In Case You Missed It: Business News Round-up

Beth 005Contributed by Beth Collinge of CTG – a division of ILX Group plc.

Market interest remains centred around the Greek/Eurozone financial crisis, with the number of economists calling for Greece to withdraw from the Euro increasing. Goldman Sachs executives have had to defend themselves during a day-long grilling by the Senate subcommittee on investigations. An ecological disaster is growing in the Gulf of Mexico, where a massive oil slick is threatening the Louisiana coastline.

Economic Backdrop

  • The DJIA closed at 11,009, 2.22% below the 52-week high of 11,258, which it reached on 26 April 2010. It had initially risen on news of strong US consumer confidence figures and of a 3.2% quarterly growth for US GDP, and then rose again after the Federal Reserve, which is chaired by Ben Bernanke, said that rates were likely to remain low because of low inflation and elevated unemployment. The index fell back on reports that Goldman Sachs could face criminal charges relating to its mortgage derivative activity, and on continuing concerns over the banking regulatory bill.
  • The FTSE 100 in London lost nearly 3% after the shares of Barclays and BP fell, due to disappointing earnings and the Gulf of Mexico oil slick, respectively.

    • Read more

/by

Whose Responsibility is Fixing the Wage Gap?

iStock_000006916716XSmallBy Tina Vasquez (Los Angeles)

The wage gap between men and women is still running strong – 23 cents strong, according last year’s U.S. Census Bureau report. In fact, a new study conducted by Forbes leads women to believe that a little change in their actions could assist them in improving their chances at better pay. But it begs the question: is the wage gap our responsibility to fix?

According to the study, women can increase their pay by better managing their relationships with their bosses, peers, and subordinates. This conclusion was reached after surveying 315 white-collar professionals recently enrolled in the M.B.A. program at the Villanova School of Business and another undisclosed school. Information concerning the participants’ pay histories and job relationships was analyzed to look for correlations between change in pay and types of network relationships. Three specific types of networks were singled out to see which was the most influential in increasing compensation: subordinate networks (relationships with those working below an employee), peer networks, and networks with superiors.

The study was intended to offer insight to both men and women, as both sexes were also used for the findings, but little insight was actually given to women. Rather, common knowledge was simply reiterated. At The Glass Hammer we’ve discussed the importance of networking effectively at length. Forbes’ assertion that women’s corporate networks are significantly less effective than men’s wasn’t a major revelation. What was rather shocking, however, was the study’s claim that this fact alone suggests that “women have a bigger opportunity to increase their pay and close the wage gap by taking specific actions to understand and cultivate their relationships with supervisors, peers and subordinates.”

Read more

/by

Voice of Experience: Linda Carlisle, Partner, White and Case

Carlisle_Linda_c_silo_JPG[1]By Pamela Weinsaft (New York City)

Linda Carlisle is a straight-talker. This daughter of Texas and partner at White and Case rapidly acknowledges the challenges facing women in her industry.

“In a law firm—back when I started and even today still—you have very few women mentors. You don’t want to be a mother or girlfriend to people: you want to be a colleague, a top partner and a trusted advisor. You want to be respected for what you can bring to the table. But you are also different from many of the people whom you are working with. You’ll very seldom walk into a room and be in the majority. You learn, over time, to handle that with wit and humor and a strong hand.”

An undergrad biology and chemistry major at the University of Texas at Austin, Carlisle believed she would follow her father and brother into a career in pharmacology. Two years later, she decided that she no longer wanted to go that route, and felt her only option was to teach. She married and, upon graduation, she and her husband moved from Austin to Pennsylvania, intending to pursue a career in academia.

Read more

/by