Making sure you are in the running for a promotion

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women shaking handsIf you are lucky enough to work for a really great company that has a robust, unbiased, transparent talent process then you can probably skip this post. But wait, not so fast, how can you tell if your firm is good at ensuring that the best talent regardless of any other factor gets promoted?

I can think of three ways to heighten your chances

  • Ask what the process is
  • Ask what you have to do specifically to get to the next level/beyond
  • Make sure you have sponsors to broaden and deepen your portfolio of work because women still mostly get promoted on past performance as opposed to some men truly get promoted on what others think they will be capable of growing into (future potential not fact- yes this still happens)

Here is the kicker. I have done several consulting projects with women’s networks and I even wrote a Masters thesis at Columbia University on how networks can be formally connected to the talent process (sadly, often they are not related to a direct promotional path and interestingly this if often due to the resistance of the women inside the network-which in part is often due to the reason the network exists is to provide a container for shared experiences). So, if you want your membership of a network to be part of your strategy to advance, then make sure it is doing that and ways to tangibly use it include access to senior management, find a sponsor and more that we have covered in the past 4-5 weeks in this column.

By Nicki Gilmour, Executive Coach and Organizational Psychologist

Contact nicki@theglasshammer.com if you would like to hire a coach to help you navigate your career

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Mansplaining: It’s Time to Interrupt

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Business meeting with women and menMansplaining. If you’ve lived and breathed in this world as a woman, you’ve experienced it. If you work in a male-dominated office, it might be served up as a daily side with your coffee.

Recently, Chicago Tribune workplace columnist Rex Huppke declared: “Mansplaining — whether you like the term or not — is real. That’s not up for debate.”

Huppke called it “a slow drip of sexism”. How much is your office environment dripping with it?

What is Mansplaining, exactly?

In The Salon, Benjamin Hart argued that the term “mansplaining” lost its potency, as well as its real utility within gender dynamics discussions, when it became popularly used and broadly defined as a man explaining something to a women in a condescending or patronizing manner.

Hart asserts it’s morphed into an “increasingly vague catchall expression” of “men saying things to, or about, women.”

“Mansplain” is thrown about liberally. Jimmy Kimmel mansplained speech coaching to Presidential candidate Hillary Clinton. The Financial Times recently referred to the EU referendum in the UK as at risk of becoming a “giant exercise in ‘mansplaining’”, due to media domination by male voices. Women called for Trump to mansplain his Clinton “women card” accusation. Even a collection of mansplaining moments shows a diversity of takes on what it is.

Merriam Webster takes a hard line on its specific definition: “when a man talks condescendingly to someone (especially a woman) about something he has incomplete knowledge of, with the mistaken assumption that he knows more about it than the person he’s talking to does.”

Other than a sinking feeling in your stomach and increasing desire to find a conversational back door, what are the tell-tale signs of mansplaining?

1) It feels like a “manologue”

One sure-fire sign you’re being mansplained to: you’re not speaking or discussing. Instead, you are being spoken at or spoken over, often for a frustrating duration of time.

Mansplaining carries a trademark air of wisdom-wielding, knowledge-imparting, and time-taking. You may also have the feeling of being verbally cut-across.

Mansplaining, in a two-step conversational dominance maneuver, often follows immediately after manterruption – “unnecessary interruption of a woman by a man”.

A 2014 informal experiment by empirical linguist Kieran Snyder in a tech workplace found that in conversations of four or more, men interrupted at twice the rate women did, and were three times more likely to interrupt women than men. (Women interrupt women, too.)

Dr. Arin N. Reeves also conducted an observational study across 41 hours of meetings, calls, and panel discussions. Not only did Reeves observe that men interrupt far more, but also that 89.3% of men’s interruptions of women (and only 42.6% of men’s interruptions of men) were intrusive interruptions – “intentionally or unintentionally usurping the speaker’s turn at talk with the intent of ceasing the speaker’s ability to finish organically.”

Women were most commonly intrusively manterrupted on panel discussions, although men weren’t “aware” of doing it. Less than 1/5th of all women’s interruptions of anyone were intrusive.

2) It wasn’t solicited

Mansplaining is not a direct question followed by a direct explanatory answer. That’s just explaining.

