Find Yourself Negotiating with Your Significant Other as well as at Work?

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Guest contributed by Simon Letchford

negotiating

Image via Shutterstock

They say that opposites attract – but when it comes to negotiating, matching the other party’s style might be the key to a successful deal.

According to a study published in the Journal of Applied Psychology, negotiations go faster,  are more congenial and have better outcomes when both negotiators have matching personality traits.

Given that it could be said that most relationships work better when personalities do not clash, that shouldn’t be surprising. Sadly, in the real world you rarely get to choose the individuals you need to negotiate with. There are, however, things you can focus on to improve your chances of a successful deal. While we don’t guarantee you’ll find your next soulmate in love, you are more likely to get a better deal in less time in other parts of your life.

Buyers are from Venus, Sellers are from Mars

Have you ever had to negotiate a deal with someone and felt like they were from a different planet?

We teach the art of negotiation to thousands of professionals each year, and they often express frustration with the way the other side talks and behaves…

Salesperson’s inner voice – “Why does this buyer keep asking for more and more detail? Why can’t he just make a decision so we can get to the fun stuff?”

Procurement: “I don’t care about your golf game, where’s my cost breakdown? And stop asking me about my personal life!”

Extroverts (most salespeople) tend to be socially open, future-oriented, and relationship-based. They prefer to communicate top-down, and are easily bored with details. The people they negotiate with the most, procurement folks, tend to be the exact opposite – analytical, more socially closed, interested in the here-and-now, and detail-oriented – making communication and negotiation frustrating to both parties.

So, step one is to recognize that we’re not all programmed to communicate the same way. You might even say we’re not all from the same planet.

Visit their planet to do the deal

Good negotiators are aware of their own communication style, as well as their opposition’s style, and they adapt their own style to the other party’s rather than relying on the other side to adapt to theirs.

Identify what planet the other side is on. Look for the cues that will indicate how they are “programmed”.

People-driven negotiators tend to be comfortable talking about their personal lives. Their offices are more likely to have lots of photos of friends and family, certificates, and even photos of famous people they’ve met. Your proposals to these types should be packaged and presented to accentuate image, vision, uniqueness and personal recognition.

Data-driven analytical types can find these people-driven topics tedious, or even inappropriate. Their offices will tend to have one or two family photos. Your negotiation proposals to these types should highlight data, profit and loss, information and ways to address business risks – keeping the personal discussions to a polite minimum.

Dominant personality styles tend to make statements rather than ask questions. They are comfortable challenging you, and tend to be more decisive. Proposals to these negotiators should be concise, and focused on the bottom line and results.

Passive styles tend to be more thoughtful and hesitating. They will ask more questions, express their opinions less often, and focus on risk. Proposals should be based on addressing risks, be factual and be supported by data, not opinions. You’ll need more negotiating patience here, as pushing for a quick decision can come across as intimidating.

Dress for the role you want

It’s not easy to adapt your style to another person’s; it takes skill and practice. If you personally have trouble connecting with the other side’s lead negotiator, (and let’s face it, sometimes two people just do not get on), think about introducing a second person on your team who has a similar style to them. As long as your team-member is aligned to your goals and strategy, they can sometimes help translate between you and your intermediary and help move the process forward.

In other words, if you’re having trouble translating from Venetian to Martian, consider bringing a Martian with you to the table.

Final two caveats

Firstly, I’m not suggesting you try to change who you are or your values or objectives. No personality type is better than the other – we just process information differently, so think carefully about how you communicate your issues to the other side.

Secondly, don’t confuse the substance of the deal (the pricing, terms, contract length and risk) with the tone and communication style deployed during the negotiation. Tone and style are only one factor in the art of negotiation – the skills of knowing your goals and limits, listening, asking good questions, making credible proposals and knowing how to respond to a “no” are also critical, and a topic for another day.

Simon Letchford is Managing Director of Scotwork’s North American business. Scotwork is a global negotiation consultancy that advises clients on negotiation strategy, and trains over 12,000 managers and executives each year in negotiation skills.

