By Melissa J. Anderson (New York City)
Leadership doesn’t begin when you’ve made it to the top of an organization. It’s something you display every day, throughout your career and personal life. Rather than thinking of leadership as something we achieve once we get to the top of a company, we should think of it as a skill that enables us to get to get there.
On Monday, the financial services consulting firm Capco celebrated International Women’s Day with a luncheon honoring women and leadership. It can be difficult to remember – especially for young women – just how far we have come in only a few decades. In the 1960s, as Stephanie Koontz wrote last month in the New York Times, “most Americans did not yet believe that gender equality was possible or even desirable.”
Fast forward fifty years and we are – at least on some measures like educational attainment and personal health – approaching equality. Ismail Amla, Partner and CEO for North America at Capco, explained that he feels that equality means, “My daughter who is 16 years old should have the same sort of opportunities as her brothers, even though the same opportunities would not have been afforded her mother only one generation ago.”
But, he continued, at the top of companies, we’re not even close. He cited Catalyst data revealing that in the Fortune 500, only about 14 percent of senior executives are women, and only four percent of CEOs are women. “There is still lots to address,” he continued. “Do we create an environment where women are leaders? How can I, as a CEO, say that women at Capco have the same opportunities as men?”
Corporate executives, both male and female, must ensure that their companies are authorizing and encouraging women to lead – that when women display leadership qualities, they are recognized and rewarded, rather than encouraged to fade into the background.
Women on Boards: Asset Managers and Institutional Investors Weigh In
Money TalksHow loud does money talk? That’s the question posed by the asset managers, institutional investors, senior business executives, statewide elected officials, and national women’s organizations that make up the Thirty Percent Coalition. The group aims to encourage companies to ensure their boards are composed of at least 30 percent women by 2015. And they’re doing it by leveraging some serious dough: the investors in the group represent over $1.2 trillion in assets under management.
Last year, the Coalition contacted all of the companies in the Fortune 500 that had no women on their boards, and this year they sent letters to all 127 companies on the Russell 1000 that have no women on their boards, urging them to hire more. The issue resonates with investors – research shows that companies with more women on their boards perform well financially and are better governed.
Members of the Thirty Percent Coalition argue that by keeping women out of the boardroom, these companies may not be performing at their highest capability for their shareholders.
Tim Smith, Senior Vice President and Director of ESG Shareowner Engagement at Walden Asset Management, a division of Boston Trust & Investment Management, said, “The business case is quite compelling for investors. It is important for the reputation and image of the company, as well as a way to protect the long term sustainability of the firm, including the long term bottom line.”
He added, “Obviously women’s organization’s leadership is exceedingly important on this issue. But investors also have power – after all, we are the owners of companies.”
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Why Leadership is a Critical Skill for Career Growth
Next LevelLeadership doesn’t begin when you’ve made it to the top of an organization. It’s something you display every day, throughout your career and personal life. Rather than thinking of leadership as something we achieve once we get to the top of a company, we should think of it as a skill that enables us to get to get there.
On Monday, the financial services consulting firm Capco celebrated International Women’s Day with a luncheon honoring women and leadership. It can be difficult to remember – especially for young women – just how far we have come in only a few decades. In the 1960s, as Stephanie Koontz wrote last month in the New York Times, “most Americans did not yet believe that gender equality was possible or even desirable.”
Fast forward fifty years and we are – at least on some measures like educational attainment and personal health – approaching equality. Ismail Amla, Partner and CEO for North America at Capco, explained that he feels that equality means, “My daughter who is 16 years old should have the same sort of opportunities as her brothers, even though the same opportunities would not have been afforded her mother only one generation ago.”
But, he continued, at the top of companies, we’re not even close. He cited Catalyst data revealing that in the Fortune 500, only about 14 percent of senior executives are women, and only four percent of CEOs are women. “There is still lots to address,” he continued. “Do we create an environment where women are leaders? How can I, as a CEO, say that women at Capco have the same opportunities as men?”
Corporate executives, both male and female, must ensure that their companies are authorizing and encouraging women to lead – that when women display leadership qualities, they are recognized and rewarded, rather than encouraged to fade into the background.