Mansplaining is more of an unsolicited espousing of lengthy information and proffered opinions, which seeks to ensnare you in its immanent glow of intelligence, and which may or may not follow a question.

In the Chicago Tribune article, Elly Shariat, founder and CEO of shariatPR, tells of a former boss who pulled her aside to advise on the health implications of her shoe choices, for example.

3) Major assumptions are at play

The biggest thing about mansplaining is that it’s based on a culturally embedded assumption. At the core, men often assume they know more or better than women, and culture mirrors this.

Although she didn’t coin the word itself, mansplaining’s popular origin is attributed to Rebecca Solnit’s 2008 essay entitled “Men Explain Things to Me”, in which she tells about a cocktail party experience where a man asked her a question about her writing and then interrupted her to tell her at length about a very important book that she should read – which turned out to be her book, and he hadn’t even read it, just the review.

Solnit wrote, “Men explain things to me, and to other women, whether or not they know what they’re talking about. Some men. Every woman knows what I’m talking about. It’s the presumption that makes it hard, at times, for any woman in any field, that keeps women from speaking up and from being heard when they dare; that crushes young women into silence by indicating, the way harassment on the street does, that this is not their world. It trains us in self-doubt and self-limitation just as it exercises men’s unsupported overconfidence.”

What can we do about it?

No matter how narrowly or broadly you define it, mansplaining reinforces a power imbalance. It reinforces the male domination of meeting conversations and rewarding of men for talking more.

Here’s a thought: interrupting mansplaining might be a necessary, career-building skill.

In her experiment, Snyder found that women interrupt less and very rarely interrupt men (only 13% of the time). But which women were entirely responsible for that 13% of interrupting men? The only three senior women in the study – who all interrupted men (as well as women). In fact, these women were three of the four biggest interruptors in the study.

Snyder wrote, “The results suggest that women don’t advance in their careers beyond a certain point without learning to interrupt, at least in this male-dominated tech setting.”

The most empowering thing women can do when faced with mansplaining?

Put acquiescence away. Interrupt this nonsense, and be heard.

By Aimee Hansen

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The 8th Annual Top Women on The Buyside Event: Overcoming Risks, Managing Volatility and Another New Normal Ahead?

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women on the buyside event

By Nicki Gilmour, CEO and Founder of theglasshammer.com

Theglasshammer convened 100 senior women from traditional and alternative investment management companies last Wednesday 1st June 2016 for the 8th Annual Top Women on the Buyside breakfast panel and networking event. Nicki Gilmour CEO and Founder of theglasshammer.com opened the session with a welcome and an urge for the audience to continue to be change leaders for a culture of trust in their firms and beyond so that the industry can continue to attract women as investors and as participants.

The panel consisted of Judy Posnikoff, Managing Director of Paamco, Donna Parisi, Partner and Co-leader of the Asset Management Group, Shearman and Sterling, Nili Gilbert, Co-Founder of Matarin Capital Management, and Katina Stefanova, CEO and CIO of Marto Capital. Antony Currie, Associate Editor of Thomson Reuters Breaking Views moderated the discussion with candid questions that the panel answered with deep expertise to the peer audience as well as a sprinkling of humor at times.

Themes this year included disruption and innovation as drivers of results with the obvious challenges this year being the risk management of political, economic, credit and operational risk issues in this US election year.

It was agreed that volatility is high, uncertainty a constant and alpha diminished with a backdrop of limited historical data on how to invest in an environment of low interest rates. It was also agreed that all types of disruption, good and bad, was rife with developed countries still trying to ignite their economies post credit crisis. Risk would definitely dominate the short and medium term thoughts of investors. Fintech was also mentioned as an important element of future innovation in the industry without real precedents and an uncertain regulatory environment.

Katina Stefanova began with an overview of the macro environment and framed some issues,

“We deal with political, social and economic risks when assessing investments and this year is a unique year as we are at a pivotal point .We live in a world with over $200 trillion dollars of debt and with such uncertainty, it is not surprising that there is political volatility and that becomes a big issue for markets not just for investing but also for people building businesses. There has been a huge amount of disillusionment with traditional investment strategies, and other popular strategies such as risk parity in last few years. Volatility is here to stay and so it’s about figuring out how to navigate volatility and building that into your application.
It is time to develop alternative solutions.”

