What do you do when you’re feeling undervalued at work?
The boss doesn’t appreciate what I do. I am not getting paid enough. I am twice as smart as John, and he is getting better assignments.
Any of these thoughts ever go through your head? Undoubtedly, because according to the American Psychological Association, almost half of employees feel undervalued at work.
The Energy Project partnered with Harvard Business Review to find out what most influences people’s engagement and productivity at work. They learned that employees are vastly more satisfied and productive when four of their core needs are met: one of which included feeling valued and appreciated for their contribution.
In fact, they found that feeling cared for by one’s supervisor had a more significant impact on people’s sense of trust and safety than any other behavior by a leader — employees who say they have more supportive supervisors are 67 percent more engaged.
Do you need a value reboot? Here are five things that you can do to increase your value quotient.
1. Remind yourself of the good job you do. Then remind others.
You know those affirmation emails you receive from clients who say they “couldn’t have done it without you,” or from your supervisor, who mentions in a meeting what an integral asset you were in an important new business meeting? Bask in the glow, and then keep those little nuggets tucked away for when you need to shine. Start a kudos file for yourself, where you retain the positive reinforcement you’ve received from clients and colleagues. Read through it when you need a boost, and don’t forget to print them out for meetings with your boss. Routing copies of affirmative emails from clients to keep your boss in the loop lets her know that you are valued by those who matter most.
2.Toot your own horn.
Women in particular sometimes have a hard time speaking up in meetings, or correcting others who take recognition for their work. In fact a study by BYU and Princeton shows that in most of the groups they studied, the time that women spoke was less than 75 percent of the time that men spoke. A recent article in the Wall Street Journal discussed four “negative” personality traits that actually aided people in a work setting. One of them, narcissism, has been shown to be an asset in the workplace:
“For instance, people with narcissism, who want to be the center of attention, often make a good first impression on clients and bosses, says a 2014 review of more than 140 studies on people with mild, or “subclinical,” levels of dark personality traits.”
And narcissists are not shy about speaking up in meetings, pitching their ideas – or claiming credit whether they deserve it or not. By not seeking the spotlight we deserve we pay the price in terms of how others perceive us and the value we bring.
3. Assess what would make you feel valued.
It’s different things for different people so you have to determine what your currency is:
Is it a flexible work environment? One study found that more than 42 percent of working adults were willing to give up some percentage of their salary for more flexibility at work.
More support? Having an assistant to delegate tasks to can make your time at work feel more efficient and that the work you are doing is task-oriented, not just busy work.
More public acknowledgement? Donald Peterson, former chairman of Ford Motor Company, once said the most important ten minutes of his day were spent boosting the people around him. If your boss doesn’t behave the same way, let her know. A 2005 study by New York research group Catalyst found that women leaders are typically judged as more supportive and rewarding, which might be because that’s the style they themselves prefer.
More money? Feeling you are being paid adequately can make up for a host of other job issues. And companies realize that sometimes they need to offer raises more frequently. Always go into a negotiation knowing how much your position should pay, and tie your request to concrete results. If they can’t offer money, ask for perks, such as a bigger expense account, more vacation time or other non-monetary reward that is meaningful to you.
4. Set up an appointment with your supervisor to discuss changes you need to see.
The ball is in your court when it comes to letting your supervisor know what will make you feel valued. Set a meeting and come armed with background on your value to the team – concrete figures of your recent contributions. This is where you pull out that kudos files and reinforce the value that you bring to the team, both colleagues and clients. Clear proof of the contributions you make are what will make your supervisor see the business case for meeting your needs.
5. Take care of yourself.
Most full time workers spend at least a third of their life at work – so it’s surely an important part of who we are. But, we also spend 2/3 of our lives not at work. So even when you are dealing with workplace stress, or the feeling of being undervalued, don’t let that bleed into your relationships or cause you to neglect the parts of your life that can make you feel more positive.
