Given the sizable success that Goldman Sachs’ Katie Koch has had in her career, it may seem surprising that failure is one of the factors that drives her.
“Taking risks and refusing to be paralyzed by a fear of failure has served me well,” she says, explaining that she has developed a sound personal philosophy and approach to taking risk. “I approach every challenge with a philosophy that my mom introduced to me and my siblings when she would say, ‘What choice would you make if you knew you would not fail?’”
Taking that approach has allowed Koch to make decisions based on optimism rather than fear and has biased her towards taking calculated risks. “When you’re taking risk repeatedly, you’re naturally going to occasionally fail, so it’s important to view failure as fuel,” she says. A quote that has resonated with her came from an inspiring commencement address by soccer superstar Abby Wambach, who said, “Failure is not something to be ashamed of, it’s something to be POWERED by. Failure is the highest octane fuel your life can run on. You got to learn to make failure your fuel.”
If something doesn’t work out the way you wanted it to, figure out why, and move forward with those lessons, Koch advises.
Taking Risks Leads to Diverse and Rewarding Career Path
Although Koch has spent 16 years with Goldman Sachs, it’s as though she’s had several careers, given the diverse portfolio of experiences she’s had – across different divisions, offices (Chicago, London and New York) and four different business lines. One of her favorite roles is working with incoming talent, and she always makes sure to express how this wealth of opportunities allows professionals at Goldman Sachs to experience a fulfilling career – at one firm.
Koch acknowledges it can be challenging to start over with a new business, team and mandate, but the advantages of working in a new business are immense.
First, she has been able to build a deep network, and secondly, working in different roles allows you to have additional context as you inevitably come across problems you’ve tackled before.
And while she was grateful to be named a partner at the age of 36, the aspect that was most meaningful was having so many people, including her own team, champion her throughout the process. “I believe that the more senior you become, the more dependent your success is on having the best team around you and the right sponsorship above you.”
Living Out a Commitment to Diversity
Koch’s belief in the importance of diversity permeates every aspect of her role at Goldman Sachs. She sees a strong business case for spending time and effort to build diverse teams, and her role helping to lead the equity business – which oversees $65 billion in assets – has proven that diversity of thought is critical to positive investment outcomes. “Successful investing requires the healthy tension of variant perspectives, so it’s a competitive advantage that we have a highly diverse investing team; more than half of our assets are handled by talented portfolio managers who happen to be women, an industry-leading statistic,” she notes.
At the firmwide level, Koch is a champion of Launch With GS, a new initiative that will invest $500 million of the firm’s and its clients’ capital in private, late-stage, women-founded, women-owned or women-led companies, through direct funding, as well as seeding women investment managers who are starting their own funds. “Our ambition is to become a partner of choice for women seeking to scale their businesses and build capital,” she says of the effort.
Sharing Advice That Has Propelled Her Career
Mentoring women is important to Koch, and one lesson that she is quick to impart is that you have to treat a career differently than school. Women in particular excel in the academic environment, where they are rewarded for subject mastery; however, when women transition to a career, they often remain on that path and focus on the content of their role and “keeping their head down.” While it’s vital to be a subject matter expert at your core, she finds women tend to overinvest in this, but chronically underinvest in developing their network.
“I encourage young women to be exceptional at what they do, but also be deliberate in carving out time to meet people in their direct line of business and across their firm, industry and client base, all of which will help you build seniority over the long arc of your career,” she says. “You need to balance what you know with who you know.”
As the beneficiary of a supportive community of other partners, she advises her peers to continue to signal ambition – appropriately of course – and create a plan to articulate career goals to the right people, at the right moment and in the right way.
“It’s so important to think boldly and have a clearly defined top-level goal. Knowing exactly where you want to go allows you to organize your time and efforts toward those aspirational roles,” she says, recommending that while women should focus on outstanding execution in their current role, they should also be asking themselves, “Am I working toward my next job?”
Koch comments, “One of the best ways to prove you are deserving of a job is to act as though you already have the title – even before it is officially yours. That communicates to others that you are hungry, proactive and will bring solutions as a leader.”
One of the programs that was particularly beneficial to Koch was the personal coaching that Goldman Sachs offers, where the coach solicits direct feedback from everyone you work with and provides insight to help you grow as a professional.
Koch noted, “As you achieve early success in your career you can lose sight of how much room there is to improve. This is compounded by the fact that as you get more senior, less people are willing to give you tough feedback directly.”
The coaching process can help you address your blind spots, and Koch found real value in getting this feedback to continue to grow and evolve in her career. She shares, “Once I really opened myself up to the feedback, I learned some profound truths about myself as a professional and a manager. I distinctly remember my coach trying to make the point that people felt shut-down when I interrupted them. I interjected to explain that I don’t interrupt people – I just help them reach a conclusion more quickly. She had to gently point out that I had just interrupted her to explain that I don’t interrupt people!” Taking feedback can be humbling, but Koch believes that self-actualization is only possible when you seek out areas to improve at every stage of your career.
