The Glass Hammer is celebrating Hispanic Heritage Month by featuring profiles of Hispanic Women Business Leaders all week long!
Maria Hackley believes that women need to ensure they are as well prepared as their male counterparts to rise in the corporate world. Women and men are hired in almost equal amounts as undergraduates, but as they climb the ladder, the numbers change. “Be assertive in a respectful manner, but make sure your voice is heard,” she says.
The Glass Hammer is celebrating Hispanic Heritage Month by featuring profiles of Hispanic Women Business Leaders all week long!
“Throughout my career, I could have taken the easy road, but I’m proud of myself for accepting a challenge,” says Paula Arrojo, managing director and private wealth advisor in the Investment Management Division at Goldman Sachs. “If you have good reasons to want to do something different or innovative and the risk is well articulated, Goldman values that ambition and desire to move forward,” she says.
By Nneka Orji
“Putting you in handcuffs”; so reads the Forbes 2010 article title about non-compete clauses in employment contracts. This negative portrayal of non-competes is not unique. A Harvard Business Review blog titled “Non-compete clauses punish the wrong party” is just as damning, and a recent poll by the Boston Globe has shown that 70% of the Massachusetts respondents want non-competes banned across the state.
By Nneka Orji
“Only those who risk going too far can possibly find out how far they can go.” T.S. Eliot
We seem to be encouraged to take risks in many aspects of life in the hope or expectation of reaping greater rewards; from high-risk, high-return financial investments to extreme sports for “the thrill”. In our careers, we are also challenged with taking risks to increase the likelihood of successful career progression. Playing it safe, we’re told, will not differentiate us from our peers.This is welcome advice for some; taking risks is second nature. However for others, risk aversion comes more naturally. The definition of risk is “the possibility that something bad or unpleasant (such as an injury or a loss) will happen.” Every time we take a risk, we open ourselves up to an increased chance of something going wrong. This is hardly an appealing prospect, so why then do some people see risk as a prerequisite for success?
Risk as a prerequisite to success
To answer this question, we only need to look at those who have been successful and how they have approached risk. From political to sporting successes, it is clear to see that risk was not just one of many factors of success, but a necessity:
“Only those who dare to fail greatly can ever achieve greatly.” Robert F. Kennedy
“Progress always involves risk; you can’t steal second base and keep your foot on first.” Frederick Wilcox
It seems that for people to be successful, instead of seeing risk as being vulnerable to failure, they seize risky opportunities as a means of learning not to be scared of failure. The Huffington Post’s “7 reasons why risk-taking leads to success” also include seizing unforeseen opportunities, learning career-changing lessons and standing out from the crowd as reasons to take risks. The article highlights successful women who embraced risks, including Arianna Huffington (President and Editor-in-Chief of The Huffington Post), Heather Rabbatts (first female director of The Football Association), Sandra Peterson (CEO of Bayer CorpScience). Some of these women have been interviewed by theglasshammer.com previously on the topic, with Mrs Clinton’s famous learning that she had to “Dare to compete.”
With such prominent women promoting risk taking as a prerequisite to success, it isn’t too hard to see why many now see risk as essential to career advancement. But what happens if we are risk averse by nature?
Women – are we really more risk averse?
Previously, risk was viewed as an inborn trait – remaining static regardless of experiences or environment. If you were born a risk-taker, you remained a risk-taker in all aspects of and throughout your life. However more recent studies show that this is not an accurate reflection of risk. Research, such as the paper included in the 2012 Social Psychological and Personality Science journal, show the importance of environment and “culture of honour” in influencing an individual’s appetite for risk. Other papers also show that discrimination, rejection or the presence of women can all increase the chances of throwing caution to the wind and taking risks.
According to a paper by Bernd Figner and Elke Weber, it’s not just the environment that plays a role in the way we approach risk; “risk taking is not a single trait but is a behavior influenced by characteristics of the situation (what the decision is about and to what extent it engages affect vs. deliberation), the decision maker (age and gender), and interactions between situation and decision maker.”
Does gender matter?
The concept of gender differences when it comes to risk appetite is not new. Stereotypes have led to the belief that women are less likely than their male peers to take risks. These beliefs are supported by studies such as that led by the British Psychological Society. Geoff Trickey, study author, found that women were “Cautious Carols” at work and twice as likely to be wary and prudent compared to male colleagues.
