jobsearchContributed by Caroline Ceniza-Levine of SixFigureStart™

Confidence attracts. I’m not talking about arrogance, which really bothered me when I was a recruiter and still bothers me (because who wants to deal with that!?). I’m talking about quiet confidence, poise, that “it” factor of believing in yourself and knowing you will get things done. Projecting confidence in a job interview, business meeting or sales call is difficult. Many people, even with a healthy dose of overall self-esteem, can still waver in these high stakes situations. Here are some tips for increasing your career confidence:

Keep a wins journal. Every day, document all the wins, big and small, that accrued during the day. It might be as simple as a follow up call you’ve been meaning to do that got done or not losing your temper with a colleague that irks you. If you are trying to specifically improve your career confidence, highlight your wins on the job or job search and any action steps you took to advance your search or career. But don’t forget to include general wins, like maintaining your exercise routine or making a date with your significant other. Your personal wins will improve your confidence in the professional arena. Over time, there are 2 benefits: 1) you will see all the things you have accomplished and have a pattern to recognize what areas are working; and 2) since you now have to document what you’ve done, you have built in some accountability to force you to get stuff done.

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Beth 005Contributed by Beth Collinge of CTG – a division of ILX Group plc.

In the US, President Barack Obama signed into law the nation’s Dodd-Frank Financial Reform Bill: the most comprehensive overhaul of banking regulation since the 1930s. In Europe, the results of stress tests on Europe’s leading financial institutions showed that only seven of 91 banks failed to meet capital requirements. Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell have pledged $1bn (£659m) for a rapid response unit to battle future spills in the Gulf of Mexico, as US oil climbed to almost $80/barrel as a storm threatened the Gulf region.

Economic Backdrop

  • Global equity markets reacted well this week to encouraging earnings reports and robust European data releases despite Friday’s news that seven European banks had failed stress tests. The disclosure that seven out of the 91 institutions examined had failed the tests was roughly in line with expectations in the markets – although there appeared to be some scepticism about the methodology used.
  • Worries about the recovery in the US resurged when Ben Bernanke, chairman of the Federal Reserve, described the outlook as “unusually uncertain”.
  • In the UK, figures released on Friday showed the economy grew at its fastest pace in four years in the second quarter. The UK’s gross domestic product rose by 1.1%, far greater than the 0.6% rise forecast, thus taking the UK’s annual growth rate up to 1.6%.
  • The data supported sterling, prompting speculation in some quarters that the Bank of England could move to exit its ultra-loose monetary policy stance sooner than expected. Over the week, the pound rose 0.8 per cent to $1.5416 against the dollar.
  • The euro touched a two-month high against the dollar above $1.30, although it retreated slightly by the end of the week, as the credibility of stress tests on European banks was called into question. Over the week, the euro eased 0.6 per cent to $1.2820 against the dollar.
  • In commodity markets, US oil climbed to within a whisker of $80 a barrel, helped by a storm threat to the Gulf of Mexico’s energy infrastructure, but the general improvement in investor risk appetite, and the firmer tone of the dollar, pushed gold back below $1,200 an ounce.
  • Government bonds also lost some of their haven appeal, with the yield on the 10-year US Treasury edging up 2 basis points to 2.96 per cent over the week. But the two-year US Treasury yield touched a record low of 0.56 per cent in the aftermath of Mr. Bernanke’s cautious comments.

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stone_house_-_holly_h_miller_-_photo11By Melissa J. Anderson (New York City)

“The difference between a million dollar account and a hundred million dollar account is a couple of zeros – and a lot of time,” said Holly Miller, Partner at Stone House Consulting, LLC. Miller has a passion for due diligence. Benchmarking and record-keeping, she says, are going to be critical for the success of investment management firms moving forward.

“Due diligence is a big, hot topic, particularly since we all found out about Bernie [Madoff].” she said. “If you look at the investment management industry, we have a poor track record for tracking metrics – metrics on trades per day, orders, how many portfolios, fail rates, etc. …The industry needs to do a better job of benchmarking. What do things cost? What does it take to support the business?”