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The Disappearing Glass Ceiling
Expert AnswersOrganizations will get flatter and ultimately the pyramid that has been with us for many generations will be gone. This is inevitable in this highly competitive, global, fast paced marketplace. A highly engaged workforce will be essential to deal with an already formidable and daily increasing number of complexities.
The glass ceiling will be an anomaly. Winning will depend on having available an array of skills and aptitudes, many of which play to women’s strengths. Think of what we have learned from Daniel Pink about left and right brain thinking, and the link between break – through technology and design Steve Jobs taught us. A competitive organization must have people with vastly different skills and attributes that they are eager to exercise. The workplace demands innovation, speed in decision making and timely execution. If this is to happen, newness must preempt numbers, collaboration must take precedence over status. Power, formerly at the top, must be replaced with teamwork. Communication and a culture that promotes idea exchange is likely to generate trust, and regard for each person’s unique contributions.
In my book, I make the case for inverting the pyramid and what it takes to develop a culture that values diversity. Flatter organizations are more interested in creativity, design and implementation than in promotions and bonuses. Genuine collaboration and coordination takes the spotlight away from title and emphasizes instead the realization of mutual goals. Layers of management are costly to maintain and are self defeating.
Flatter organizations foster skill development, encourage and support continuous personal growth. Leaders emerge when they see it is needed and when an individual has the particular information, contacts or skills indicated. Gender is not the deciding factor. Everyone benefits when they are asked rather than told and when it is natural to challenge each other.
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Changing the Way We Talk About Work and Family
Work-Life“I totally believe that employers WANT to feel comfortable with a multi-tasking mom, but at the same time, there are still sideways looks and quiet conversations with co-workers. I believe employers want to feel more comfortable with this, but I just don’t think they really do….”
–Katherine Woodfield Hermes, The EHIC Group
A recent article in the New York Times touched on the topic of the taboo that some working mothers face about admitting that office absences are related to their children. In the piece, Anne-Marie Slaughter—who was director of policy planning at the State Department under Hillary Clinton from 2009 to 2011—was quoted as saying:
The author of the article, KJ Dell’Antonia, who interviewed Slaughter said that Slaughter’s comments made her rethink her own choices as a working mother in terms of how to talk about work and family:
Dell’Antonia concluded her thoughts by asking readers whether they can begin to change the way they talk about the intersection between family and work, and speculated whether doing so might help change workplace culture around these issues.
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Voice of Experience: Jennifer Pattwell, Partner, PwC Singapore
Voices of ExperienceJennifer Pattwell, a Partner at PwC Singapore, has spent her globe trotting career in pursuit of fun and fulfillment. “It’s something a previous boss and mentor said to me once – there’s no point in doing something if you’re not having fun doing it.”
“If you just take a job to take a job, you won’t have that motivation, and motivation is one of the key things I hold dear. We spend so much of our time at work, it’s important we find that time fulfilling,” she continued.
“Travel was a priority for me at the start of my career, so my career was about fulfilling a key personal priority at the time. It’s about weighing what’s important to you. If you can combine your personal objectives with your career goals, then you are on the right track.”
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The Path to Gender Parity: Every Route Matters
NetworkingOur focus, at The Glass Hammer, is on women’s career advancement at the mid and senior levels. In the past few years, we have seen more women stepping up to leadership in many industries, as well as in politics and the non-profit sector. But not a lot more. We are dealing with very incremental, hard-won change, which is one reason why we believe the issue of women’s advancement (in all spheres of life) is cultural.
It is cultural within the context of each individual organization, and it is cultural within the context of each industry. It is cultural in the wider sense of our society as well. Because all of these spheres affect one another, it means work must be done concurrently in each of them.
Work must be done in each sphere to achieve broad, difficult, cultural change, and that’s how large organizations like the National Council for Research on Women make an impact. Earlier this week, the NCRW held its annual awards dinner in New York. This event draws together folks from every part of the garden of change-agents, ensuring ideas are pollinated and everyone understands we’re in this together (and yes, they draw in much-needed funds from the pockets and purses of well-meaning donors).
