To Deborah Lorenzen, talent is everything for a business’ success.
Since 2008, acquiring talent in the financial services sector has largely been a buyer’s market, where it’s been easier for firms to pick and choose the talent they want to bring in. Consequently, they haven’t had to spend as much time or effort making sure people are enthusiastic about joining the firm. But, says Lorenzen, savvy firms know they need to be prepared for the next cycle, which she calls the “War for Talent.”
“We can dramatically improve the front end of our hiring process, but we don’t spend enough time on it,” she says.To that end, she is currently focused on improving three different phases of the talent acquisition cycle.
Making Job Descriptions More Inclusive
First, she says that job descriptions need an overhaul, recommending that they be stripped of corporate speak and made more gender neutral. “Beyond articulating the job requirements, job descriptions are a marketing document, since they are read by hundreds of people who never even apply,” she says. “The majority of those who read them are people in my industry, and I want to leave them with a positive impression of my company.”
One remedy is tools that use an analytical perspective to identify which words attract which people by mapping the factors of a job description that ultimately led to a certain type of hire.
Entering existing job descriptions into the tool yields instant feedback, such as which words are likely to attract female or male candidates, which can then be used to incorporate more balanced verbiage. One lesser-known fact is that if your job description is filled with acronyms, research shows that men are more likely to apply even if they don’t understand the corporate jargon.
“We’re excluding large swaths of the population by how we word things,” Lorenzen says.
Maintaining Consistency Throughout the Interview Process
While competency-based interviews have become the norm, there is still a need to improve consistency. To that end, Lorenzen has helped create tools that lead to better interviews. Managers can quickly select the key competencies for the job they are filling, which brings up a set of pre-worded questions that will give them insight into candidates by prompting specific, measurable examples specific to that skill, such as “Give me an example of a time that you displayed teamwork.” For a trait such as global acumen, managers can choose different questions based on the depth of expertise required by the position level.
After key questions are chosen and position specific questions are added, the manager then can print out the job interview form and use it consistently with all of their candidates. “It allows them to compare apples to apples rather than having different experiences with different people,” she says. “The tools should be intuitive so we set our managers up for success.”
Pre-boarding for Success
In the United States, there is typically a two-week lag from when someone accepts the job until they actually start. In other parts of the world, people might have up to 90 days, a lengthy transition period when companies must engage with their future employees throughout the gap.
Among the support her division supplies are links to company information, “acronym decoders” and details on what to expect the first day. “This is about emotional engagement, so our new hires believe they have made the best decision of their career.”
For example, new employees will learn what to expect on the first day, and what activities to expect in the first 10 days. Setting expectations improves time-to-productivity, which is a key metric for the business.
Another key component of pre-boarding is discussing the wide variety of Employee Resource Groups available. “We want them to know that our company is proud of our diversity and whatever their gender, orientation, culture or background, there’s someone like them here already.”
Data Analytics Drive Decisions
In addition to a focus on better hiring, Lorenzen is immersed in technology infrastructure and data analytics. “Data is the key to understanding both our current environment and our next move,” she says. We can use data to identify products which are high performers and which aren’t meeting expectations, and track those products in real time.
Since decision science is a relatively new field, Lorenzen and her team are constantly tasked with finding the best talent. “They have to come in with diversity of thought, which comes from diversity of experience,” she says. “We must have a variety of perspectives in the room since there’s constant demand to improve the technology architecture.”
A Word for Women
Finally, Lorenzen believes that women have a special role in the industry to help others. And while she sees this as a responsibility, the rewards are mutual. “It gives me great joy to watch young people come up in the organization,” she says.
And she adds, there are few industries that are more competitive. “People are always going to be looking to take you out, but it’s not because you’re a girl, it is because you are competition. We need to raise our voices, as uncomfortable and dangerous as it can feel, when we see bias.” Why? Because for our businesses to thrive in this rapidly changing landscape we need the smartest, most innovative team we can muster, which by definition brings a diversity of thought to the table. This is an obligation for senior executives, including women.
The views expressed in this material are the views of Deborah Lorenzen of State Street Global Advisors through the period ended April 13, 2016.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street express written consent.
