From cosmetics to commodities to travel and tourism, Sandy Chaikin has successfully re-invented herself and her career.Starting in marketing roles, she fine-tuned her skills to open her own consulting firm and a Bed & Breakfast in Connecticut.When the stock market fell in 2008 and she lost 40% of her investments, Chaikin decided it was time to transform once again. After co-founding Chaikin Analytics in 2009, she is now helping other women re-invent themselves as confident and profitable stock market investors.
After graduating from the University of Denver with degrees in Sociology and Psychology, Chaikin moved to New York and started her career in the cosmetics industry.She held senior marketing roles at L’Oreal and Elizabeth Arden. Chaikin then moved to her home-town, Philadelphia, and took a marketing role at The Franklin Mint.
“Marketing a service or product is the same formula in any industry – identify your audience, have a unique product, know how to promote, package and price your service,” she said.
In 1995, Chaikin moved to Connecticut and opened her own marketing consulting firm. It was also around this time that she segued into the travel and tourism business by opening a Bed and Breakfast.
“My personal experience owning a B&B attracted other inns and before I knew it, my consultancy was 100% focused on travel and tourism.You have to be immersed in something to market it and that’s why I was so successful, because it was my business, too.I was an innkeeper and I knew from my own experience how to market an inn – I knew what worked and what didn’t – which I then applied to my clients’ businesses.”
During her days as an innkeeper and marketing consultant, Chaikin invested in mutual funds.
“As my consulting business grew so did my 401K plan and I didn’t feel I had the inclination or knowledge to manage this myself,” she said. “On a recommendation, I met with a portfolio manager and hired a professional.”
When the markets fell in 2008, Chaikin became concerned about her investments.
“I asked him repeatedly if we should make some changes to my portfolio,” she recalled. “I remember calling him several times but he advised me to hold on to the investments. I didn’t have the confidence to over-ride his judgment.”
Chaikin ended up losing 40% of her 401K.
“This was a devastating turning point because I thought I was doing the right thing,” she said. “When you need advice, you go to a professional so I was upset this professional didn’t help me.I took the money out of his control and was determined to do this on my own.I put my money in Vanguard and started investing it myself.”
The Birth of Chaikin Analytics
Sandy’s personal losses in the stock market using a financial advisor was the inspiration behind the launch of Chaikin Analytics. She knew there was a need in the marketplace for novice investors like herself to have access to investment tools that professionals used so she could take control of her own investments.
Partnering with her husband, Marc Chaikin, a 40-year Wall Street veteran, they founded Chaikin Analytics.
“Before he retired, my husband Marc created tools for institutional investors on Wall Street.In 2009, he watched as millions of dollars were coming out of brokerage firms and into self-managed accounts like mine,” she explained.“We decided to take the tools he created for the pros and apply them to individual investors.”
The Chaikin Analytics model takes into consideration 20 different factors that professionals analyze when looking at a stock and boils everything down to one easy-to-understand rating.The ratings categorize a stock as bullish, bearish or neutral.The Chaikin Power Gauge model is also one of the only models that blends technical indicators with fundamentals. Most investors use either technical indicators OR fundamentals – Chaikin’s blends the two.
“I spend about 15 minutes a day monitoring my account and only invest in about 8-10 stocks at a time,” she explained.“I started investing in Comcast and Ebay, both had a bullish rating, and they went up 40-60%, so I was off to a good start. I also picked the two best-performing stocks in 2014, Southwest Air (LUV) and Skyworks (SWKS), and found them early on. I also knew when to get out at the top. 90% of my investments are in individual stocks.”
Chaikin said that if she can manage her own investments with no prior experience, other women can do this too.
Empowering Women in the Stock Market
While Chaikin Analytics is for all types of investors, she targets female baby boomers as well as emerging women.
Focusing on female investors is a smart move.According to BMO Wealth Institute, women currently control 51%, or $14 trillion, of personal wealth in the United States and are expected to control $22 trillion by 2020.
Chaikin Analytics is collaborating with NASDAQ to present frequent webinars educating their audience, of all levels, on how to invest in the market. Her curriculum includes knowing what to buy and sell, timing the ideal exit and entry points, how to avoid common pitfalls as well as how to shed insecurities about investing.
Chaikin cited a study done by Fidelity that only 28% of women feel confident making decisions about their financial investments on their own.This means that 72% of women don’t feel they have the knowledge to participate in the stock market.
“I have found that women are overwhelmed with financial information and find the stock market off-putting, which is believable because I found the stock market like that too. This is why we created this system, it puts everything together in one neat package…. I break it down to following 5 simple steps to build a killer portfolio.”
Besides collaborating to produce webinars, NASDAQ asked Chaikin Analytics to create 3 indices for the Exchange; the NASDAQ Chaikin Power US Large Cap Index, the NASDAQ Chaikin Power US Small Cap Index and the NASDAQ Power US Dividend Achievers.All the indices outperformed in 2014 by 52%, 77% and 49% respectively.
