By Hadley Catalano
Women in leadership positions are now managing multiple generations of employees, sometimes with as much as a 50-year age gap. Generally speaking, the scenario isn’t entirely new: seasoned employees with years of experience have often worked alongside fresh, inexperienced hires. What is historic; however, is that in the last 10 years, the workplace has grown to include four generations of employees: Traditionalists (1922-1945), Baby Boomers (1946-1964), Generation X (1965-1981), and Generation Y, also known as Millennials (1982-2000).
This historic moment can be attributed to an aging labor force. Once, the golden age of retirement was between the ages of 60 and 65. Today, people are working well into their 70’s. Why? Sometimes the answer is as simple as “because they can,” though the Bureau of Labor Statistics (BLS) reports that more often than not it’s a matter of requiring more than a fixed income in an unsteady economy, one rife with slashed retirement packages and to guarantee postretirement income.
This growing trend of multigenerational workplaces has been well documented by the BLS, as employees stay on well past retirement age and Gen Y workers set to outnumber Boomers and Gen X workers by 2015. But what does it mean for women who must lead multigenerational teams?
Talking ‘Bout My Generation
For directors, the expansion of their work teams has presented complex administrative challenges. According to a recent survey conducted by EY, a global leader in assurance, tax, transaction, and advisory services, three-quarters of the 1,215 cross-company professionals surveyed agreed that managing multigenerational teams is complicated. What makes it easier, however, is understanding the differences among your multi-generational employees.
Experienced executives, Jennifer Mackin, President and CEO of The Oliver Group, a leadership consulting firm, and Peg Newman, Managing Partner of Sanford Rose Associates, have observed generational characteristics and motivators.
According to Mackin, generational commonalities – based on age, cultural backgrounds, goals, influences, and behaviors – are rooted in inherited traits and environmental conditions.
“Some (generations) went through The Depression or more difficult financial times and others grew up in more affluent time,” Mackin said. “Traditionalists and Baby Boomers didn’t grow up with technology but learned that hard work always pays off and you get ahead by putting in the effort. Gen Xers and Millennials have their basic needs met and always have, in general. They are more interested in a comfortable way of life and, therefore, choose other priorities such as flexibility in their work and time for other parts of their life outside of work.”
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Be Happy – It’s All About Autonomy
Work-LifeAccording to recent research out of Northwestern University and Stanford University, it is possible to make yourself more happy. In fact, the study suggests, there may be a connection between happiness and personal empowerment. That is, acknowledging that you have the power to change your own level of happiness is what drives happiness to increase.
The researchers, Kelly Goldsmith, Northwestern University; David Gal, Assistant Professor of Marketing, Northwestern University; and Lauren Cheatham, Stanford University, set out to find whether thinking about happiness is enough to make people happier. What they found was that simply pondering the nature of happiness wasn’t enough.
Over the course of three experiments, the researchers found that people who merely thought about happiness in general didn’t really report any increase in their level of personal happiness. But they did see a significant boost in the reported happiness of people who were prompted daily to think about what they did that day to make themselves happier.
It seems that happiness is all about autonomy – a reminder that we can change our happiness level is what actually makes us happier. If you really want to make a difference in how happy you feel, instead of saying daily “I want to be happier,” your mantra should be “What have I done today to be happier?” Here’s why.
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Voice of Experience: Gloria M. Grandolini, Country Director for Mexico and Colombia, World Bank
Voices of ExperienceGloria M. Grandolini, Country Director for Mexico and Colombia at the World Bank, has never regretted her choice. She began her career as a traditional macroeconomist when she joined the World Bank 23 years ago, and later substituted her technical responsibilities for those of an executive working for the strategic and management dimensions.
“Since day one I have been working and taking decisions aimed at providing better opportunities to others, with a wider understanding of the global context, and the political and socioeconomic dynamics.”
Experience in the World Bank
It wasn’t easy in the beginning. Ten years ago, as a macroeconomist, she became the World Bank Treasury Manager and, later, the Director of the Financial Products group.