She continued, “In the past we were able to ignore this because of the high profit margins. But those days are gone. We, as a business, need to do a better job – and benchmarking has become more critical.”

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Beth 005Contributed by Beth Collinge of CTG – a division of ILX Group plc.

The US this week passed a sweeping overhaul of bank regulation, while the EU is in the process of finalising similar legislation. Goldman Sachs settled its lawsuit with the SEC, paying the largest-ever penalty by a Wall Street firm to the Commission. BP’s shares are up, after reporting that it has successfully capped the damaged Gulf well.

Economic Backdrop

  • Markets in the US weakened during last week, as a series of disappointing data on retail sales and consumer confidence coincided with the release of the minutes of the Federal Reserve’s July policy meeting, at which it lowered growth forecasts and hinted at concerns that the threat of deflation might be rising. The DJIA ended over 100 points lower. The yield on the US 10-year Treasury sank back below 3 per cent on Friday.
  • In the currency markets, the dollar dropped to a 10-week low against the euro, as the single currency went above $1.30 for the first time in two months: the euro also advanced against the pound.

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iStock_000001548910XSmallBy Cleo Thompson (London), founder of The Gender Blog

Last year, The Glass Hammer covered IDDAS’s report on the female perspective on board effectiveness, in which the London based provider of board level coaching and leadership development services interviewed some of the most senior women in British business (female board members of FTSE 350 companies) and took their views from the top.

This year, in the wake of the 2009 Walker report which examines UK corporate governance and makes suggestions as to how to improve board effectiveness, the IDDAS team have gone to the top of the tree and interviewed 21 FTSE 350 and large companies chairmen, asking them about the skills required of a chairman, their relationship with the CEO and the key issues that need to be addressed in running a board.

The survey – “Board Dynamics: The Chairman’s Perspective” – was launched in London last week and investigates key corporate governance issues, including diversity, succession planning and board assessment.

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iStock_000000227687XSmallBy Tina Vasquez (Los Angeles)

The easy answer is yes and no. According to recent statistics compiled by the U.S. Equal Employment Opportunity Commission (EEOC) for FINS, a Wall Street Journal offshoot, sexual harassment charges in finance, insurance, and real estate have decreased by roughly half from 287 to 119 over a four year span beginning in 2005. Over the same period, sexual harassment charges across all industries remained relatively flat, hovering around 13,000 nationwide. This sounds like fantastic news for women in finance, but as we all know numbers can be deceiving.

According to the EEOC’s Lyn McDermott, “Like victims of other forms of discrimination, many victims of harassment do not file charges,” She continued, “On the other hand, not all charges are meritorious. The merit factor rate is a closer measure of the percentage of meritorious claims filed with EEOC because it represents all charge resolutions in which the charging party received a benefit. Merit factors include negotiated settlements (including mediation), conciliations, and withdrawals where the parties have reached a private settlement. The merit factor rate for sexual harassment charges in the past five years has ranged between 28.6 and 30.3 percent.”

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Women-on-computer

Thursday evening The Glass Hammer hosted Women in IT: Staying Technical and Getting to the Top. Held at Goldman Sachs‘ West Street headquarters, the panel featured Dr. Caroline Simard, Vice President of Research and Executive Programs at the Anita Borg Institute for Women and Technology; Wendy Stops, Global Managing Director of Quality and Client Satisfaction, Technology at Accenture, Inna Pomeranz, Technology Fellow and chair of the WIT Technical Pillar at Goldman Sachs, and Yvonne Schneider, SVP Global Commercial Services Technologies at Amex.

Avis Yates Rivers, President and CEO, Technology Concepts Group, moderated the panel. She explained, “The goal tonight is to present to you the stories, the strategies, the successes [the panelists have experienced] throughout their careers.”

The panelists offered strategic and optimistic advice for women in technology on subjects ranging from career development, office politics, mentoring, work/life balance, and more.