Make sure you take regular breaks. The Energy Project/Harvard Business Review study found that employees who take a break every 90 minutes report a 46 percent higher level of health and well-being.
Spend time with family and friends. Make sure you have unplugged time every day to spend with loved ones which can help add perspective to your career.
Make plans for something to look forward to. Sometimes getting out of the office on a Monday night for a yoga class with a friend, heading out for a hike on a Saturday or a weekend getaway every other month is just what you need. Having something to anticipate can add balance to your life.
The bottom line? No professional should feel undervalued. Taking steps to remedy the issue – and reminding yourself of your own great qualities in the meantime, can make your workplace one where you get the credit you deserve.
By Cathie Ericson
Career Advancement: Why it’s Worth Taking Risks
Leadership, Office PoliticsWe seem to be encouraged to take risks in many aspects of life in the hope or expectation of reaping greater rewards; from high-risk, high-return financial investments to extreme sports for “the thrill”. In our careers, we are also challenged with taking risks to increase the likelihood of successful career progression. Playing it safe, we’re told, will not differentiate us from our peers.This is welcome advice for some; taking risks is second nature. However for others, risk aversion comes more naturally. The definition of risk is “the possibility that something bad or unpleasant (such as an injury or a loss) will happen.” Every time we take a risk, we open ourselves up to an increased chance of something going wrong. This is hardly an appealing prospect, so why then do some people see risk as a prerequisite for success?
Risk as a prerequisite to success
To answer this question, we only need to look at those who have been successful and how they have approached risk. From political to sporting successes, it is clear to see that risk was not just one of many factors of success, but a necessity:
“Only those who dare to fail greatly can ever achieve greatly.” Robert F. Kennedy
“Progress always involves risk; you can’t steal second base and keep your foot on first.” Frederick Wilcox
It seems that for people to be successful, instead of seeing risk as being vulnerable to failure, they seize risky opportunities as a means of learning not to be scared of failure. The Huffington Post’s “7 reasons why risk-taking leads to success” also include seizing unforeseen opportunities, learning career-changing lessons and standing out from the crowd as reasons to take risks. The article highlights successful women who embraced risks, including Arianna Huffington (President and Editor-in-Chief of The Huffington Post), Heather Rabbatts (first female director of The Football Association), Sandra Peterson (CEO of Bayer CorpScience). Some of these women have been interviewed by theglasshammer.com previously on the topic, with Mrs Clinton’s famous learning that she had to “Dare to compete.”
With such prominent women promoting risk taking as a prerequisite to success, it isn’t too hard to see why many now see risk as essential to career advancement. But what happens if we are risk averse by nature?
Women – are we really more risk averse?
Previously, risk was viewed as an inborn trait – remaining static regardless of experiences or environment. If you were born a risk-taker, you remained a risk-taker in all aspects of and throughout your life. However more recent studies show that this is not an accurate reflection of risk. Research, such as the paper included in the 2012 Social Psychological and Personality Science journal, show the importance of environment and “culture of honour” in influencing an individual’s appetite for risk. Other papers also show that discrimination, rejection or the presence of women can all increase the chances of throwing caution to the wind and taking risks.
According to a paper by Bernd Figner and Elke Weber, it’s not just the environment that plays a role in the way we approach risk; “risk taking is not a single trait but is a behavior influenced by characteristics of the situation (what the decision is about and to what extent it engages affect vs. deliberation), the decision maker (age and gender), and interactions between situation and decision maker.”
Does gender matter?
The concept of gender differences when it comes to risk appetite is not new. Stereotypes have led to the belief that women are less likely than their male peers to take risks. These beliefs are supported by studies such as that led by the British Psychological Society. Geoff Trickey, study author, found that women were “Cautious Carols” at work and twice as likely to be wary and prudent compared to male colleagues.
