Endang Astharanti (Asti) talks about her transition from a decades-long career with a state-owned bank to leading the finance function of a power company.
Chapter: Nurturing and developing female talent
About: Asti is the chief financial officer at PLN Indonesia Power, a subsidiary of the country’s largest state-owned power company. Before joining PLN Indonesia Power, she was the department head of the distribution group of Bank Mandiri, one of the largest state-owned banks in Indonesia, and prior to that, she was the director of Mandiri Manejement Investasi, one of Indonesia’s biggest asset management companies.
How did you navigate the significant transition in the industry you work in—from the banking sector to a power company?
I began my career as a banker at Bank Mandiri after graduating from university. Around seven years ago, I was assigned to the bank’s capital market subsidiary, where I managed the asset management company. This opportunity exposed me to various industries beyond banking, providing valuable insights and experiences.
During my tenure, I gained expertise in managing banking and capital market products. I also developed structured product financing solutions to facilitate fundraising for companies and introduced a range of financial products. Through structured product investments, I supported project owners in securing their financial assets and packaged these opportunities for investors. This led me to work closely with real sectors such as toll road companies, airlines, and power generation companies.
Subsequently, I was appointed to lead the finance function at Indonesia Power. This decision was driven by MoSOE’s vision of leveraging PLN (Perusahaan Listrik Negara, the state-owned electricity company) and its sub-holdings to accelerate development and explore additional financial and investment support. Currently, less than 30 percent of Indonesia Power’s employees are women, with one female on the board of directors.
How did you overcome the initial concerns and challenges you faced when entering a predominantly male-dominated industry with technical complexities?
Initially, I had concerns about venturing into a new industry that was primarily male-dominated and filled with exceptionally talented individuals. The technical aspect posed a significant challenge, with numerous abbreviations and terms that I needed to familiarize myself with.
However, I firmly believed there had to be a way to overcome these obstacles. I had confidence in my eagerness to learn and adapt quickly. Moreover, my extensive experience of more than 20 years in the finance field provided a solid foundation, ensuring that I wasn’t starting from scratch at Indonesia Power. The warm welcome and trust given to me by my colleagues, who recognized my expertise as their CFO, bolstered my confidence. This support and recognition reaffirmed my conviction that I was capable of excelling in this role and fulfilling my responsibilities effectively.
As a woman leader navigating the power sector, how have you navigated and adapted to the working culture?
I’ve adapted by recognizing and embracing the industry’s emphasis on collective effort and collaboration. Coming from a banking background where individualism was more prevalent, I understood the need to shift my approach. In the banking sector, people tend to be more independent because of the nature of the business. Conversely, in the power sector, collective effort is crucial to achieving goals. This distinction is particularly evident when it comes to requesting tasks from my subordinates. In the bank, I could assign a task to a single person and expect it to be completed. However, in the power sector, accomplishing tasks requires coordination and collaboration among multiple individuals. Therefore, it’s essential to exercise caution when making requests or evaluating individuals or groups, considering the need for collective effort in this industry.
Why do you think the representation of women on corporate boards within the power and energy sector is important?
Enhancing diversity in the power and energy sector is crucial. I strongly advocate for the inclusion of women on corporate boards as it brings invaluable perspectives to both the company and its leaders. A noteworthy example is the way it transforms the approach to addressing issues. Traditionally, when a problem arises at a plant, the primary focus tends to be on technical risks. However, in my current role, I strive to broaden awareness among my colleagues regarding the financial implications and productivity of the asset. By highlighting these aspects, we can gain a more comprehensive understanding of the situation and make informed decisions accordingly.
What specific initiatives have you witnessed being implemented within Indonesia Power to attract and nurture women's talents, enhance workplace well-being, and empower women?
First, we continuously review our policies to prioritize gender mainstreaming programs that focus on protecting women’s rights, raising awareness about gender equality, and creating a supportive environment. We are also working on building infrastructure and facilities that cater specifically to women’s needs. This includes addressing the quantity and quality of facilities such as female toilets across our plant and other sites. We have established guidelines to ensure that each unit meets the necessary standards. Furthermore, we are committed to empowering the communities surrounding our plants, particularly those directly affected by our operations. A key aspect of our initiatives involves building the capacity of women in these communities by providing training and development opportunities. We focus on enhancing both hard skills and soft skills to empower women and equip them for success.
Last but not least, to attract new women talent, we have developed a strong brand presence for SRIKANDI Indonesia Power. Through active engagement on social media platforms, we showcase the talents and achievements of our existing female employees, creating an appealing environment that attracts new talent to join our organization. These initiatives aim to foster a more inclusive and empowering workplace environment for women within Indonesia Power, while also driving positive change in the communities we operate in.
What inspires and fuels your ambitions, and what are you most excited about in this job?
My drive stems from a combination of curiosity and the thrill of exploring new territories. While working in the heavily regulated banking sector, I found the sector to be incredibly fascinating, with its inherent excitement and risks. During my time in banking, I had the opportunity to engage with the power sector and assist in issuing financial instruments to attract investors.
This experience ignited my strong belief that the power sector holds immense potential and offers a bright future. I am passionate about the urgent need for an energy transition to address the environmental challenges that our planet faces. I see the power sector as a key player at the forefront of this transition, driving the shift from fossil fuel to green energy sources.
What keeps me going is the realization that there is so much that can be accomplished in this field. The power sector offers an abundance of opportunities and challenges that keep the job from ever becoming monotonous. Contributing to a sustainable and cleaner future while continuously pushing the boundaries and innovating within the industry is what excites me and keeps me motivated.
What advice would you offer to aspiring women who are enthusiastic about making meaningful contributions to Indonesia?
Release any burden and find flexibility. Don’t think that climbing the corporate ladder will overshadow other aspects of your life. Once you embrace this mindset, you can create a balance. Additionally, seek out a mentor or role model, and if possible, find a sponsor who can support your journey. They may not provide a step-by-step blueprint, but they can help you visualize your goals and aspirations, igniting your ambition and expanding your vision.
Personally, I find inspiration in role models such as Sri Mulyani, our finance minister. Her intelligence, composure, humility, and accomplishments resonate with me. When looking up to role models, focus on cultivating integrity as the foremost characteristic. Additionally, invest in upgrading your skills, especially soft skills, and approach everything you do with sincerity and passion.
As you progress in your career, challenges will undoubtedly increase. That’s when it becomes crucial to hold onto your principles and maintain a strong foundation in life. My sponsor, Budi Sadikin, who is now the health minister, played a significant role in shaping my growth. He demanded excellence but also showed appreciation for his subordinates. I learned from his example of continuously upgrading his knowledge and expertise, even in unfamiliar fields, to better serve his audience. This commitment to constant improvement is an admirable trait that I strive to emulate.
By following these guiding principles, I believe aspiring women can navigate their professional journeys with confidence and make impactful contributions to Indonesia.
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