Judy Posnikoff concurred with the increased volatility issue stating

“The environment is quite different from 30 years ago when investors could achieve high enough returns with one asset class (fixed income). One of the difficulties of today’s uncertainty and meager expected rates of return is that institutions and individuals are having to take on more risk than they would like to in order to meet financing requirements such as pension liabilities.”

Nili Gilbert commented on unusual nature of the current macro environment stating,

“Negative interest rates and deflationary environments should be something that is taken seriously and it is hard to be informed by history on this. Due to a lack of comparable historical precedents, it is necessary to be thoughtful and insightful rather than just look to historical analysis or a purely data driven approach. “

Katina Stefanova agreed that the environment is unprecedented and the biggest risk is that we are at point when monetary policy is no longer effective. She added,

“Central banks have little power to stimulate or slow down economies. It is time for more aggressive fiscal policy and governments are going to have to play a bigger role. “

Donna Parisi picked up this point when asked about the role of regulators and the change of government in November with the moderator questioning could a new President undo the work done by regulators post credit crisis?

Donna commented on the legislative risk that could come from an election cycle,

“I think Dodd Frank is too far down the road, the rules are so deeply embedded regardless of who takes the White House in November and regulators are
not done trying to fix the lack of transparency that exists in the markets.”

Donna also mentioned that from her perspective that upcoming challenges for the industry would be liquidity mismatches and leverage issues.

“Since funds are more and more becoming intermediaries for lending post credit crisis, there are issues around leverage and the role they should play.” She suggested that regulators are worried that asset managers could be the next too big to fail crisis.

“The regulators are still struggling with information gathering despite the huge volume of data that is required to be reported. They don’t feel like they have enough transparent data to adequately assess liquidity and leverage risk and its impact on the broader market.”

Katina joined this point with her comments that regulatory consequences are not always well understood, and in many ways the government has not eliminated risk but rather transferred it to other institutions.

Nili mentioned that changes in the sell side and how it is regulated can ultimately affect stock price movements and have impact for portfolio managers. By way of example, she cited Reg FD (Regulation Fair Disclosure) as an event, which changed how sell-side analysts released communications, and as a result changed the efficacy of “earnings revisions” as a tool for stock price forecasting.

Other topics discussed included opportunities and creating value for the investor such as changing fee structures. Judy and Nili discussed how it was important for investors to have transparency around how much they had to pay in the search for alpha. Nili also shared her philosophy on finding opportunities stating four main concepts as buying fundamentally good businesses, valuation, shareholder friendly management teams and shorter-term catalysts such as price and volume analysis.

“When we were coming out of the financial crisis, it was a great time to be a value investor because in that environment of fear, there were many cheap stocks. Since then, we have seen investors regain their confidence and so it’s not as an attractive a time as before to be a value investor. Momentum investing is an opportunity that we saw do very well in 2015. What works changes all the time and it is crucial to understand behavioral biases in the markets for optimum results.”

Katina concurred, “ We have factors such as technology, a shift in socio-demographics and this economic environment and the current political volatility that creates a great opportunity for disruption. The question is where will that disruption come from? “

Citing Alibaba as an unexpected money management entity that has grown fast. She added, “It is about access, a platform to retail investors will change it all and it will come”.

Donna added that current incumbents in the market had a competitive advantage when it came to FinTech innovation given their regulated status. However, industry incumbents are at a disadvantage when it comes to being true innovators or disrupters. The rising importance of technology in the industry and the scalability of investment strategies as a result create significant risk for something to go wrong and a resulting regulatory response.

With so much to talk about, and with great questions from the audience, the discussion is hopefully continuing in offices across the world as we speak.

Thanks to our panelists and moderator and engaged audience for another great event!