What Are the Challenges Technical Women Face?

Dr. Simard set the tone of the evening with a presentation of the Anita Borg study “Senior Technical Women: A Profile of Success.” She asked, “Why is it that only 5% of senior tech roles are occupied by women?” Based on her research, she identified several factors playing into the dearth of technical women at the top.

First of all, senior technical women are more likely than women at the entry level to engage in taking calculated risks for their careers. “Successful leaders are those who take appropriate risks. Risk taking when it matters is especially important for women’s advancement.”

Second, women are less likely than men to consider themselves innovators. She explained that innovation and technology are consistently thought of as male domains; companies and individuals should actively engage women in the innovation process.

Finally, “Women managers suffer form a perceived technical competency gap by both men and women. This shows serious, deep, underlying bias. This stems from a deep seated societal bias – 70% of people implicitly associate science and technology with males.”

She continued, “All of you are defying a stereotype simply by being a technical woman. Defying stereotypes is a difficult thing to do.”

And going against stereotypes tends to impact likeability, she said, especially when it comes to assertiveness, an important quality for leadership. Dr. Simard explained that many technical women experience this problem. The audience responded with laughter when she repeated something she often hears: “I was told to be assertive and now I’m told I’m difficult to work with.”

How can women get around this issue? Dr. Simard explained that successful women usually have a “large level of self awareness and the ability to modulate their assertiveness.”

Finally, she said, there is the issue of work family conflict. “Technical men are disproportionately relying on stay-at-home spouses, and workplaces are structured around this standard,” she explained. On the other hand, most technical women are part of dual-career households. Few have stay-at-home spouses.

This is tough for technical women in part, she said, because the culture of the tech industry awards hero behavior. “Companies really need to pay attention to this, [the behavior that] first you need to create problems to get rewarded. This perpetuates the perception that if you have family responsibilities, you cannot get recognized.”

Staying Technical

To open the panel debate, Rivers asked the panelists to describe what they feel “staying technical” means. Stops answered, “Staying technical means different things to different people. I’m in both technology and management. Even if you are in management, you have to remain somewhat technical. When you’re technical, you have to understand business. When in you’re in management, you have to understand tech.”

She continued, “To me, it means keeping up with what comes across my desk. I still get out there in the field, doing quality reviews with my clients. You can still be in the management role, and roll up your sleeves and still stay in touch. You have to be prepared to do that and not get caught up with the management role.”

Schneider explained that she does feel women get pushed into the project management role. She remembered being asked, “are you really going to be the person who is going to be the next architect?”

While she no longer codes, she said, “I constantly stay abreast of the industry and the technology. Keep with that type of challenge for your own self.” She continued, “As a technical person you are going to give more of what that solution means to the client. You have to know as much as your client.”

Pomeranz also recalled being encouraged to take up a more managerial position. She said, “ I told myself, ‘you should follow your passion, listen to your inner voice, follow what energizes you .’”

In fact, she continued, “At Goldman Sachs, we realized we were losing really talented technical women to project management roles. We decided to formulate a strategy to address this issue and formed a community of senior technical women – Technical Pillar within Women in Technology (WIT).” Technical Pillar provides technology and leadership skills training, mentoring, and increases technical women visibility among senior management.

Mentoring Women in Technical Roles

Pomeranz continued, “Mentoring is very important – encouraged by their mentors, almost one third of senior technical women in the Technical Pillar, within the last year, switched their role or expanded their role – we must be doing something right!”

Schneider said that Amex provides cross-cultural mentoring. She explained, “It’s different, the way different cultures work within regions and cross culturally.” The mentoring program allows the company to manage expectations across its global offices, she said.

“A lot of women feel they need to seek out another woman as a mentor,” said Stops. “When I started out at Accenture 29 years ago, there were not many senior women. It doesn’t have to be a woman, because unfortunately the statistics show the numbers get less and less as you get to the top.”