“We took the stocks that are in those funds, overlayed the Chaikin Power Gauge model, and then removed the non-performing stocks,” she explained. “We re-balance once a year.”
Chaikin e
xplains that the NASDAQ webinar collaboration is a pilot program and they hope to expand to other investor communities soon. Her most recent webinar has attracted about 900 attendees.
“Just like marketing an inn, you have to immerse yourself in the stock market if you want to be credible.This is why my webinars are so powerful,” she explained.“I use stocks I invest in as examples – I am one of them.”
Most Proud Accomplishment
While Chaikin has been able to reinvent and transform herself successfully throughout the years, she said conquering her insecurities about stock market investing is her greatest accomplishment.
“This was the one area of my life that I felt I didn’t manage successfully,” she said.“It’s great to have a profitable portfolio and to be making money investing. However, the benefit you can’t put a price on is the tremendous amount of confidence that you get by managing your money and your future.”
Chaikin will continue to produce webinars and help women gain the knowledge and confidence to manage their own investments.After re-inventing herself and her career throughout the years, she believes other women can transform themselves as well.
“It doesn’t matter how old you are,” she said. “Never stop learning and transitioning.”
By, Jessica Titlebaum
Intrepid Women: Sandy Chaikin, Co-Founder of Chaikin Analytics
Intrepid Women Series, PeopleAfter graduating from the University of Denver with degrees in Sociology and Psychology, Chaikin moved to New York and started her career in the cosmetics industry.She held senior marketing roles at L’Oreal and Elizabeth Arden. Chaikin then moved to her home-town, Philadelphia, and took a marketing role at The Franklin Mint.
“Marketing a service or product is the same formula in any industry – identify your audience, have a unique product, know how to promote, package and price your service,” she said.
In 1995, Chaikin moved to Connecticut and opened her own marketing consulting firm. It was also around this time that she segued into the travel and tourism business by opening a Bed and Breakfast.
“My personal experience owning a B&B attracted other inns and before I knew it, my consultancy was 100% focused on travel and tourism.You have to be immersed in something to market it and that’s why I was so successful, because it was my business, too.I was an innkeeper and I knew from my own experience how to market an inn – I knew what worked and what didn’t – which I then applied to my clients’ businesses.”
During her days as an innkeeper and marketing consultant, Chaikin invested in mutual funds.
“As my consulting business grew so did my 401K plan and I didn’t feel I had the inclination or knowledge to manage this myself,” she said. “On a recommendation, I met with a portfolio manager and hired a professional.”
When the markets fell in 2008, Chaikin became concerned about her investments.
“I asked him repeatedly if we should make some changes to my portfolio,” she recalled. “I remember calling him several times but he advised me to hold on to the investments. I didn’t have the confidence to over-ride his judgment.”
Chaikin ended up losing 40% of her 401K.
“This was a devastating turning point because I thought I was doing the right thing,” she said. “When you need advice, you go to a professional so I was upset this professional didn’t help me.I took the money out of his control and was determined to do this on my own.I put my money in Vanguard and started investing it myself.”
The Birth of Chaikin Analytics
Sandy’s personal losses in the stock market using a financial advisor was the inspiration behind the launch of Chaikin Analytics. She knew there was a need in the marketplace for novice investors like herself to have access to investment tools that professionals used so she could take control of her own investments.
Partnering with her husband, Marc Chaikin, a 40-year Wall Street veteran, they founded Chaikin Analytics.
“Before he retired, my husband Marc created tools for institutional investors on Wall Street.In 2009, he watched as millions of dollars were coming out of brokerage firms and into self-managed accounts like mine,” she explained.“We decided to take the tools he created for the pros and apply them to individual investors.”
The Chaikin Analytics model takes into consideration 20 different factors that professionals analyze when looking at a stock and boils everything down to one easy-to-understand rating.The ratings categorize a stock as bullish, bearish or neutral.The Chaikin Power Gauge model is also one of the only models that blends technical indicators with fundamentals. Most investors use either technical indicators OR fundamentals – Chaikin’s blends the two.
“I spend about 15 minutes a day monitoring my account and only invest in about 8-10 stocks at a time,” she explained.“I started investing in Comcast and Ebay, both had a bullish rating, and they went up 40-60%, so I was off to a good start. I also picked the two best-performing stocks in 2014, Southwest Air (LUV) and Skyworks (SWKS), and found them early on. I also knew when to get out at the top. 90% of my investments are in individual stocks.”
Chaikin said that if she can manage her own investments with no prior experience, other women can do this too.
Empowering Women in the Stock Market
While Chaikin Analytics is for all types of investors, she targets female baby boomers as well as emerging women.
Focusing on female investors is a smart move.According to BMO Wealth Institute, women currently control 51%, or $14 trillion, of personal wealth in the United States and are expected to control $22 trillion by 2020.
