Stretch Roles: Why They Benefit Your Career and Why Women Aren’t Taking Them.

iStock_000016027804XSmallBy Kayla Turo

Research from Catalyst suggests that on-the-job experiences account for 70 percent of the most valuable career development tools for employees, compared to networking and mentoring (20 percent) and formal programs (10 percent. These on-the-job experiences include stretch assignments, or challenging projects in which an employee must develop new skills and improve their capabilities in order to be successful. Stretch assignments not only prepare employees for future managerial roles, they highlight high potentials and put them on the map for leadership consideration. According to the Catalyst report “Good Intentions, Imperfect Execution?”, of the high potentials they questioned, 62 percent claimed that obtaining stretch assignments was most favoring to their careers above any other factor.

However, the most interesting finding of the report is that men were more likely to land high-profile assignments than women, were staffed with three times as many employees as women, on projects with budgets twice the size of women’s project budgets.

Sponsorship is a key factor in securing stretch assignments
Lack of sponsorship is a crucial factor that could be preventing women from attaining high-profile assignments, and ultimately advancing to executive board positions, which stems from a societal fear of rumor and scandal. According to Sylvia Ann Hewett in an article published on the HBR Blog Network, “Women suffer a disproportionate amount of damage in the fallout from illicit relationships between a male boss and a female subordinate.” The fear of even be suspected of an improper relationship prevents 64 percent of executive men and 50 percent of junior females from seeking out private encounters, let alone a sponsorship relationship.

Unwillingness to ask for help could also be a culprit here. “Women fear rejection more than men in this area. They often feel it’s ‘pushy’ to ask [for help] as though they are saying I can’t do it myself,” said Judith Glaser, CEO of Benchmark Communications, Inc. and Chairman of The Creating WE Institute. Understanding that gaining sponsorship attributes to 70 percent of your overall career advancement (by opening up opportunities for on-the-job experiences) may help alleviate some uneasiness of coming off vulnerable or incompetent. “Climbing alone is not an option anymore,” reminded Glaser.

Choosing the Right Sponsor to Elevate Your Potential
When seeking out a sponsor, research is important. Identify leaders with credibility and influence, and don’t shy away from male sponsors. Present yourself as a talented, capable employee, and look for a sponsor who values the contributions you have made in your career thus far.

The best sponsor is a member of leadership who not only provides you with valuable information to increase your skills, but works as an advocate for your advancement in meetings and other situations where you are not present. According to the HBR Blog Network article “The Real Benefit of Finding a Sponsor,” a sponsor should do two or more of the following:

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Dare to Compete: Leadership Lessons From Hillary Clinton

CarlaOsbergphoto5488

Photo by Carla Osberg

By CEO and Founder Nicki Gilmour

The 35th Annual Simmons Leadership Conference held in Boston last week had an amazing roster of speakers, as always, including opening speaker, Denise Morrison CEO of Campbell. However, it was the anticipation of Hillary Clinton’s closing keynote that had over 3,000 women and men securing their seats, waiting to hear this accomplished leader speak. She didn’t disappoint and the themes she chose –intelligently as always – aligned well with the topics we discuss on a daily basis here on The Glass Hammer.

Women’s Participation in the Global Economy
In her role as US Secretary of State, Clinton got to see first hand how women are not being treated equally, and she commented on how almost twenty years has passed since she spoke of women’s rights as human rights at the UN 4th World Conference on Women in Beijing in 1995. Clinton endorsed the usefulness of the annual Simmon’s Leadership conference, stating it was important to be part of conferences like this one.

“I believe that advancing the rights, opportunities and full participation of women and girls, here at home and around the world, is the great unfinished business of the Twenty-first century. I saw that very personally, as Senator of NY, as First Lady and most recently as Secretary of State.”

Clinton discussed the participation of women in the global economic workforce and reminded us that progress has been stagnant over the last three decades.

She stated, “We have made important progress since that conference. We have seen progress. More women do serve in public office, but it’s a glass half full at best, because in too many places there are too many women who are still facing ceilings.”

“You might think that this is only a problem in faraway places,” Clinton said as she referred to some of the cognitive dissonance around diversity issues being exclusively outside the US that we have written about, and have heard –from women and men alike – in companies that describe a fantastical post-bias world.