State Street Corporation, One Lincoln Street, Boston, MA 02111-2900
© 2016 State Street Corporation – All Rights Reserved
11 Ways Mentors Can Help You Succeed – And How To Get Their Help
Career Advice, Guest ContributionHere are 11 ways a mentor can help you during 4 general stages of your career:
Stage 1: Newbie: Your Mentors Help You Acclimate to a New Job or Work Environment:
1. Find Your Way and Learn the Rules: Bonnie Marcus, author of The Politics of Promotion, says, “The mentor can offer advice on how to best navigate in the new work environment and give information about the people and politics.” A mentor within your company can help you understand corporate expectations—both spoken and unspoken rules. They can point out mistakes if they see you in action. Your mentor can help you feel comfortable operating within that environment.
2. Identify your skill set and anything missing that you need to work on. In my second job out of business school, a mentor suggested I attend trainings in time management and organization, which helped me be more effective in my job.
3. Model what works: Ask your mentors to share their stories of what’s worked in their careers and what hasn’t. Learn from your mentors’ experience. Beth B. Kennedy, a Leadership Coach who has taught many Leaders how to begin a successful mentoring relationship, shares the success of a client whose mentor taught her “excellent delegation and time management strategies” that led to the client’s success and promotion.
Stage 2: Strategic: Your Mentors Help You Plan Where you are Going for a More Successful and Fulfilling Career:
4. Create a Vision: A mentor can help you think about where you want to go in the long run and what can help you get there. This type of mentor can be someone in your workplace, someone in your field, or more of a general business coach, perhaps even someone you hire.
5. Look for Resonance: A mentor or coach can help you assess how well your current environment fits your values, skills and interests. You will be happier with a job and environment that resonates.
6. Help you define success: Long term success is not only about what a company or environment defines as success. Says Amy Beilharz, former corporate executive turned serial entrepreneur and business coach shares that as women, group goals, our relationships and contribution to a larger cause are all important to feeling fulfilled in our careers.
Stage 3: Mobile: Your Mentors Help You At Key Decision Points
7. Solve Problems: You can turn to your mentors for feedback on any challenges you are experiencing, offering possible solutions to problems, as well as general strategies that have worked for them in similar situations.
8. Evaluate Job Offers: You may be offered a job within your own department, another part of your company or even your own company. Sometimes it’s hard to see all the ramifications of taking a particular job—both for short-term fit and also for its long term strategic value. A mentor can help you see all angles and evaluate the fit.
Stage 4: Successful: Your Mentors Help You Get Where You Want to Go:
9. Help You Network: Marcus says mentors can introduce mentees “to potential allies and champions.”
10. Get You Noticed: Beth B. Kennedy, a Leadership Coach who has taught many Leaders how to begin a successful mentoring relationship notes, “A current client of mine learned strategies from her mentor that led to her promotion. Her mentor taught her ways to raise her visibility in an authentic way.
11. Your Mentors Can Serve as Sponsors: Marcus points out that at the upper echelons, it’s not just about mentoring. To get promoted, women need sponsors who are willing to introduce their mentees to the right people and suggest them for promotion.
12. Look Outside Your Company: External mentors in your field can help you look beyond your company for opportunities. They may help you decide what you are looking for, introduce you to contacts of theirs, or even help you get into their own organizations.
Where to Find a Mentor? Cultivate mentors within your company and outside of it. Kennedy offers the possibility of someone “from a different department to add a more systemic and strategic perspective.” Your boss can also be a good mentor, depending on the person.
How to get mentored? Kennedy says that, “The best mentoring relationships take place when they’re not forced mentoring programs. A proactive way to get a mentor is to begin the process in a more unofficial way.”
How?
a) Identify someone who has been successful in your organization or field in a way that resonates with you or that has certain skills and relationships you’d like to emulate.
b) Get to know them. Kennedy suggests you ask for a brief meeting or coffee, nothing fancy.
c) Kennedy says, “Asses the synergy.” What does your gut tell you about the mentor? “Does the possible mentor have the time and energy to mentor?”
d) After a few casual meetings, Kennedy says you can then ask the person if they would be your mentor. “Share your expectations. Some of the best mentoring relationships my clients have shared with me are the relationships that meet once a month and the mentee brings questions and an agenda. The mentee needs to be proactive and discuss their needs.” It’s also a good idea to share articles on mentoring and “other best practices with your mentor.”
e) At some point you want to evaluate the effectiveness. Kennedy suggests an assessment six months or a year down the road. If it’s not working, you can thank your mentor and move on to someone new.