Despite the many hats she wears at work, Koch’s main priority is her family—her husband, two daughters and a son born a few weeks ago. With three children aged four and under, she feels extremely fortunate to have bosses such as Tim O’Neill and Eric Lane, who don’t see successful careers and meaningful family lives as mutually exclusive. “I have had an exceptionally positive experience at Goldman Sachs simultaneously growing my career and my family. I think it underscores the importance for women to choose their employer and their boss wisely.”
“My family is my biggest priority, but I always think of what we say in investing—we won’t get the stock picks right every time, but we try to get it right over time. To me that is the ideal metaphor for integrating life and family. My family can’t come first every time, but they must come first over time, and my goal is to organize my life that way.”
Prior to kids, she and her husband indulged a love of adventure travel; she has been to all seven continents—including Antarctica for her honeymoon—and has climbed extensively from Kilimanjaro to the Alps. For now, most of her adventures take place through books. As an avid reader, she averages about a book a week and frequently trades recommendations with her mom and her team.
How to Combat Perfectionism
Career Advice, Guest ContributionPsychologist Susanna Mittermaier says perfectionism is often fueled by cultural expectations and conditioning, involves a harsh inner critic, ruins people’s capacity to feel joy and needs to be addressed.
She states:
“I grew up in a culture where it was very important to be as perfect as possible, which meant living in the constant fear of judgement and the need to filter everything through the question of: is this perfect enough?” she says. “We must put an end to this for ourselves and the generations to come.”
Mittermaier teaches people how to step out of self-judgement and perfectionistic tendencies in her Right Voice for You course. It invites people to let go of the harsh internal critical voice and make way for their own. Some of her top tips include:
1. Stop judging you
Every judgement defines you and stops positive energy and opportunities from flowing into your world. Every time you judge yourself negatively or harshly it’s like putting the brakes on whatever you’re trying to create in your life.
2. Be willing to let go
Perfectionists can hold onto ideas, projects and contributions in fear of the judgement that will come if they share them before they are 100 percent perfect. Be willing to let these ideas, projects and conversation pieces fly out into the world, whether they’re perfect or not.
3. Don’t look for others approval
If you feel excited about saying, creating or contributing something in your home, workplace or social circles, don’t wait for approval from others (or even your inner critic). Other people’s points of view are not relevant.
3. Don’t wait. Create.
Stop waiting for conditions to be perfect to start creating the experiences you actually want in your life. Give yourself permission to stop worrying about the outcomes (whether things will be perfect or what others will think) and start creating today. Creation starts with one choice. Ask yourself what the first, easy step you could take might be.
4. Your past does not determine who you are in the present or future
Perfectionists have usually judged themselves harshly. They may have never measured up to the expectations of others or that of their own inner critic, which can leave many feeling like a failure. Don’t buy into the story of your past. Instead, start creating your future.
5. Get to know your imperfections
Make a list of your top three imperfections. Then, ask how can you can use each of them to your advantage? If you think you are shy and you believe that is a weakness, ask yourself what the power of shyness is? Shy people are usually great listeners, which can be a great advantage in many work and social settings.
6. Learn to enjoy being imperfect
Perfection is about measuring yourself against the standards of society and others. See your individuality as a resource rather than a liability. Enjoy your imperfection and recognize your difference as a treasure box of gifts then use them to create your life, projects and relationships in a way that is unique to you.
“Perfectionism stops people from being able to express themselves in the world,” Mittermaier says. “Giving up the need to be perfect and allowing your right voice to come through into the world is so liberating for people. I love it when people realize they can do things they’ve been stopping themselves from doing, especially when those things have the capacity to make them happy.”
About the author
Susanna Mittermaier is a clinical psychologist, psychotherapist and author of the #1 International Bestselling book, “Pragmatic Psychology: Practical Tools for Being Crazy Happy.” A global speaker, she has also been featured in magazines such as TV soap, Women’s Weekly, Empowerment Channel Voice America, Om Times, Motherpedia, Newstalk New Zealand and Holistic Bliss. Susanna offers a new paradigm of therapy called Pragmatic Psychology and is known for her revolutionary perspective on mental illness. Her unique perspective identifies depression, anxiety, ADHD and other forms of mental illness as a capacity that has not yet been acknowledged. Susanna is an internationally accredited Access Consciousness Facilitator, including Right Riches for You, a specialty program of Access Consciousness. She transforms people’s problems and difficulties into possibilities and powerful choices. Follow on Twitter @AccessSusanna.
Making 2019 the best that it can be!
Career Tip of the Week!At this time of year, we start to think about goal setting for 2019.
Call them New Year’s resolutions or good old fashioned hope strategies, but either way, what we are really saying is that we want change. And, change can be hard.