“Here in the US, we still have our own barriers,” said Clinton. “For every success story of a woman making it, whether it is Mary Barra or Denise Morrison, who you heard from this morning, there are so many stories of dreams deferred.”

Clinton went on to reference the fact only 17 percent of US board seats are filled by women, and that we are “far behind many other developed economies.” When discussing under-representation of women directors on boards –specifically women comprising only 11 percent of technology company boards – she said, “It is a real problem when America’s most cutting edge companies are so far behind the curve.”

Hillary clearly gets it, and she shared her story of how she got into politics and became a leader in her own right. She recounted when people approached her to run for the Senate for NY when she was First Lady. At first she refused, not wanting to be the sacrificial lamb to run against Rudy Giuliani, but then one day when she was in NY at the launch of a documentary film called “Dare to Compete”, she found herself receiving advice that she had spent a lifetime giving.

At the event, she was introduced by the captain of the school’s women’s basketball team, and as the young lady was about to leave the stage, she bent down a little while shaking Hillary’s hand and whispered in her ear, “Dare to compete, Mrs. Clinton, dare to compete.” This really got her thinking and she did end up running for the Senate.

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Voice of Experience: Gigi Freeman, Executive Director, MSCI, Inc.

women smilingIdentifying opportunities for career advancement is something that has served Gigi Freeman, Executive Director at MSCI , very well throughout her entire career.

She graduated from Dartmouth College with a degree in Earth Science, and she envisioned herself establishing a career in science before realizing that financial services held a lot of opportunity for anyone willing to work hard and learn at a fast pace, regardless of their educational background.

Although Freeman could have chosen to pursue a scientific career, she chose to follow her heart –and her instincts –instead.

Career Path

Freeman accepted an internship at a financial research firm where she learned about equity markets. This experience ultimately sparked her interest in returning to school to earn her MBA, but before she did that, Freeman was fortunate enough to secure a position in a rotational trader training program.

During the summer between her first and second year of business school, Freeman accepted an offer to be a summer associate at Goldman Sachs in their Equity Sales and Trading group, which led to a full-time position in the Boston office after she completed her MBA.

After working with large asset management clients in the Boston area, Freeman accepted an international assignment that brought her to London to be a US shares sales trader covering continental accounts. “This was great exposure for me to see how business is done in London as well as how different cultural norms affect the business space,” noted Freeman.

Freeman’s career path changed directions when she joined a small boutique investment research firm which almost had a startup environment, according to Freeman. She recalled, “This was such an interesting point in my career because I had the opportunity to perform several different tasks. With only 35 people in the entire company, I really felt like I was part of building something from the ground up.”

This firm was eventually purchased by RiskMetrics, and later RiskMetrics was acquired by MSCI, Inc., where Freeman serves as an Executive Director, overseeing MSCI’s Sales Training and Online Client Experience. “Due to these acquisitions, my role changed,” explained Freeman. She continued, “I was responsible for relationship management, and was approached several times about joining the sales team, but I knew that was not the right fit for me at that point in my career.”

Being able to accept challenging roles and transition into new territory is something that Freeman is especially proud of. “I was asked to changes roles and take a little bit of a risk when I moved into a Director of Operations position, but I knew I was a quick learner and I had confidence in my abilities,” said Freeman. “Accepting this role allowed me to learn more about our business and it led to my current role where I am involved in strategic IT products and broader business initiatives,” she continued.

“There is a lot of innovation right now in the marketing technology space,” said Freeman, which is something that really drives her daily work. “I am spending a lot of time looking at marketing automation, mobile apps, and optimizing our CRM,” she added.

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Intrepid Woman: Loreen Arbus, Film Producer and Executive, Chair of Women Who Care Luncheon.

rsz_1rsz_loreenarbusBy CEO and Founder Nicki Gilmour

Loreen Arbus is a woman of many worlds and has certainly lived a life less ordinary.

She is already known by many as a change leader, a thinker and a doer, a career woman, a supporter of the arts, a member of numerous boards, an ally for people with disabilities and a major philanthropist in the US. When I recently spoke with her, I was delighted to experience firsthand her relentless bravery to tackle the hard topics with grace, which makes her completely deserving of the “Intrepid Woman’ mantle bestowed upon her.

How does she manage to be in so many worlds at once?