Don’t wait for someone to offer to mentor you. Start to think now about specific ways you want a mentor to help you and list people who might be of help. You can have more than one mentor at a time, too. Ask other women about their mentoring experiences, as well. And if your company has a mentoring program, find out how one gets chosen to participate. No one goes it along in the corporate world. The support of your mentors can be one of the most important determinants in your success.
Guest contribution by Lisa Tener
Lisa Tener is an author, trainer and four-time Stevie Award winner, including the Silver Stevie Award for Mentor/Coach of the Year 2014. Lisa serves on faculty at Harvard Medical School’s CME publishing course and blogs on topics like how to choose a literary agent. You can also find her posts on the Huffington Post. Follow Lisa on twitter @LisaTener and Facebook.
Guest advice and opinions are not necessarily those of theglasshammer.com
Why Working For a Good Company Makes a Big Difference
Career Advice, Career Tip of the Week!In short, working for a progressive company makes all the difference as the water is provided for the fish of all types and no one is left grasping for basic air supply.
If you are looking to go further then consider getting a coach. Not all are created equal and I would recommend people with coaching certificates from good universities or else coaches with an organizational psychology background as they can help you spot the company’s good points and flaws on a systemic level so we are not just telling you to lean in. Isn’t it time that the companies leaned in?
By Nicki Gilmour, Executive Coach and Organizational Psychologist
Contact nicki@theglasshammer.com if you would like to hire an executive coach to help you navigate the path to optimal personal success at work
Voice of Experience, Hila Goldenberg, Head of Ultra – High Net Worth Clients in Israel, UBS Wealth Management
Voices of Experience“Ask for more,” advises UBS’ Hila Goldenberg. “Women often expect to be promoted or be included on a high-profile project, but are too shy to speak up and ask for what they want. It won’t just happen; they need to ask for professional development and define their career goals, then express these plans to their superiors as they strive for more.”
Throughout her career, Goldenberg has seen the benefits of being open about a desire for increased responsibility. She began her career at a law firm in Israel and then went to work as an assistant to the General Director for the Israel Antitrust Authority, a unique experience that allowed her to meet a wide variety of business, parliamentary and government leaders.
Realizing she had an interest and aptitude in business, she went back to school and earned her MBA at INSEAD in Fontainebleau and Singapore, ranked as the best global MBA program in the world. After graduating, she joined Citi Private Bank in London as part of the team that covered Israel, later moving back to Israel when they opened an office there. She stayed there until 2014 when she was invited to UBS to form and lead its ultra-high net worth team in Israel.
Helping Her Clients Make a Difference
This decision to join UBS to start a new venture and create a new coverage team is a professional achievement of which she is particularly proud. In her role, she is able to help wealthy individuals with a full array of services far beyond asset management, everything from philanthropic endeavors and impact investments to next generation wealth transfer and art selection. “We are partners in their endeavors and work with them to help develop the legacy they want to leave, such as creating a tangible impact on society or helping disadvantaged socioeconomic groups,” she says. “Many have concerns that the next generation must not rely solely on the great wealth they are inheriting. We advise them on best practices for setting personal and professional milestones and provide assistance on structuring their wealth for the generations to come.”
The other part of her role that is meaningful to her is overseeing the Social Impact Bond UBS has launched in Israel to help fight diabetes. The funds will be used to identify and work with high-risk populations on lifestyle changes they can implement to help prevent diabetes, work that she says will make dramatic differences. “Impact investing provides a vehicle that has a social effect and also offers solid financial benefits for investors,” she says. “We have seen much interest from clients in this theme.”
Diversity Creates Success
Goldenberg has been involved in an annual Women in Wealth networking forum at UBS that allows participants to learn about other cultures and best practices. She appreciates that UBS has a focused emphasis on diversity and inclusion and views it as an asset in the organization’s recruiting endeavors. “Whether it’s diversity of gender, culture or even just a different educational expertise, such as arts and sciences, we look to hire people from various backgrounds,” she says, adding that the goal is always to look at the individual to find the best talent.
“We benefit from these different viewpoints because they lead to more quality decision making as we consider perspectives of people who can share a broader variety of input,” she says.
Travel as an Integral Part of Work and Family
With a partner and two boys, ages three and four-and-a half, Goldenberg strives to balance the challenge of a successful, fulfilling career with the needs of her family. Her position requires extensive travel, so while she finds it hard to leave, she is proud to articulate to her family that she loves what she does, even though she misses them.