Chaikin Analytics is collaborating with NASDAQ to present frequent webinars educating their audience, of all levels, on how to invest in the market. Her curriculum includes knowing what to buy and sell, timing the ideal exit and entry points, how to avoid common pitfalls as well as how to shed insecurities about investing.
Chaikin cited a study done by Fidelity that only 28% of women feel confident making decisions about their financial investments on their own.This means that 72% of women don’t feel they have the knowledge to participate in the stock market.
“I have found that women are overwhelmed with financial information and find the stock market off-putting, which is believable because I found the stock market like that too. This is why we created this system, it puts everything together in one neat package…. I break it down to following 5 simple steps to build a killer portfolio.”
Besides collaborating to produce webinars, NASDAQ asked Chaikin Analytics to create 3 indices for the Exchange; the NASDAQ Chaikin Power US Large Cap Index, the NASDAQ Chaikin Power US Small Cap Index and the NASDAQ Power US Dividend Achievers.All the indices outperformed in 2014 by 52%, 77% and 49% respectively.
“We took the stocks that are in those funds, overlayed the Chaikin Power Gauge model, and then removed the non-performing stocks,” she explained. “We re-balance once a year.”
Chaikin e
xplains that the NASDAQ webinar collaboration is a pilot program and they hope to expand to other investor communities soon. Her most recent webinar has attracted about 900 attendees.
“Just like marketing an inn, you have to immerse yourself in the stock market if you want to be credible.This is why my webinars are so powerful,” she explained.“I use stocks I invest in as examples – I am one of them.”
Most Proud Accomplishment
While Chaikin has been able to reinvent and transform herself successfully throughout the years, she said conquering her insecurities about stock market investing is her greatest accomplishment.
“This was the one area of my life that I felt I didn’t manage successfully,” she said.“It’s great to have a profitable portfolio and to be making money investing. However, the benefit you can’t put a price on is the tremendous amount of confidence that you get by managing your money and your future.”
Chaikin will continue to produce webinars and help women gain the knowledge and confidence to manage their own investments.After re-inventing herself and her career throughout the years, she believes other women can transform themselves as well.
“It doesn’t matter how old you are,” she said. “Never stop learning and transitioning.”
By, Jessica Titlebaum
Overcoming stereotype threat as a woman in technology
Career Advice, Career Tip of the Week!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
Men Who Get It: Bill Brucella, Senior Managing Director/Divisional Chief Information Officer, TIAA-CREF
Men Who "Get It", PeopleBrucella started his own career as a software developer more than 30 years ago. “I did that for five years before I figured out that there were more talented people in that space,” he says with a laugh, “but then I realized that maybe I could lead them.” He transferred into project management and quickly grew into other management roles all while staying in the tech space. Along the way, Brucella held a variety of positions that covered a breadth of IT roles – data center management, networking, systems administration and managing software development teams. Prior to joining TIAA-CREF, he was a senior vice president for a major software development firm. With 150 reports, Brucella managed consulting sales, delivery and data warehouse development for firms in the banking and brokerage industry.
Brucella’s move to TIAA-CREF was deliberate: having worked for technology vendors his entire career he made a quest to work for the end-user side and enjoy a better work/life balance. His new role as a development manager with a staff of 30 may have seemed like a step back, but it removed the travel and very long hours that had been so pervasive.
“I had a young family at the time, and I figured if I have to work 50 to 60 hours a week, I could at least be close to home” he says. In addition, he saw the career move as an interesting opportunity to become a subject matter expert in the fields of trading and portfolio management technologies.
Seventeen years later, he knows he made the right decision. He has since advanced into leadership roles with added responsibilities and is affiliated with a company that he is proud of.
“TIAA-CREF had a great reputation then, and it’s even better now in terms of how it treats its employees. It has always valued diversity and there have been so many cultural elements that are appealing. I knew it was a place where I could grow my career in a reasonable manner.” He mentions the company’s emphasis not just on results but how they are achieving them, ensuring that they have strong, positive relationships with both customers and employees, for example.
For Him, Diversity is Personal
Having worked primarily for women, Brucella has had excellent experiences, one of the many reason he cites diversity as being extremely important. He has also seen firsthand the fallout when gender diversity is not supported: Earlier in her career, his wife experienced sexual discrimination on the job, and he saw how damaging such a situation could be on one’s career when the incident was not resolved satisfactorily. Additionally, with a daughter about to graduate from college, he wants her to be acknowledged in the workplace for the skills that she will bring to the table. Diversity also dovetails with his religious faith, which is founded in treating everyone with fairness and respect and also acknowledges women with leadership roles.
Of course he also sees the benefits of diversity from a business case perspective. “I have always had women on my leadership team, and I find that you get a better thought process, more opinions and innovative ideas with diverse candidates and coworkers.”