“I grew up as an outsider. It can be the best and worst thing to be not included since it can make you a better person, or do great damage to the individual,” Loreen said. She continued, “I feel lucky that it has made me a better person as I can identify with other people’s experiences as outsiders and help them to navigate their way to success.”

Perhaps her background of growing up as a once marginalized child has allowed her to defy labels or categories. It may have also given her the impetus to continue learning via new experiences, which span cultural aspects as well as humanistic endeavors, such as Co-Chairing the upcoming 13th Annual Women Who Care Luncheon to benefit United Cerebral Palsy of New York City Women who Care Luncheon at Cipriani’s in NYC on Wednesday May, 7th.

Loreen founded The Women Who Care Luncheon as an ode to unsung heroines like her sister’s caretaker Miss Karen Hansen. Loreen recounted to me that her interactions with Miss Hansen were life enhancing, and she accredits Miss Hansen with teaching her unconditional love due to the way that she cared for her older sister who had severe disabilities. The Karen Hansen Caregiver Award is a major part of the luncheon. It was Loreen’s parents Leonard H. and Isabelle Goldenson who co-founded the nation-wide organization of United Cerebral Palsy in 1949. UCP has a number of programs to help children with disabilities, including a favorite program of Loreen’s –an advocacy program that empowers adults and young people with skills to go to Albany and advocate directly for themselves with state representatives.

“I most often support causes in a specific way. I like to meet the people that I am helping, it replenishes my soul to experience the change that is taking place,” explained Loreen.

She encourages others to tour UCP and see how eager the children are to learn, play sports and word games. Loreen believes that connection to the mission of any charity can come alive; the closer one can get to connecting with the people driving it. Loreen also currently is the Executive Producer of the award winning documentary, “A Whole Lott More”, a film that aims to bring more awareness to employment issues for people with disabilities

On Being a Change Leader
Loreen’s trailblazing career in television meant that she pioneered where no woman had gone before as she was the first woman in to head up programming at a major U.S. television network, a feat she accomplished twice. Another noteworthy achievement to mention is that she spearheaded the inclusion of cable to be recognized within the Academy of Television Arts and Sciences EMMYs award system whilst she was at the Showtime television network. She understands the power of asking and ‘darn hard work,’ and mentions that she wishes women would be less apologetic around owning their hard work.

Loreen commented, “The greatest gift that I was given is that I can look at all sides of an issue. It is very exciting to be part of my mission that can lead to changes being made.”

Certainly, her unwavering dedication to helping others, and her ability to create space for other perspectives to come alive and become working ideas, is a striking feature about her.

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Wall Street Women Forum 2014: Success on Your Own Terms

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iStock_000007716967XSmallBy Jarod Cerf

During the Fifth Annual RegentAtlantic Wall Street Women Forum, host and event founder Jane Newton of RegentAtlantic polled the attendees via text on whether they thought women in finance had more opportunities today as compared to six years ago.

Of the over 100 managing directors, c-level executives, and thought leaders who were present, 57.7% stated wholeheartedly that significant progress had been made, with 26.8% suggesting that additional efforts were required to ensure gender parity in advancement to senior positions.

Both were touched upon by keynote speaker Lisa Carnoy, Head of Global Capital Markets at Bank of America Merrill Lynch, who described her leadership style and expectations for the future as “full of optimism, with faith in the long-term potential of the industry.”

“To build on that momentum, though,” Carnoy asserted, “we need to think about how we recruit talent, develop our teams, and provide effective feedback. We also need to tout our accomplishments, because we can’t assume that our superiors know what we’ve done. We have to define what success means, for us, and how we’re going to meet our goals.”

Defining Success on Your Own Terms
“There’s an old Haitian proverb,” Newton remarked, as she and Carnoy discussed career trajectories, “one you’re quite fond of quoting, that goes ‘dye mon, gen mon,’ or ‘beyond the mountain, there are mountains again.’ Can you tell us how that’s shaped your achievements and the way you work?”

Carnoy, in response, recalled quite vividly the challenges facing Merrill Lynch in the days leading up to its merger with Bank of America: “It was an incredible privilege, to be on the team responsible for raising a significant amount of equity in such a short time. As long as we can resolve a single issue by the end of the day, though, we’re always capable of ascending the ones that follow.”