And they are able to share in adventures with frequent travel as a family, both around Israel and abroad. They take a trip to Asia every year and are currently preparing for a trip to Thailand. “We love discovering different cultures and history and immersing ourselves in the entire experience,” she says.
Thought Leader: Elizabeth Diep, Partner, Asset and Wealth Management Practice, PricewaterhouseCoopers
Thought LeadersDon’t be afraid to pursue the big assignment or job even if you think you don’t meet 100 percent of the qualifications,” says PwC’s Elizabeth Diep. She urges women not to limit themselves because although you won’t always hit it out of the park, you learn from every experience, and often even more from the ones that don’t succeed. “Big jobs are scary but the only way you learn is by practicing.”
And, she cautions, if you say no too many times, people will start assuming you’re not interested and you’ll no longer be on the list for consideration. “Along the way you have to take calculated risks.”
As an assurance partner in the audit practice, Diep focuses on alternative investment clients, which include endowments, hedge funds and private equity clients, ranging from highly complex, multi-national companies to smaller, locally based equity funds. As Diep puts it, that is her “day job,” as she is also involved in other firm business, including assisting with people initiatives as a Human Capital (human resources) partner, where she focuses on helping a group of about 150 more junior colleagues navigate the firm, providing guidance on their development, education and experience.
A Changing Industry Full of Challenges
Because the asset management world within the financial services industry is still fairly male dominated, Diep sees it as one ripe with opportunity. “If someone wants to thrive and be challenged every day, this is the field for them,” she says, noting that in an ever-changing industry, there are constantly new financial instruments being created. “As the world gets more complex, the industry gets more complex,” she says.
The industry also is appealing to anyone with an international mindset. “The opportunities that lie abroad push you to be more open to the world because we’re interacting in a global society every day.”
The industry also calls for flexibility since your day can change with every phone call or email articulating a new client need. “I might have a client interested in investing in transportation out of Greece and Panama so I need to see what resources PwC has to support those needs,” she says. And that’s why success lies in delivering relationships before you need them.
“You’re not just working with people in your office, but other partners and members of the global network. You have to be resourceful and know who can help you find the answer you need. Those connectors become critical to your success.”
She says that today’s workforce is different from generations past when people were expected to have all the answers. Today, it’s more important to know which expert can help you get the answer rather than being expected to know everything personally.
Flexibility Remains a Challenge
Diep cites a recent PwC survey of millennials that explores the importance of flexibility, and unfortunately, she finds that while many firms promote work/life balance, employees still worry that taking advantage of these programs could have a negative impact. And that translates into a pervasive feeling among many women, especially working moms at the mid-career level, that the industry is too demanding if they want to perform well and also have a family.
One program designed to help is the “He for She” program, of which PwC is a sponsor with a goal of having 80 percent of the men join. “At the end of the day it’s primarily men sitting around the table so we have to get them involved in this conversation and advance women’s causes,” Diep says. “When we move away from just women talking about the challenges but have men supporting them, it will be a game changer.”
She says that she has been bolstered in her own career by mentors and sponsors who served as role models with a balance that she has learned to emulate. “It’s not always equal,” she says, noting that sometimes they were working late hours but then they still always made time to disconnect on vacation or take off for their kids’ birthdays. “They gave me an example of how you can use the day how it works best for you, to balance all your key life relationships, while always completing high-quality work.”
Thought Leader: Deborah Lorenzen, Managing Director & Chief Operating Officer, Global Product & Marketing; State Street Global Advisors
Thought LeadersSince 2008, acquiring talent in the financial services sector has largely been a buyer’s market, where it’s been easier for firms to pick and choose the talent they want to bring in. Consequently, they haven’t had to spend as much time or effort making sure people are enthusiastic about joining the firm. But, says Lorenzen, savvy firms know they need to be prepared for the next cycle, which she calls the “War for Talent.”
“We can dramatically improve the front end of our hiring process, but we don’t spend enough time on it,” she says.To that end, she is currently focused on improving three different phases of the talent acquisition cycle.
Making Job Descriptions More Inclusive
First, she says that job descriptions need an overhaul, recommending that they be stripped of corporate speak and made more gender neutral. “Beyond articulating the job requirements, job descriptions are a marketing document, since they are read by hundreds of people who never even apply,” she says. “The majority of those who read them are people in my industry, and I want to leave them with a positive impression of my company.”
