Shattering the Glass Ceiling Is Great But Why Are We Ignoring the Fallout?

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shattering the glass ceiling Shattering a glass ceiling has become synonymous with success for the working woman. Many individuals, groups and even some organizations dedicate energy, attention and resources to helping women do exactly that. But what happens when these women finally do break through the glass ceiling? What comes next?

Anyone who has ever had the surprise of dropping a glass cup or bowl knows that shattering the glass is only the beginning. React too quickly or carelessly and someone ends up with a cut or, worse, in the E.R. for stitches. Yet we aren’t reacting with the same care and caution for women who shatter the glass ceiling only to be left bearing the weight of the damage.

We expect the struggle to be over when a woman breaks through a glass ceiling but even when it looks positive on the outside, the fallout from breaking through continues to perpetuate harm. Even when women reach the proverbial top, many aren’t psychologically safe, which can lead to more damage and harm.

We see this as evidenced by an increased lack of inclusion and belonging often coming from both the team they have left and the new team they’ve just entered. Health and wellness suffer. Feelings of isolation and loneliness increase while the pressure to perform increases. Despite their achievement, they are still expected to work twice as hard to keep their new status and prove they deserve that status to the people who aren’t used to seeing a woman at the top.

The implications of leaving this reality unchecked are too high—it’s time to expand our care for women in the workplace to include those at the top of their teams, departments and organizations.

1. Acknowledge the harm.

Most women who shatter the glass ceiling have had an arduous journey. Acknowledging what they likely went through due to systemic injustices is a great way to show “I hear you and I see you.” This helps build the trust required to provide additional care for the aftermath of their journey.

2. Provide a mentor.

The journey does not stop once a woman gets into their first leadership role or rises in the ranks. It will be important that women are intentionally matched with those who can support and sponsor them as they heal and settle into their new roles.

3. Amplify women’s voices.

It’s critical that when a woman enters a new team, their voice is welcomed and valued. One great way to welcome any new team member is to prompt them for their feedback and opinions in meetings first. This will allow them to genuinely share their perspectives without feeling they must agree with others.

4. Applaud women publicly.

As important as amplifying a woman’s voice is celebrating their voice. When a woman comes up with an innovative solution to a long-standing problem or gives an amazing presentation, give credit where it’s due. Often women’s accomplishments are not uplifted or celebrated. Worse, their credit may be taken by someone who is more vocal. Applauding women is not limited to when they are in the room; coworkers should be as willing to provide credit when they are not around.

5. Check in.

This may be the simplest yet most important of the actions. Once a woman “makes it,” it’s often assumed that she will no longer face the problems that other women face early in their careers. Unfortunately, it can be just as hard at the top, and support from a supervisor will be an essential part of feeling a sense of inclusion and belonging. This support can look like scheduling quarterly career conversations outside of performance reviews, scheduling a lunch with the sole goal of getting to know the woman better and asking about how the employee would like to receive feedback and respecting that preference when possible.

6. Advocate for equitable resources.

Individual efforts like the above are great and they help, but we also need to advocate for company policies that support women after they shatter a glass ceiling. These policies include complementary safety measures that not only encourage women to grow and advance in the workplace but also guarantee continued protection and care as they move along their career path. Measures like mental health and pregnancy support for women pre and post promotion can help ensure that women and those in underrepresented groups safely reach their leadership destinations whether they’re working toward a C-Suite or the White House.

The harm many women experience after shattering the glass ceiling is not something we can ignore. Progress has not kept pace with changing demographics, and we are still seeing too many instances of women being in a role for the first time, especially those in underrepresented groups.

Women need our help now. It is not enough to fix this problem for future generations or plan to have a solution in the next 30 years. Whether you are in a leadership role or not, we all have a responsibility to ensure that women are celebrated, not just tolerated, and given equal opportunity to learn, grow and thrive. It’s not enough for a woman to be invited to a room to sit at the table; their voice needs to be heard and valued even after they shatter the glass ceiling.

By: Antoinetta Mosley is the CEO and Principal Leader at I Follow the Leader LLC, a strategic consulting firm specializing in diversity, equity, and inclusion (DEI) strategy, initiatives, and education. As a Certified Diversity Professional (CDP), Antoinetta has worked on a range of projects for organizations of all sizes, including small to global nonprofits as well as Fortune 500 companies and travels the country as a sought-after speaker on DEI, courageous conversations, and belonging in the workplace. She teaches DEI for Arlan Hamilton’s Arlan’s Academy, has been featured in The New York Times.