Julie A. Nelson, author of the 2012 Tufts University paper, believes that the preconception that women are more risk averse than men needs to be challenged. Dr. Susan Marchant-Haycox agrees that it’s not black and white: “it’s the nature and perception of the risk which accounts for the sex differential”. While most research supports the case that men take more financial risks, there is increasing evidence to suggest that women take more career-related risks, including career changes, in an effort to seize opportunities they feel are more commonly given to their male peers. Mara Mather and Nicole R. Lightfall also highlight the effect of stress on risk taking and the gender differences in risk appetite; men tend to take more risks and adopt the “fight-or-flight” response under stress, while women tend to focus on bonding and developing relationships.
The message here is not that one gender is better than the other in taking risks, rather there needs to be a gender balance across any risk taking or decision making panel or board. Although a study by the German Bundesbank showed that female presence increases the risk appetite of male colleagues, there is evidence to show that both risk prone and risk averse men and women can work effectively to provide a balanced view for calculated risk taking – required for organisations to succeed.
Dealing with risk
While risk taking tends to be viewed as an intellectual exercise, a recent article in The New York Times argues that the physical experience associated with risk is just as important. John Coates, who authors the article, shows that when there is continuous volatility on the trading floor, the traders’ cortisol levels increase while risk appetite decreases by up to 44%. The reverse is true – spikes in volatility result in reduced cortisol levels, increased dopamine and testosterone, and an increased risk appetite.
The characteristics of the environment on a trading floor are similar to those we see in our careers. In our information rich and constantly changing world, we need to be mindful of how we are reacting physically and how that in turn determines our approach to risk. Learning how to deal with risk is crucial to our careers and avoiding it could potentially lead to missed learning opportunities and career defining moments.
As existential philosopher and theologian Paul Tillich says; “He who risks and fails can be forgiven. He who never risks and never fails is a failure in his whole being.” We must embrace risk, but it must be done in the right environment in order to be effective.
Are You Making Rookie Mistakes in Job Interviews?
Guest ContributionGuest Contribution by Devika Arora
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Feeling Undervalued at Work: It’s Not You – It’s Them
Managing ChangeThe boss doesn’t appreciate what I do. I am not getting paid enough. I am twice as smart as John, and he is getting better assignments.
Any of these thoughts ever go through your head? Undoubtedly, because according to the American Psychological Association, almost half of employees feel undervalued at work.
The Energy Project partnered with Harvard Business Review to find out what most influences people’s engagement and productivity at work. They learned that employees are vastly more satisfied and productive when four of their core needs are met: one of which included feeling valued and appreciated for their contribution.
In fact, they found that feeling cared for by one’s supervisor had a more significant impact on people’s sense of trust and safety than any other behavior by a leader — employees who say they have more supportive supervisors are 67 percent more engaged.
Do you need a value reboot? Here are five things that you can do to increase your value quotient.
1. Remind yourself of the good job you do. Then remind others.
You know those affirmation emails you receive from clients who say they “couldn’t have done it without you,” or from your supervisor, who mentions in a meeting what an integral asset you were in an important new business meeting? Bask in the glow, and then keep those little nuggets tucked away for when you need to shine. Start a kudos file for yourself, where you retain the positive reinforcement you’ve received from clients and colleagues. Read through it when you need a boost, and don’t forget to print them out for meetings with your boss. Routing copies of affirmative emails from clients to keep your boss in the loop lets her know that you are valued by those who matter most.
2.Toot your own horn.
Women in particular sometimes have a hard time speaking up in meetings, or correcting others who take recognition for their work. In fact a study by BYU and Princeton shows that in most of the groups they studied, the time that women spoke was less than 75 percent of the time that men spoke. A recent article in the Wall Street Journal discussed four “negative” personality traits that actually aided people in a work setting. One of them, narcissism, has been shown to be an asset in the workplace:
And narcissists are not shy about speaking up in meetings, pitching their ideas – or claiming credit whether they deserve it or not. By not seeking the spotlight we deserve we pay the price in terms of how others perceive us and the value we bring.