It’s that resiliency and passion for inspiring others to take initiative that Carnoy hoped to impart to the attendees. “I have a list of things I’m thankful for and of people who’ve supported me,” she noted. “Among them, my husband, my children, and my ‘Gang of Four’—the women who’ve grown with me and become like family, who pushed me to be honest and direct with my peers about what I want from my career and how I’ll prove my worth each year.”

“And that’s the best way to win people over to your cause,” she added, “by being open and candid with them.”

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New Survey Reveals Gender Gap in Silicon Valley: Is It Worse Than We Thought?

twowomenatcomputer.JPGBy Michelle Hendelman

In a recent gender diversity survey released by Fenwick & West LLP, extensive data about the growth of women in leadership positions at companies included in the Standard & Poor’s 100 Index (S&P 100) and companies included in the Silicon Valley 150 Index (SV 150) –an index representing the top 150 public companies in Silicon Valley –between 1996 and 2013 provides some insight into the staggering deficit of women leaders in high technology compared to large public companies.

According to the survey, S&P 100 companies have seen a substantial amount of growth in the number of female board members and women in executive level positions compared to SV 150 companies. As we explore the trends in female leadership within large public companies nationwide versus the SV 150 more closely, we have to ask the question: are women breaking the glass ceiling in Silicon Valley?

Moreover, how can CEOs, senior executives, and diversity managers at Silicon Valley’s top companies use a gender diversity study like this as a benchmark for progress going forward?

Where are the Women on Boards in Silicon Valley?
The Fenwick survey found that during the 2013 proxy season, 98 percent of S&P 100 companies reported having at least one female director, compared to only 56.7 percent of SV 150 companies with at least one female director. Although over 40 percent of SV 150 companies currently do not have a female represented on their executive board, they have increased the average percentage of female board members from 2.1 percent in 1996 to 9.1 percent in the 2013 proxy season, but considering the fact that it took seventeen years to achieve that growth, it is difficult to label the increase of female board directors as real progress.

According to Fenwick, there are some important components at play contributing to the lack of female board representation in Silicon Valley. The authors indicate that larger boards – like those in S&P 100 companies –will have more female participation by default compared to the much smaller boards found within SV 150 companies. In addition to board size, the survey suggests the following factors are keeping women out of Silicon Valley’s boardrooms:
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Gender Judo: How to negotiate a pay raise

RichGuest contribution By Dr. Joan C. Williams

Studies show that 57 percent of men but only 7 percent of women negotiate their starting salaries—but when women do negotiate people are less likely to hire them or want to work with them. So helping women get equal pay is not as easy as telling them to “just ask.”

If you feel reluctant to negotiate, it may be because that, at some subconscious level, you’re afraid you’ll be seen as not a team player—or worse still, as arrogant and overreaching. Don’t ignore that instinct. Social science shows there’s something there. All four patterns of gender bias can be triggered by asking for a raise:

1) Prove It Again! Men tend to be judged on their potential; women on what they’ve already accomplished. A study by A study by Knobloch-Westerwick, Glynn, & Huge showed that women need to have achieved roughly twice as much to be seen as equally competent with men.
2) The Tightrope. High-levels jobs define competence in terms of qualities seen as masculine—whether it’s leadership skills or technical competence—but women are expected to be feminine. Women are supposed to be selfless team players attuned to everyone else’s needs. That’s why asking for a raise makes you seem somehow “off.” You just clearly don’t know the right way to be a woman.
3) The Maternal Wall. If you’re a mother, a 2007 study by Shelley Correll and co-authors shows, you’re likely to be offered an average of $11,000 less—because everyone knows a mother’s committed to her children, not her job.
4) Tug of War. Sometimes gender bias against women turns into conflict among women, as when a more senior woman insists you try longer and achieve more before asking for a raise “because that’s what it takes to be successful as a woman.”

Alas, girl, those are the risks—but they are risks you can control. In some workplaces, just keeping your head down and doing fabulous work is enough. But not in most. Why? The men will be out there asking for raises, for two reasons. First, they don’t have to worry that gender bias will make them look bad. Second, gender pressures on men are to be a “successful” man—to make more money. So while gender pressures on women discourage them from seeking raises, gender pressures on men leave them with little choice but to do so—early and often. (Does it surprise you why women’s economic progress stalled out in the 1990s?)