Intentionality is the starting block for change. Knowing that we want to change is key. And better yet, if you can know and articulate where you are now and what the future state might look like then you are further on that you think. However, don’t panic if you do not know all or any of these three elements.
Just start by looking deep inside and being honest with yourself, go for a walk and breathe while you think about these prepared questions to get you started:
1. What stands out for you from 2018?
Note down what thematically or specifically took up your mind, heart or soul. It can be good, bad, neutral but something memorable. It can be an event, thought, insight, learning or feeling. It can be one thing or several things.
2. What are you proud of/did best at in 2018?
Everyone is different. Some of us easily know what we did well at and others ( i am one) sometimes struggle to see just how far we have come. Often high achievers can be insecure and can’t see their amazing myriad of accomplishments, so if this is the case, push yourself to see the good by ‘getting on the balcony’ for a second so you can watch the movie of your life more objectively as well as star in it. You might be surprised by what you learn.
3. What made you happy in 2018?
Simple question, right? Maybe hard to answer so dig deep into all the aspects of your life- career, family, friends, spiritually, fun, money and whatever values matter to you. Then specifically, think about what made you happy at work. Which tasks, interactions, role and responsibilities energized you?
Now, of course even the best goal setting can be derailed by 2 factors and the first factor can be you, yourself! The second is less surprising to guess – yes – others can rain on your parade.
By you, I mean your unconscious mind producing completing agendas (seen as ” i cant do that because I …..e.g. don’t have time).
The conscious mind is an interesting concept, because how much of it drives the bus? If we dare to examine how our values and constructs are often inherited or implicit from our surroundings, we find that some goals are not even what we want anymore, that they have been formed at a different time in our lives for different reasons that no longer work for us. You do not have to autopilot your way through life believing everything you were told by your dad, mom or granny.
It is ok to evolve. Give yourself permission. Best. Holiday. Gift. Ever.
We have coaches who can help you with our sister company www.evolvedpeople.com
Book time now with Nicki Gilmour for a complementary exploration to see if coaching is for you. Or email nicki@evolvedpeople.com
Katie Koch, Partner, Goldman Sachs
Voices of Experience“Taking risks and refusing to be paralyzed by a fear of failure has served me well,” she says, explaining that she has developed a sound personal philosophy and approach to taking risk. “I approach every challenge with a philosophy that my mom introduced to me and my siblings when she would say, ‘What choice would you make if you knew you would not fail?’”
Taking that approach has allowed Koch to make decisions based on optimism rather than fear and has biased her towards taking calculated risks. “When you’re taking risk repeatedly, you’re naturally going to occasionally fail, so it’s important to view failure as fuel,” she says. A quote that has resonated with her came from an inspiring commencement address by soccer superstar Abby Wambach, who said, “Failure is not something to be ashamed of, it’s something to be POWERED by. Failure is the highest octane fuel your life can run on. You got to learn to make failure your fuel.”
If something doesn’t work out the way you wanted it to, figure out why, and move forward with those lessons, Koch advises.
Taking Risks Leads to Diverse and Rewarding Career Path
Although Koch has spent 16 years with Goldman Sachs, it’s as though she’s had several careers, given the diverse portfolio of experiences she’s had – across different divisions, offices (Chicago, London and New York) and four different business lines. One of her favorite roles is working with incoming talent, and she always makes sure to express how this wealth of opportunities allows professionals at Goldman Sachs to experience a fulfilling career – at one firm.
Koch acknowledges it can be challenging to start over with a new business, team and mandate, but the advantages of working in a new business are immense.
First, she has been able to build a deep network, and secondly, working in different roles allows you to have additional context as you inevitably come across problems you’ve tackled before.
And while she was grateful to be named a partner at the age of 36, the aspect that was most meaningful was having so many people, including her own team, champion her throughout the process. “I believe that the more senior you become, the more dependent your success is on having the best team around you and the right sponsorship above you.”
Living Out a Commitment to Diversity
Koch’s belief in the importance of diversity permeates every aspect of her role at Goldman Sachs. She sees a strong business case for spending time and effort to build diverse teams, and her role helping to lead the equity business – which oversees $65 billion in assets – has proven that diversity of thought is critical to positive investment outcomes. “Successful investing requires the healthy tension of variant perspectives, so it’s a competitive advantage that we have a highly diverse investing team; more than half of our assets are handled by talented portfolio managers who happen to be women, an industry-leading statistic,” she notes.
At the firmwide level, Koch is a champion of Launch With GS, a new initiative that will invest $500 million of the firm’s and its clients’ capital in private, late-stage, women-founded, women-owned or women-led companies, through direct funding, as well as seeding women investment managers who are starting their own funds. “Our ambition is to become a partner of choice for women seeking to scale their businesses and build capital,” she says of the effort.