Disclaimer: Views and opinions of Guest contributors are not necessarily those of theglasshammer.com

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How to Be the Best Ally You Can be to an LGBT Co-worker or Colleague

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By Nicki Gilmour, Executive Coach and Organizational PyschologistNicki Gilmour

You are probably fairly evolved when it comes to treating others like you would like to be treated. You stick to this golden rule and that is a good basic strategy as human civility and trust come from simple questions such as ‘Hey, how was your weekend?’

Letting the person respond to ‘the weekend’ question in an authentic way without raising an eyebrow or judging them according to your norms and yardstick is also a good start. Often a simple reply of ‘I went to the cinema with my girlfriend/wife/partner’ becomes an anxiety ridden moment for the gay gal or guy. If there is a sense of not being able to disclose this otherwise very normal and innocuous piece of info about their weekend, they may not trust you. This creates a difference that doesn’t need to be there.  People won’t share, they will change pronouns and generally omit details. Imagine not being able to talk casually about your everyday life? Not fun! Just think that if you are straight, you never run the risk of being accused of having a lifestyle for watching the same Hollywood movie hit as everyone else this past weekend.

The stakes can be high. I am not talking about the lack of legal protections in some states and parts of the world that can result in instant firing for being suspected of being gay (see last week’s column), I am talking about trust. If people do not trust you, you are not going to have the best shot at a high performing team as we have seen from numerous workplace research regardless of LGBT status.

What can you do to ensure you are being inclusive?

– When a new woman joins, do not ask her about her husband, instead use inclusive language like spouse/significant other.
– Show inclusive behavior like mentoring an LGBT team member or being reverse mentored by them.
– Take time to get to know people individually. Just because you know one gay person does not mean you know what all gay people are like.
– Do not say ‘Oh, I have a gay friend’ out of context. Can you imagine if every guy you met made a point of telling you that they had one platonic female friend as an isolated sentence?
– Do tell an anecdotal story about a time that you and your gay friend did something together in context if you want to make the other person aware that you do have exposure to an LGBT person in your life
– Making other people comfortable is a lovely trait no matter who you are and who they are.

If you really want to do more, ask them what they think you can do and open up dialogue. Know that like anything they do not represent all gay people everywhere but rather just one human who like everyone else is getting through life with hopes, dreams, concerns and chores as much as anyone else.

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LGBTQ Rights: Why Companies are Leading the Charge

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 By Aimee Hansen

LGBTQ

image via Shutterstock

With civil liberties at risk, companies have become the unexpected heavy-hitting champions of LGBTQ rights.

During Pride Month, theglasshammer often focuses on advocating for equality within corporations, but companies are increasingly playing a powerful role in driving equality within broader society.

Companies are proving to be the most powerful adopters of LGBTQ rights, while defending those rights on a state and federal level.

This sets up an odd paradox when it comes to protecting the rights of LGBTQ workers: government leans out while companies lean in.

Government setbacks to LGBTQ protections

Denying LGBTQ rights remains as emotive fodder on the political table, when it comes to appealing to voters and appeasing constituents on the religious right.

While most voters overwhelmingly support a federal LGBT-non discrimination bill (protecting gender identity and sexual orientation), no federal law protects LGBTQ workers against discrimination. It’s legal in 28 states to fire an employee for being gay.

Summing up Trump’s first 100 days, NBC recently wrote, “when it comes to LGBTQ discourse, his impact has been as loud as an air raid siren.” Gender identity and sexual orientation references have been erased from White House and State Department websites, a national survey and the 2020 U.S. Census.

In late March, as Rolling Stone put it, “Trump Quietly Went After LGBT Workers” by revoking the Obama-era Fair Pay and Safe Workplaces executive order, which required those companies doing business with the federal government to prove their compliance with federal laws and executive orders (such as the complementary order on LGBT protections, also signed in by Obama).

The repeal by the Trump administration displaced the burden of adherence from companies to LGBTQ people, creating a loophole around protections and conveying the message that the Trump government is indifferent to them.

A draft “license to discriminate” Trump executive order was leaked that induced fear across the community. The order would have effectively endorsed broad discrimination against the LGBTQ community on everything ranging from social services to healthcare to education to jobs, based upon religious reasons – likely violating the First Amendment.