She felt overwhelmed because she did not have any experience in this area, and managing a group of traders and Finance PhDs as well as working with the increasing responsibilities of the 2007-2008 global financial crisis proved to be hard. But the management skills she had learned in her previous jobs allowed her to “bring a different perspective to the group”.
“I feel most proud of mentoring more junior staff along my career. Today, I feel pride and joy when I see many of them succeeding and reaching managerial positions.”
Grandolini has learned a lot along the way. “The chemistry and loyalty with the people you work with, both your boss and your closest colleagues, make a huge difference in terms of work environment, support, trust and ultimately your success.”
She also notes that “all money-related arrangements need to be stated in writing. Verbal agreements are not enough. And I’m not referring to salary arrangements but to any work-related matter or agreement related to money matters – such as budgets!”
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Finding Women-Friendly Employers: Look for the accolades and then look beyond them
Office PoliticsMore than ever, companies in the financial services sector are recruiting top female talent, but many employers have yet to address the career challenges women face. Lack of mentoring, leadership programs, and flexible scheduling options steer women off an otherwise promising career track.
When it comes to getting ahead, a women-friendly employer is vital to your success. Here are a few ways you can ensure you’re making a move to a company that goes out of its way to recruit and retain women:
Look for the Accolades
Companies with women-friendly policies often receive the recognition they deserve. Catalyst is a great place to start your search – and it’s an organization we often feature on The Glass Hammer. The organization awards companies for excellence in addressing diversity issues, while also serving as a resource for businesses and job seekers.
Other resources include the National Association for Female Executives, which publishes a list of top companies for executive women, Working Mother Magazine, known for its list of 100 Best Companies, and Vault.com, a site that posts company rankings, salary data, and more.
For anyone working in accounting, Accounting Today Magazine is a must on your subscription list. You should also find out if your potential employer is included in the Accounting MOVE Project, a yearly report that profiles firms that are making headway in retaining and advancing women.
Evaluate Programs and Policies
Companies often emphasize diversity hiring, work-life balance, and/or benefits packages on their website. However, that doesn’t mean they have impactful programs in place. Weeding out the posers from the real deal is essential.
“Some firms decorate their website with a string of awards that they have won,” says Joanne Cleaver, President of Wilson-Taylor Associates. “If they are claiming that they are award-winning, or on a ‘best’ list, then it is reasonable to ask them quite specifically why they won those awards and how you could expect to experience that award-winning culture in everyday life.”
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How Do You Lead a Multigenerational Workforce?
Managing Change, Office PoliticsWomen in leadership positions are now managing multiple generations of employees, sometimes with as much as a 50-year age gap. Generally speaking, the scenario isn’t entirely new: seasoned employees with years of experience have often worked alongside fresh, inexperienced hires. What is historic; however, is that in the last 10 years, the workplace has grown to include four generations of employees: Traditionalists (1922-1945), Baby Boomers (1946-1964), Generation X (1965-1981), and Generation Y, also known as Millennials (1982-2000).
This historic moment can be attributed to an aging labor force. Once, the golden age of retirement was between the ages of 60 and 65. Today, people are working well into their 70’s. Why? Sometimes the answer is as simple as “because they can,” though the Bureau of Labor Statistics (BLS) reports that more often than not it’s a matter of requiring more than a fixed income in an unsteady economy, one rife with slashed retirement packages and to guarantee postretirement income.
This growing trend of multigenerational workplaces has been well documented by the BLS, as employees stay on well past retirement age and Gen Y workers set to outnumber Boomers and Gen X workers by 2015. But what does it mean for women who must lead multigenerational teams?
Talking ‘Bout My Generation
For directors, the expansion of their work teams has presented complex administrative challenges. According to a recent survey conducted by EY, a global leader in assurance, tax, transaction, and advisory services, three-quarters of the 1,215 cross-company professionals surveyed agreed that managing multigenerational teams is complicated. What makes it easier, however, is understanding the differences among your multi-generational employees.