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How networks can increase motivation, well-being and even increase performance

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Professional-networking-advice featuredLast week we talked about how having psychological safety at work is a key to feeling happy and performing well. We have also talked about employees networks recently and there is a case to say that the two are connected and if you can find support and connection here, then why not join one? They could be good for the soul and tangibly useful for tips to advance and a place to find mentors and sponsors. Maybe chatting with peers around a number of subjects will be valuable to you, ranging from social matters such as juggling parental/elder care commitments to a specific project that you want to talk more about. Either way, networks create space and time to talk in, learn in and connect with others in.

It is worth noting three things about networks though. Firstly, not everyone is created with the same amount of desire for contact and affiliation and it is wrong to assume that your need to feel part of something is equal to the next person. As an executive coach, I firmly believe that you should know yourself first ( psychometric tests will help us give your data back to you on this matter).
Secondly, it is also wrong to assume that all women are this or that. We are individuals with varying degrees of extraversion, confidence etc just as men are. What is systemic are the assumptions around what we are however and that is where you get to choose how to fill in the gaps when people think they know you. Remember you, according to you and you according to them are sometimes distant cousins.

By Nicki Gilmour, Executive Coach and Organizational Psychologist

Contact nicki@glasshammer2.wpengine.com if you would like to hire a coach to help you navigate your career

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Is it good or bad for your career to change your name?

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wedding-322034_640Congrats! You just got married, now what? Back to work and you have a choice to carry on with your maiden name at work and in life or you can embark upon the admin that comes with changing your last name after getting married . It is an arduous one from standing in line at the DMV, calling the bank and credit card companies and changing email addresses but then there is all that personal branding work to think about. What are you going to do on social media and professional branding sites like LinkedIn?
 
There are more than just the formalities when someone who has already established a career changes their name. There is the story behind the name change and the conversation that is prompted when you first introduce yourself with your new name. An opportunity is created to talk about your personal life and recent marriage and this can serve to deepen your relationships with your co-workers and clients. Being authentic has been written about as a positive factor for building trust at work so perhaps it is a great way to get to know people better but also could reduce your visibility as people don’t recognize your name immediately.
 
Below three women share their experiences and advice on changing your name after already establishing a career.
Keeping it private
Cynthia Zeltwanger, Executive Director at the Paulson Institute, chose not to change her name when she got married in 1992.  
As a private person, she believes the topic can quickly spawn a personal conversation.
“I am a private person and I did not want to get into my personal life with professional relationships,” she said. “If you got married, it’s fine but if you are getting divorced, people could assume you got married and it creates a personal conversation with people in business that you might want to avoid.”
Zeltwanger got married when she was climbing the corporate ladder at a subsidiary of Société Générale. She remembers getting heat from her French colleagues for not taking her husband’s name but she was at pivotal point in her career and wanted to be taken seriously.
“Not so much anymore but when a woman gets married she can be seen as not as serious about her job,” said Zeltwanger. “While men are seen as more reliable when they have kids, women are seen as less committed.”
She believes that women need to be more cautious about clarifying their career intentions when making a name change.
“Be clear about your goals and aspirations and make sure the people in charge of your career progression know your goals have not changed just because you got married,” she said.“Some people will question your commitment.”
Hyphenating it
Patty Kevin followed family members into the derivatives business and worked 10 years in the industry before getting married. Afraid she would lose her identity but at the same time excited to embark on this new chapter in her life, she decided to hyphenate her name to Kevin-Schuler.
 
She said that the hyphenation was a way to make her colleagues aware of the name change.
 
“The colleagues you are close to know what’s going on in your life,” she said. “However, it’s the people on the peripheral that you need to educate.”
 
As Schuler’s career took her to the Chicago Board Options Exchange and then to her current role as Vice President of Sales, Marketing and Business Development at the Boston Options Exchange, she felt more comfortable with her new identity.
 
Schuler finally dropped her maiden name when she got divorced because she wanted to have the same last name as her kids.
 
With the advent of email and social media, Schuler believes it is easy to notify people of a name change. She recommends adding a hyphen in your name or a note in your email signature about the transition.
 
However, Schuler says there are times when it is okay to go back and forth between identities.
 
“I still get asked if I am related to this relative or that one,” she said. “If I am talking to someone who knows my family, I will introduce myself as Patty Kevin. I admit my transition has been a fluid one.”
Embracing it
While Zeltwanger wanted to keep her personal life private and Schuler has kept her identity flexible, others have embraced their new names without looking back.
 