3. Assess what would make you feel valued.
It’s different things for different people so you have to determine what your currency is:
Is it a flexible work environment? One study found that more than 42 percent of working adults were willing to give up some percentage of their salary for more flexibility at work.
More support? Having an assistant to delegate tasks to can make your time at work feel more efficient and that the work you are doing is task-oriented, not just busy work.
More public acknowledgement? Donald Peterson, former chairman of Ford Motor Company, once said the most important ten minutes of his day were spent boosting the people around him. If your boss doesn’t behave the same way, let her know. A 2005 study by New York research group Catalyst found that women leaders are typically judged as more supportive and rewarding, which might be because that’s the style they themselves prefer.
More money? Feeling you are being paid adequately can make up for a host of other job issues. And companies realize that sometimes they need to offer raises more frequently. Always go into a negotiation knowing how much your position should pay, and tie your request to concrete results. If they can’t offer money, ask for perks, such as a bigger expense account, more vacation time or other non-monetary reward that is meaningful to you.
4. Set up an appointment with your supervisor to discuss changes you need to see.
The ball is in your court when it comes to letting your supervisor know what will make you feel valued. Set a meeting and come armed with background on your value to the team – concrete figures of your recent contributions. This is where you pull out that kudos files and reinforce the value that you bring to the team, both colleagues and clients. Clear proof of the contributions you make are what will make your supervisor see the business case for meeting your needs.
5. Take care of yourself.
Most full time workers spend at least a third of their life at work – so it’s surely an important part of who we are. But, we also spend 2/3 of our lives not at work. So even when you are dealing with workplace stress, or the feeling of being undervalued, don’t let that bleed into your relationships or cause you to neglect the parts of your life that can make you feel more positive.
Make sure you take regular breaks. The Energy Project/Harvard Business Review study found that employees who take a break every 90 minutes report a 46 percent higher level of health and well-being.
Spend time with family and friends. Make sure you have unplugged time every day to spend with loved ones which can help add perspective to your career.
Make plans for something to look forward to. Sometimes getting out of the office on a Monday night for a yoga class with a friend, heading out for a hike on a Saturday or a weekend getaway every other month is just what you need. Having something to anticipate can add balance to your life.
The bottom line? No professional should feel undervalued. Taking steps to remedy the issue – and reminding yourself of your own great qualities in the meantime, can make your workplace one where you get the credit you deserve.
By Cathie Ericson
Voice of Experience: Kelly Williams, President of Private Markets, GCM Grosvenor
Voices of ExperienceThe pivotal moment of Kelly Williams’ career came when she was given the opportunity to step outside of her comfort zone and go in a completely new direction. “I started as a project finance lawyer in the private sector, where I was one of few women,” said Williams, who later took a position working in-house with Prudential Financial.
“Then I had the chance to move over to the business side because someone believed in me and recognized that I had the skills and ability to thrive in this new role in a different environment than what I was used to,” Williams continued.
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Woman CFO Leads in Compensation Ranking – Signal or Noise?
FeaturedBy Beth Senko
In its fourth annual survey of CFO total compensation, The Wall Street Journal/S&P Capital IQ study placed, not one, but two women in the top 10. The study measures who got paid the most including salary, bonuses, stock awards, option awards and other compensation. Oracle’s Safra Catz topped the list of highest paid CFOs of both men and women in 2013 with total compensation of $43.6 million. Former Accenture CFO Pamela Craig placed 8th with total compensation of $12.8 million. Craig retired in August 2013.Two other women made it to the top 20. Kinder Morgan’s Kimberly Allen Dang earned $10.4 million in 2013 while Morgan Stanley’s Ruth Porat took home $10.1 million.