Julie A. Nelson, author of the 2012 Tufts University paper, believes that the preconception that women are more risk averse than men needs to be challenged. Dr. Susan Marchant-Haycox agrees that it’s not black and white: “it’s the nature and perception of the risk which accounts for the sex differential”. While most research supports the case that men take more financial risks, there is increasing evidence to suggest that women take more career-related risks, including career changes, in an effort to seize opportunities they feel are more commonly given to their male peers. Mara Mather and Nicole R. Lightfall also highlight the effect of stress on risk taking and the gender differences in risk appetite; men tend to take more risks and adopt the “fight-or-flight” response under stress, while women tend to focus on bonding and developing relationships.
The message here is not that one gender is better than the other in taking risks, rather there needs to be a gender balance across any risk taking or decision making panel or board. Although a study by the German Bundesbank showed that female presence increases the risk appetite of male colleagues, there is evidence to show that both risk prone and risk averse men and women can work effectively to provide a balanced view for calculated risk taking – required for organisations to succeed.
Dealing with risk
While risk taking tends to be viewed as an intellectual exercise, a recent article in The New York Times argues that the physical experience associated with risk is just as important. John Coates, who authors the article, shows that when there is continuous volatility on the trading floor, the traders’ cortisol levels increase while risk appetite decreases by up to 44%. The reverse is true – spikes in volatility result in reduced cortisol levels, increased dopamine and testosterone, and an increased risk appetite.
The characteristics of the environment on a trading floor are similar to those we see in our careers. In our information rich and constantly changing world, we need to be mindful of how we are reacting physically and how that in turn determines our approach to risk. Learning how to deal with risk is crucial to our careers and avoiding it could potentially lead to missed learning opportunities and career defining moments.
As existential philosopher and theologian Paul Tillich says; “He who risks and fails can be forgiven. He who never risks and never fails is a failure in his whole being.” We must embrace risk, but it must be done in the right environment in order to be effective.
Guest Contribution by Devika Arora
Today’s woman is ambitious and hungry for individuality. She is eager to live her dreams, for which she wishes to become financially independent by earning her own bread and butter. This is why an increasing number of women are finding themselves back on the job hunt. But what happens when the same women sit for an interview and are questioned about their capabilities? Why is it hard for them to nail a job interview that should have been a walk in the park? The following article will highlight the 10 of the most common mistakes that women tend to make during job interviews.
What do you do when you’re feeling undervalued at work?
The boss doesn’t appreciate what I do. I am not getting paid enough. I am twice as smart as John, and he is getting better assignments.
Any of these thoughts ever go through your head? Undoubtedly, because according to the American Psychological Association, almost half of employees feel undervalued at work.
The Energy Project partnered with Harvard Business Review to find out what most influences people’s engagement and productivity at work. They learned that employees are vastly more satisfied and productive when four of their core needs are met: one of which included feeling valued and appreciated for their contribution.
In fact, they found that feeling cared for by one’s supervisor had a more significant impact on people’s sense of trust and safety than any other behavior by a leader — employees who say they have more supportive supervisors are 67 percent more engaged.
Do you need a value reboot? Here are five things that you can do to increase your value quotient.
1. Remind yourself of the good job you do. Then remind others.
You know those affirmation emails you receive from clients who say they “couldn’t have done it without you,” or from your supervisor, who mentions in a meeting what an integral asset you were in an important new business meeting? Bask in the glow, and then keep those little nuggets tucked away for when you need to shine. Start a kudos file for yourself, where you retain the positive reinforcement you’ve received from clients and colleagues. Read through it when you need a boost, and don’t forget to print them out for meetings with your boss. Routing copies of affirmative emails from clients to keep your boss in the loop lets her know that you are valued by those who matter most.
2.Toot your own horn.
Women in particular sometimes have a hard time speaking up in meetings, or correcting others who take recognition for their work. In fact a study by BYU and Princeton shows that in most of the groups they studied, the time that women spoke was less than 75 percent of the time that men spoke. A recent article in the Wall Street Journal discussed four “negative” personality traits that actually aided people in a work setting. One of them, narcissism, has been shown to be an asset in the workplace:
“For instance, people with narcissism, who want to be the center of attention, often make a good first impression on clients and bosses, says a 2014 review of more than 140 studies on people with mild, or “subclinical,” levels of dark personality traits.”
And narcissists are not shy about speaking up in meetings, pitching their ideas – or claiming credit whether they deserve it or not. By not seeking the spotlight we deserve we pay the price in terms of how others perceive us and the value we bring.