She continued, “I have a lot of women who want to reach out to me, and I make myself accessible on an informal basis. To me, the informal mentors are worth more than the formal, in terms of someone you can really open up to and be comfortable with that.”

And most people will be willing to mentor, as long as they’re asked. She said, “Just seek out people you feel comfortable with – most of them will say yes.”

Women and Innovation

Dr. Simard said that her research showed that a disproportionate amount of women did not consider themselves innovators, compared to men. She said that a lot of this comes down to societal conditioning, and that, “We all have a responsibility to engage younger women in the innovation process.”

She also recalled how one woman she interviewed went about building her reputation as an innovator. She said, “She makes sure to patent, publish, and document everything she does. This leaves a trail – a domain of innovation everywhere she goes. And people still call her up for expertise years later. It’s a good way to establish your brand as an innovator.”

Pomeranz commented, “It may be a misconception of innovation as invention. In the business world it’s not necessarily about inventing as it is about solving problems in a new and creative ways that bring value to our business.” How can one become a better innovator, she asked? “Open up to new ideas and new solutions. Create atmosphere where ideas can flow. Innovation means risk – without risk there is no reward. Take more risks. I love change. Get involved with strategic initiatives for the firm that bring value to your business and provide an opportunity to influence the organization and reinforce your position as a change leader There is always risk. We all can make mistakes. I think we need to think about how to take calculated risk and how we can mitigate that risk.”

Stops also had advice on taking risks. She said, “Sometimes I feel that whenever I can, I take a great big risk. I’m a big believer that if an opportunity is put in front of you, unless it seems like something ridiculous, you should take it. Sometimes you do have to take a little bit of risk and stick your neck out – especially if you have a little bit of determination.”

According to Schneider, she said, risk-taking is all about convincing others to believe in you. She recalled spearheading a project to build one of the first data warehouses at Amex. “We did it chunk by chunk – [I said] ‘give me $250,000 and I’ll show you what we can do with it.’ It’s about building that confidence. The willingness to take the problem and make lemonade out of lemons.” But that confidence comes from quality, she explained.

“Deliver what you committed to – when you establish a commitment, which is your brand, execute on your brand.”

Work/Life Balance for Technical Women

Stops said, “I’ve had the benefit of a stay-at-home husband,” but of course, she continued, “young children always want their mum.”

“I like to spend time with my kids. I block out time. When the school year calendar comes out each year, I block it out in the calendar. My EA knows it. I always do that.”

She advised, “Don’t be afraid to explain to your boss what your commitments are. I like when my team opens up to me and explains their commitments around family instead of just saying that they cannot make it to the meeting – It fosters a much more natural environment.”

She continued, “But you’ve also got to think about yourself. It’s not just about your kids, it’s also about yourself. …Of course, the more senior you get, the more you get to have that advantage.”

On work/life balance, Pomeranz said, “It’s a very personal choice – what’s right for me isn’t right for you. Every woman has a unique set of responsibilities, schedule, support system and resources. The only person who is an expert on yourself is you. I’m a true believer that you can make both your work and personal life work, it’s a matter of prioritization. Also, decisions that are right for one period in your life might not be right for another. While my kids were growing up . I made sure I stayed with them on the weekend. I didn’t miss extra curricular activities.” She continued, “What works for me is I find my balance in the acceptance of imbalance. I also learned how to have fun with the issue and change my priorities on the spot.”

And, she said, “Getting help is essential.”

Schneider agreed, “You need to give yourself permission not to be perfect.” She continued, “The emails will never be done. They’re not stopping. If you want to ask for some flex time, ask for it.”

Dr. Simard explained, “…women who were more productive were significantly more likely to say that they outsource housework. The ability to not have everything fall on your lap is extremely important to success.”

She said that women should create a “not-to-do list.” She said, “It’s empowering yourself to put things on your not-to-do-list. It’s so liberating. I highly recommend it.”

Assertiveness and Office Politics

An audience member asked the panel to go more into depth about how to deal with the “likeability” problems that come along with assertive behavior. As Dr. Simard had explained during her presentation, successful senior women tended to be more self-aware regarding their communication style.