One remedy is tools that use an analytical perspective to identify which words attract which people by mapping the factors of a job description that ultimately led to a certain type of hire.
Entering existing job descriptions into the tool yields instant feedback, such as which words are likely to attract female or male candidates, which can then be used to incorporate more balanced verbiage. One lesser-known fact is that if your job description is filled with acronyms, research shows that men are more likely to apply even if they don’t understand the corporate jargon.
“We’re excluding large swaths of the population by how we word things,” Lorenzen says.
Maintaining Consistency Throughout the Interview Process
While competency-based interviews have become the norm, there is still a need to improve consistency. To that end, Lorenzen has helped create tools that lead to better interviews. Managers can quickly select the key competencies for the job they are filling, which brings up a set of pre-worded questions that will give them insight into candidates by prompting specific, measurable examples specific to that skill, such as “Give me an example of a time that you displayed teamwork.” For a trait such as global acumen, managers can choose different questions based on the depth of expertise required by the position level.
After key questions are chosen and position specific questions are added, the manager then can print out the job interview form and use it consistently with all of their candidates. “It allows them to compare apples to apples rather than having different experiences with different people,” she says. “The tools should be intuitive so we set our managers up for success.”
Pre-boarding for Success
In the United States, there is typically a two-week lag from when someone accepts the job until they actually start. In other parts of the world, people might have up to 90 days, a lengthy transition period when companies must engage with their future employees throughout the gap.
Among the support her division supplies are links to company information, “acronym decoders” and details on what to expect the first day. “This is about emotional engagement, so our new hires believe they have made the best decision of their career.”
For example, new employees will learn what to expect on the first day, and what activities to expect in the first 10 days. Setting expectations improves time-to-productivity, which is a key metric for the business.
Another key component of pre-boarding is discussing the wide variety of Employee Resource Groups available. “We want them to know that our company is proud of our diversity and whatever their gender, orientation, culture or background, there’s someone like them here already.”
Data Analytics Drive Decisions
In addition to a focus on better hiring, Lorenzen is immersed in technology infrastructure and data analytics. “Data is the key to understanding both our current environment and our next move,” she says. We can use data to identify products which are high performers and which aren’t meeting expectations, and track those products in real time.
Since decision science is a relatively new field, Lorenzen and her team are constantly tasked with finding the best talent. “They have to come in with diversity of thought, which comes from diversity of experience,” she says. “We must have a variety of perspectives in the room since there’s constant demand to improve the technology architecture.”
A Word for Women
Finally, Lorenzen believes that women have a special role in the industry to help others. And while she sees this as a responsibility, the rewards are mutual. “It gives me great joy to watch young people come up in the organization,” she says.
And she adds, there are few industries that are more competitive. “People are always going to be looking to take you out, but it’s not because you’re a girl, it is because you are competition. We need to raise our voices, as uncomfortable and dangerous as it can feel, when we see bias.” Why? Because for our businesses to thrive in this rapidly changing landscape we need the smartest, most innovative team we can muster, which by definition brings a diversity of thought to the table. This is an obligation for senior executives, including women.
The views expressed in this material are the views of Deborah Lorenzen of State Street Global Advisors through the period ended April 13, 2016.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street express written consent.
State Street Corporation, One Lincoln Street, Boston, MA 02111-2900
© 2016 State Street Corporation – All Rights Reserved
Adopting the Premortem Technique to Enhance Your Career
LeadershipRead more
Is it time for a vacation?
Career Advice, Career Tip of the Week!Science indicates that breaks help increase productivity and whilst short breaks during your working day may improve concentration, longer breaks and vacations can improve overall job performance. They help improve the state of our mental health by giving us better life perspective and making us more motivated to achieve our goals when we return to work.
So, my advice this week is to take more vacations, as recharging your batteries can make you more productive! On that note, whilst I’m on vacation in Florida, Career Tip will return next week.
By Nicki Gilmour, Executive Coach and Organizational Psychologist
Contact nicki@glasshammer2.wpengine.com if you would like to hire an executive coach to help you navigate the path to optimal personal success at work
Change Leader: A Q&A with Christine Hurtsellers, CIO Fixed Income, Voya
Thought LeadersNicki: What has changed since we last interviewed you back in 2010?