Sharing Advice That Has Propelled Her Career
Mentoring women is important to Koch, and one lesson that she is quick to impart is that you have to treat a career differently than school. Women in particular excel in the academic environment, where they are rewarded for subject mastery; however, when women transition to a career, they often remain on that path and focus on the content of their role and “keeping their head down.” While it’s vital to be a subject matter expert at your core, she finds women tend to overinvest in this, but chronically underinvest in developing their network.
“I encourage young women to be exceptional at what they do, but also be deliberate in carving out time to meet people in their direct line of business and across their firm, industry and client base, all of which will help you build seniority over the long arc of your career,” she says. “You need to balance what you know with who you know.”
As the beneficiary of a supportive community of other partners, she advises her peers to continue to signal ambition – appropriately of course – and create a plan to articulate career goals to the right people, at the right moment and in the right way.
“It’s so important to think boldly and have a clearly defined top-level goal. Knowing exactly where you want to go allows you to organize your time and efforts toward those aspirational roles,” she says, recommending that while women should focus on outstanding execution in their current role, they should also be asking themselves, “Am I working toward my next job?”
Koch comments, “One of the best ways to prove you are deserving of a job is to act as though you already have the title – even before it is officially yours. That communicates to others that you are hungry, proactive and will bring solutions as a leader.”
One of the programs that was particularly beneficial to Koch was the personal coaching that Goldman Sachs offers, where the coach solicits direct feedback from everyone you work with and provides insight to help you grow as a professional.
Koch noted, “As you achieve early success in your career you can lose sight of how much room there is to improve. This is compounded by the fact that as you get more senior, less people are willing to give you tough feedback directly.”
The coaching process can help you address your blind spots, and Koch found real value in getting this feedback to continue to grow and evolve in her career. She shares, “Once I really opened myself up to the feedback, I learned some profound truths about myself as a professional and a manager. I distinctly remember my coach trying to make the point that people felt shut-down when I interrupted them. I interjected to explain that I don’t interrupt people – I just help them reach a conclusion more quickly. She had to gently point out that I had just interrupted her to explain that I don’t interrupt people!” Taking feedback can be humbling, but Koch believes that self-actualization is only possible when you seek out areas to improve at every stage of your career.
Despite the many hats she wears at work, Koch’s main priority is her family—her husband, two daughters and a son born a few weeks ago. With three children aged four and under, she feels extremely fortunate to have bosses such as Tim O’Neill and Eric Lane, who don’t see successful careers and meaningful family lives as mutually exclusive. “I have had an exceptionally positive experience at Goldman Sachs simultaneously growing my career and my family. I think it underscores the importance for women to choose their employer and their boss wisely.”
“My family is my biggest priority, but I always think of what we say in investing—we won’t get the stock picks right every time, but we try to get it right over time. To me that is the ideal metaphor for integrating life and family. My family can’t come first every time, but they must come first over time, and my goal is to organize my life that way.”
Prior to kids, she and her husband indulged a love of adventure travel; she has been to all seven continents—including Antarctica for her honeymoon—and has climbed extensively from Kilimanjaro to the Alps. For now, most of her adventures take place through books. As an avid reader, she averages about a book a week and frequently trades recommendations with her mom and her team.
Mover and Shaker: Carolyn Fitzpatrick, Director, IFCS Application Development and Portfolio Management, WEX
Movers and Shakers“People grow and learn when receiving guidance and when mentoring and supporting others.”
Once you’ve built relationships with coworkers, it’s important to maintain them—even if it’s just a quick touch base or unexpected lunch. “You can continue to learn from the people you’ve worked with in the past as you already have a basis of trust. They’re likely experiencing some of the same challenges and having different experiences that you can all share.”
Finding Satisfaction in Program and Team Management
For Fitzpatrick, all those disparate career moments and teams have added up to a fulfilling path. She began her career at LL Bean in IT as a developer—not because that’s what she was interested in, but because that’s where the money was. Her position evolved into different roles ending as a Manager of IT Application Development, which provided the challenge she was looking for.
“It gave me the opportunity to work with different areas of the business and people at all levels of the organization and make a material contribution. That was exciting and fun and didn’t feel like work at all,” she says. “I love the excitement of pulling a team together and accomplishing things that most think are not achievable, and then looking in the rear view mirror and seeing a successful milestone along the journey.”
A stint at IDEXX Laboratories followed, and then she transitioned to WEX about eight years ago, starting out in the North America Fleet division and advancing to the Emerging Technologies business where she started working more globally. She found it fascinating to partner with executives from around the globe and oversee programs of work that had significant impact to the bottom line. While the days grew long partnering across regions, the challenges are exciting and provide a sense of accomplishment.
In October 2014, she was asked to help with a strategic project; with the technology being delivered in New Zealand, the project needed recovery to hit a critical December delivery. Fitzpatrick was sent to ensure the milestone was met successfully, and she’s been leading aspects of this portfolio ever since. She is proud of what her and her team have accomplished; over the past three years her division has delivered multiple programs in APAC and Europe, has made major improvements in IT delivery and is turning the corner to become a more profitable line of business.
