiness in the new year.