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Movers and Shakers: Esther Yang, Vice President and Senior Trader-Derivatives at Voya Investment Management, formerly ING U.S. Investment Management
Movers and ShakersEsther Yang did not have a conventional route to success in financial services. In fact, she didn’t begin college or her career with intentions of entering the field at all. However, Yang used her instincts and willingness to try new things to guide her into the position she currently holds.
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Women as Leaders: What Is Different about Leading Other Women?
Guest ContributionGuest Contribution by Anne Litwin, PhD
I heard this kind of statement often from the women in my research on women’s relationships in the workplace. This research, involving women from many professions and countries, shows that many women have different expectations of how female leaders should behave. Women also often report preferring to work for men, which could be a significant problem for our careers if almost half of the workforce does not want to be led by us.
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Ethics at Work: Are Women Generally More Ethical than Men in the Workplace?
Office PoliticsWith ethics and codes of conduct being so pivotal to the internal success of companies, industries and consumer based trust – a heavy onus is on organisations to foster a culture that nurtures and promotes adherence to them irrespective of gender. However, there has been many articles written about one gender being more ethical than the other; women over men.
A recent conversation between Shakar Vendatam and David Greene on NPR suggests that men tend to ‘have more lenient ethical standards than women’ and The Guardian goes further to explore the constructs that encourage men to bend the rules more frequently.
We have to wonder; do we run the risk of giving free license for our male counterparts to blame unethical behaviors on their gender? Likewise do we give women leverage to operate from a moral high ground as the ethical ‘light-bearers’ of society which inadvertently extends to the workplace?
The Glass Hammer explored this topic in 2013 when we looked at research out of University of California, Berkeley by Jessica A. Kennedy and Laura J. Kray which looks at how when women perceive a departure from a code of conduct, they are less likely to want to be part of it.
Why this matters for you as a leader?
In today’s current economic climate where consumer trust is at a low, establishing a code of conduct or ethical standards within an organisation couldn’t be more important for three main reasons.
• It provides a unified and universal standard on what is considered right and wrong behaviours for an organisation.
• It builds trust among colleagues within organisation.
• It promotes trust from the consumer base.
The Gender Issue
So workplace ethics are a big deal. Yet research is suggesting that men do not regard them as highly as women. Not only has research found that women are less willing to compromise ethical standards for career success, but that they are also more likely to believe that corporate ethical codes would make a positive difference. Last year, a research team at the University of Pennsylvania’s Wharton School released a study where men and women were provided a series of fictitious job descriptions which they had to evaluate. Each job description included an ethics component and the outcome showed that women are less willing to sacrifice ethical values for money and social status and that women associate business with immorality more strongly. Could this be one of the reasons why globally, women still make up only approximately 9% of corporate board memberships?
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Voice of Experience: Carin Pai, Executive Vice President, Fiduciary Trust
Voices of ExperienceWhen Carin Pai joined Fiduciary Trust 18 years ago in an associate- level position within the Investment department, she knew that she was an analytical person who had a strong creative side as well. These skills, along with a strong work ethic and circle of mentors have set a strong foundation for Pai’s rewarding career.
“I studied architecture at Brooklyn Technical High School and loved the combination of the artistic and technical elements,” explained Pai, who said she enjoys this same balance in her current role as executive vice president and director of equity management.
A Committed Leader
Throughout her career Ms. Pai has remained committed to broadening her investment management and leadership skills: in 2006 she became a Chartered Financial Analyst and then in 2011 she attended Harvard Business School’s Executive Education in Investment Management program.
Leading and managing her team of portfolio managers is one of the most rewarding aspects of her job, Pai said. She is especially proud of the fact that in spite of the market turmoil in recent years, she successfully guided her team and their clients through and the group is now reaching new highs.
Although she acknowledged that there can be challenges of leading a multi-generational team, Pai enjoys discovering new ways to be an effective leader and utilize the individual strengths and talents of everyone on her team. “It is a very dynamic environment where it is important to strike a balance between motivating senior professionals and mentoring the rising stars,” she explained.