Christine: I still have the same role, however, following our IPO in May 2013 and separation from ING Group, we rebranded as Voya. It’s been an exciting process to define Voya’s values and recalibrate our investment policies. In 2015, Pensions & Investments Magazine named Voya IM one of its “2015 Best Places to Work in Money Management” list for the first time. The firm also recently received distinction as one of the World’s Most Ethical Companies® by the Ethisphere Institute for the third year in a row.
Nicki: Why do you think it is so important to help advance good talent, including more women in the industry?
Christine: I am passionate about making the investment industry better. I want to help rising stars in the industry that are women and provide them with a toolkit. I believe that women can be phenomenal investors, and I want to challenge and speak with them to help them grow as thoughtful investors. People entering this industry are looking for more than a paycheck. They value experience and want to work for places that are more values-based. I think it is great that millennials are thinking way more about linking their values to their workplace experience than previous generations.
Nicki: What is your advice to someone entering the industry or who is in the early stages of her career?
Christine: The cost of doing business is increasing and as a result we will see some consolidation. Some products are becoming more commoditized with ETFs showing up more for retail investors on that side of the business. It is an interesting time to be in the industry as institutional clients look for unique, customized approaches for their portfolio. The road is becoming more and more bifurcated. For people entering the industry, there is a temptation to become specialized early at a boutique firm. I believe it is critical to stay flexible to learn a variety of skills for the first 8-9 years of your career. My advice is to look for companies with multi-dimensional businesses to give yourself that opportunity.
Nicki: You recounted to me how one time a woman said you were an unrealistic role model. How did that make you feel?
Christine: I don’t want to be the poster child for women at work because I have five kids and I run marathons, that isn’t everyone’s version of life. How do we lift as we climb? That is the bigger question, and I think the answer is to share with people my failures and some of the decisions I have made. I try to be real and make sure my advice is very content oriented about the markets and investing. By challenging and teaching people, I can be a better role model. Lastly, if I can use my network to help women and make appropriate introductions, then I know I am walking the talk.
I try to hire women and I use my network because a long time ago a woman did the same for me and she was instrumental in helping me get my next job. She was in fixed income sales and she introduced me to many clients and people in the industry. This was crucial in me securing my next role at what is now Alliance Bernstein
Looking out for each other in times of trials is so important. To have someone put her credibility on the line and say “hey, talk to this person” is incredible, and this woman did that for me, so I want to pay it forward.
Nicki: How do we ensure other leaders are as accountable as they think they are for real change?
Christine: I think the best way to engage leaders in the discussion of having diversity in their teams is to challenge them to think about what they do to shape the culture.
Sometimes it isn’t obvious to other leaders that they need to create pathways and a culture for success for women that goes beyond mentioning their women’s network and other HR policies.
I want to see accountability for diversity, and if I start with the numbers – literally asking how many women are in senior roles – then it usually opens up an honest conversation with most male leaders to think more about how they can approach hiring and developing more women.
Nicki: How have you successfully built relationships in the industry – both within your firm and with people in other firms?
Christine: Networking can be such an implicit action; it’s just something we do. You meet interesting people along the way and share relevant insights with them – add value to the other person and they will reciprocate – like in a marriage you have to love and you have to love first.
I joined the Treasury Borrowing Advisory Committee in 2014 and I am enjoying working with really talented and intelligent people on a very interesting subject that has real consequences. I work at leaning in with them. Sending an article to a small group who share common interests, dropping them a note from time to time. It is about contributing as best as you can to further the task and mission. Building relationships is ongoing, and it is an honor to work with such great people providing recommendations to Treasury on a variety of debt management issues.
Nicki: Do women help other women at work?
Christine: I would go as far as saying that I believe that women help women in tough situations, more than men help other men. It is also important to look for your advocates in male and female leaders as I have great examples of how men have believed in me. Rob Leary, now CEO at TIAA Asset Management, was the person who gave me the job at Voya. I wasn’t the most obvious candidate, and he took a risk on me. He knew I was great with people and an exceptional investor, and I delivered for him.
Nicki: What is the one thing you know now that you wish you had known when you were first starting your career?
Christine: I went it alone for a long time. The power of networking peers and mentoring is something I wish I had considered when I started my career. I wish I had focused more on the quality of management, their values and ethics, and the culture they create at the company.