While building teams is one of the professional achievements that brings her the most satisfaction, she also is always focused on improving the bottom line. For example, at IDEXX her team was implementing a new Application Development Environment, and the CTO recommended creating a throwaway system to learn how to use the tool.
Fitzpatrick realized that it would be better to invest the time in creating a system that would live on, so she suggested an alternative—build a replacement for the green screen customer service system. She put a small team in a room for nine months, and after many long and challenging days using an iterative agile process, they succeeded in creating a system that set the foundation for what is still in use today.
Even now, it remains one of her most memorable work experiences. “It’s one of those projects that whenever you run into someone else who was involved, you can’t help but smile at how we were able to achieve so much.”
Soft Skills Nurture Success
Like many who enter the corporate world, Fitzpatrick initially assumed that top-notch skills and technical abilities were what made a professional successful, but she soon found that those are things you can “learn.” What is more difficult to develop are the soft skills that professionals need, such as collaboration and communication, and understanding how building relationships can impact results.
“While I have high expectations of myself and others and always drive to deliver the best for our customers and company, it is also important to balance that drive with caring and support of the people who make it all possible. I look at the people with whom I work as a family and treat them in an encouraging and supportive way, but I also know that it’s ok to have disagreements and challenge each other to gain the optimum results,” she says. “The key to success is to stay positive, focused on what a successful outcome looks like and then do everything possible to make it happen. Where you focus your energy is what will grow,” she says.
Fitzpatrick has benefitted from informal mentoring over the years and so she works to provide that to her team. She says one of her best qualities is being able to see in other people what they are capable of, often before they even see it in themselves. “I especially try to encourage younger women to be more confident in themselves and what they bring to the table; when you give them opportunities to shine, it is rewarding to watch them grow and thrive as they see themselves be successful,” she says, adding that she is often thanked for taking time to share what people need to hear instead of what they want to hear. “It’s important to hone your skill of supplying feedback in a supportive manner that will help team members accept the feedback needed to help them develop.”
Embracing Professional Development At Every Stage
Some of her best career advice came from a leadership development coach who helped her see that when people come to work you likely only see the tip of the iceberg of their whole self. “Leaders need to take into account that we are all humans who come from different perspectives and have different goals. When you connect with the heart and mind, success will always follow.”
One of her most fulfilling career development experiences was the opportunity to go to the International Leadership Development Programme (ILDP) with a group of global peers. After the session she was assigned an executive coach for the year, and hers was instrumental in helping her navigate the challenges of a global team. She also helped Fitzpatrick see that as a leader attending a meeting, she needs to be clear with the team whether she is communicating a direction or requirement, or if in fact she is just approaching the meeting as a participating team member looking for ideas in the spirit of collaboration.
Overall, one of the facets of WEX that she loves the most is the chance to work with a number of strong female role models who are genuinely supportive and encouraging. “It’s wonderful to know you’re in a company where you can call a colleague when you have an issue, and they’ll give you time to discuss and explore options,” she says.
Equally important is the emphasis WEX puts on appreciating the supporting role a family plays in our success. “The reason I can give WEX the time and focus I do is because I have an incredibly supportive family, and I know it’s important to appreciate those who help get us where we are,” she says, noting a former CTO who had a ritual at the end of meetings that emphasized this point. “He would recommend that we go home and thank our family for their support and commitment to us, which is what allows us to do what we do.”
Men Who Get It: Andrew Glincher, CEO/Managing Partner, Nixon Peabody
Men Who "Get It"“Each time I receive a diversity award, I think to myself that we will know we’re doing the right thing when we’re no longer giving out awards for doing the right thing,” says Andrew Glincher, CEO and Managing Partner of international law firm Nixon Peabody LLP.
Understanding Diversity Through Personal Experience
As the head of Nixon Peabody, Glincher leads 1,500 colleagues, including more than 650 attorneys who collaborate across practice areas in cities throughout the U.S. and with alliance firms around the world. But he came to this lofty position from a humble background, as a first-generation college graduate who grew up in less affluent circumstances than many of his peers, paying for his education 100 percent through work, scholarships and loans. “That different socioeconomic background gives me a heart for underdogs and a great appreciation for anyone who has had challenges,” he says.
Glincher brings a business background to the field, including teaching for 23 years for the business school at his alma mater Boston College. While he’s been at Nixon Peabody his entire career, he says that it has been about five different firms during his tenure, growing from 60 to 1,500 professionals. He has been the CEO for eight years and prior to that was the managing partner in Boston, the firm’s largest office, for seven years, at Peabody & Brown, NP’s predecessor. He was also elected to the firm’s executive committee when he was elected equity partner.