The opinions and views of guest contributions are not necessarily those of theglasshammer.com

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“Knock Again When a Door is Shut” – and Other Lessons We Learned From 10,000 Women Graduates

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10000 WomenIn the May edition of the Glass Hammer, participants in Goldman Sachs’ second annual 10,000 Women Growth Fellowship reflect on their entrepreneurial journeys, and Asahi Pompey, global head of Corporate Engagement, shares why supporting women entrepreneurs is of the utmost importance to the firm.

In addition, Goldman Sachs women vice presidents and associates selected to be 10,000 Women champions – serving as mentors to the Growth Fellows – discuss why they wanted to become involved in the program. 

Learn more about Goldman Sachs 10,000 Women program, a global initiative that fosters economic growth by providing women entrepreneurs around the world with a business and management education, mentoring and networking, and access to capital.

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10,000 Women Growth Fellows – entrepreneurs who previously participated in the 10,000 Women program and who were selected to participate in a series of training, networking and coaching sessions with senior leaders across Goldman Sachs – shared their experiences building businesses from the ground up and challenges they’ve overcome:

Amanda Obidike, founder of STEMi Makers Africa from Nigeria: “I come from a community where women are afraid to dream, they are afraid to excel. From this background, it has been a challenge – sometimes you don’t get the same types of partnerships, or opportunities because people ask, ‘how are you, as a woman, managing this organization?’ Amidst these hurdles, I’ve learned resilience, I’ve always learned to knock again when a door is shut.”

Raquel Molina, founder of Futuriste Tecnologia from Brazil: “I have always done things that were considered ‘for boys.’ When I began in the drone field and started Futuriste Tecnologia, people were surprised to receive information about drones from a woman. In situations where we are questioned about our expertise, we need to keep calm, share our knowledge and show that we are experts. Slowly but surely, people are beginning to understand the importance of women in the workplace.”

“When we provide tools to women entrepreneurs, we’re not only helping to elevate their business, we’re also elevating their communities,” said Asahi Pompey, global head of Corporate Engagement. “Goldman Sachs is proud to have supported more than 10,000 women throughout the world – and countless communities – since the program’s inception in 2008.”

Goldman Sachs women serving as 10,000 Women champions, a role in which they serve as mentors supporting the entrepreneurs throughout their fellowship, shared why they were driven to participate in the program:

  • Wendy Emali, Risk Division, Dallas: “I grew up in Kenya, where many of these 10,000 Women graduates are from. I empathize with their stories, many of them who have very difficult pasts but very bright futures. When a woman thrives, her community thrives, her family thrives, the economy thrives. All it takes is to give them support.”
  • Rebecca Simon, Investment Banking Division, New York: “When you’re in the very early days of building a business, you have to wear a lot of different hats. The best part of that is how much you learn. You learn all of the factual things that may be required of your business or your industry, but you also learn invaluable skills, such as rallying people around your vision and staying grounded when things feel bigger than you can manage. These are all things our Growth Fellows excel at and are things we can learn from them.”
  • Georgia Weeks, Global Markets Division, Sydney: “I thoroughly enjoy building relationships with other commercially-minded women and sharing my experience and insights. Not only is it important to me for women to be financially independent, but to really pursue something that you love. Not so long ago, I became a single mother when my son was only a couple months old. I cannot tell you how lucky I was, to be in a position where I could not only stand on my own two feet, I could support the two of us, but I could get out of bed and do something that I love.”
  • Lara Tijani, Internal Audit Division, London: “Growing up in Lagos, Nigeria, entrepreneurship is a way of life. But like many other countries in the world, women are underrepresented and disproportionately impacted, with limited access to funding and gender bias. Programs such as 10,000 Women can help change this.”

Learn more about the Goldman Sachs 10,000 Women program.

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Does Inga Beale’s Promotion to CEO of Lloyds Mean the Insurance Business is Ready for More Women?

Young woman gesturing positive business perspective.By Irene Solaz

Now that, the UK’s most historical player in the insurance business, Lloyd’s of London, chose Inga Beale as a replacement for long-time chief executive Richard Ward can we expect to see other big insurance firms to follow suit with a female CEO?