In life, you take every opportunity and you learn – in careers, as long as you maximize learning, you are on the right path. I ended up fine tuning my experience in mortgage derivatives when I made a move to Freddie Mac. Many advised me against it, but I knew it was important for me to spend more time with my family as previously I wasn’t seeing them from Sunday night to Friday afternoon. I learned so much. It meant I could come to Voya due to my deep knowledge, and for my life at that time it meant my family and I could be happy, which is of course really important.
It’s about making the best out of any experience.
Christine is also a panelist at our upcoming event – theglasshammer.com’s 5th Annual Navigating your career event on May 4th 2016.
Apples-to-Apples, the Gender Pay Gap Exists
Career Advice, Gender Pay Gap, Money Talks, This Month's FeatureAccording to the Demystifying The Gender Pay Gap survey by Glassdoor, the biggest myth about the gender pay gap is that it doesn’t exist at all, as 7 in 10 employees across seven countries assumed men and women received the same pay for the same work. But even when narrowed down to an apples-to-apples comparison within companies, researchers found a significant gender gap exists.
The Apples-to-Oranges Gap
Every time the gender pay gap comes up, it seems we have the apples-to-oranges data and the apples-to-apples data. Apples-to-oranges data compares men’s earnings to women’s earnings without breaking down the factors at play.
The recent Catalyst data summary of Women’s Earnings And Income reports that in the U.S. in 2014, women earned 79% as much as men in annual earnings. Based on Census data of median weekly earnings in 2015, full-time working women earned 81% as much as men, but only 72% as much within full-time management, professional, and related occupations.
Data has shown that female income tends to level off around age 35-40, as gendered workplace penalties reach full swing, while male income doesn’t level until 50-55 years old. The American Association of University Women reports that “women are typically paid about 90 percent of what men are paid until around the age of 35, at which point median earnings for women start to grow much more slowly than median earnings for men. From around age 35 through retirement, women are typically paid 75 to 80 percent of what men are paid.”
This difference has a significant impact on women’s lives, resulting in an average of $10,800 less in annual earnings, or nearly a half million dollars across a career, and a dramatically lower retirement security (44% less median income) for longer-living women, which ultimately spells an economy issue.
The Apples-to-Apples Gap
In their recent survey, Glassdoor created apples-to-apples salary comparisons by factoring in “differences in education, experience, age, location, job title, industry and even company.”
In the U.S, they found an apples-to-oranges 24% pay gap, or that women earned 76% as much as men. When they controlled for age, education, and years of experience, the gap was 19%.
When they looked at the same job title at the same employer at the same location, the highly “adjusted”apples-to-apples gap was still 5.4% – women earned 94.6 cents on the dollar of her male peer sitting next to her.
For a full-time working woman at median earnings, that’s a $2,140 loss per year. But for a woman who earns $100,000 a year, the loss is $5,400 annually.
The “adjusted gap”also increased with age – 6.2% at 35-44 years old, 9.5% at 45-54 years old, and 10.5% at 55-64 years old.
Among industries, the “adjusted”pay gap for insurance was among the biggest at 7.2% and finance was 6.4%. Among occupations, C-Suite professionals had one of the largest gender pay gaps (27.7%).
Apples-to-Oranges Is Still a Gender Bias Issue
Gender bias is still a significant driver of an apples and oranges comparison – it’s a big factor of the context that makes the difference exist at all.
According to Robert Hohman, CEO of Glassdoor, “occupational sorting”explains 54% of the overall “unadjusted”pay gap – the sorting of men and women into different industries and different roles in the economy, through non-subtle and subtle societal influences.
Education and experience were minor factors of explanation (14%). In fact, an April Gender Pay Inequality report from the U.S. Congress Joint Economic Committee stated, “The typical woman with a graduate degree earns $5,000 less than the typical man with a bachelor’s degree,”and that “women’s median earnings are lower at every level of education.”
Sincerity Is Transparency
The gender pay gap has been stagnant for the last decade 2006 to 2015 (change was 20 times faster in the preceding decade) and is not except to close until 2059.
Recent executive proposals by President Obama to target the gender pay gap by having the Equal Employment Opportunity Commission collect companies salary data has prompted reactions of government overreach, but the overall intention is to get targeted with a persistent problem.
As long as the persistent gender gap belongs to everyone, it belongs to nobody, and that’s why transparency matters. 70% of employees feel salary transparency is good for employee satisfaction and for business.