The Business Case for Diversity
Glincher believes that different perspectives yield better results and better teams, but they also makes the workplace more fun. “I enjoy bringing out the best in people, and it’s easy when you’re working with people you like, who have tremendous skills to succeed and that you want to be successful. Our team here is passionate about what they do, and that engagement makes my job a lot easier,” he says, adding that it reminds him of the two decades he spent teaching. “When you’re engaging with different types of people and personalities, it makes the workday so much more fun, and better outcomes are a great byproduct.”
His belief is that when all else is equal, it’s important to support the diverse person. “That can be controversial, but it’s necessary until we have a diverse workforce that mirrors our clients. Once we are caught up and are fully diversified in a way that’s representative of our client base then maybe we are there,” he says. But he notes, lawyers focus on what’s measurable, so requirements for diversity keep people accountable.
Seeing Blind Spots Clearly
A supporter of mandatory implicit and unconscious bias training, Glincher says it’s important for everyone to realize we all have blind spots since we’re a function of our perspectives and how we grew up. “It’s something to be aware of, but not ashamed of, but understanding your biases can help you overcome them.”
He says that while he wouldn’t hesitate to politely mention a bias on display…such as if someone made a remark about a woman candidate that they wouldn’t have made about a male…he finds that it’s almost always due to ignorance rather than intent. “I want to create awareness, but not embarrass people.”
In evaluating talent, he always looks toward the end game. “It’s not fair to compare someone who is just starting out to where another person is ending when you are looking for a replacement. I will often point out that someone else was in the exact same position themselves when I promoted them.” He learned early on that it’s key not to look at what someone has accomplished to date since that might not be a fair yardstick for comparison, but instead their potential. “You wouldn’t compare a new Minor Leaguer to a Major League baseball player at the end of his career. You have to give talent an opportunity to show what they can do, rather than comparing them to the success of someone in a role they’ve not yet held.”
Promoting Work/Life Balance
And of course, women can be their own worst critics, such as when they ask to be considered for counsel rather than partner, but Glincher will encourage them to live up to their potential and then figure out how to make it work. The firm’s policies help, as they are proactive in helping women—and all employees—achieve a better work/life balance. That includes generous maternity and paternity leave policies and supportive on-ramping when women return. For example, even if they come back at full-time pay, new mothers are only required to do 80 percent of the work for the first six months. “They can take that time to figure out how they are going to balance, and then we are open to other arrangements if they decide they need that,” he says, adding that the firm has made partners from associates who work part time.
“Our priority is to attract, retain and promote diverse individuals by creating more opportunities for attorneys from all backgrounds, races, genders and religions. Having a variety of perspectives enables us to create even more innovation for our clients,” he points out.
Voice of Experience: Managing Director, Citi US Retail Bank
Voices of ExperienceWhen she later had a son, she changed the messages slightly and added “Don’t be a Fred.”
The message, she says, is that you have to be confident in your abilities but refrain from stepping back because it will make someone else more comfortable. “Yes, we are all team players, but make sure your voice is heard when you have a role in a given decision or success,” she says. “You’re better than you think you are most of the time, but sometimes you’re not as good as you think.” The secret is in knowing that it will all shake out if you focus on building your career.
Consumer Behavior Drives Her Passion For Retail Banking
The majority of Rana’s career has been at Citi; she entered as a corporate financial management associate in finance, then moved to the retail bank in 2003 and eventually switched to the business side in 2014 when the right manager and opportunity came along.
One of her proudest moments came a couple of years ago, when she was placed in her current role with an immediate task of turning around efforts to complete the replacement of underlying systems at the US Retail Bank – without disrupting clients or Citibank’s reputation. She succeeded, while at the same time injecting a sense of goodwill and humor to rebuild morale. “There is great power in pulling together a functioning and productive team that can have fun even in difficult moments.”
“I have moved some big rocks. But the work that always has my heart is the work that we are doing to enhance our customers’ experience, products, or financial lives. For example, I am really excited about the work we are doing on Digital Banking. It has exemplified the power of our integrated cross functional teams – working on delivering the best to our customers and meeting their expectations around how they want to bank.”
Always eager to embrace the next challenge, she currently finds this to be a particularly interesting time to be in banking, in terms of client expectations and the economic environment. “I love retail banking because every advancement you read about on the macro side ends up being pertinent to your daily life in terms of client behavior and experience and how that impacts your numbers,” Rana says.
She adds that she is always excited to know what’s next, whether it’s digitization or another disruptor in the marketplace, in an industry that is constantly evolving. “Trends I read about that are not even specific to my seat eventually end up filtering down in a meaningful way through customer behavior,” she says; for example, something as simple as how to pay a friend evolves into advances in mobile. “I read anything I can that has to do with customer behavior and banking and then overlay the changing expectations clients have today around any company they engage with.”
Evolving from the Viewpoint of Gender as a Challenge
Rana has been fortunate to have had a host of sponsors over the year— mostly men, which means she’s never seen her gender as an obstacle. She acknowledges that there are personal challenges that most grapple with, specifically motherhood, but these days she has seen that the concept of “motherhood” has morphed to “parenthood,” as she sees men on the team wrestle with similar challenges.