That’s why he insists on a diverse slate of candidates, even extending a search if need be, and assigns high-visibility projects deliberately. “I am gender-neutral when it comes to projects and assignments and make sure everyone has an equal chance at these opportunities to build skills and relationships.”
Another area that he keeps in mind is flexibility, and recognizing that sometimes the majority of the work load at home falls on women. “I want them to know they are not disqualified because they have extra family responsibilities. It’s about focusing on the outcomes and not just the hours and the process.”
Advocating for Women
Brucella takes his roles as mentor and sponsor seriously, serving as executive sponsor to the company’s IT Leadership Council for Women and actively advocating for qualified women to be considered when leadership opportunities arise. He recently heard from a woman that he’d been mentoring and had worked with for several years. She wanted to be considered for a leadership role on an IT team, but couldn’t get an interview although Brucella was certain that she had the skills needed. He was able to reach out and urge the hiring manager to consider her as a candidate, and she ultimately got the job.
Another time he worked with a woman who wanted more public speaking opportunities, so he encouraged her to take a Toastmaster’s public speaking class and then placed her in situations where she could present to leaders.
“We need to be visible advocates for promoting women and diversity in leadership roles. I am committed to develop my team, and so I am available on an ongoing basis. Mentors have to be active.”
But most importantly, Brucella believes that encouraging diversity through mentoring is a two-way street. “It’s rewarding to see someone move up in their career, and climb that ladder when they realize that they can and they want to.”
Rooting Out Unconscious Bias
One of Brucella’s goals is to make it safe for people to challenge him; that if they feel they’re not being treated fairly, he has an open door and will accept criticism without being defensive.
“I want someone to ask me if there’s a reason they didn’t get an opportunity. The best way to counteract any unconscious biases that you or others have is to seek feedback.”
For example, recently, he distributed an article he’d seen on bias in the technology industry, and someone who worked for him said it resonated. He responded by sending the article to the larger team, and asked a women leader to gather feedback and help raise awareness by speaking up if they encountered any bias.
Brucella believes that at the end of the day, women should feel empowered to take ownership of their careers, build their personal brand and identify key influencers and mentors who can help them, while continuing to challenge leaders and peers to actively address bias in the workplace.
Voice Of Experience: Carol Johnson, Senior Vice President, Global Consumer Technology, Citi
Voices of ExperienceOne of these networking opportunities has come to Johnson through her membership in Citi’s Women’s Network. “This program has helped me expand my network of women leaders at all levels of the organization and learn that they too were challenged by what I’ve faced. Hearing their stories can be so helpful.”
Move Forward with Confidence
Career Advice, Guest ContributionEarlier this year, the Nasdaq topped 5,000 for the first time in almost 15 years. And, according to the 2014 Sage Business Index, almost three-quarters of women business leaders expect to see growth in their businesses this year.
Now is the time to move forward with confidence, since, as the Latin proverb teaches, “Fortune favors the bold.” Here are four simple confidence-boosters.
Use Social Media
If you’re not sure where to start, social media is a great tool for showcasing confidence in yourself and your business. Dust off that old LinkedIn profile and make sure it lets people know what you’re up to. Join a few LinkedIn Groups and share ideas; you’ll be surprised what a little group support can accomplish. If you’re not tweeting regularly, get on Twitter and talk to people: your customers, professional colleagues and anyone else you interact with in a professional way. And try using Facebook to reach out to new people; it still has a huge user base.
It’s imperative not to use these channels solely for marketing, however. Share good news for your company, ask for ideas, and just talk to people. Link to informative content from other sources to help establish your company as a place where people can get helpful information
And, don’t be afraid to be bold. Showcase an online persona connected to what you want to accomplish this year. Be authentic and, most importantly, be you.
Find a Mentor – or Better Yet, Become One
If you’ve been out in the business world for a while, you probably still remember what it was like when you were just starting out. Chances are, if you could go back and chat with yourself, you’d share all kinds of tips and tricks to boost confidence. But since you can’t go back, you can do the next best thing: find someone else to mentor. Help an up-and-coming woman learn the ins and outs of the business world, and you might even learn a thing or two from your mentee along the way.
If you’re just setting out on your own, don’t be afraid to ask for help. Look for local networking opportunities; a lot of communities have groups designed for just that purpose. Reach out to more experienced women. They’ll likely be happy to share wisdom that will boost your confidence and put you further down the path to success.
Get Outside Yourself
It can be hard to justify anything not directly tied to the bottom line, especially for small business leaders. But becoming a more integral part of your community can be a great long-term investment. If you want people to think of you first when they need a product or service you provide, they need to know who you are.
Get out there and make a difference in your local community. Speak to school groups or sponsor an activity at a local concert or fair. There are many great ways to give something back, and as you give you’ll probably receive, as well. In fact, with only 14 percent of women business leaders responding to the 2014 Sage Business Index survey saying they receive needed support from the government, building a good relationship can help you network with decision-makers in your city or state.
