2025 Women Who Inspire: Friends of the Firm

In celebration of Women’s History Month, Steptoe & Johnson presents the fifth installment of our “Women Who Inspire” series, featuring female leaders who will share reflections on women empowerment, opportunities for professional women now and in the future, and the women they have looked up to throughout their careers.

Barbara Smoot | President and CEO | Women for Economic and Leadership Development

Barb Smoot currently serves as the President and CEO of Women for Economic and Leadership Development (WELD), a nonprofit organization that supports and advances women’s leadership development and business growth. As an executive with over 20 years in financial services and a former Fellow in the Society of Actuaries, Barb gained extensive experience in strategic planning, profit and loss center management, line responsibilities, product management, and business development. Barb is on the board of the Ohio Bar Liability Insurance Co., where she is a member of the claims, nomination, and audit committees. She chairs the Advisory Board of Western Governors University Ohio, a nonprofit online institution with over 5,000 enrolled students statewide and over 400,000 graduates at the national level. Barb is a 2020 YWCA Columbus Women of Achievement honoree. She earned a B.A. in physics from Amherst College.

What do you consider the greatest success in your career?

Initially, I thought my biggest success was earning my fellowship in the Society of Actuaries after passing the exams. However, upon reflection, I believe my greatest achievement was becoming CEO of WELD. This role has given me the opportunity to give back to the community, uplift women, and create pathways for their success by removing barriers that often hinder progress. Being able to shape and invest in the next generation of women leaders is a gift that I have unwrapped carefully and have treasured immensely.

What advice do you have for younger female professionals who are navigating through their career?

I encourage women to create a personal board of advisors. None of us has all the answers, and we can sometimes be our own worst enemy in making career decisions. A group of trusted advisors can provide honest feedback and help navigate tough conversations with colleagues and bosses. I strongly encourage women to take more risks, especially early in their careers, as new challenges lead to growth, even if they don’t pan out as expected. Lastly, getting involved in the community is essential, forming the “third leg of the stool” alongside work and home life. Community engagement offers leadership opportunities and a chance to give back outside the workplace, enriching personal development while making a positive impact on the world.

What are your thoughts on pay equity for women? If you believe it is an issue, how might it be addressed?

Pay equity is a stubborn problem with more than one solution. First, employers should stop asking for salary history and pay what the job is worth — there’s no need to base compensation on past earnings. Second, conduct pay audits to assess equity across gender, ethnicity, roles, and levels, ensuring fair and consistent pay. Companies should also embrace transparency by publishing pay bands, perks, and benefits. Keeping pay practices secret perpetuates inequities, but openness and accountability can drive meaningful change. As the saying goes, sunlight is the best disinfectant.

What do you see as the biggest opportunity for women in the business world?

I’m optimistic about everything and love to say, “Flip the script.” Challenges are inevitable, but what matters is how we respond. I’m especially bullish about more women, particularly women of color, starting businesses, advancing in corporate spaces, and making a difference in nonprofits. Their achievements are inspiring. We cannot let things beyond our control stop us from doing the best we can with the resources, influence, and passion we have.

How can we create more opportunities for women to be involved in the C-suite?

Addressing the lack of diversity in the C-suite requires both short-term and long-term solutions. Research shows that women and people of color often miss their first promotion into management, creating a broken rung on the career ladder. Fixing this gap by promoting diverse talent into management roles is essential for building a stronger pipeline to leadership. In the short term, companies must ensure that diverse groups are involved in decision-making processes for C-suite roles. A diverse decision-making team increases safeguards against bias and brings broader perspectives, more robust evaluations, and access to wider networks. Long-term success depends on addressing systemic issues in management-level promotions and ensuring that diverse talent is given the chance to advance and thrive. Both approaches are critical for creating meaningful change and injecting more rigor into the pursuit of putting the best person in the job.