Nancy Stern, Executive Vice President, General Counsel and Secretary at Allston Trading, remembers getting married and swiftly changing her last name. 
 
“I remember changing my name, address and phone number all at the same time,” she said. “This was before Facebook and Linked In.”
 
Starting out as a lawyer at Gardner, Carton & Douglas, Stern was worried she would lose her connections in the process and have to build up her network again.Similar to Schuler, Stern also felt like she was losing a part of her identity. However, looking back, she is glad that she made the change and believes women should embrace this right to choose.
 
“I didn’t really see this as a compromise of my feminism because I chose my husband and chose to take his name. The alternative would be my father’s name and while I had a wonderful father whom I loved very much, we cannot choose our fathers,” she said.
 
Changing your name is usually associated with a significant life event and If you are good at self-promotion and marketing yourself, a name change is an exciting reason to reinvent yourself. Have fun with your new personal branding campaign.
By Jessica Darmoni
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Resilience: Why “Storms” Are Critical to Leadership Development

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People-clapping-1024x681By Nneka Orji

Resilience is important. The late Elizabeth Edwards, American attorney and health care activist once said: “Resilience is accepting your new reality, even if it’s less good than the one you had before.” In today’s world of relentless innovation, changing business models, increasing expectations from the workforce, and market surprises, accepting our new and evolving realities through resilience building is now more important than ever.

In a 2014 report by Sarah Bond and Dr. Gillian Shapiro, 99.9% of the respondents said that resilience was “important” to their career success with 56% saying it was “essential”. A separate survey over 520 executives across 20 countries found that 71% of them rated resilience as “extremely important in determining who to retain”. Yet resilience is hard; there is no recipe or quick fix to building resilience. While numerous surveys have found that resilience is a common trait amongst some of the most effective leaders – not just in business but education, politics and other fields – there is no simple handbook to guide aspiring leaders around how to develop resilience. Bond and Shapiro found that only 10% of their research participants felt that their organisations placed enough emphasis on resilience being a differentiating factor in career success. For business leaders looking to identify and develop talent this is important; future leaders who are able to deal with surprises and setbacks, learn key lessons and readjust in a dynamic landscape are more likely to lead effectively and ensure business success.

Women: the (slight) resilience edge

Bond and Shapiro set out to understand if there were any differences between the way man and women view resilience. Surprisingly, they found little difference; 62% of men said they wanted to be more resilient compared to 71% of women. Across both groups, 53% saw themselves as resilient “all or almost all of the time” in their workplace. This subtle difference is supported by the findings of the aforementioned Accenture survey; the leaders identified women as slightly more resilient with 53% reporting women to “very to extremely resilient” compared to 51% identifying men in this category.

While the report didn’t identify significant differences in how resilience is viewed, the researchers found that women were seen to be doing more to support their female colleagues in developing their resilience through specific programmes that broaden and enhance the roles and projects they are assigned, and preparing them for more senior positions. This is encouraging news given the recalibration of gender representation required at most organisations.

The resilient leader

So if both men and women want to become more resilient and better leaders, and women are actively supporting other women to become more resilient, why is it so hard for organisations to develop more resilient leaders?

This year’s Roffey Park report found that organisations need to focus more on “talent preparedness” – investing in a combination of formal and experiential development to address the leadership capability deficit. Aspiring leaders too, many of whom are millennials now, are looking for opportunities to become the best leaders they can be yet organisations are falling short of their expectations around development opportunities. According to a recent Deloitte survey, 63% of millennials believe that their leadership skills “are not being fully developed”.

It’s time for organisations and today’s leaders to act on this insight. Crises come and go, and understanding that the skills required to whether the storms are not just essential to future survival of organisations but also critical to personal development. The life coach and author Tony Robbins describes great leaders as those who “inspire themselves and others to do, be, give and become more than they ever thought possible.” We can all point to leaders who aren’t just good but great; they continue to lead and inspire despite the challenges thrown at them and seem able to bounce back even when it seems impossible.