Beale’s credentials are definitely solid, with 30 years of experience in the insurance industry, making her a great choice as the first female CEO of Lloyd’s, a company with 325 years of experience.

Insurance is a particularly interesting segment to examine, as even within financial services, it is perceived as being most flooded with straight, white guys. This perception was solidified thanks to a live poll conducted during the June 2013 Insurance Industry Charitable Foundation (IICF) Global Women in Insurance Conference. Ninety-eight percent of male and female respondents said that gender inequality still exists in the insurance industry and nearly half said the lack of C-Suite recognition and sponsorship is the top issue that must be confronted to elevate this statistic. More than 30 percent said their company does nothing to source more female talent.

Have Things Really Changed?
A 2012 study by Saint Joseph’s University Academy of Risk Management and Insurance concluded that only 6 percent of top executive positions were held by women. However, these numbers do not entirely reflect the experiences of women in the insurance industry who have achieved success in their firms. This industry can be ideal for women. Insurance dominated the 2012 version of the National Association for Female Executives’ (NAFE) ranking of the Top 50 Companies for Executive Women.

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Women Leaders Are High-Achieving, Underrepresented and Underpaid, Reports Multi-Sector Study

iStock_000009318986XSmallBy Mai Browne

How are women leaders doing in academia, medicine and other sectors of the U.S. economy?

The University of Denver’s Colorado Women’s College (CWC) addressed this question in a new study that analyzes the representation of women in top positions across 14 sectors. Researchers found that, on average, women hold only 20 percent of senior roles, earn less than their male counterparts, and in many sectors, outperform them as well. The report also suggests actions organizations and individuals can take to increase representation of women in senior leadership.

Titled “Benchmarking Women’s Leadership in the United States,” the CWC study builds on a groundbreaking survey conducted in 2009 by The White House Project, the nonpartisan organization focused on advancing women’s leadership. When The White House Project closed down in 2012, CWC took on the task of updating the previous survey, which explored only 10 sectors. The new report shows that since the last study, the number of women in leadership positions, across sectors, has essentially remained flat, reflecting slight increases as well as decreases.

About the Study
The CWC report expands the scope of research –examining 14 sectors, and drawing comparisons between the prevalence of women leaders and the performance of their organizations or sectors. It also correlates female leadership with individual achievement, as measured by awards, grants received, return on investment and other accomplishments. The study gathers the latest data from each sector, and focuses on the top echelon of each industry, including the number of female senior leaders in the top 10 organizations and businesses.

“One of the most interesting findings from the data is that women, on average, comprise a higher percentage of senior leaders among Fortune 10 companies than among Fortune 500 companies,” said Tiffani Lennon, lead researcher of the study and chair of the Law and Society Department at CWC.

Lennon continued, “Other studies have found that women tend to lead smaller organizations and institutions, suggesting that women lack presence in the largest, most influential organizations in the U.S. Our study did not find this to be the truth in nearly all 14 sectors. There was a higher percentage of female leaders in the top echelon, although significant disparity in compensation still existed between women and men.”

She also explained, “My team and I also examined industry-specific performance metrics, such as sales, revenue, size, and profitability. While there may exist several ways to measure performance, we found, by using industry standards, that women are outperforming men. To illustrate, 60% of the bestselling authors are women; 55% of female academicians earn national research awards and grants, and yet comprise only 28% of research professors. While I did not expect to find that women are outperforming men, for a variety of reasons it makes a good deal of sense. For women to be considered for top positions it is not enough for them to perform as well as their male counterparts; women must perform better.”

The study found this trend to be particularly striking in the hedge fund industry, where women in senior management have been performing at much higher proportional rates than men: From 2000 – 2009, hedge funds predominantly managed by women produced an average return of 9.06 percent, compared to the broader composite of hedge funds, which produced an average return rate of 5.82 percent. That being said, in 2011, women managed a mere 3.3 percent of the 9,000 hedge funds in the United States.

Key Numbers from the Study:
Higher Education. Women earned more than 56 percent of the field’s most prestigious awards in 2012. In spite of this record, women, on average, hold only 29 percent of tenure-track positions at doctoral institutions.
K-12 Education. Women hold 75 percent of teaching positions but only 30 percent of educational leadership roles. More women teach math and science; more men teach physical education and social studies. Women superintendents earn just 81 percent of what men earn in that job.