Here’s the recipe:
1) Just the facts ma’am. Remember that recruiter who keeps calling you, who you keep telling that you’re happy where you are? She’s your new best friend. Recruiters know exactly what you should be making. Make friends with her, and tell her that when you are ready, she’ll be who you’ll call—and that you’ll tell your friends to call her, too. Or ask a guy friend you can trust how much he’s making. Or ask human resources if people think they can be trusted to keep the inquiry confidential. Or ask for information that gives you the data you need, e.g. “Is there anyone else who’s brought in as much business as men who is making the same as me?” Be careful: some employers prohibit employees from sharing information about salaries (although that’s illegal in some states, notably California). Note that, if you work for the government or a federal contractor, salaries are often public information.
2) I’m not bragging; I’m just worth it. Having the facts at your fingertips not only put you objectively in a stronger bargaining position. It allows you to ask for a raise without seeming to brag: self-promotion often triggers pushback (stronger from other women than from men—but strong from both). This is why the “just the facts” approach is advisable; but you need to be sure to highlight that you’ve met or surpassed any applicable objective metrics.
3) Gender judo. Women are supposed to be modest and attuned to the comfort levels of others. Fine. So say you need a raise because someone senior to you told you it was important to negotiate for a raise. (What a good girl!) Or because it will send an important message to your team that their work is valued. (What a team player!) Or ask for the raise but ask to brainstorm ways to ensure that X does not feel his contributions are overlooked. (What a thoughtful woman!) Whatever works.
4) Especially if you are a mother, link the raise with a plan to reach your career goals. A mother asking for a raise?!?!? Remember it may be assumed that your priorities are spending time with your children, accompanied by worries you may have lost your edge. So precede your campaign for a raise by meeting with your supervisor, with clear career goals: “Can we meet to discuss what I need to do to be ready for X challenge in Y time?” The message: I may be a mother but I also am committed to my career.

Remember, if you don’t ask for a raise, chances are you won’t get one, or won’t get one as fast as you otherwise would have, which will put you behind for the next raise. And remember, too, that guys all around you are asking for raises. You need to do it. And now you have a roadmap of exactly how.

Guest advice and opinions are not necessarily those of theglasshammer.com

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What do sports teach women for business?

Successful multi ethnic peopleHadley Catalano

The path to professional success for many corporate elite women was set in motion on the playing field, according to research by Ernst & Young (EY) that links the accomplished attributes of women in leadership business roles to their sports participation.

The EY perspective on sport and team survey, from the company’s Women Athletes Business Network, is the latest in the sports and leadership conversation that legitimizes the connection between organized sport participation and the strength of women in professional leadership positions. In 2002, OppenheimerFunds of MassMutual Financial Group commissioned a survey which demonstrated that of 400 senior women executives, 81 percent participated in organized sports as a youth. Now, over 10 years later, EY has reaffirmed this correlation.

Of the women senior managers and executives that took part in EY’s online survey, 90 percent participated in sports at some level, be it in secondary school, university, or beyond. The percentage of participation rose to 96 percent among C-suite women. By comparison, a larger proportion of women executives participated in collegiate sports than their lower-level managers with nearly 67 percent of the elite group partaking in sports as a working adult, compared with 55 percent of other managers.

Locker Room to Boardroom
Participation in organized team athletics has been connected to successful corporate leadership qualities, including behavioral, emotional, and economic development. The majority of executive women surveyed said that sports helped them develop the leadership skills that contributed to their professional success.

“This new global survey validates and underscores the fundamental role that participation in sports plays in developing women leaders,” Beth Brooke, Global Vice Chair, Public Policy, for EY said in the company’s press release. “Not only do the majority of senior women executives have sports in their background, they recognize that the behaviors and techniques learned through sports are critical to motivating teams and improving performance in a corporate environment.”

The Oppenheimer Funds survey confirmed the usefulness of sports-related attributes by career women, indicating that, of those who played after grade school, 86 percent said sports helped them to be more disciplined, 81 percent said sports helped them to function better as part of a team, 69 percent said sports helped them to develop leadership skills, 68 percent said sports helped them to deal with failure, and 59 percent said sports gave them a competitive edge over others.

Kathryn Kolbert, the Constance Hess Williams Director of Barnard College’s Athena Center for Leadership Studies, explained that she is familiar with many women executives that have participated in sports during high school and college.