Building up the resilience bank

The good news is that resilience is “learnable”.Steven Snyder’s HBR article highlights why it is so important to get it right and how others have done so in the past by maintaining a positive outlook, accepting that learning through challenging situations is part of the journey, and acknowledging that it will be difficult.

While there’s no handbook with all the answers, there are a few steps aspiring leaders can take to start building up their resilience bank.

Engage with resilient leaders: Business leaders have good reason to focus on resilience when designing leadership development programmes but also by encouraging senior leaders to share their war stories – the experiences and day to day challenges which help them build up their resilience. Of course aspiring leaders also have a proactive role to play in identifying and engaging with those leaders that inspire them to understand how they too can expose themselves to key developmental opportunities.

Practice mindful resilience: Managing challenging situations and demonstrating resilience requires a strong sense of self awareness and mental control. As Harvard Business School professor Bill George reaffirmed through his interview with the Dalai Lama, practicing mindfulness is a key part of building resilience. Some military schools have developed training programmes which focus on resilience building through mental strength exercises.

Be open to learning (and vulnerability): The founders of Global Health Corps (GHC), a non-profit organisation, wrote in last year’s Stanford Social Innovation Review about the importance of creating “vulnerable community” in building resilience – a community in which programme participants felt able to open up to their peers which facilitated the learning process. As for results, “85% of GHC alumni report that their fellowship experience improved their resiliency skills”.

Pick yourself up, dust yourself down, and keep going.

Career storms – the difficult project, the challenging market environment, the missed promotion – tend to come when we least expect them, so being able to see beyond the immediate challenge is key. It is how you choose to react to these situations that define your long term career success. Persistence and a continued commitment to learning means that we are better able to deal with these surprises.

In the words of one of the best known leaders – Martin Luther King Jr. – “the ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” It is our ability to bounce back from challenges and obstacles that will determine the extent of our success.The next generation of leaders deserve the chance to build their resilience and becoming more inspiring and effective leaders for future leaders.

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How do you become an inclusive manager? Create Psychological Safety for your Team

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diverse workforce featuredSeveral years ago diversity became diversity and inclusion. What does this mean? Well I am not going to lie, for most firms even if they have it in the title of a department, it means nothing just another buzzword.. If it is done properly however, inclusion is the most powerful tool a leader or manager can have in their toolkit because it can provide something that is the basis for individual and team performance. How do you become an inclusive leader , manager or person? Psychological safety at work- yes that’s right and studies have been exploring this for years, as has Google more recently with something they call Project Aristotle. They discovered that just by having a genius or two on the team, you are not going to get the best results. However if you have a team environment where people can feel, as well as think and be themselves (expressing themselves is really key here and being heard) then no matter who is on the team, the result is productivity. There are many factors to high performing teams for sure but Google’s data indicated that psychological safety, more than anything else, was critical to making a team work. This certainly makes sense if you think about it. Women (and anyone who does not fit the mold of the traditional work persona /expert) can find space to connect with others talking work and/or any other topic of shared interest.

So, let people talk, let them tell you about their lives and let them flow. For some of us (I know I am guilty of this) like to stay on task and to draw boundaries around topics when digression and tangents feel out of control, but maybe, just maybe try out this way of being in your next meeting.

By Nicki Gilmour, Executive Coach and Organizational Psychologist.

Contact nicki@theglasshammer.com if you would like to hire a coach to help you navigate your career

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Lean into Confidence

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women smilingConfidence is a big deal. It’s one of the biggest differences between men and women in the workplace. According to this infographic by Invisalign, women underestimate their abilities and performance even though their performance does not differ in quality from that of their male counterparts. It’s a common theme in the gender discourse. Men are overconfident in their abilities, while women struggle to advocate for themselves, particularly for things like equal pay.

And it shows. Women hold more than 50 percent of college degrees and more than 40 percent of MBAs, according to the KPMG Women’s Leadership Study, but less than 5 percent of Fortune 500 companies have female CEOs. Somewhere in the stretch between college and high-level positions, women get lost.

Young women enter the workplace full of confidence, with 43 percent aspiring to top manager roles. However, after a mere two years on the job, these levels drop to below 25 percent. There’s something that happens after women enter the workforce that steals away their enthusiasm.