While the White House denied the leaked order and backed away from the overt discrimination, Trump’s “Religious Liberty” order increased the latitude with which religious organizations can publicly favor or oppose candidates while remaining tax-exempt (a unilateral undermining of the Johnson Amendment), directed government to “to vigorously enforce Federal law’s robust protections for religious freedom,” and directed federal agencies to consider exempting some religious groups from providing birth control to employees and staff.

The light in this legislative tunnel is that a federal appeals court in Chicago ruled that companies cannot discriminate against LGBT employees, one interpretation of the 1964 Civil Rights Act that may make its way to the Supreme Court.

Corporate surge in protecting LGBTQ rights

As legislative protection rolls backwards, the Corporate Equality Index 2017 report (CEI) released by the Human Rights Campaign Foundation (HRC) indicates that a record number of top U.S. businesses are leaping forward in protecting LGBTQ rights and providing benefits.

517 businesses earned the CEI’s top score of 100, a 25% jump within a single year and “the largest jump in the 15-year history of the nation’s premiere benchmarking tool for LGBT workplace equality.”

HRC notes that companies with non-discrimination protections for gender identity has increased from 3% (in 2002) among the Fortune 500 companies to 82% (including Walmart), showing commitment to protecting transgender workers.

This year, the report also expanded benchmarks to include global policies, and now 92% of CEI-rated companies “include both sexual orientation and gender identity non-discrimination protections that apply to workers domestically and internationally.”

As written in Quartz, “Businesses are becoming increasingly invested in LGBT rights and diversifying their workforce because, as Out Leadership’s managing director Stephanie Sandberg says, ‘their competitive edge depends on it.’”

Business sustainability is interlinked with employee equality. “Big business was way out ahead of government when it came to creating domestic partner benefits for their teams—and they remain way out in front when it comes to non-discrimination policies,” noted Todd Sears, founder of Out Leadership.

Corporate activism against anti-equality legislation = good business

Multinational companies are not only poised, but increasingly called upon, to lead the LGBT equality revolution, arguably because it benefits them to do so.

HRC notes that U.S. companies are increasingly playing a leading activist role in “opposing anti-equality legislation” at the state and federal levels. Last year, 68 companies joined HRC to oppose North Carolina’s HB2 “bathroom bill” while over 200 businesses signed an open letter to repeal the law.

“Corporate America has risen to the top in terms of being a high-impact influencer” on LGBT rights, said Deena Fidas, Director of HRC’s Workplace Equality Program. “We have corporations going on the record at the federal level, at the judicial level and certainly at the state level speaking out against what we would call anti-LGBT bills.”

As Sears told Quartz,

“Big businesses are positioned to drive equality because, again, a state-based patchwork of laws that impact their ability to attract, retain, and support all of their employees is ultimately bad for business.”

“Laws that prevent LGBT equality across many state and country borders impose a significant burden on these companies and harm their ability to attract and retain the best employees,” echoed Selisse Berry, CEO and founder of Out & Equal Workplace Advocates, and Ken Janssens in Newsweek. “That’s why multinational firms must speak out for equal rights wherever they do business.”

 “Don’t just do no harm. Do good.” 

 At the International Business and Human Rights Conference in April, Netherlands Minister for Foreign Trade and Development Cooperation, Lilianne Ploumen, noted international companies taking up the mantle of corporate human rights defenders, and urged more to do so.

At the base level, protecting human rights must be paramount within a company’s own supply chain. Ploumen stated, “We need to be very clear on this: sustainable development without respect for human rights is an illusion. We cannot call economic growth ‘sustainable development’ if people’s rights are being trampled to make it possible.”

“Going beyond human rights in your own value chain is the next frontier in business and human rights,” she added, citing the examples of corporate advocacy in North Carolina and Georgia as ready evidence of the need even in ‘developed’ countries. “Companies that are not just concerned with their own value chains, but are willing to advocate for human rights more broadly. Both because they believe it’s the right thing to do and because they know their customers expect no less of them.”

Ploumen pointed out that multinational companies hold unique and powerful leverage when it comes to advocating civil rights because states and countries want their business, echoing a Davos 2016 discussion. Companies must impress, she said, that “legal certainty for companies and human rights for citizens go hand in hand.”