She also sees that women’s attitudes toward one another have evolved. While there used to be the notion that there was just one seat at the table that women were fighting for, she sees that as a byproduct of yesteryear. “You have to know how good you are, but then also be supportive of the other women. There is more than one seat at the table, and none of us want that seat because we’re a women, but because we’ve earned it.”
While Rana has participated in multiple professional development programs, one that has been noteworthy is the Citi Women’s Leadership program, which she found extremely beneficial not only for the panelists and learning opportunities, but for the camaraderie she developed with fellow members. “We had many similar concerns or issues we were navigating, and it was helpful to have a group to discuss them with,” Rana says.
With two children, ages 16 and 19, Rana spends the majority of her “free time” outside of work with them. In fact, recently when asked to name something she was proud of in a meeting, she immediately said “My kids,” and heard several women mention they wished they had thought of it, too. “We’re so ingrained not to talk about being a mom, but if we truly want to be authentic at work, we can acknowledge that it’s a huge part of our identity.”
Happy Thanksgiving: Career Plans for 2019 can start now!
Career Tip of the Week!Enjoy the time to rest and be with family and friends.
To everyone else in other parts of the world, have a great week. We are taking a publishing break.
It is a great time to start thinking about 2019. What you might want to change, do more of or do less of? What are you thankful for? What will you do differently next year? If I wave a magic wand and we are transported in time one year from now, looking back what would you have liked to have achieved?
Career decisions – they are personal, professional and full of patterns.
Time and time again, when coaching I see that people feel that they are obliged to do jobs that no longer work for them. We grow and then stuff ourselves into boxes, we all do it at some point, so why put up with situations that no longer fit? Making decisions depends on your personality, preferences and wherever you are at in your life for sure, but your operating environment matters as behaviors come from how you intersect with the culture around you.
The glasshammer is 11 years old, and very early on in this journey, I was lucky to have a life changing experience for which I am thankful. I was fortunate to be part of a fascinating “big brother house” type learning experience, a residential executive masters in organizational psychological (I/O) with a concentration in change leadership at Teachers College, Columbia University. This amazing course taught me the systemic levers of change- whether it concerns change at an individual or an organizational level, one thing is true, it is hard to ensure that you walk the talk and that the talk (self-talk) is not controlled by legacy beliefs- conscious and unconscious about the way things are! Basically we are all a product of what our granny/father/mother told us when we were nine years old.
I learned that change leadership starts with really knowing yourself. You can control more than you think you can but equally important is knowing what you cannot control (the systemic stuff). You can play the game once you know the game, or you can choose a new game.
So the good news is that you can lean in, lean out or lean sideways, but do what is right for you personally and then ensure your strategy works in the context, aka the environment you are operating in. The rest is just general advice!
If you want to explore coaching with me, please book into an exploratory call by emailing me nicki@evolvedpeople.com or booking into this calendar for a 15 chat as I am now enrolling 2019 clients and cohorts. Limited places (and there is a cost, please note depending on session type, length etc).
Make 2019 your year!
Shital Bhatt, Managing Director, Goldman Sachs
Voices of ExperienceA career is built by playing the long game, chess, not checkers, says Goldman Sachs’ Shital Bhatt.
“What I thought was most important when I was more junior, the technical and functional skills, need to be supplemented with attributes such as being resilient and having grit,” she says. “I wish I had learned earlier, especially as a woman in the financial services sector and with a minority background, how important it is to recover quickly, persevere and not let challenges get you down,” she shares.
Growing Her Career to Earn Those Two Important Letters
Bhatt joined Goldman Sachs as an analyst in 2004 in the Operations Division, and although she’s spent her tenure within this division, she’s had many different experiences, both in function, moving from derivatives to securities. Also moving geographically, beginning in the New York office, moving to New Jersey, and taking a global opportunity in Hong Kong before finally transferring back to New York in 2016.
While it was unexpected, as she was still at a relatively junior level, traveling and living abroad for work had always been enticing to her; although she had assumed the farthest she would transfer would be London. However, when her former manager asked her to join a team he was building in Hong Kong, she booked a one-way ticket in 2010 having never even visited before, and remained there for five-and-a-half years. “It was an amazing opportunity to learn many different functions, and living in Hong Kong was an equally enriching personal and cultural experience,” Bhatt says.
She considers building a life abroad one of the professional achievements she is most proud of thus far. Having always lived close to home, she found it to be a high-risk/high-reward opportunity, but she figured that if her parents could immigrate to the United States in the ‘70s with minimal support, she could take on this challenge.
Bhatt’s second notable career moment was being named a managing director. Reaching this level was always her aspiration, given the many MD role models she admired, but she also finds the accomplishment significant as a first-generation Indian American. “I was one of two daughters, and my parents wanted to give us a great education to fulfill the ‘American dream,’” she says.