Get Organized
Nothing radiates confidence like someone who knows where she’s going and what she’s doing. And in a business setting, this requires having a plan. That all starts with getting your finances in order. It can be intimidating to make a long-term financial plan, but having a professional you trust to help can make it quite manageable.
According to the 2014 Sage Business Index, 40 percent of women business leaders expect headcount to grow in the coming year. Consider hiring an accountant who can help you figure out where you want to go and how you’re going to get there. Accountants are much more than tax preparers; they can be valuable business partners.
It’s not always easy to show confidence, but you might be surprised what you can accomplish with a more assertive attitude. And, if you must, “fake it till you make it.”
About the author
Connie leads the start-up and small business solutions business, encompassing Sage One, Sage Accountants Network and Sage 50 Accounting. She is also responsible for the Sage Employer Solutions products. With over 20 years of experience in the technology market serving small businesses, she has a passion for helping entrepreneurs and small business owners succeed. She lives in Atlanta.
Making the right decision for your next job.
Career Tip of the Week!Firstly, if you have any kind of financial cushion, make a promise to yourself that you will not make rash decisions and instead take the time to reflect on what you really want to do next. That in itself can feel slightly overwhelming so consider a qualified coach to help you through this time as a good sounding board is exactly what you need to help you frame this situation as an opportunity to get what you want. More satisfaction, more time, more flexibility, more money, a different title? These are all elements that you can now think about as maybe it is time to go up the ladder or go lateral? Either way, it is ultimately an ideal time to take the time to figure out what you want and what works for you at this juncture as last time you interviewed for a job, you might have been in a different place in your life. Not least, you have a chance to think about your enhanced skill set since that last time around.
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: Hilary Packer, Managing Director, Goldman Sachs
People, Voices of ExperienceAfter studying computer science at the University of Michigan, Packer earned her graduate degree and then began her career in financial services – celebrating 20 years in the field and 10 years at Goldman Sachs this August.
Though she spent her 10 years prior to Goldman Sachs at three different firms, it was primarily with the same team which moved firms as a unit. During those years she specialized in front office trading systems for equities and built excellent relationships with her two previous managers. “We are friends to this day, and they were great for my career, offering me amazing opportunities. But I realized they were championing me for less technical client-facing roles because I work well in that high-pressure, fast-paced environment, and at the time I wanted to alter my path and manage a development team.”
She decided to send her resume to Goldman Sachs for that type of job, and realized it was the perfect fit.
“I loved being on the trading floor in the thick of it,” she says of her first positions at Goldman Sachs, working with trading systems and equities technology. She spent the next seven years in different roles within equities technology, including swaps trading, electronic trading, client-facing work and order management.
Packer says she then put her hand up to try something different than equities technology and was told she would be great at asset management technology – she took the plunge and found the buy-side to be a fascinating change.
Forging A New Path through Technology
After learning that role, she was ready for something radically different, and that’s when she moved into her current role in social and collaboration technology, building platforms that are both traditional and innovative.
“It’s an exciting opportunity to be really connected with what’s going on in the world of social media and how we can apply it internally.”
For example, she has worked on an internal blogging platform that just celebrated its two-year anniversary, and she was proud to take a moment to see how many people had been connected through it and how many posts had been shared. “It really has elevated the power of the crowd within Goldman Sachs; we have so much knowledge to share that makes people more productive and efficient. This makes it easier to focus on the value add that Goldman offers, rather than spending time finding information.”
Packer says that at its roots, Goldman is a tech company so it’s exciting to see the rate of change going on and help people learn the best way to apply the innovations. Packer helps oversee hackathons, which Goldman Sachs holds both internally and on campuses as a recruitment tool. “It attracts people who love programming, and the exciting part is that you don’t know where the people who take part will come from — they might be English majors who built an app on their phone.”
In fact, she encourages those who might be interested in entering the field to just take the plunge. “Don’t be afraid, because technology is as much art as it is science. Some women get scared off by the concept of it, but it’s so rewarding. When people say, ‘That must be really hard,’ I look at what they’re doing, whether they’re a teacher or lawyer or something else and think, ‘Well, that’s also hard.’ It’s all about taking the time to learn, and then you can do anything.”
Women Supporting Women
Packer hasn’t felt she has experienced barriers because she’s a woman, but she would add that at certain points in her career she wished there were more women in the field.
During her masters of software engineering program at Carnegie Mellon, for example, she was the only woman among the 15 full-time participants. “Prior to joining Goldman, I had never had a woman manager.At Goldman, I’ve had a tremendous opportunity to work with smart, technical women at all levels.While the number of women in the field is getting better, there is work to be done.”
That’s why she works to help women connect by creating communities of women in technology across the company. She found that while she might be one of only a few women in her specific group, three rows away there may be more women in another team, so she has worked to help create those bigger communities.