Ploumen urged business leaders,

“You too can join the ranks of the corporate human rights defenders. Because you know that, in the end, respecting human rights pays off. I know that’s what you want. And you know it’s what your customers and shareholders want – even if some of them don’t know it yet. So don’t just do no harm. Do good.”

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Creating Inclusive Cultures – The Risk of Doing Nothing

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 Guest contributed by Charlotte Sweeney

Image via Shutterstock

Many industries are increasingly realising that building better workplaces for all has a positive impact on productivity, employee engagement and the bottom line.  In their recent research, Deloitte identified an 80% improvement in business performance when levels of diversity and inclusion were high within a company. Also the highest performing teams are the most diverse – not more women than men, just a good mix, as this graph showing stages of team development, in the long term, a diverse and well-managed team is the most productive.

However, companies are struggling to make ‘better workplaces for everyone’ a reality.  The great opportunity is that we all have an important part to play in creating a better workplace for everyone.  Ensuring our colleague’s voices are heard and valued not only helps to attract and retain the best people, but also helps us deliver better solutions for our clients and identify risks and opportunities that we might not otherwise see.

What part can each of us play?

In our recent book ‘Inclusive Leadership – the definitive guide to developing and executing an impactful diversity and inclusion strategy – locally and globally’ we look at how to engage everyone in creating the culture change many companies aspire to.

Take a moment to consider the following questions:

  • Who do I spend most time with?

If you think about an average workday or week – whom are you spending most of your time with?  Human nature is such that we feel most comfortable with people who are like us and have similar backgrounds.  Are you spending your time with people who make you feel comfortable or with people who challenge your thinking?

  • Who do I go to for advice?

Who are the three of four people you go to for advice and support on business issues?  Are they from similar backgrounds or do they have different perspectives to you?  What are the risks of gaining advice from similar sources time after time?

  • Who is in my wider decision making team?

Again, is there diverse experience and thinking across your team or do you all think in a similar way?  Are you missing opportunities both for yourself and clients through accessing potentially narrow thinking?  How could diverse views and inputs influence your final decisions?

By narrowing our view points and limiting the types of people around us whom we spend time with, ask for advice and make decisions with we are, by default, creating cultures that seem exclusive to others.

Creating more diverse and inclusive workplaces isn’t an end in itself, it’s a means to enabling companies to attract and retain the best talent, to benefit from increased productivity and to tap into new markets and client opportunities.

My challenge to you is this – how are you going to diversify the people you spend time with and what part are you going to play in building a better workplace for all?

How many times have you heard someone question ‘Why do we need to change? We have been pretty successful with what we have always done?’ All cases for change within businesses are different. However, by considering each of the following elements you are building the foundation for your case for change.

  • What has worked in the past? – Ask your colleagues what they think has been effective in the past. Source that case for change and identify what was important for the organization. How was it structured and what were the key drivers for change? Was it client service? Employee engagement? Legislative changes or something else?
  • The moral, the legal or the business case for change? – All three should be covered:

o The moral case – simply put, this is the right thing to do!

o The legal case – The current requirements from a legal perspective as well as case law and other regulations that will potentially have an impact in the future.

o The business case – What positive impact will this have on the business ultimately for the bottom line linking back to employee engagement, brand reputation, shareholder confidence and client/customer loyalty. How can it support and enable the delivery of the existing business strategy?

About the Author

Charlotte’s first book written with co-author Fleur Bothwick OBE, ‘Inclusive Leadership – The Definitive Guide to Developing and Executing an Impactful Diversity and Inclusion Strategy – Locally and Globally’, published by The Financial Times. www.charlottesweeney.comwww.creatinginclusivecultures.com

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Why Do Legal Level Playing Fields Matter For Your Career Progress?

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By Nicki Gilmour, Executive Coach and Organizational Pyschologist Nicki Gilmour

“All men are created equal” is written without understanding that at the time it was penned women had no rights and people of color were slaves, so it really did mean men not people. (Disclaimer, I am not an expert so I mention it only to tell you why it matters to you now, at work, in your cube trying to make a living.)