Publishing. In 2012, women produced 63 percent of bestselling books, yet they earned about 40 percent of industry earnings

Politics and government. Less than one-third of federal judges are women. Women hold 18 percent of seats in the 2013 Congress. But they’re more productive than the men, cosponsoring about 26 more bills per Congressional session and bringing about 9 percent more federal spending to their districts.

Business and Finance. One of the greatest discrepancies occurred in the hedge fund industry. As we noted earlier, from 2000-2009, hedge funds managed by women consistently outperformed the industry as a whole. Yet today, women manage only about 3 percent of the nation’s 9,000 hedge funds.

Fortune 500 Companies: In 2013, women held 51 percent of jobs, 51 percent of professional and managerial positions but only 15 percent of executive positions in Fortune 500 companies and 13 percent of the seats on Fortune 500 boards of directors.

Law. In 2012, women comprised 47 percent of law school graduates, 15 percent of law firm equity partners and 5 percent of managing partners. Women represented 60 percent of law school assistants and associate deans, but only 26 percent of deans.

Medicine. The number of women physicians has doubled in the last 20 years. At not-for-profit hospitals with the highest gross revenues, women CEOs earned 57 percent as much as male CEOs. Among winners of a highly competitive research grant, women earned $360,000 less than men over a 30-year career.

Technology. Of the top 10 technology companies in the U.S., three had female CEOs in 2012. These 10 companies had an average of 16.6 percent of executive positions held by women.

Entrepreneurship. Women owned 40 percent of all privately held U.S. companies in 2008. Women were 20 percent of the top entrepreneurs in 2011 but received only 11 percent of venture funding.

What Can Organizations and Individuals Do to Increase Women in Senior Leadership?

To increase female representation in leadership across all sectors, the study urges organizations to exercise “far greater objectivity” in hiring procedures, promotion practices, and merit increases.

The CWC report also calls for men to partner with women to achieve greater gender parity at the top, arguing that everyone benefits from this mission. In the introduction, Lynn Gangone, Dean of Colorado Women’s College, writes: “Addressing the complex challenges of the 21st century requires diversity of thought, experience and perspective. And yet, as my students often remind me: how can our nation meet those challenges when 80% of our organizational leaders are men? The time has come for women and men to share leadership for the sake of our families, our organizations and our nation.”

The Glass Hammer agrees that a more equal allocation of power may be a good start!

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Women on the Verge: Three Practical Tips for Getting Ahead on Wall Street

iStock_000010363335XSmallBy Jordannah Elizabeth

We’ve all heard that women make up 54 percent of the workforce, but only 16 percent of senior management jobs. So, how do you move from a middle level position to leading the strategy and direction of the firm?

If you’re a woman on the verge of making a big move, or mulling it over, consider these practical tips for making a splash:

1. Harness the Power of Online Networking
It’s clear that any woman who is going after a high-powered position in any industry will need to have a strong resume and portfolio. While many focus on painstakingly compiling their credentials, career background, and accomplishments, spending weeks on application materials and making everything look as perfect as can be on paper, they’re forgetting one important thing: digital trumps paper.

Having a strong Linkedin profile and digital resume is of the utmost importance. More and more we’re hearing about crucial connections being made online and women landing their dream jobs as a result of creating a stellar LinkedIn profile. If you haven’t harnessed the power of online networking, you’re behind the curve.

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The 2013 Catalyst Census: Progress in the Fortune 500 Remains Flat

iStock_000006262297XSmallBy Tina Vasquez, Editor

Catalyst has been tracking women’s representation at the highest levels of corporate America since the 1990’s and according to Rachel Soares, the organization’s Director of Research, 20 years of data indicates that historically, things are moving in the right direction, but we are currently at a standstill.

The 2013 Catalyst Census: Fortune 500 Women Board Directors and the 2013 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners released December 10, indicate a troubling trend: no movement. Catalyst reports there has been little to no increase for women on boards in corporate America. In 2012, women held only 16.6 percent of board seats. In 2013, it was 16.9. In both 2012 and 2013, less than one-fifth of companies had 25 percent or more women directors, while one-tenth had no women serving on their boards. Even more dispiriting, less than one-quarter of companies had three or more women directors serving together in both 2012 and 2013.

There was also no change for women in top leadership. According to Catalyst’s findings, the needle barely budged for women aspiring to top business leadership in corporate America. Last year, women held 14.3 percent of executive officer positions. In 2013, women held 14.6 percent.
There was also no gain year over year, as women held only 8.1 percent of Executive Officer top earner slots. In both 2012 and 2013, one-fifth of companies had 25 percent or more women Executive Officers, yet more than one-quarter had no women Executive Officers.

