The basics:

• NJBIZ panel examines progress and challenges for women in business
• Leaders stressed the importance of mentoring, networking and leadership equity
• Panelists said cuts to DEI initiatives may be slowing workplace progress
• Experts urged women entrepreneurs to strengthen financial literacy and seek funding resources

During the latest NJBIZ virtual discussion, female executives at New Jersey-based companies spoke about where progress has been made for women in the business world and what challenges remain.

Moderated by NJBIZ Editor Jeffrey Kanige, the March 25 panel featured:

• Lorraine Salvo, managing director of private wealth management at Palisade Capital Management in Fort Lee
• Lauren Schwimmer, shareholder at multidisciplinary law firm Flaster Greenberg PC
• Mamie Tolbert, president of New Jersey State Women’s Chamber of Commerce, co-founder of Business Resource Connector LLC and CEO of MST Mediation Solutions LLC
• Alesia Visconti, CEO and president of Upper Saddle River-based franchise consultant FranServe Inc.

Topics covered during the 90-minute roundtable discussion include the importance of mentoring, the value of networking, the need for leadership equity and how critical financial literacy can be.

Stalled progress

When it comes to the current professional landscape for women, panelists said they believe progress has stalled.

Tolbert said, “I believe a lot of that is because of the reduction in the DEI initiatives. Some people thought DEI was good, some thought it wasn’t good, but in our observations, it really did make a difference. And now we are in a situation where we’re seeing a lot of, it seems to me, unfortunately, we are just not seeing any progress.”

Salvo shared, “We can only just lead by example, right? And when I say that I mean in all areas of our lives, not just at work.”

She emphasized the importance of women supporting and mentoring each other. Salvo also believes having women leaders helps create a merit-based culture that advances more females into decision-making roles.

“You can’t be what you can’t see, right? So, we want to perpetuate the normalcy of seeing women in high-powered roles,” she said. “It’s never easy, but it’s easier than it was hopefully 25 years ago, and it’s easier than it was another 50 years before that … Hopefully, the general trend is on the upswing and hopefully we’ve just hit a little bump here and there are enough women that know what the heck they’re doing.”

Branching out

Given the regression seen across many industries, females are trying to carve out a new path, panelists said.

“What we’re seeing is we’re seeing a lot of women now, they’re starting to launch their own businesses,” Tolbert said. “And the reason why they’re starting to launch their own businesses is because they feel like there’s nowhere for them to go now, especially in the corporate world. There’s nowhere for them to go. They’re just not getting the recognition. They’re not getting the advancement. They’re not getting the pay. They’re not getting anything. And they’re working twice as hard as their counterparts, and they’re still not getting it.”

Visconti said she left corporate America about 12 years ago because she was frustrated by workplace inequities — especially how women returning from maternity leave were overlooked, veterans were undervalued and age discrimination was widespread.

“So, I got into franchising … Now I will say that franchising had always been a very male dominant industry because of capital and money and all of that, but it’s amazing what an equalizer it is. The fastest-growing segment in franchise ownership is women,” she said. “And when it comes to diversity, franchising just doesn’t have that discrimination. It doesn’t care what sex you are, what race you are, if you have a college degree; it doesn’t do that. It’s a great equalizer.”

Money talks

Panelists also urged women to embrace financial literacy. According to software platform Intuit, only about 45% of women in the U.S. are considered financially literate, compared with 53% of men.

Salvo said, “I think we’ve all heard about the great wealth transfer that is expected. Over a hundred trillion dollars will be in the hands of women in this country as baby boomers age and pass down wealth. Women typically live longer than men, as we know. So, historically, women have not had a voice in financial matters. That’s predominantly why I got into this business because I wanted to be able to explain to women who are smart, educated women in their own right, in their own fields. But when it comes to money, they become so nervous and self-doubting.”

Replay: Women in Business Panel Discussion

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She went on to highlight the importance of creating a supportive environment where women feel comfortable asking basic questions and noted that many were never taught financial concepts. Salvo also pointed out that women have historically faced barriers – like not being able to get credit on their own until 1974 – which helps explain why knowledge gaps still exist today.

“So, it really is incredible how far we’ve come, but also I agree that it’s like two steps forward, one step back, especially in the last few years,” Salvo said.

‘Be part of the conversation’

“It’s important to be part of the conversation about money. If you become a widow, get divorced, suddenly inherit wealth, there’s a premature death, separation or even a job loss, whatever it may be, you suddenly how have to make financial decisions and you haven’t even been doing anything beyond, let’s say, writing checks,” she said. “And it’s not a criticism. It’s just saying learn a little bit along the way and align yourself with professionals that are not only going to manage your wealth but help you on a planning front.”