The ERA (Equal Rights Amendment) was never ratified in the USA (there is still time and you can help with that) and the USA is the only country that won’t ratify the CEDAW agreement internationally (joining a couple of small islands only). What does that mean? Watch the great and slightly harrowing documentary Equal Means Equal to see how culturally this forgotten work on this inequality can play out from the wage gap to the mommy track to much more sinister criminal issues. It is 100% legal for companies to pay you less. Loop holes are everywhere it seems. You might be shocked to learn more about this topic that most of us thought was an issue that had been resolved by generations that went before us.

The law is very mixed when it comes to protecting Lesbians and Gays (and Bi and Trans) people at work. The person beside you could be literally fired in 50% of the States due to being suspected as gay (see ENDA). Did you know that?

Psychological safety in a human can be greatly reduced without equal protections and actual consequences can be real for all aspects of an LGBT person’s life, and increasingly so under certain legislation such as the religious liberties act. On paper, it is a good thing for people in America to be able to honor their belief set but in reality it sets up a paradigm of blanket at worst and pick and choose bigotry at best.  One fellow was refused burial by an undertaker, the federal law  because corporations have the rights of people in America, entire companies could make actual decisions that can refuse to serve people that they perceive as gay from life to death and all the pizzas you might want to eat in the middle. Some states are better than others at providing anti-discrimination protections but overall the picture is dire with only 19 states protecting their LGBT citizens against “corporation as people” potential bigotry. Many people do not realize is still very much in a fragile state.

So, what to do? I certainly cannot tell you who to vote for but I would ask you to understand what you are voting for when you cast your vote at local or presidential level. At work, if you are a woman who wants a level playing field (and some clearly do not consciously or unconsciously) then work for a good company who actively offsets uneven playing fields in a protected state. There are some very progressive companies out there who do their best to level the playing field and arguably with the state of affairs regarding any level playing field federally stalled at best or regressing at worst, great corporations, to their credit, are honoring the progress track.

Pick a winner but check out on issues like pay, promotions and benefits and where senior management show up or do not show up. It is a digital world and due diligence will only take you a moment.

 

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Mentee to Mentor: Enhancing your Career through Diverse Perspectives

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Guest contributed by Financial Women of San Francisco Board Member Shelby Duncan

A few years ago , I discovered the Financial Women of San Francisco (FWSF), a community of women who work in financial services and are dedicated to advancing the careers of women.

After learning about the organization and the importance of their mission, I applied for a scholarship and was fortunate enough to become a recipient. Not only did I receive financial support, but I was given the opportunity to work with a mentor. I had been fortunate enough to have informal mentors throughout my college career, but was extremely fortunate to be given three women from FWSF, all in varying stages in their careers, lives, and outlooks, to support me as formal mentors as I stepped into the corporate world for the first time. The wealth of knowledge and combined experience that they were able to share taught me an insightful and valuable lesson – the greater my mentorship network, the more I could learn and subsequently contribute to my community.

Image via Shutterstock

Image via Shutterstock

I applied this knowledge as I began my career – identifying mentors, creating partnerships across my organization, and directly expanding my network by asking for further referrals. I built mentoring relationships with C-Suite men with 30 years of corporate experience, senior women of color seeking to innovate within financial services, and hard-working software developers beginning their careers in the United States having transitioned from careers in India. In building these relationships across a diverse community of people I have been able to see life through many lenses and have benefited from others’ knowledge, intelligence, innovative thinking, and in some cases, their mistakes. The diversity of their perspectives has allowed me the freedom to be more creative and identify solutions to complex problems. The balance in the advice I have received has made me confident that I am being steered in the right direction by the leaders in my life.

For several years now, I have continued to foster my relationships and identify new mentors. As I have progressed in my career, I have had the opportunity to be a mentor myself and have enjoyed helping mentees as they strive to create and meet new career goals.

Here are my steadfast tips and tricks for being a successful mentee:

1. Give back to your mentor – Ask yourself, “What can I do for my mentor?” Mentors set aside time, share contacts and other resources in support of your growth. It’s imperative to identify opportunities to give back and support your mentor. This can come in the form of supporting an organization they are part of, for example volunteering time; supporting them at a speaking engagement by sharing the event with your network and introducing them to people you know; or introducing them to one of your other mentors.

