By Elizabeth Harrin (London)
Have you dreamed of going back to school? Hours in the library, long conversations with intelligent professors and nothing to worry about except the deadline for that next assignment. Studying as an adult isn’t much like that, unfortunately. However, if you are unemployed with time on your hands, or want some extra skills to boost your resume, this could be the ideal time to dust off your books and get back in the classroom.
What’s your existing skill set?
“Everyone who wants to excel in business needs to understand finance and accounting,” says Dr. Linda D. Henman, President of the Henman Performance Group. “If you’ve studied HR but don’t seem to be getting anywhere, now would be a good time to pick up those classes. If you’re a finance professional, advanced training and a masters can only help.”
There has never been a better time to study finance and economics, as Jennifer Small, a graduate of Stetson University in Central Florida, found out when she studied for her executive MBA. “The classroom curriculum was naturally adjusted to reflect the challenges of this period, in addressing the tactical, economic, and ethical aspects of the economic meltdown,” she says. “I feel these valuable discussions and explorations have given me the tools to anticipate future economic calamities. I feel I’ve been provided with the means of identifying challenges and problematic trends before they transpire through the thorough examination of examples of past mistakes that led up to this recession. I strongly believe this has made me more forward-thinking in comprehending the importance and relevance of developing contingency plans to survive the economy’s many ebbs and flows.”
Small feels that studying in the context of the recession has given her new skills and a broader focus. “One of my very first classes was Economics, where recent headlines were not only explained, but heavily delved into with the professor leading lengthy discussions carried out by classmates from all areas of U.S. industry. The concept of ‘too big to fail’ was examined and scrutinised, in regards to government bailouts of certain banks and institutions. These tough economic times have shown the spotlight on business areas such as executive compensation, financial risk factors, and conflicts of interest.”
Learning new skills also has the benefit of making you more valuable to employers. “As a professor of a number of MBA schools, further education makes many professionals more viable,” says Dr. Ted Sun, Professor of Organisational Leadership at SMC University, Switzerland. “When there’s a layoff, the least valued employees are let go. If you’re in school and bringing new knowledge and skills, you’re the last to get let go. Even in this recession, I’ve had students who get promotions based on what they’re capable of doing, well before the finished the degree. Especially for females, the glass ceiling is still present. Further education is a must to compete.”
Is Now the Right Time to Go Back to School?
Back to School, Featured, PipelineHave you dreamed of going back to school? Hours in the library, long conversations with intelligent professors and nothing to worry about except the deadline for that next assignment. Studying as an adult isn’t much like that, unfortunately. However, if you are unemployed with time on your hands, or want some extra skills to boost your resume, this could be the ideal time to dust off your books and get back in the classroom.
What’s your existing skill set?
“Everyone who wants to excel in business needs to understand finance and accounting,” says Dr. Linda D. Henman, President of the Henman Performance Group. “If you’ve studied HR but don’t seem to be getting anywhere, now would be a good time to pick up those classes. If you’re a finance professional, advanced training and a masters can only help.”
There has never been a better time to study finance and economics, as Jennifer Small, a graduate of Stetson University in Central Florida, found out when she studied for her executive MBA. “The classroom curriculum was naturally adjusted to reflect the challenges of this period, in addressing the tactical, economic, and ethical aspects of the economic meltdown,” she says. “I feel these valuable discussions and explorations have given me the tools to anticipate future economic calamities. I feel I’ve been provided with the means of identifying challenges and problematic trends before they transpire through the thorough examination of examples of past mistakes that led up to this recession. I strongly believe this has made me more forward-thinking in comprehending the importance and relevance of developing contingency plans to survive the economy’s many ebbs and flows.”
Small feels that studying in the context of the recession has given her new skills and a broader focus. “One of my very first classes was Economics, where recent headlines were not only explained, but heavily delved into with the professor leading lengthy discussions carried out by classmates from all areas of U.S. industry. The concept of ‘too big to fail’ was examined and scrutinised, in regards to government bailouts of certain banks and institutions. These tough economic times have shown the spotlight on business areas such as executive compensation, financial risk factors, and conflicts of interest.”