Experienced executives, Jennifer Mackin, President and CEO of The Oliver Group, a leadership consulting firm, and Peg Newman, Managing Partner of Sanford Rose Associates, have observed generational characteristics and motivators.
According to Mackin, generational commonalities – based on age, cultural backgrounds, goals, influences, and behaviors – are rooted in inherited traits and environmental conditions.
“Some (generations) went through The Depression or more difficult financial times and others grew up in more affluent time,” Mackin said. “Traditionalists and Baby Boomers didn’t grow up with technology but learned that hard work always pays off and you get ahead by putting in the effort. Gen Xers and Millennials have their basic needs met and always have, in general. They are more interested in a comfortable way of life and, therefore, choose other priorities such as flexibility in their work and time for other parts of their life outside of work.”
Read more
Happy Holidays from the Team at the glasshammer2.wpengine.com
NewsThis year we have written over 400 stories and have endeavored to live up to our mission of informing, inspiring, and empowering you as you navigate your career in financial and professional services. We will continue to write articles, produce events, and provide resources in 2014.
This is a rare time of year, one of the few instances in which even the busiest among us can take a few days or weeks to relax and reflect. Reading, I’ve found, is enables both of those things wonderfully.
A lot of books come across my desk, but I wanted to share some of my recent favorites with you:
“Heels of Steel: Surviving & Thriving in the Corporate” by Vanessa Vallely: A charming story that details a young girl’s transition into womanhood while working in the ultra-competitive technology departments of London’s leading banks. The book features great practical advice about networking and overall, is a fun, especially if you’ve come across Vanessa and can imagine her cockney accent narrating the tale.
“Everyday Negotiations: Navigating the Hidden Agendas in Bargaining” by Deborah Kolb and Judith Williams: This book is a very useful how-to when it comes to managing the conversations and interactions around negotiations. Based on solid advice and evidence, “Everyday Negotiations” gives you the skills needed to spot the power and authority dynamics often at play between two people wanting mutual gains. Published in 2003, it’s not a new book, but very timely in light of Deborah and her colleague’s recent research surrounding second-generation gender bias in Harvard Business Review.
“Nice Girls Just Don’t Get It: 99 Ways to Win the Respect You Deserve, the Success You’ve Earned, and the Life You Want” by Lois Frankel and Carol Frohlinger: Girls are mostly socialized to play nice, not make demands, and let others be the captain. I have seen “nice girls” who are a million times more qualified than their male counterparts, but yet they stand in men’ shadows. This book will make you think about how you, your colleagues, friends, sisters, and daughters behave and hopefully, will make you see that there’s a lot on the line that “nice” may not get you, including money, power, and success.
See you in the New Year!
Best Wishes,
Nicki Gilmour, CEO & Founder, theglasshammer.com
How Top Companies are Tackling Second-Generation Gender Bias and Closing the Gender Gap in Leadership
Office PoliticsThe past two decades have seen notable progress for women in corporate America, as most forms of overt gender discrimination have been eliminated and many companies have invested in women’s advancement initiatives and organizational change programs. So why is it that the dial has barely moved for women at the highest ranks of business?
Last year’s “Fortune 500 Women Executive Officers and Top Earners” report by Catalyst revealed that women held only 16.6 percent of corporate board seats in 2012—the seventh straight year of no growth. It was also reported that women held 14.3 percent of executive officer positions for the third year in a row.
The gender gap in leadership is a major concern, not only for women who aspire to leadership, but also for companies that need strong, diverse leadership teams to help them compete successfully in a marketplace that is increasingly female, global, and volatile.
Why does the gender gap in leadership persist? The answer is complicated, but one piece of the puzzle is second-generation gender bias. This is quite different from first-generation gender bias, which is characterized by intentional acts of bias. Second-generation gender bias was examined in the recent Harvard Business Review article “Women Rising: The Unseen Barriers,” written by Robin Ely, Herminia Ibarra, and Deborah Kolb. The authors describe second-generation bias as “cultural assumptions and organizational structures and practices that inadvertently benefit men while putting women at a disadvantage.” These dynamics can go far in shaping formal systems, including promotion practices and compensation practices.