Salvo added, “I think it’s just important to be part of the discussion and take that first step and say, ‘I want to understand what are we saving versus what are we spending and how do we get our kids more involved and make them responsible stewards?’”

Participants also urged female entrepreneurs to embrace financial literacy and take advantage of available resources, including capital, grants and loans from agencies like the New Jersey Economic Development Authority, the Women’s Center for Entrepreneurship and the New Jersey Business Action Center, to strengthen and grow their ventures.

Tolbert said, “There’s so many other different organizations that can help position people to receive funding for their businesses. But … it’s really important to get out there and network and go to the events. And then there’s always so many webinars with reference to funding opportunities where business owners can get funding.”

‘Representation matters’

Panelists believe the fact that both New Jersey and New York have female governors can help normalize women in leadership in different areas and sectors. As of 2026, 14 women serve as U.S. governors — a record high.

Schwimmer said, “I think it helps the future generations. I really would like to think my daughter is going to be inspired by the fact that I’m working … and it’s just going to be the more common norm for her. Something she doesn’t even think about.”

Schwimmer went on, “I think that helps us get more of those women with like minds in the door who might not have necessarily gotten there to begin with.”

“Representation definitely matters. I don’t know how much the governor matters, but I would like it to be not a second thought that a woman could be president or anything she wants to be,” she said.

At majority woman-owned and woman-led Palisade Capital Management, Salvo believes the leadership is setting a great example in the financial industry.

“It is super rare, and certainly I never experienced it before I came to Palisade. So, for young women to see other women doing those things, I think it’s really powerful. And then also, it’s really just normalizing it,” she said.

Making connections

As for networking, Tolbert said it is “definitely important.”

“Getting out there, getting yourself known, being in the right circles. The mentor part is also good and important to really connect with someone who is already there and can really guide you to get there if you want to, if that’s where you want to go. And really be that support system for you,” she said.

“I know with our members, we have a mentoring program that we’ve developed and primarily what we’re focusing on and what my personal focus is as president is really letting the young women know that they can do whatever they want to do, whatever they set their minds to,” Tolbert explained. “They can achieve and accomplish anything and plug into different programs and events and the resources that we make available to them.”

Schwimmer also noted how influential advocates can be – regardless of gender – who can be a positive force for women in the workplace. When she was just starting out as an associate, Schwimmer said most of her mentors were male.

“They would speak up for me. They would help me out … It really kind of set the tone and it was never expected. I do strongly believe we need male advocates and I think we also need women to show how you can do it, too,” she said, noting that her firm has a women’s initiative that supports both internal growth and outreach.

‘Pull up a chair at the table’

For Schwimmer, also having a female mentor helped show her that balancing career success and motherhood is possible.

Salvo said, “None of us had a straight path … and we’re always learning along the way and we’re all still learning. But there are a lot of people out there willing to help you and talk to you.”

She went on to emphasize the value of broadening one’s network.

“Make sure you meet as many people as possible because you will find a lot of like-minded people along the way,” Salvo said.

Visconti said, “One of my favorite quotes is ‘Well-behaved women rarely make history.’”

“So, I say, ‘Women, get your capes on, channel your inner superhero, and pull up a chair at the table, raise your hand, speak up, write on LinkedIn.’ I write on LinkedIn all the time about women in business and women in issues.”

“I think women wait for permission to do that. And I just want to say you absolutely have that permission. I think the difference is women are taught in many ways to be gentle, to get along, to be friendly, to be well-liked. And I’m not saying they’re mutually exclusive, but you can’t let other people dictate how you’re going to be, what your values are or how you identify yourself as a person. So, one of the things I do all the time is I challenge women when I’m speaking with them or when I’m mentoring them to ask, what are you doing for yourself right now that you may be frustrated in the world,” she explained.

Stepping up, speaking up

“You may see doors closing, but what are you doing to kick that door open? Don’t accept it,” Visconti said.

Tolbert agreed, saying, “We can’t just sit by and wait for someone to give us permission. We already have permission and we need to step up. I think that there needs to be more of us, women that advocate and that speak up.”

“We’re not quiet, and we’re not just accepting what’s offered or handed to us, but we’re going to go get what we deserve to get,” she said.

Salvo said, “We talk about getting a seat at the table. Just take the freaking seat at the table and then don’t just nod and not say anything. But also, don’t say things just to talk. If you say something, make sure it’s additive.”

She also encouraged women to earn their stripes at work.

“Sign up for the project, stay late, get the extra education, take the class, do the designation. Be the one that goes and does the thing no one else wants to because … you’re going to be seen for what you are worth versus just a label. You can’t always be in a situation where you can stay late or do these things, but where it comes up and you can add real value, don’t hesitate,” she said.