And, it’s why one of the achievements she’s most proud of is her role as co-head of the Women in Tech network in the Americas. “I feel really grateful, and it is such an honor to be asked to lead it,” she says, adding that she’s always benefited from women who have acted as role models, mentors and sponsors.
“Along the way there have been a number of colleagues who really did amazing things for me, helping me and putting my name in the hat for opportunities. They did it because it was the right thing to do, and now I’m in the positon to do the same for other women.”
Giving Back Through Women in Technology
One aspect of the Women in Technology (WIT) network Packer enjoys the most is its partnerships with external organizations.Through the Anita Borg Institute, they are one of the sponsors of a conference called Grace Hopper Celebration for Women in Computing, expected to attract 12,000 attendees.
They also work with Girls Who Code: Goldman just completed its third year of sponsoring the Summer Immersion Program, where 40 high school girls were in the office for seven weeks learning to code. “We looked at their final projects at the graduation and talked to them about career paths. They are smart and energetic, and I have no doubt that I’ll be working for them really soon,” Packer says.
A third program she champions is called Geek Speak, where they focus on helping women present on technical topics in a credible, thoughtful way. “Public speaking is hard in the first place, but hitting the right level of technical detail adds another challenge,” she says. The group focuses on a select group of women, by offering them mentors and providing coaching. Members prepare a presentation to give before a friendly group of senior leaders who then give them real-time feedback.
She says of the women she’s met through her career that they have built an amazing support network. “When we spend time together, I always walk away feeling it was time well spent – that I gained a different perspective or solved a problem.”
The Travel Bug
Outside of work, Packer spends every spare moment she can traveling. “People are always asking where I’m going next,” she says. Traveling also allows her to mix in her other hobby, photography. Among the places she’s been on her trips that have spanned six continents are a cruise to Greece, three safaris, Botswana and the Great Wall of China. Her favorite places to visit? “Those with no cell service,” Packer says with a laugh.
Is Temporal Flexibility Key to Closing The Gender Pay Gap?
Career Advice, Gender Pay Gap, Office Politics, This Month's FeatureIn March 2015, the US Census Bureau released the latest pay statistics from 2013, including median earnings by detailed occupation, showing that full-time working women earn 78.8% of what full-time working men do. The census data revealed that across 342 occupations, women (barely) out-earn men in only nine.
Across the nine, the female pay advantage is “nearly inconsequential,” ranging from .2% (counselers, dishwashers) to 6.2% (producers and directors), with a margin for error that could wipe the gap. Yet a very significant pay gap (advantage: male) persists across most professions, even when women are prevalent in them.
Data on relevant occupations illustrates the point:
Source: Drawn from US Census Bureau, 2013 American Community Survey
While frustrating gaps in occupations that are historically male-gendered (eg CEOS, financial analysts, securities) may come as less of a surprise, the gap within female skewed jobs (financial clerks, marketing, accounting) underlines that closing the gender pay gap takes more than female representation.
Are men just more valued? Nancy F. Clark of Forbes WomensMedia writes that when men move into female dominated occupations such as nursing, the overall pay of that occupation and level of tasks included in the job remit begins to improve. If appears that when men enter an occupation, its value goes up.
But, what’s going on in finance and business?
Gender Penalties Are Bigger in Business Jobs
Claudia Goldin, Henry Lee Professor of Economics at Harvard, found in her research that when it comes to explaining the majority of the residual gender pay gap, “what happens within each occupation is far more important than the occupations in which women wind up.”
Among high-earning occupations, Goldin found those grouped as “business” have the biggest gender pay “penalty” for “being a woman relative to a man of equal education and age, given hours and weeks of work” whereas “science” and “technology” occupations have the smallest ones.
Census Bureau data shows that women make up only 24% of “computer, engineering and science occupations” and earn 83% as much as men. Women make up 54% of “business and financial operations occupations” but earn only 75% as much as men.
Non-Linear Earnings Are Penalizing Women
“Quite simply the (residual) gap exists because hours of work in many occupations are worth more when given at particular moments and when the hours are more continuous,” writes Goldin.
In many occupations, earnings “have a nonlinear relationship with respect to hours” – for example, a 70 hour week is rewarded in well over double the earnings of a 35 hour week and working 9-11 am counts much more than working 9-11 pm.
It’s less a matter of whether women take time off work to have children or seek flexible hours. It’s whether they are disproportionately penalized for the time they are absent from the office or for working their hours outside of the standard work day.
“Some occupations have high penalties for even small amounts of time out of the labor force and have nonlinear earnings with respect to hours worked,” Goldin writes, and then the gender pay gap is bigger. “Other occupations, however, have small penalties for time out and almost linear earnings with respect to hours worked.”
In previous research, Goldin and Katz quantified the occupational difference in pay penalty among Harvard 1990 graduates. They found that a similar 10 percent hiatus in employment 15 years after receiving their BA (18 months break) meant a decrease of earnings of 41% for MBAs, 29% for JDs or PhDs, and 15% for MDs.