It may be easy to say, “Yes, but women take a long break mid-career to have children.” Trust me – I have 3 kids, ages 4-8, and am compassionate for the unique type of stress working mothers face. Did having children require me to push pause on my career?Absolutely not.Does being an executive make me a better mother?For me, it does. My career completes me and sets a wonderful example of a strong woman for my three young boys.Recently, Marissa Mayer announced that she would not be taking a full maternity leave.I applaud her for being confident enough in herself to make that decision under intense public scrutiny.I have no doubt that her children are cared for and loved, and I am certain that her girls will grow up to be incredibly proud of the strong, female leader they get to call mom.

Leaders are created at a young age, and young girls aren’t encouraged to lead the same way that boys are. The “ban bossy” movement has been targeting this social phenomenon by giving parents the tools they need to embolden their daughters.

Of course, that’s all great for the women of the future, but what about us? What about those of us in the workforce striving to become CEOs of our own companies? We can’t wait around for the next generation to change what we want changed for ourselves.

If you feel as though you’re being held back in your career by a lack of self-confidence, do the following three things:

1. Define Your Own Success

Not everyone wants to be CEO of a Fortune 500 company. That’s ok. Maybe you want to grow your own company, or run a nonprofit, or be a mentor. It is important to define your own success early on in your career. Following a path predetermined by society will only make you unhappy in the long run. Really spend time thinking about your long-term goals.
This will ultimately make big decisions easier further on in your career. When you’re offered a new position, or you take on a new job, you can measure it against your long-term career goals and decide if it’s helping you move in the right direction.I was recently asked to run for Congress, and, as attractive as that may sound, it wasn’t compatible with my career goals.Not only did that make turning down that opportunity easier, it made me more self-assured in my decision.

2. Support Other Women

Women get a bad rap for not supporting other women. We’re sometimes envious of the way men can bond and connect in a way that women feel they can’t – we call it the “boy’s club.”
In reality, things aren’t actually as far off for women. Columbia Business School conducted a study and found that the “Queen Bee Syndrome,” in which women in power are more critical of female subordinates, is actually a myth.

Women do have a strong network that’s just as good as any boy’s club. Spend time cultivating your relationships, and support the women around you.

3. Stay Hungry

The best way to boost your own confidence is to excel at what you do. Never settle for just completing a task when you can blow it out of the water. Take on projects that are outside your comfort zone, and constantly work toward making yourself better.

Society is changing for the next generation, but you have to make change happen for you. Work at being self-confident, and others will be confident in you too.

By Melissa Beck

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4 Reasons to get involved in your women’s network (or other Employee Resource Group at work)

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Professional-networking-advice featuredLast week, I rather scathingly pointed out that taking on the responsibility to hire and promote women via your women’s network was to put it diplomatically, a long haul strategy.

This week I am going to outline what you should do in your network (and why you should join it)

  1. Advocacy is a powerful tool- advocating for an issue to be paid attention to is often where change starts. Advocating for others is powerful also (sponsorship) and finally advocating for yourself is crucial, raise you hand and put yourself out there for the next promotion or job.
  2. Personal visibility and access to people you would not otherwise have access to (this is a way to start a conversation with senior people)
  3. Networking with each other – peer, higher and reverse mentoring and connections are always a good thing to propel you forward in everyday work – knowing who to ask to get stuff done is what it is all about.
  4. Learning in a specific container creates mental and physical space, hence we hold panels at theglasshammer.com where people can mark time in their calendar to learn new insights.

More on this all summer long.

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The 34th Annual Options Industry Conference – an update from this financial markets sector

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woman looking at a finance chartBy Jessica Darmoni

The 34th Annual Options Industry Conference took place last week where representatives from exchanges, market makers, technology providers and regulators were just some of the attendees gathered in California. Hosted by the Options Clearing Corporation (OCC) and the International Securities Exchange (ISE), the conference focused on discussing communication between market participants and regulators, growth in the options industry as well as fragmentation and other current challenges the industry is facing.
The conference kicked off with a conversation between ISE’s Gary Katz and Stephen Luparello, Director, Division of Trading and Markets at the Securities and Exchange Commission (SEC).