Learning new skills also has the benefit of making you more valuable to employers. “As a professor of a number of MBA schools, further education makes many professionals more viable,” says Dr. Ted Sun, Professor of Organisational Leadership at SMC University, Switzerland. “When there’s a layoff, the least valued employees are let go. If you’re in school and bringing new knowledge and skills, you’re the last to get let go. Even in this recession, I’ve had students who get promotions based on what they’re capable of doing, well before the finished the degree. Especially for females, the glass ceiling is still present. Further education is a must to compete.”
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Examining Education and Economics – What ‘Opt Opt’ Revolution?
Work-LifeDubbed the ‘opt out revolution’ by the New York Times, the phrase refers to the mass exodus of highly educated professional women from the workforce when they become mothers. These women presumably made a conscious choice to forgo earnings for the luxury of raising their children themselves. Is the opt-out revolution a proven phenomenon, or is it just media hype?
Women Are Not Abandoning the Workplace: The Facts
According to 2007 Census Bureau data, only about 26 percent of mothers with a college degree stay home, while more than 40 percent of mothers lacking high school diplomas are at home. College-educated women are more successful in combining work and family than other groups in part because they tend to have the resources to pay for child care and other help.
Research has shown that thehappiest couples are upper-middle-class, two-career couples. They report three times the marital contentment of the next happiest group — working- and middle-class families who favor a traditional division of labor and have only one breadwinner.
Better educated women are more likely to be in the labor force than less educated women. Raising children while building a serious career is hard for women, and when presented with the choice, many women opt for the latter. Half of Germany’s female scientists, for example, reportedly do not have children.
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Voice of Experience: Alexandra Lebenthal, CEO, Lebenthal / Alexandra & James Co.
Voices of ExperienceImage via JW Magazine
The best piece of advice I ever got,” said Alexandra Lebenthal, CEO of Alexandra & James, a financial firm specializing in tax-free municipal bonds and high net-worth wealth management, “was in reference to driving a boat. ‘Whatever happens, just relax. You’ll always be able to turn around and get out of it.’”
“Sometimes you glide on the water, sometimes you go against a current – as soon as you relax all kind of things can happen.” She joked, “It’s something I should do much more of in life.”
Lebenthal, so far, has navigated her life’s currents well – in addition to having built a successful company from the ground up, she recently published a new novel, The Recessionistas, a book about New York socialites following the 2008 crash.
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In Case You Missed It: Business News Round-Up
NewsMore weak economic data out of the US increased fear of a slower recovery. China overtook Japan to become the world’s second-largest economy. US and UK bond yields sank to record lows.
Overview
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Five Important Steps to Secure Your Financial Future
Expert AnswersAre women conditioned from an early age to not focus as much on money as men? Think of the daily chores a brother and sister in a household might traditionally be expected to take on. As her daily chores the girl is asked to do the dishes, set the table, or clean the house. The boy is asked to take out the trash, mow the lawn, or perhaps rake the leaves.
This may seem ordinary, but there is a hidden meaning: the boy gets the chores that are traditionally paid!
This early division of labor suggests that women are not predisposed to money. And it may be why I have seen that even affluent women do not prepare as well as they should, financially. But there’s no need to be overwhelmed! Here are a few steps that can help make the process a bit easier.
Involve a Professional
When looking for the right advisor for you it is important to take a few things into consideration. Do you trust that person? Do you have a good relationship with them? Are they looking out for your best interest? It should be the advisor’s job, just like a doctor, to make sure you are diagnosed and treated properly. You work too hard to make your money for that to be taken for granted. Unlike your doctor though, this checkup should be free and not even have any co-pay!
Yes, your financial advisor will likely want to be paid in one way or another, but some advisors are moving away from charging commissions on every trade to fee-based platform. This way you sit on the same side of the table and they want your investments to grow just as much as you do, because they get a percentage.
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Jobs Returning to Wall Street: 5 Tips to Get that Promotion, Raise, or New Job
ReturnersGood news, bankers and insurance professionals: financial services companies in New York are hiring again, and you’re among the most desired candidates. The Wall Street Journal recently reported that employment in the industry grew by 6,800 in New York City from the end of February through May, the largest gain in financial services in almost two years. Whether you’re returning to work after being underemployed in other disciplines or industries or returning from a hiatus of child or eldercare, now is the time to differentiate yourself, demonstrate your value, and define your own brand, according to Jan Melnik, executive resume writer, job search coach and career management expert. Here are the top five tips to get that promotion, raise, or new job.