“I have long believed that athletic experience develops several successful traits of leadership, particularly teamwork and team building, as well as resilience; the ability to fail, recover and learn from your failure. A really good coach is going to strategize with their team about what they can do better, both individually and collectively, rather than focus on the individual shortcomings,” said Kolbert, who was a tri-sport athlete in high school and a lacrosse player at Cornell. She continued, “In addition, if young women are team leaders early in their lives, they also experience leadership without the double binds they face in the workforce and thus are better able to take ownership of their leadership. Lastly, I think that participation in sports enables women to be ambitious. It’s okay to want to win the league, city or state championship.”

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Voice of Experience: Amanda Blanc, CEO of Commercial Lines and Personal Intermediary, AXA Insurance UK

amanda blancAmanda Blanc began her career in 1989 as the first female and youngest branch manager at Commercial Union. She achieved many other top positions during the following years, which taught her one important lesson: a lack of confidence can stop many women from reaching their true dreams.

When she mentors other women she realizes that, when looking at the list of competencies in job descriptions, they focus on that one particular qualification that they do not meet. In contrast men will feel qualified for the job if they meet six out of ten competencies.

Women in the insurance industry have several barriers which they must overcome, and confidence is one of the qualifications that keeps this business, as Blanc described, “a man’s world, particularly at executive level.”

However, Blanc’s belief in her potential has led her to work as a consultant for Ernst & Young, as the regional director for AXA’s commercial intermediary business, as the distribution and customer services director at Groupama in 2003, as Chief Executive of Towergate Retail Division in The Towergate Partnership and, starting in 2011, as CEO of Commercial Lines and Personal Intermediary in AXA.

Her confidence in her abilities is only one of the reasons for her success. “I don’t do regrets or looking back. You just need to learn from any mistakes and move on without dwelling,” she explained.

Insurance and the Financial Crisis

Blanc identifies transparency as one of the key issues that the insurance industry must face, and knows that AXA’s effort to be more transparent with their customers is an important challenge.

“Insurance is notorious for indulging in acronyms and technicalities that are all but impenetrable to the man on the street. We are working on being much clearer, in layman’s terms, about what is and isn’t covered in a policy and what steps our customers can take to ensure that they do not breach any of the policy conditions. It might seem like a small thing, which it is, but it is pretty fundamental. I want our customers to be absolutely clear about what it is they are buying and how they use the policy when they need to.”

She also recognizes that “banking has received most of the public vitriol following the financial crisis, but the wider financial services community had much to feel sheepish about too, and insurance has certainly not been immune to some of the behaviours that have had such a catastrophic impact on banking. As financial institutions, we have lost the faith and trust of our customers, [whose] starting point now is that we are going to fleece them, and so they treat us accordingly. That is a shocking situation to find ourselves in and one that we must change.”

“It’s not going to change with lip service or marketing ploys. The only way we are going to get the customer back onside is by changing the way we behave, creating business models that deliver shareholder value through good customer experience and making sure that the necessary change in culture genuinely permeates throughout the business,” Blanc said.

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Women at Work, Men at Home: The Increasingly Common Arrangement Raising Eyebrows

Family at homeBy Terry Selucky

“What does your husband do?”

This question may conjure the image of a group of lunching ladies, dressed in pastels, and discussing the office work of their breadwinning husbands. The assumption that the husband is the breadwinner is a common one, and it is steeped in deeply gendered stereotypes about men and women. Despite recent findings reporting that the number of male “house spouses” has doubled in the last 40-years, the stereotype persists.

Trish Walker, Senior Managing Director at Accenture, says she has fun answering the question “What does your husband do?”, which she says often comes up at cocktail parties.

Walker’s partner is a stay-at-home dad – and he is not and should not be – defined by his employment, the company he works for, or the salary he brings home.

“Our journey of having my husband stay at home while I worked has been fun, challenging, rewarding, and for the most part a great decision for our family,” Walker said. “The key is constant communication about what’s working, what’s not, how the kids are doing, and what we can adjust.”

According to the report Stay-at-Home Fathers: Definition and Characteristics Based on 34 Years of CPS Data, more men than ever before—about 550,000 in the past 10 years—are fulltime stay-at-home dads. The Pew Research Center reports that “compared with stay-at-home moms, these full-time fathers are older, less educated than their spouses, and their households have significantly lower incomes.”

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