Certainly, a pointed finger sparks transparency, especially if it’s being pointed publicly or by shareholders, and especially if there’s nothing to hide. With the recent Glassdoor finding that female computer programmers experience one of the highest “adjusted”occupation pay gaps at 28.3%, the big names in Tech have been coming out to champion their equal pay.
On Monday, both Facebook and Microsoft announced publicly that men and women earn equally at their companies. Amazon and Apple have publicly stated similar findings based on employee pay surveys, prompted by shareholder proposals requesting disclosure of pay equity assessments, filed or co-filed by Pax World. Intel also shared their equal pay findings recently.
Now what if companies began to feel the same external pressure to disclose their C-Suite pay findings around that whopping 27.7% discrepancy?
When it comes to the gender pay gap, it seems the only real language of sincerity is indeed transparency, and companies have the chance now to use it.
By Aimee Hansen
Mover and Shaker: Christine Molloy, Manager, Accenture Consulting
Movers and ShakersMolloy understands what it takes to continue to raise through the ranks in her career as she comments,
“Many of my assumptions entering the corporate world were around work-life balance. In the beginning of my career, I believed the more I worked, the faster I would stand out and get ahead. I quickly realized this was old thinking – working smart and taking time to focus on your own well-being are extremely important to creating a successful career path.”
When asked about professional achievements so far, she replied,
“I am proud of several professional achievements I have had throughout my career. The ones that stand out most are when I have brought teams together to deliver great outcomes and, subsequently, when clients have been the most satisfied. I think it is about adding value.”
She goes on to give an example of having been a member of a team across geographies that was working across multiple US states, as well as Canada and India. The team had been working to solve a complex problem for a client and the team was struggling to integrate together around the task. Molloy comments,
“I guided the group to come together as a team, realize common ground and deliver a solution that was agreeable to all and beneficial to the client – and that felt like I added a lot of value.”
She also talks about a recent project that she has just completed, which consisted of a SAP Customer Information System and business intelligence implementation project for a large utility project. She states,
“This was such an exciting project because I got to work on it from the early stages through to a successful go-live. I was responsible for consolidating two systems into a single solution to improve operational efficiency and enhance customer experience. The nature of the work was complex and rewarding since my client was an early adopter of the technology.”
Molloy repeatedly cites her strong team and a good company as a key element in her success and also mentions sponsorship as playing a significant role in her career. She states,
“I would not be where I am today if it was not for the mentors and sponsors who have helped guide me. Everyone needs a strong team of support but, in many cases, you will have to seek out and identify mentors and sponsors that will be there for you along the way. “
Equally she recognized that it is important to take the time to support and mentor others,
“My father, now retired, taught me what it means to be a leader, to work hard and also to put family first. I owe my leadership skills to him and I know that as I continue to learn, build my network and give back to those around me, I too will be successful.”
Molloy states that she has learned the most from working with a diverse array of people, on her own teams at Accenture, with clients and with other people she interacts with daily. She enjoys working with people who have different ways of working, who expect the highest performance and people in different geographies with cultural nuances. She states,
“Working alongside people with a variety of differences can be difficult but, ultimately, it improved my listening skills, increased my flexibility and taught me how to better apply my own social style.”
Accenture has numerous programs and initiatives across the company to support women in succeeding and advancing and personally Molloy is involved with the Miami Women’s Enterprise Resource Group. She comments,
“We have a strong network of women within the company and in our local community. As a part of this, I lead several local women’s groups at different client sites to encourage our women to collaborate and learn from one another in the communities that we work in while traveling.”
Molloy is also the corporate citizenship lead for Accenture’s Miami office and is currently working with a nonprofit partner called Covenant House Florida on several exciting initiatives. Covenant House is a homeless shelter for youth that served more than 51,000 youth last year across 6 countries and 21 cities in North America, providing nearly 700,000 nights of shelter.
She excitedly shared that in a few months, Accenture volunteers will be helping them roll out a STEM (Science, Technology, Engineering and Math) awareness program. “I currently lead a mock interview initiative where we bring Accenture volunteers to the nonprofit to work one-on-one with disadvantaged youth to prepare them for job interviews and the working world.”
She lives in Fort Lauderdale, FL with her husband and enjoys paddle boarding, traveling and spending time at the beach.