Catalyst’s President & CEO, Ilene H. Lang, expressed her disappointment with the findings.

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Want More Women at the Top? It’s Time to Fix the Leaky Talent Pipeline

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iStock_000017642294XSmallBy Michelle Hendelman, Editor-in-Chief

Previous research has identified that women do not get as many career-changing jobs as their male colleagues. This imbalance is one of the main reasons why the talent pipeline in many organizations is not as diverse as it should be. The question persists in the gender equality arena: why aren’t there more women in leadership positions? Yet, there is evidence that managers and key decision makers are not giving equal access to women when it comes to opportunities that can positively impact a career trajectory.

This begs the question: is the talent pipeline being managed properly with respect to gender diversity initiatives and leadership development strategies in a firm? Catalyst reports that between 2009 and 2012, the percentage of Fortune 500 female executive officers has remained at a near standstill, increasing slightly from 13.5 percent in 2009 to 14.3% in 2012. What factors are contributing to the stagnancy of women’s career advancement in traditionally male-dominated industries such as finance, technology, and professional services?

In order to get to the bottom of why talented women are not being ushered through the talent pipeline at the same rate as their male colleagues, let’s take a look at some key factors creating roadblocks in corporate gender diversity at the most senior levels of management.

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Crunching Numbers to Smash the Glass Ceiling

By Melissa J. Anderson (New York City)

A focus on the numbers may be what’s missing from efforts to advance women at corporations, say McKinsey’s Joanna Barsh, Director, New York Office; Sandrine Devillard, Director, Paris Office; and Jin Wang, Principal, Shanghai. Specifically, they should get into the really granular data on gender at every critical career turning-point stage.

In the most recent issue of the McKinsey Quarterly, the three researchers suggest that companies could get more traction out of their women’s initiatives by digging into the data – the same way a competitive company would approach any challenge of strategic importance.

And women leaders are strategically important. Consider, for example, the Credit Suisse study showing that companies with one or more woman on the boardroom performed better than those without women. Or the Catalyst research pointing out that companies with more women board directors meant higher financial performance in terms of return on equity, return on sales, and return on invested capital. Or the Thomson Reuters study that showed increasing the percentage of women in management led to bigger gains during volatile market conditions.

Considering the information that’s out there, companies should be treating gender diversity and the advancement of women as an issue of competitive importance.

“If greater representation of women in the talent pipeline promises a competitive advantage, successful leaders will work hard to include them. If greater female representation better serves the company’s customers, those leaders will make that happen,” say Barsh, Devillard, and Wang. Here, according to McKinsey, are a few ways to help women break through the glass ceiling by crunching the numbers.

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So Now There are Four Glass Ceilings?

iStock_000001256887XSmallBy Melissa J. Anderson (New York City)

If you’ve been following any women’s career blogs lately, you’ll have read that the glass ceiling is dead, according to a new study by Ernst & Young.

Well, not quite.

In fact, according to the professional services firm’s survey of 1,000 women in the UK, the concept of the glass ceiling we’ve come to know has merely been replaced. With what? Well, with many glass ceilings.

Lately, there’s been an increasing focus on gender diversity in the workplace, explained Liz Bingham, Managing Partner, People and Talent, UK and Ireland at Ernst & Young. “But the notion that there is a single glass-ceiling for women, as a working concept for today’s modern career, is dead. Professional women have told us they face multiple barriers on their rise to the top.”

Not exactly the news we were waiting for. But, by identifying the many different challenges standing in women’s career progression, we can more accurately find ways to break through them.

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Voice of Experience: Sony Rusteberg, Senior Executive, Global Outsourcing and Local Delivery, Accenture

Sony Rusteberg - AccentureBy Melissa J. Anderson (New York City)

“Women have the ability to demonstrate strength and the confidence to grow,” said Sony Rusteberg, Senior Executive, Global Outsourcing and Local Delivery at Accenture.

Rusteberg began her career at Accenture seventeen years ago, and has steadily climbed the ranks. She has dealt with personal hardships and joys, and credits the company for its support as she battled ovarian cancer, had children, and made partner in a short period of time.

“To be confident you have to believe in yourself,” she advised.

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