Luparello recommended that market participants speak up more about issues impacting the markets to the SEC and Luparello referred to the notice and comment period within the rulemaking process and emphasized that when talking to Washington market participants should not “pick and choose” what challenges to discuss.

Another challenge addressed at the conference was the slow pace in which the industry is seeing growth. Exchange traded funds (ETFs), index and equity options volume has averaged about 14% growth in the past 40 years, according to Henry Schwartz, President at Trade Alert LLC who provided a State of the Union type presentation at the conference stating the growth figures from the industry are from 1.8 billion in contract volume in 2000 to 4.5 billion contracts traded in 2016.

Schwartz also explained that this growth may have opened the door for other exchanges to enter the market such as Nasdaq in 2008, BATS in 2010 and MIAX in 2012. While the current number of options exchanges has grown to 14 in 2016, while volume in ETF, index and equity options trading has only seen about 2% growth in the past 5 years.

This was discussed in detail at the exchange leadership panel with representatives from ISE, the Boston Options Exchange (BOX), Intercontinental Exchange (ICE), Nasdaq, BATS Global Markets, MIAX and the Chicago Board Options Exchange (CBOE).

Ed Boyle, CEO of BOX, believes that the industry needs to better engage the institutional side, such as hedge funds and advisors, with relevant products and market structures. Currently, these end users turn to the over-the-counter (OTC) markets rather than listed options contracts. Boyle believes that this switch in how people buy options can be achieved with more educational efforts.

To that end, the CBOE has recently invested in companies such as Tradelegs, a provider of advanced decision-support software that institutional investors can employ to optimize investment performance as well Vest Financial, an investment advisor that provides options-centric products and risk management solutions. CBOE also recently acquired LiveVol, a company that turns market data into options trading strategies. Andrew Lowenthal, Senior Vice President of Business Development at CBOE remarked that these investments were made to improve the end users experience.
CBOE also believes that bringing new products to the market will engage different participants. Recently the exchange launched FLEX options with Asian and Cliquet style settlements for insurance companies looking to hedge embedded exotic options risk.

While the industry looks for new means of growth, an area that may have swelled too large is the number of options exchanges. With 14 exchanges (and MIAX plans to launch a 15th this year), the industry experiences a lot of market fragmentation and players fighting for market share. As of publication, CBOE led the pack with 17% market share followed by Nasdaq’s PHLX with 16% and then ISE with 13%.

It is important to note that pending regulatory approval Nasdaq will acquire ISE in what is believed to be a play for more market share and, according to TradeAlert’s Schwartz, the industry will experience more exchange consolidation in the future.

Fragmentation, Auctions and Market Makers

The amount of options exchanges and its benefit or harm to the market was also discussed in a different, debate-style panel at the conference. Speakers were broken up into teams to argue the pros and cons of the issue.

One team believed that the 14 options exchanges was good for innovation and led to enhanced competition in the marketplace. They also fought that this brought stability to the markets. If one exchange experiences an emergency or had to close down, there are other venues participants can move to throughout a trading day. However, the opposing team found that the significant costs associated with connecting to various exchanges was prohibitive and that multiple venues also led to a more complex market structure.

Other hot topics in the debate included auction markets at exchanges. Auctions, which were introduced in the electronic options markets to mimic the flow of information that takes place on the trading floor, provide price discovery and best execution. However, they also inadvertently lead to less liquidity, wider spreads and a two-tiered market.

Finally, the debate also explored the decreasing number of market makers, firms which are required to provide a certain amount of liquidity at exchanges. With regulatory and technology costs making it hard to operate successfully in the current market environment, the industry has experienced a loss of liquidity and concentrates risk in fewer hands. It was concluded that the industry needs to find incentives for these types of firms and help them overcome costs as well as barriers to entry.

While the options industry has their work cut out for them, educational efforts and tools that will enhance the end-user’s experience as well new, relevant products will certainly bring different players to the market. Communicating with regulators, addressing challenges with the rule makers and keeping up with the competition will also make operating in the current environment more efficient. Heavy topics were discussed at this year’s options conference but it was productive and it seems everyone knows their part in moving this space forward.

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