Oftentimes, mentees believe they don’t have much to offer their mentor based on their age or level of experience – but that is not the case! Time, energy, and a fresh perspective are important resources to share with your mentor.

2. Seek diverse mentorships – Leverage your network to identify diverse mentors. Look across industries, levels of experience, age, gender, and ethnicity to cultivate a well-balanced outlook.

3. Maintain the relationship – Building relationships is easy, but maintaining them requires thoughtfulness and time. Be sure to establish a plan with your mentor to determine how often they would like to meet, a location that is convenient for them, and always be willing to treat for coffee or lunch. Ask thoughtful questions about their work, and frame questions that ask for advice. Get to know them, as they are investing their time in getting to know you!

Mentorships are invaluable relationships that are imperative to growing, maintaining and propelling your career. I know that my successes are not solely my own, but a function of the leaders who support me. With that, I encourage you to reflect on the mentors in your life, identify opportunities to gain new mentors, and consider becoming a mentor yourself.

I recently read an amazing book called “We Should All Be Feminists” and here the Nigerian author Chimamanda Ngozi Adichie (LINK PLEASE TO BOOK) states,
“Today, we live in a vastly different world. The person more qualified to lead is not the physically stronger person. It is the more intelligent, the more knowledgeable, the more creative, more innovative. And there are no hormones for those attributes.”

We Should All Be Feminists, to me, is one of the most critically important works I have read. Written by an immensely insightful and accomplished author, Chimamanda Ngozi Adichie, deeply inspires me as her work is centered on the empowerment of women and their use of community as a tool to reach their objectives. She acknowledges that the collective is more powerful than the individual and that diversity – in gender, ethnicity, culture, and age – are some of societies’ greatest assets. I couldn’t agree more.

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Values – As a Leader Are You Living Them?

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By Nicki Gilmour, Executive Coach and Organizational Pyschologist

Nicki Gilmour

This past year all over the world, the geo-political landscape has been dramatic.

We have watched countries swing wildly, some with populism and conspiracy, creating new scenarios that would have been possibly unimaginable just 12 months ago, while other nations are choosing to elect leaders who refuse to regress on social and environmental issues.

What both of these versions have in common is that they demonstrate values-led leadership as we are seeing many leaders determined to take paths that line up into two narratives- go back to something they think we had before or go forward to what they think will be a new future.

Although I have my opinions and emotions like the next person, I am not expressing them here and not judging here, so, before I get emails telling me not to be political (code for what the Dixie Chicks experienced as ‘Shut up and sing”) I want to explain why we can look at this and understand our career paths and leadership style.

One of the things we look at in coaching is what are your values, how do you live them against your espoused goals in real life? Do your paradigms serve you? Do they truly meet your actual needs of where you want to go?

Can you take other people’s opinions and face a little conflict and work through it to filter what values they are espousing beyond the emotion of difference? And then how that truly sits against your values? Full circle then is, how do your actions sit against your values and are they really your values? Where did they come from? Why do they matter at this moment? What other values mean more to you in reality?

This isn’t just about looking at outdated negative views that a person might hold but also about examining the positive self perceptions that we do not actually live up to. If we say we want to lead, how is our audio matching our visual? If we say we support women, how many do we promote, hire or defer to as an expert?

If we say you are pro-equality then what actions do we take from the voting booth to the banker we use?

Closing the cognitive dissonance gap is not always the aim but understanding and recognizing what it all means to us is pretty key to moving forward in life and work.

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Refusing to Provide Salary History Information During Job Interviews

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By Ken Levine, Esq., Bailey Duquette P.C., New York, New York

 

job interview

 
 Potential employers routinely ask for an applicant’s current salary before making an offer.  The practice arguably perpetuates gender pay disparity, since an unfairly low salary at one company will then have an “anchoring effect” and lead to a lower salary at the next job, continuing the systemic bias.  Many women who also take time off from work to care for children re-enter the workforce at a lower salary, and similarly run the risk of being stuck at a lower salary rung at subsequent jobs.
 
