Billie Williamson – Ernst & Young partner

Levelheaded Leader: Concerned about the sinking economy? Ernst & Young partner Billie Williamson shares a few strategies for putting your mind at ease.

By Taylor Mallory

“Don’t panic.” That’s Billie Williamson’s first tip for making it through the recession. Williamson has worked with clients like Neiman Marcus and Fluor Corp., and she’s consulted with CEOs and their leadership teams on financing strategies and initial public offerings. A member of the company’s executive board and America’s director of flexibility and gender equity strategy, she’s spent the last few months planning the company’s largest women’s conference to date. It started yesterday.

PINK caught up with Williamson and got her advice on the most pressing issue on most Americans’ minds: the economy.

PINK: Sixty-one percent of Americans believe we’re in our first recession since 2001, according to an Associated Press poll. What’s your best advice to business owners for how to shore up their finances in these difficult times?
Billie Williamson: Don’t react to everything you read. I was reading a newspaper the other day talking about how several large banking institutions think the recession won’t be long term, and their outlooks are very bright. Two months ago, you would have thought every bank in the U.S. was going down. You have to assess what the real situation is. In times when the economy is uncertain, you want to be prudent in the way you budget. Look at your costs and take out what you don’t absolutely need so you can save a bit. And communicate openly with employees. You don’t want to lose your best people because they’re worried about how the recession will affect the company. And you don’t want them talking about it all day. If you help them understand that you’re taking precautions but the business is OK, they can concentrate on their work.

PINK: Any tips for motivating employees during this trying time?
B.W.: Be focused on how you can motivate and encourage fun with your employees. I worked for one company where, when we made it to $10 million in revenue, everyone got a $100 bill – from the janitor to the CEO. At $20 million, everyone got two. Get out and talk to your customers and make sure you’re providing the best service possible, because the best producers will win.

PINK: Do you have any advice for individuals about how to wait out the recession?
B.W.: Don’t panic. You shouldn’t immediately start looking for a new job. But make sure you’re doing the best job you can – bringing value to your company and customers. Try to save enough to go three to six months were you to lose your job. And look for ways to make yourself an even more valuable resource to your company – maybe by taking night courses, or by going to conferences.

PINK: Ernst & Young’s Women’s Leadership Conference kicks off today (Tuesday, April 29) in Toronto. What other policies have you put in place to support women?
B.W.: This will be our 10th conference. It will be the largest women’s event we’ve ever had, with more than 900 women at the director level and above. We invite senior leadership from the firm, including men. We have some incredible speakers, including [PINK Publisher] Genevieve Bos. The theme is “Realizing Success Together,” which emphasizes that gender equity will be a team effort – men and women, executives and employees. The most critical success factor for gender equity starts at the top – securing the commitment of senior leaders to build an inclusive environment. And they have to be accountable. So we’ve put together some snapshots for what that accountability will look like, and we tie that to compensation. We have a gender equity task force made up of partners from each major business unit. And we’ve started a program called Career Watch, where we make sure women managers are on the right path to become partners – that they get the experiences they need and have people coaching them along.

PINK: You’re also responsible for flexibility initiatives. Why is that important?
B.W.: It’s a very demanding field, so flexibility for women and men is important. We have flexibility champions in each business unit to create flexibility solutions. For example, everyone gets a technology allowance to get a BlackBerry or mobile broadband card, or whatever device helps them manage Life/Work balance. We’ve got backup adult and childcare services. And there are flextime options – from working remotely to a reduced schedule to flexible hours. Taking on a flexible schedule doesn’t remove employees from their promotion paths. More than 125 individuals have made partner on a flexible work arrangement. You can be effective on a reduced schedule as long as you meet clients’ needs. We ask employees to always be reachable by phone for a crisis, but we don’t set meetings or bother them on their days off unless it’s really important to the client.

PINK: What have been the greatest challenges in your career?
B.W.: Because I started in business in the mid-1970s, there weren’t many women – especially at the top. So my challenge was establishing myself as a talented professional and not giving up who I was. For example, you were supposed to look like a man with a skirt on – with suits cut like men’s and tacky bowties. I still have one of those old suits for when I want a laugh. But I realized pretty early on that that wasn’t me. It was harsh and stilted, and I wanted to be feminine. So I had to adapt a style that was effective in business but allowed me to be who I was. Today, no one would say I dress like a man. I wear bright colors and flashy scarves. I even have a pink suit. You have to adopt a style that is authentic to who you are – if you like heels or flats, skirts or pants. With business casual today, women have a lot more leeway. But it is important to still look nice and professional, and sometimes people can dress too casually for work. I was in a pursuit opportunity not too long ago, and another firm was there in business casual for their presentation. Our team was in business attire. We looked more sincere and appropriate, and we won the account. So I think I was right.

PINK: How else did you adapt to a male-dominated workplace?
B.W.: One of the partners told me when I started that I would have to learn to play golf and drink scotch. I’ve joked that I’ve learned to handle scotch but not golf. But I love being a sports spectator. So I take clients to sporting events to socialize rather than out on the golf course. Still, it’s very important to take risks and participate. When the firm held a golf day, I got out there and tried. I was terrible, but the guys respected the fact I participated. I’ve done things like take score for the baseball team. So I got to be part of that, participating in a way that was comfortable for me.

PINK: How is your Life/Work balance?
B.W.: I’ve learned that “balance” means something different to everyone. I am very good with technology and use it well. For example, on the way to my stepdaughter’s recent cross-country meet, I did a conference call during the hour-long drive. I watched her run her first race, then ran back to the car to check e-mails and return calls. Then I watched her second race and went home. I was explaining this to a partner, and he said, “You have to get a life.” But I have a life. I stayed up with my work and family responsibilities. It’s about maximizing time. And I outsource some household duties and shop online. When my daughter was smaller, I didn’t travel a lot and reduced my level of community involvement. There are stages in life where you have to put family first, and later you can put work first. And you have to not be so hard on yourself. In my mother’s home you could eat off the floor. I wouldn’t recommend doing that in my house, and that doesn’t bother me.

PINK: How do you define success?
B.W.: Success is leaving whatever place I’m in better than when I found it and being true to my faith, my family and myself. My faith is very important to me and has been one constant in my life. That is a strength and a comfort. Being sure that I can look at myself in the mirror every morning and know who I am – and know that I’ve done what I think is the right thing – is important.

PINK: What was your biggest career mistake?
B.W.: Not realizing earlier in my career that you need to build relationships all around you – with the people who work for you, your peers and your superiors. I knew you had to build relationships with the people who work for you. But I assumed the other two would see your great work and that would be good enough. It’s not. You have to invest time to build those relationships. Then it’s more comfortable to take a risk or try something new. You’ll have people all around you to help when you do fail. Someone to say, “It’s not a big deal. I did the same thing before.” People to pick you up and shove you right back in there. There is no one in any top leadership position who hasn’t made millions of mistakes. The key is to learn and not keep making them. [She laughs.] At least move on to new mistakes.