Reduction in earnings as a result of time-off “was linear in lost experience” for MDs, but highly nonlinear for MBAs. “Any time off for MBAs is heavily penalized,” reports Goldin.
Remuneration penalties can result in women going to a different occupation, shifting down within the occupation hierarchy, or being out of work. The research found that when part-time work is largely available, women take off less time (eg pharmacists). Because it’s less available in business, women end up taking off more time even with higher penalties.
Goldin writes, “A flexible schedule often comes at a high price, particularly in the corporate, financial, and legal worlds.”
Closing the Gap
Goldin suggests that the last chapter to achieve gender equality involves “changing how jobs are structured and remunerated to enhance temporal flexibility.”
She found that certain contextual factors close the gender pay gap, such as when colleagues can more easily be substituted for each other and when information can easily and cheaply be relayed between colleagues.
Forbes contributor Clark advises to get the ball rolling on arranging temporal flexibility before you need it – anticipating and addressing the issues that need to be overcome.
How committed is your firm to making temporal flexibility work for women and for the company itself? What evidence do you see? Firms that are serious about gender equality will be proactive in making it work – and add up – for both.
Voice of Experience: Heidi Stam, Managing Director and General Counsel, Vanguard Group
People, Voices of ExperienceDirectly out of law school Heidi Stam took the law firm route as was suggested, working for a large firm and then a boutique firm. She realized litigation didn’t resonate so she switched to deal work, which she describes as the antithesis of litigation. “I loved helping two parties build a solution together,” she says.
After having her first child, though, she started debating her options and found out that the SEC was looking for lawyers. With her experience in corporate deal work, she believed it could be a good fit until she learned they were offering a position in the investment management division. Unfamiliar with that vein, she turned it down – and was surprised when two days later one of the interviewers called her and expressed their disappointment that she had passed. They offered a chance for her to come back and talk to attorneys and get a feel for the work; so instead of a day of interviews, she had two attorneys at her disposal to learn more about the role, which she eventually accepted.
“It was the best thing I’ve ever done,” she said, ultimately spending 10 years in five different positions at the SEC, which eventually led to her role at Vanguard. “You never know what will present itself to you, and being open minded and flexible can help your career.”
A Company on the “Vanguard”
When Vanguard’s CEO contacted her, she said she was particularly interested because of her high regard for the company: In her role at the SEC she had had the opportunity to see all the investment management firms and mutual fund companies in the country.
“I knew Vanguard was a special company with top-notch leadership and terrific values; it was a risk worth taking to leave Washington and join them.” She joined as head of securities regulation in 1997, and became general counsel in 2005, joining the senior executive team.
The firm has been expanding internationally and so the legal and compliance function has been growing simultaneously. Part of her role will be to build that function for the next decade, which involves working globally in different cultures and countries and through different legal systems and compliance regulations.
“We’ve embraced the challenge because we’re excited about the opportunity. Seeing the team collaborate on this work makes for a rich and exciting experience,” she said.
Other industry developments that she will help oversee include the growth of Vanguard Personal Advisor Services in which Vanguard is offering a hybrid model of a professional advisor paired with an online experience that they believe offers a superior approach at a very low cost. The service recently launched after two years of preparation and Stam believes that it’s a model that will work for investors at all stages of life. “Our mission is to offer the best chance for investment success and we think this program will deliver that. “
For Stam, the achievement she is most proud of is her ability to teach others as she grows her team. “When I look back on my career, what’s most satisfying is the ability to have touched all those people along the way. Hopefully they feel they learned something, or I put them in a better position to lead or otherwise progress.”
That achievement underscores her philosophy that a great team dynamic produces superior results. “Understanding your role within a team and what you can do to help create a strong team environment is very important as you move through your career.”
Increasing Women in Leadership Positions
Stam says that her industry seems to attract a higher representation of men than women and that creates its own challenge: women should not be daunted by the current numbers. To that end, she says she is privileged to be one of the founding members of Vanguard’s Women’s Initiative for Leadership Success (WILS), which was started seven years ago.
The WILS organization is designed to support the women at Vanguard and create an environment that fosters development and encourages women in their leadership abilities.
So far she says there has been great success, with more than 4,000 members and an increase in internal promotions as more women pursue senior leadership roles. “We’ve helped women at Vanguard see what they can do, and now we’re focusing s on external hires.”
As Stam points out, the funnel doesn’t have a high representation of women, but the company is committed to patient hiring because they know the benefits that women in senior roles offer.
Although the firm has an equal overall representation of women and men, she said that their goal is to make sure there is similar diversity in senior leadership roles. “It’s been a personal pleasure to see the number of women role models increase,” she said.
On the home front, Stam has a “wonderful husband,” and four adult children.
“The last one was a two-fer” she says, indicating her 21-year-old twin girls, as well as a son who is 26 and a daughter, 28. “I wouldn’t change a single thing.”