Employers are already prohibited by federal and state laws from compensating men and women at different rates for the same work, and women can sue if they experience wage disparity in violation of those laws.  But reliance on salary history may still perpetuate the gender disparity, even if not done for overtly sexist reasons.   
 
In an effort to ensure pay equity for women, Massachusetts, Philadelphia and New York City have all recently passed laws to restrict salary history questions, and other states, including Illinois, New Jersey, Maine, California, and Vermont, are considering similar measures. The New York City law prohibits employers or their agents from inquiring about the salary history of an applicant, whether male or female, and restricts an employer’s ability to rely upon salary history in determining compensation during the hiring process, even if the employer finds the information through lawful publicly-available sources.  The New York City law allows an employer to discuss with an applicant his or her expected salary, salary range and benefits.  A prospective employer is also allowed to consider salary history if the applicant “voluntarily and without prompting” discloses the information.  The law does not apply to internal promotions. 
 
No state or city laws are currently in effect. Philadelphia‘s ordinance was scheduled to take effect on May 23, 2017, but a federal court stayed its effectiveness pending a legal challenge on first amendment grounds. The New York City legislation will take effect on October 31, 2017, and the Massachusetts law, passed last summer, will take effect on July 1, 2018, unless either of them faces similar legal challenges.  Several government agencies also prohibit inquiry into salary history for the same reasons.
 
The new laws can serve to embolden women to withhold their current salary information during contract negotiations.   Women (and men) can credibly argue that not relying on salary history requires employers to make clear, market-based decisions about pay.  Some head hunters in fact actively advise all clients not to reveal current salary for this very reason, even when pressured to do so.  The issue is especially relevant for women who have taken time off from work to care for children.  Citing to these new laws and policies, even if not currently legally binding on prospective employers, can serve as sound justification for withholding salary history information during employment negotiations. 
 
 
Ken Levine is a commercial litigator and general corporate adviser.

 

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Laid Off? Do Not Get Derailed

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By Nicki Gilmour Executive Coach and Organizational Psychologist

At some point in your career, you will probably get laid off due to many factors that are usually beyond your control like downsizing, mergers and acquisitions and cyclical market turns in financial services. Do not take it personally! Hard advice if you have given the job 110% of your time and energy and have shown a loyalty that you perceive has not been returned.

Often people come to coaching at this point threatening to leave their industry and wanting to transfer their skills and make a pivot. My job as a coach is to help my client really have an honest look at what is going on- beyond the hurt and the emotion to see if they are truly done with their sector and not just their firm.

Sometimes, after testing the reasoning around why you might want to leave, the answer is then yes and we set about working out a plan on how to transition into the right job in the right firm in the right industry.

Sometimes however, doing the deep work results in you realizing that you love doing the tasks that you were doing, in the industry that you know and love and it was just the shock of being laid off or being somehow displaced in a shuffle that has made you feel resentful, done or stuck. In some cases, people have even taken another job only to find that they want back in. All scenarios are valid and none are really that bad when you have a little perspective. My job is to get you to where you truly want to be. We work out the destination and then figure out the journey together in a way that will get you there. The worst that can happen is that you took a small detour, or maybe you will find that a new destination is what you wanted all along.

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The Girl With The Draggin’ W-2

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By theglasshammer team

pay gap

Image via Shutterstock

Wells Fargo Securities’ Economics Department recently released a report entitled, The Girl with the Draggin’ W-2, which explores the complexities of the gender pay gap. Following publication, we received many questions from interested readers. Diane Schumaker-Krieg, Global Head of Research, Economics, & Strategy for Wells Fargo Securities, responds to these questions below.

  • What were the most surprising results of the study?

Despite huge advances in technology and the ability to work remotely, the highest paying jobs continue to reward those who can work the longest and least flexible hours. Physically showing up at the office (or wherever you’re required to be) is still a prerequisite for getting ahead. And that puts primary caregivers — usually working moms — at a disadvantage.