As Aine Duggan, NCRW’s new President remarked, there are many routes that we must take to achieve gender parity. On International Women’s Day, perhaps we should each reflect on why we have taken our particular route and why it leads toward women’s advancement.
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What does International Women’s Day Have to Do with Advancing Women at Work?
Featured, Managing ChangeIt is really important for the world to celebrate IWD and to stop for a moment and think about issues that affect women in countries near and far. This year there is activity around sexual violence, trafficking and abuse, and poverty – all good topics to address and in some cases, a little action can improve people’s lives tremendously. You will often hear me say that inaction or silence is essentially collusion with the status quo, which keeps in place whatever ugliness is happening in the world.
Nevertheless, awareness can go a long way, but without challenging structural and cultural elements of any issue, we are just minimizing collateral damage. If there is no systemic change, then power and authority paradigms remain the same and we will continue to scratch our heads and wonder why our expectations aren’t met around people doing things differently. The same holds true for advancing women in the workplace.
We need to be having the right conversation to actually see some traction. Catalyst in 2012 reported barely changed figures for women on boards, female CEOs, and women in senior executive jobs.
Often, I feel that we spend too much time arguing over gender-based matters, such as work life balance. Instead, I would like to advocate that we direct the discussion to look at systemic and cultural issues as a way out of the “pink ghetto.” Arguing about whether we should “lean in” more or not as a group is just not going to do it!
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Rethinking Role Models: Why Millennial Women Want More
Mentors and SponsorsWe know that role models are critically important for inspiring women to lead. “You can’t be what you can’t see” is a refrain often repeated by feminist trailblazer Marie Wilson. Young women need strong, visible role models, not only to illustrate the heights to which they can aspire, but also to visualize the pathways they can take to get there.
Yet, new research by Dr. Elisabeth Kelan, Associate Professor in the Department of Management at King’s College London, shows that many young women entering the workforce don’t necessarily identify with the women at the top.
In her new book, Rising Stars: Developing Millennial Women as Leaders, she explains how millennial women are challenging the way we have long understood role models to work. She explained, “What women are doing is questioning. They are looking at the sunny side as well as the shadowy side.”
“It’s about being admired rather than idealized,” she said. And according to Dr. Kelan, that’s a good thing – for women and for companies. Here’s why.
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WILD about Options: Educating Women on Options Trading
NetworkingThe derivatives industry is evolving due to regulation coming from Washington and it’s forcing participants to look at different opportunities in new markets. To help emerging and experienced women navigate these broader territories, Women in Listed Derivatives (WILD) organized an educational seminar on Options trading.
Hosted by NYSE Euronext and sponsored by the Options Industry Council and Fidessa, the workshop included an educational introduction to Options trading, a keynote speaker about career advancement and panel discussion focused on the current market environment.
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Should You Accept a Promotion Without a Raise?
Money TalksReceiving a promotion is a big deal. A very big deal. Promotions mean more responsibility, new challenges, and an inherent recognition of an employee’s abilities and potential.
But not all promotions come with raises attached. During difficult financial times – when many companies freeze base salaries to control costs – employees may be promoted with the promise of raises when the economy improves. At other firms, where individuals cannot progress unless someone leaves, a promotion (without a raise) – culturally – may be Oscar-worthy recognition. And yet, at still other firms, promotions without raises are mishandled, cheap forms of recognition that lead to compression and inequity.
Two critical drivers – retention and engagement – fuel base salary increases and promotion decisions. Promotions provide individuals with rewards and recognition, career advancement and job growth. Promotions keep employees engaged, focused and committed to the company and its business strategies. Companies recognize that most employees highlight career advancement as a top reason for staying.
While base pay – cited by Towers Watson’ 2012 Global Workforce Study – remains the #1 reason employees join a company, both base pay AND career advancement rank as # 1 and #2 for employee retention.
Employees receiving promotions without raises may find their engagement teetering. If you find yourself in the position of receiving a promotion without a raise, follow these three steps before responding.
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