1. Don’t Underestimate the Power of Your Profile
The single most important thing you can do is reflect a broad skills set that includes very specific core competencies relating to the field of financial services. Look for positions matching what you want to do, and find the key words you see over and over. Then, put those words right into the profile/qualifications section on your resume.
“The profile is the most important piece of real-estate on your resume,” said Melnik. It should follow your contact information and take up roughly one-third or more of page one. That’s right: One-third or more – this is your chance to shine. And don’t be confused by the objective section. The profile is different in that it’s customized to what the recruiter, HR department, or hiring manager is seeking. “Getting this section on your resume absolutely precise is the number one thing,” said Melnik. She recommends finding five job ads that you would apply for to see the key words used for that level position.
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New Solutions: Developing Diverse Leadership at ING
Industry Leaders, Leadership“Our CEO challenged his team to increase diversity – to come up with plans to accelerate the development of female talent,” said Brannigan Thompson, Head of HR for ING US Insurance. “We needed to not just say that we are a diverse company, but to act like a diverse company.”
Rhonda Mims, President of the ING Foundation and Senior Vice President, Office of Corporate Responsibility and Multicultural Affairs for ING added, “Finding creative ways to be ahead of the curve with employee engagement and professional development is really relevant to building a successful company. It’s more than writing a check – it’s about collaborating to deliver on a brand promise.”
Coming out of the recession, Thompson said, ING was “reexamining how we looked at leadership and reexamining how we do business. It was the perfect storm.”
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The Benefits of Hiring Women Returning from a Career Break
ReturnersIn the June issue of INC Magazine, Patagonia founder Yvon Chouinard is interviewed about a range of topics relating to managing and motivating employees. When asked at the end of the interview:
“If you were starting a company today, what would you do to create the best possible workplace?”
Chouinard gave an incredibly powerful response:
Chouinard is widely admired as a true visionary among CEOs. His progressive policies toward flextime expressed by his book title Let My People Go Surfing pretty much sums up his philosophy:
“All I care about is that the job gets done and the work is excellent. If you come in at 7 at night because you want to go surfing at 2 in the afternoon, that is fine with me. But it can’t impact your fellow worker.” His workforce is 75% women, he established one of the early on-site childcare centers and he is famously dedicated to environmental causes both in action and through his policy of donating 1% of sales to them.
Here at iRelaunch we couldn’t agree more with Chouinard’s assessment of the pool of talent on career break, which is predominantly female. Women in this pool often have strong educational credentials, significant work experience, a high energy level, and unbeatable enthusiasm about returning to work precisely because they’ve been away from it for a while. They just can’t wait to get back. Plus, think about their life stage – fewer or no maternity leaves (they’ve done that already if that’s why they took a career break), fewer spousal relocations, and a more mature perspective.
As we like to say, “relaunchers” as we call them, are not trying to “find themselves” at an employer’s expense. They are more grounded than the new graduate and are actually better candidates for positions requiring an advisory, consultative approach.
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Three Things Professional Women Should Know About Nannies
Work-LifeOnce upon a time nannies were only for the über-rich, but, for some, times have changed. For many working parents forced to put in long hours at the office, nannies have become an essential and irreplaceable part of the family; someone entrusted with the well being of their child.
If you have a nanny – or you’re thinking of hiring one, there are three things you need to keep in mind – new legal considerations, administrative and style questions, and that the nanny is going to be a vital part of your child’s development. Here are our tips on approaching all three.
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Voice of Experience: Erika Karp, Managing Director and Head of Global Sector Research, UBS Investment Bank
Voices of Experience“I believe diversity is an economic imperative – period,” said Erika Karp, Managing Director and Head of Global Sector Research at UBS Investment Bank and Chair of the Global Investment Review Committee.
A founding member of the UBS Executive Diversity Council, a steering committee member of the firm’s All Bar None women’s network, as well as the business champion behind the creation of UBS Pride, UBS’s GLBT employee network, Karp is dedicated to the value of diversity.
Citing the importance of differentiated perspective, creativity, and entrepreneurship that diverse individuals bring to the table, Karp said, “The challenge for anybody is getting to have an important voice…being heard.”
She explained, “The trick is being both patient and assertive.”
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