  • Why haven’t we closed the gender gap? Why has progress stalled? Because society hasn’t fully accepted that fixing the problem for women means we also have to fix the problem for men. Both men and women need greater flexibility in their lives. Yet, it is still difficult for men to tell their employers they need time off to take their child to the doctor or to tell new acquaintances at a barbecue that they’re stay-at-home dads. Until these evolving realities are more socially accepted, the costs/burdens will fall on women. Some of the most successful women in our Research division have spouses that are full-time dads. In fact, Jodi Kantor of The New York Times wrote an insightful piece a couple of years ago, “Wall Street Mothers, Stay- Home Fathers” that features three senior women in my department.
  • Given that female enrollment in college is surpassing that of men, why aren’t we seeing increased pay parity?

Actually we are. The wage gap would be six percent higher if women were not out-achieving men educationally. But women are more likely than men to major in fields that pay less upon graduation — for example, education and social work versus computer science and engineering.

  • Talk about the role that cultural and societal expectations play. Is part of the problem that women don’t advocate for themselves or seek out sponsors? What remains unexplained about the gender pay gap?

Not advocating for oneself forcefully enough is certainly a factor. A well-known Carnegie Mellon study showed that men are four times more likely than women to ask for a raise and when women do ask, they typically request 30 percent less than men. This may be rational because women are viewed more negatively for asking! Of course, if you don’t ask, the answer is always “no.”

  • Another factor is women’s tolerance for risk and failure. There are many studies showing that men will apply for a job if they meet just 60 percent of the qualifications, while women feel they need to be 100 percent qualified. This fear of failure is a big factor holding women back.

And women tend to be over-mentored and under-sponsored. Mentors can be great sounding boards, but their influence on one’s career trajectory often ends with advice. On the other hand, sponsors tend to be senior executives who can publically advocate on behalf of their protégés and accelerate their advancement. Women are 50 percent less likely than men to have a sponsor.

Finally, women often don’t get the benefit of honest performance feedback because male managers are reluctant to provide it, fearing an “emotional response” or risk to their own careers.

  • Are there specific industries that perpetuate stereotypes and gender barriers?

I I have worked on Wall Street for most of my career, and it has certainly gotten a lot better, especially on the trading floor. But overall, hard-charging occupations like investment banking, private equity, venture capital and M&A are more difficult for anyone, not just women, who need more flexibility. One of the advantages of working in Research is that while there is a great deal of travel and frequent client dinners, there is no penalty for writing a research report at your kitchen table at 3 A.M. So even within hard-charging occupations, there are opportunities for flexibility.

  • What is the economic reasoning behind closing the gender gap?

Greater labor force participation — many women are now on the sidelines because after factoring in the cost of childcare (which has grown more than twice as fast as median household income), for many, it doesn’t pay to work. A McKinsey Global Institute study indicated that full gender equality could add 11% to 26% to global GDP by 2025 — a staggering $12 to $28 trillion. One positive factor is women returning to the workforce and working late into their 60’s and even 70’s. Nearly 30 percent of women aged 65-69 are working (up from 15 percent in the late 80’s).

  • How can businesses benefit from closing the gender pay gap? Do you think corporations are realizing this?

For businesses, closing the gender pay gap would not only attract more women but just as importantly help businesses retain the high-caliber women they already have by making it more economical for working moms to stay in the game. And of course there are countless studies showing that more diverse companies simply perform better — higher ROE, higher sales growth and stronger corporate oversight. That’s because they’re tapping into a deeper pool of talent that mirrors the diversity of their customers and discourages groupthink.

  • Are there any policy solutions — either in the legislative or private sector that would help to move the needle forward?

On the legislative front, I think it’s very interesting that the state of Massachusetts now makes it illegal to ask a job applicant about their prior compensation. This could be a huge step forward, since women are generally paid less and asking for prior compensation perpetuates the wage gap.

In the UK, companies with 250 or more employees must publish their gender pay gaps within the next year under a new legal requirement and will be encouraged to detail an action plan to address inequities.

In the private sector, shareholders can and should hold companies accountable. In fact, nine tech companies were asked by shareholders to study compensation and commit to closing the pay gap. Several of them publicly made commitments to do so. Amazon, Apple and Intel have reported that they’re near 100 percent pay parity.8

Diane Schumaker-Krieg is Global Head of Research, Economics and Strategy and leads all fundamental research across all sectors and asset classes for Wells Fargo.

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