Double Binds
Second-generation gender bias reveals itself when women leaders find themselves in “double binds” because many characteristics associated with leadership are linked with masculinity. Words like “strong,” “assertive,” and “decisive,” the authors write, tend to engender confidence from colleagues when these attributes are associated with men. Women who display these attributes, however, are often seen as unlikeable or bossy. It should come as no surprise that the workplace prefers women to be empathetic, caretaking, and unselfish, yet women who demonstrate these “nice” qualities are liked and not respected. They are regarded as too soft to be a strong leader. It’s a no-win situation.
Another example of this particular form of bias is women’s lack of access to influential networks and sponsors. As we well know, informal networks are crucial for aspiring leaders, but as the authors note, “the differences in men’s and women’s organizational positions, and the tendency for each to network with others of the same gender, leads to women building weaker networks than men — and having less access to mentors and sponsors who have the ability to help them get promoted.”
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Movers & Shakers: Stephanie Weimer, Regional Vice President, ING U.S. Investment Management (ING U.S. IM)
Movers and ShakersHe was right, of course.
Weimer is now Regional Vice President where she wholesales various mutual funds and separately-managed account products throughout the New England area. This is Weimer’s sixth year in the role and she has consistently ranked as one of the top salespeople for the company, despite covering one of the smaller regional areas.
From CIA to ING
Even upon entering the industry in 2006, Weimer still had no idea that financial services would be her career path. She had every intention of being a field agent in the CIA. When her friend’s father – the same man who urged her to enter the industry – offered her a job as an internal wholesaler with Sun Life, she gave him a one-year commitment as she waited for a background check with the CIA to clear. The problem was that her clearance went through quickly. As a woman of her word, she decided to maintain her commitment with Sun Life.
“It worked out for the best. I don’t dwell on it and I’m truly happy with where I am – and I’ve really come to love this industry,” Weimer said. “I learned the ropes with Sun Life, beginning as an internal wholesaler. In less than two years, I was offered a job as an external wholesaler with ING U.S. IM. That’s a quick move from internal to external.”
Interestingly it’s the skills that Weimer believed would make her successful in the CIA that have proven to be the most helpful in her success in financial services.
“I love to figure out what makes people tick and find out what they need and help them find a solution. Effective communication has proven to be one of my strongest assets,” Weimer said.
The Business of Golf
Weimer says that when first starting out in the industry, she wishes she would have understood the importance of having a good golf game. In first grade, her mom enrolled her in a junior golf league, but she had no patience for it.
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The Glass Hammer: 2013, A Year in Review
Expert Answers, Year end reviewThe Glass Hammer wants to congratulate the women who have broken the glass ceiling by joining the C-suite or becoming Executive Officers at Fortune 500 (US), FTSE 100 (UK), and other globally-listed companies on stock exchanges this year. Special congratulations are in order for the highest profile CEO female joiners featured on the 2013 Fortune, including Marillyn Hewson of Lockheed Martin, Mary Barra, CEO of GM motors, and Lynn Good, CEO of Duke Energy.
The achievements of these women become even more impressive in light of recent findings reported in Catalyst’s end-of-year census. Both the 2013 Catalyst Census: Fortune 500 Women Board Directors and the 2013 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners found that number of women on boards and the number of women executive officers have not increased by even a single percentage point in the past year. In 2012, women held only 16.6 percent of board seats. In 2013, it was 16.9 percent. Last year, women held 14.3 percent of executive officer positions. In 2013, women held 14.6 percent. There was also no gain year over year, as women held only 8.1 percent of Executive Officer top earner slots.
The UK is showing a better rate of gains for women on Boards, with the current figure sitting at 19 percent in the FTSE 100 . Also, 24 percent of all appointments since May have been women.