“Usually women executives are really good at reading people and modulating,” she said.

She continued, “Become the cultural anthropologist of your own organization. Pay attention to who has a lot of influence and be ready to adapt. …It’s tricky and exhausting and it makes me mad that women have to pay attention to their communication style.”

Stops explained, “You have to understand relationships and you have to understand politics.”

Dr. Simard added, “Understand who has influence but not necessarily the title.”

Schneider agreed, “Find out how decisions get made in the organization. Understand the politics. In many cases it’s about creating your network. We do favors all the time but we don’t call in favors a lot.” She advised women to cultivate relationships with the people that they need to help get things done. “The more you know people, if you want them to help you, they typically will do it,” she said.

Stops said, “You have to be yourself. Be your own authentic self. It’s okay sometimes to show who you are, your authentic style, your honesty. Be yourself. Understand politics, but try not to get drawn into them. “

Pomeranz agreed, “Modulating is also about adjusting your message if you want to influence the organization.”

Watch the highlights here!

By Melissa J. Anderson (New York City)

Beth 005Contributed by Beth Collinge of CTG – a division of ILX Group plc.

The IMF has raised its forecast for global growth this year. Details of the EU’s stress test plan were released Wednesday and European lawmakers gave their backing to an overhaul of Europe’s system for supervising financial institutions and markets. Ernst & Young is to appoint non-executive directors to its global advisory board as it comes under regulatory scrutiny.

Overview

  • Global equity markets rebounded this week and government bonds fell as fears of a double-dip recession in the US subsided despite some concerns about the outlook for the labour market. Additionally investors were encouraged as details of the “stress test” on banks were released, and news of a surge in German exports in May appeared to highlight the eurozone’s resilience.
  • On the broader economic front, the International Monetary Fund raised its forecast for global growth this year, to 4.6 per cent from 4.2 per cent, although it also noted that Europe’s debt crisis posed a risk to the global recovery.
  • The policy meetings held by the European Central Bank and the Bank of England this week produced no changes to interest rates as expected.
  • The yield on the 10-year US Treasury was up 10 basis points at 3.05 per cent, having fallen below 3 per cent last week for the first time in 14 months.

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Senior woman sitting on couch and using laptopBy Tina Vasquez (Los Angeles)

According to a new study released by AXA Equitable Life Insurance Company, twice as many women than men said their top financial worry was not being able to save enough for retirement. This is for good reason, too. Though many were hit hard by the recent financial crisis, women in particular took a major blow, with fewer women than men able to recover their retirement savings investments.

One of the biggest champions behind this study, entitled Retirement in America: A Survey of Concerns and Expectations, was Barbara Goodstein, AXA’s Executive Vice President, Chief Innovation Officer. For the past three years, Goodstein was part of the team that conducted extensive research on women’s financial goals. According to the Goodstein, when considering the hardships women face as they get older, it should come as no surprise that they’re more concerned about retirement.

“Women are more concerned for their financial future because they find themselves in very different positions than men later in life,” Goodstein said. “In many cases, women make about 80 percent of what men make doing similar work. Over the span of their lifetime, men work about twelve years longer than women. Women live longer than men and 40 percent of marriages end in divorce. When you consider these facts, it becomes clear that many single women and widows are likely to face retirement alone and all of the financial difficulties that come with that.”

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iStock_000001913448XSmallBy Melissa J. Anderson (New York City)

The Glass Hammer is taking a long weekend to celebrate Independence Day. If you’re not out watching the fireworks, why not take a few minutes to catch up on a few of our recent most popular stories?

And, don’t forget to check out our Thursday, July 8 event: Women in IT – Staying Technical and Getting to the Top. We’re also planning two more events for this fall, so keep an eye on our events page!

Finally, The Glass Hammer is always looking for more writers. Do you have a story to tell? Email me at melissa@theglasshammer.com and we’ll talk about putting your voice on the site!