By Cathie Ericson
Theglasshammer.com 6th Annual Women in Tech Event: How Pursuing Your Passion and Taking Career Risks Can Help You Thrive
News, Women in ITBy Melissa J. Anderson (New York City)
“There is an infinite number of paths to a rewarding career in technology,” said moderator Dana Kromm, a senior partner in the Private Equity/ Mergers and Acquisitions practice in San Francisco at Shearman & Sterling.
“It’s up to you to pursue your own passion and take your career where you want to take it,” she added.
The panelists included Maureen Erokwu, founder and CEO of Vosmap and an advisor to Lesbians Who Tech; Lori Fellela, Senior Director of End User technologies at TIAA-CREF; Mary T. McDowell, former EVP and Head of Mobile Phones at Nokia and now a director on several corporate boards; and Sinead Strain, global head of Fixed income currencies, and commodities technology (FICC) at Goldman Sachs.
They shared stories from their own careers in tech and offered advice to the women in the audience on how to advance and thrive. Several of the panelists took risks on projects and even promotions changes early in their careers, which, they said, ultimately helped set them on the track to career growth and great learning even if in the moment, it didn’t feel that way.
Career Advancement- how can following your passion take you further?
Erokwu described how her passion for photography led to her to found Vosmap, a digital mapping company that has a contract with Google Street View. Similarly, Fellela began her career working in tech support, “climbing under desks,” before she decided to pursue a more creative path as a developer. She then switched into roles where she could interact with people more as well as work with technology. Fellela shared with how she believes hiring great people is really important to both enjoy and and advance at work.
McDowell described how she began her career developing products that began to become commoditized at Compaq and HP. When she got a call from a headhunter about an opening at Nokia in the completely different field of Telecoms, she jumped at the chance.
“Maybe it was hubris,” she said with a laugh. “I thought, I don’t know much about telecoms but ‘I’m smart – I’ll figure it out.” She did figure it out to become head of an entire business.
Strain also took a several risks in her career, including two big moves. The first time she moved from Dublin to London and then, later, she moved to New York City, for what was supposed to be a three month project. Instead, she found her new home.
Mentors and Sponsors
The women discussed how mentors and sponsors have also shaped their career paths. In turn, the panelists described what they look for in a mentee or someone who can mentor them.
Strain said she looks for passion, and someone who is looking for advice and is open to feedback.
“That’s the most powerful thing you can get,” she said, adding that sometimes feedback can sting but that’s the most powerful conversation someone can have.
McDowell said she looked for people with ambition.
“It’s more rewarding to help take the rough edges off someone who is pushing hard than to light a fire under someone,” she said.
Similarly, several panelists described how clients also helped them advance in their careers.
“Clients can be your biggest advocates,” Erokwu said. Relationships and referrals can help build business, and talk up your skills before you get the next job.
Networking
The panelists all agreed that both internal and external networking can be valuable to career advancement since it opens up opportunities to you build relationships with people who can help you in your industry and beyond.
For example, Strain described how she had initially approached her company’s women’s network with skepticism. But she quickly learned that it was a good way to find support from colleagues. Moreover, she said, participating in the group taught her a lot of organizational skills as well.
“It’s not enough to just come – it’s not like watching TV,” Fellela agreed. “You have to participate, my advice to women is to get out there, get away from your desk and meet people”.
Networking outside work can also help women advance. Fellela described making a business connection with a woman she met while volunteering with her daughter’s sports boosters club. Erokwu said being part of the Lesbians Who Tech community had also helped her grow in her career and make new connections that literally has given her product and firm real exposure which has translated into business.
“Inviting other women to those communities ultimately makes those communities stronger,” she said.
Additionally, advised McDowell, it’s important to build relationships with peers, not just people who are more senior.
“You never know where people are going to advance to,” she said. McDowell got her first board seat because one of the board directors was someone she had gone up against in an intense negotiation years earlier. He remembered her when he saw her name on a slate of candidates for the opening and recommended her for the job.
Advice
Finally, the panelists shared the advice they wish they’d heard earlier in their career.
“I wish someone had told me to find someone who’s been to where I’m going,” Erokwu said, adding that she thinks she has finally found that person.
“My advice is to get out and go meet people. Talk to people and make connections,” Fellela said. “Have those relationships before you need them.”
Kromm agreed. “The sooner you start building your network the better it can be,” she said.
McDowell discussed the importance of culture fit in an organization.
“Can you be your best self? Will your work be rewarded? Think of yourself as a valuable resource, ask yourself ‘what’s the best ROI’ for you”? she said.
Strain emphasized the importance of pursuing risks.
“When you’re confronted with two options where there is a safe one and a risky one, consider choosing the risky one if it makes sense, she said. She added with a smile, “It might be more fun.”
All panelists agreed that using networks like theglasshammer and technology specific organizations like Anita Borg Institute (ABI) are a great way to find support and strategies to advance as a woman in technology.