So, despite more women than ever before being in the workforce, the numbers just aren’t moving. This is not to say that women aren’t gaining ground in other areas, but they’re often in the most battered of companies and industries. This comes as no surprise. The Glass Hammer has written extensively about women taking on the mantle of leadership during a time of crisis, otherwise known as the “glass cliff”. Writer Melissa Anderson outlined the pitfalls of “think female, think crisis” astutely, writing, “The position is highly visible and comes with a lot of potential power – but the risk of failure is high; so high in fact, that the board or management committee decides it’s time to try something completely new and different to try and get it right: put a woman in charge.”
Here’s the question that begs answer: why are the numbers stagnant?
What is Stopping Us?
According to the article “More women leaders in D.C. than C suite”, experience is more crucial in business than it is in American politics. In the piece, Herminia Ibarra, professor of organizational behavior at France’s Insead business school, said that to become CEO of a big company, you typically have to have had several key jobs. The professor cited Ginni Rometty, chair and CEO of IBM, and Marissa Mayer, CEO at Yahoo, as examples of women who held senior management seats before the leap into the C-suite.
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The 2013 Catalyst Census: Progress in the Fortune 500 Remains Flat
Breaking the Glass CeilingCatalyst has been tracking women’s representation at the highest levels of corporate America since the 1990’s and according to Rachel Soares, the organization’s Director of Research, 20 years of data indicates that historically, things are moving in the right direction, but we are currently at a standstill.
The 2013 Catalyst Census: Fortune 500 Women Board Directors and the 2013 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners released December 10, indicate a troubling trend: no movement. Catalyst reports there has been little to no increase for women on boards in corporate America. In 2012, women held only 16.6 percent of board seats. In 2013, it was 16.9. In both 2012 and 2013, less than one-fifth of companies had 25 percent or more women directors, while one-tenth had no women serving on their boards. Even more dispiriting, less than one-quarter of companies had three or more women directors serving together in both 2012 and 2013.
There was also no change for women in top leadership. According to Catalyst’s findings, the needle barely budged for women aspiring to top business leadership in corporate America. Last year, women held 14.3 percent of executive officer positions. In 2013, women held 14.6 percent.
There was also no gain year over year, as women held only 8.1 percent of Executive Officer top earner slots. In both 2012 and 2013, one-fifth of companies had 25 percent or more women Executive Officers, yet more than one-quarter had no women Executive Officers.
Catalyst’s President & CEO, Ilene H. Lang, expressed her disappointment with the findings.
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Lonely at Work? You’re Not Alone
Expert AnswersWe often hear that for c-level executives, it’s lonely at the top. Well, it can be lonely on the way to the top too, and feeling isolated can be a major career hurdle for many women pursuing professional goals.
Several years ago I was working as the head of marketing for a family-owned business run by three brothers. I was the only female vice president. The head of sales and I, in order to foster a strong relationship between our two departments, shared an office. At least twice a week, one of the owners would stop by and ask my officemate, a man, to go to lunch. I was never invited.
I knew that because I was a woman, I would never forge the kind of casual, tight relationship with ownership that my peer did, and that I was missing out on the informal bonding and decision-making that took place across a lunch table instead of a conference table. On top of that, I was lonely. The only other women in the company were administrative staff, part-time consultants, and women who reported to me. I occasionally had lunch with my team, but they often didn’t want to hang out with their boss on their lunch break and despite my solid working relationship with my officemate, I experienced little camaraderie with my male peers and my female subordinates. I thought what I was experiencing was unique to the company, but in fact, many women, as our numbers dwindle on the way to the corner office, experience the same feeling of isolation at work.
Women Leaving is Bad for Women
Just look at the legal profession. According to the American Bar Association, despite women earning close to 50 percent of law degrees and representing approximately 45 percent of associate positions in private practices, only about 20 percent of women are at the partner level. That attrition doesn’t just impact women’s job satisfaction; it impacts their bank accounts.
While writing my book Mogul, Mom & Maid: The Balancing Act of the Modern Woman, I met several women who expressed concern about the lack of female peers at work. One woman, an attorney named Holli, had seen many of her female colleagues drop out of the workforce – and their absence impacted her career. Not only was she lonely as one of the few women in her firm and her practice area, but she was concerned about how the situation was affecting her ability to be a rainmaker.
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