3. Assess what would make you feel valued.
It’s different things for different people so you have to determine what your currency is:
Is it a flexible work environment? One study found that more than 42 percent of working adults were willing to give up some percentage of their salary for more flexibility at work.
More support? Having an assistant to delegate tasks to can make your time at work feel more efficient and that the work you are doing is task-oriented, not just busy work.
More public acknowledgement? Donald Peterson, former chairman of Ford Motor Company, once said the most important ten minutes of his day were spent boosting the people around him. If your boss doesn’t behave the same way, let her know. A 2005 study by New York research group Catalyst found that women leaders are typically judged as more supportive and rewarding, which might be because that’s the style they themselves prefer.
More money? Feeling you are being paid adequately can make up for a host of other job issues. And companies realize that sometimes they need to offer raises more frequently. Always go into a negotiation knowing how much your position should pay, and tie your request to concrete results. If they can’t offer money, ask for perks, such as a bigger expense account, more vacation time or other non-monetary reward that is meaningful to you.
4. Set up an appointment with your supervisor to discuss changes you need to see.
The ball is in your court when it comes to letting your supervisor know what will make you feel valued. Set a meeting and come armed with background on your value to the team – concrete figures of your recent contributions. This is where you pull out that kudos files and reinforce the value that you bring to the team, both colleagues and clients. Clear proof of the contributions you make are what will make your supervisor see the business case for meeting your needs.
5. Take care of yourself.
Most full time workers spend at least a third of their life at work – so it’s surely an important part of who we are. But, we also spend 2/3 of our lives not at work. So even when you are dealing with workplace stress, or the feeling of being undervalued, don’t let that bleed into your relationships or cause you to neglect the parts of your life that can make you feel more positive.
Make sure you take regular breaks. The Energy Project/Harvard Business Review study found that employees who take a break every 90 minutes report a 46 percent higher level of health and well-being.
Spend time with family and friends. Make sure you have unplugged time every day to spend with loved ones which can help add perspective to your career.
Make plans for something to look forward to. Sometimes getting out of the office on a Monday night for a yoga class with a friend, heading out for a hike on a Saturday or a weekend getaway every other month is just what you need. Having something to anticipate can add balance to your life.
The bottom line? No professional should feel undervalued. Taking steps to remedy the issue – and reminding yourself of your own great qualities in the meantime, can make your workplace one where you get the credit you deserve.
By Cathie Ericson
The pivotal moment of Kelly Williams’ career came when she was given the opportunity to step outside of her comfort zone and go in a completely new direction. “I started as a project finance lawyer in the private sector, where I was one of few women,” said Williams, who later took a position working in-house with Prudential Financial.
“Then I had the chance to move over to the business side because someone believed in me and recognized that I had the skills and ability to thrive in this new role in a different environment than what I was used to,” Williams continued.
By Beth Senko
A number of articles recently touted the news that for the first time, the highest paid CFO in the country was a woman.
In its fourth annual survey of CFO total compensation, The Wall Street Journal/S&P Capital IQ study placed, not one, but two women in the top 10. The study measures who got paid the most including salary, bonuses, stock awards, option awards and other compensation. Oracle’s Safra Catz topped the list of highest paid CFOs of both men and women in 2013 with total compensation of $43.6 million. Former Accenture CFO Pamela Craig placed 8th with total compensation of $12.8 million. Craig retired in August 2013.Two other women made it to the top 20. Kinder Morgan’s Kimberly Allen Dang earned $10.4 million in 2013 while Morgan Stanley’s Ruth Porat took home $10.1 million.
In a recent round-table of derivative portfolio managers of the largest insurance companies, Esther Yang found herself being the only female among this male dominated profession. How did she get to where she is now?
Esther Yang did not have a conventional route to success in financial services. In fact, she didn’t begin college or her career with intentions of entering the field at all. However, Yang used her instincts and willingness to try new things to guide her into the position she currently holds.
Guest Contribution by Anne Litwin, PhD
“I worked for a woman who was more task focused, which made it real uncomfortable for me. When a guy does that [is task focused], it doesn’t bother me as much.” (Financial Services Manager)
I heard this kind of statement often from the women in my research on women’s relationships in the workplace. This research, involving women from many professions and countries, shows that many women have different expectations of how female leaders should behave. Women also often report preferring to work for men, which could be a significant problem for our careers if almost half of the workforce does not want to be led by us.