According to Pai, the team-centric environment promoted by the leaders at her firm creates a wonderful company culture where everyone knows they are appreciated. “As many companies have been forced to make job cuts throughout the market downturn, Fiduciary Trust has emerged with new technologies, resources and talent to provide our clients with the best investment solutions,” she explained.
One of the newest investment avenues Pai and her team are following is ESG investing, which stands for Environmental, Social and Government investing. “ESG awareness can go a long way with investors who are committed to these issues,” said Pai. Right now, Pai is conducting extensive research in this area to gauge client interest. “If ESG is ranking high among our clients, then we will respond by dedicating more resources to this new alternative investment channel,” she added.
Another area of interest, Pai indicated, is to expand opportunities in the global high net worth markets, such as Asia and Latin America. “Asia, for example, represents one of the highest growth segments currently and we are strategizing on how to expand our presence in Asia,” Pai explained. She will be attending the Society of Trust and Estate Practitioners (“STEP”) Asia Conference in Hong Kong this fall in order to stay on top of Asia’s rapidly-evolving wealth management landscape.
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Emerging Manager Mandates Grow but Getting Funded Remains a Challenge
Money Talks, PipelineDemand for emerging managers has grown for both altruistic and pure profit-making goals. From a social good standpoint, publicly-held pensions and investment funds reach out to emerging fund managers and brokerages as a way of selecting managers that represent the diversity of their beneficiaries. At the same time, investors are looking to emerging managers as a way of increasing their returns. The challenge seems to be getting the funds into the hands of the emerging managers.
An increasing number of states, municipalities and other public pensions, have emerging manager mandates. Each week, Crain’s Pensions & Investments, lists new manager searches from an array of funds. In just the past few months, funds that have added or are searching for emerging managers include: New York City Pension Fund, St. Louis Employees, Illinois Investment Board and CALPERS. According to a study by KPMG (formerly Rothstein Kass), Women In Alternative Investments: A Marathon Not a Sprint, the number of funds with emerging manager mandates continues to grow; however, implementing these mandates appears to be more of a challenge.
The study notes that most funding for women-owned-and-managed funds comes from high-net-worth individuals and family offices despite growth in the number of mandates at pensions and endowments. The study’s authors comment, “while perhaps not as speedy as some would like, diversity mandates, as well as demonstrated outperformance by women managers, are driving investors to increase allocations to women-run funds. In fact, nearly 25 percent of the investors polled for this report indicated they would increase their allocations to women-owned or-managed funds in the coming year by some margin.”
Is funding a supply problem?
In its 2013 study, Women in Alternative Investments: Building Momentum in 2013 and Beyond, the study’s authors noted that of the 366 women polled, only 5% had received emerging manager funding despite the number of mandates. That number improved somewhat in 2014’s study to 8.5%, but the study did not look at the size of that funding – suggesting that funding levels may still be quite low, even at firms receiving emerging manager funding.
At the same time, the vast majority of investors surveyed, (93%) have no mandate to invest in women-owned or –managed funds. The primary reason given was “lack of supply.”
Kelly Easterling, formerly a principal at Rothstein Kass (now part of KPMG) comments in the report, “Investors and women-owned and -managed funds are faced with an interesting dilemma of which comes first, the chicken or the egg. One of the reasons that investors are not able to invest in diversity funds is the lack of diversity funds available for investment. Without a large supply of funds, it’s difficult to achieve appropriate portfolio diversification or, for that matter, put enough money to work to move the performance dial. On the other hand, until there is more money flowing to women-owned and -managed funds, it’s unlikely that there will be a stampede of new fund launches. Unfortunately, that paradox slows the process down for both sides of the equation.”
Or a structural issue?
In our view, however, a “lack of supply” is too simplistic an answer to the gap between emerging manager mandates and funding. Differences in scale seem to be one aspect of this disconnect.
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