“Telling my parents I was named managing director was one of the happiest days of their life, and it was a meaningful way for me to thank them for what they did to help me persevere and get to this level.” She laughs, since everyone in her family is in the sciences – and her dad always wanted her to be a doctor – that she was proud she could finally tell him she was an “MD.”
Bhatt finds that one of the best parts of the industry is seeing how technological advances will change things for the better. For example, she has been fascinated by the intersection between disruptive technologies such as artificial intelligence as they converge with the highly regulated financial sector.
“We are seeing how we can incorporate the best technology available into our controlled environment at an appetite that regulators will be comfortable with. I love seeing how other industries outside of financial services are making it work,” she says.
Helping Build the Talent Pipeline
When considering the challenges of being a woman in the industry, Bhatt believes that key issues are numbers, retention and representation. “There aren’t enough women, so we need to not only attract women as junior candidates, but retain them over a long career.” She says one solution is to help women who are currently in school or graduating discount a misconception that the industry is overly conservative and rigid. “Other people have paved the way as the industry has evolved to be more welcoming, and that will only continue if we bring in even more people who are eager to ensure the industry is more diverse.”
She goes on to stress: “getting women in the door isn’t enough – it’s important for leadership to nurture and grow talent through the ranks by giving their team members interesting and challenging responsibilities.”
In addition, Bhatt believes that as firms work toward equal gender representation, typical stereotypes tied to gender – such as men being “assertive leaders,” and women being viewed as “good teammates” – will evolve.
She says it’s vital that women in top positions take care to spot talent and spend time mentoring the junior population. “Remember that you used to be that analyst admiring the MD and looking for advice and encouragement,” she says. “A good leader can listen to a wide variety of ideas and champion the great ones. It helps the team feel empowered when you listen and assess ideas, then help get the best ideas across the finish line.” She adds it’s equally important to make sure that men are also advocating for women.
Bhatt has benefitted from a number of programs offered by Goldman Sachs, notably when she participated in a program in Asia that brought women in the region together to develop their leadership skills, and provided them with the opportunity to forge connections with senior leaders and one another.
In addition, Bhatt is passionate about the firm’s affinity networks; she was a member, then a steering committee leader and now managing director sponsor for the Operations Asian Professionals Network in the Americas. “I love giving back to this community, and I am honored to be that role model, so if a junior person is hoping to go down the MD road, it will become more accessible when they see someone who looks like them,” she says.
Bhatt is a proponent of maintaining a work/life balance; including understanding when it’s time to engage in new activities to support that goal. While in Asia, she picked up a passion for wellness once she realized that the environment offered plenty of opportunities for socializing – but Hong Kong’s “concrete jungle” didn’t provide many chances for outdoor activities. Bhatt joined a boot camp and practiced yoga, eventually earning her certification – not to actively teach but as a personal achievement. She also traveled extensively in the region, visiting 20 countries across Asia.
One of the driving factors in her desire to return to the United States was family; she has two teenage nephews with whom she is extremely close. “I appreciate that I can give them a picture of a family member in corporate America, and I can help them navigate competitive waters to help shape their paths and give them guidance, such as putting them in touch with the right people and helping them engage in different hobbies and extracurricular activities. In that way, I get to serve as a life coach,” Bhatt says.
Thought Leader: Lorraine Hariton, CEO, Catalyst
Thought LeadersWe caught up with Lorraine Hariton, recently appointed leader of Catalyst to hear her thoughts on change, gender progress at work and what excites her about her in this new role.
Nicki Gilmour (NG): What is your vision as leader of Catalyst?
Lorraine Hariton (LH): I am honored and thrilled to join Catalyst as President and CEO. My career has benefited so much from Catalyst’s work, and I am excited to have the opportunity to help write the next chapter and pay it forward to future generations. I have been involved in women’s advancement leadership initiatives throughout my career. This is a dream opportunity to give back and pay it forward in an area that has been a lifelong passion and indeed my life experience.
There’s so much I want to do with this opportunity. We are at an inflection point in our history—the #MeToo outcry combined with rapid and enormous shifts in how we work offer the opportunity to build a new kind of workplace: one in which women advance to leadership much more rapidly and intentionally than ever before. I see Catalyst leading that charge and I’m excited to be a part of this moment in history.
NG: What has changed for women in the workplace in the past 10/20/30 years?
LH: The workplace of 2018 looks very different from that of 1962, when Catalyst was founded, and will look much different 20 years from now and beyond. Rapidly changing technology and the surge of millennials and Gen Z into the workforce guarantees that advances in technology will continue to significantly change the Future of Work, including shifting demographics, automation, AI, machine learning, the gig economy, more geographically dispersed, culturally diverse teams, changing dynamics in the interaction between humans and machines, etc. The future of work will need soft skills that include empathy, critical thinking, creativity, collaboration. This will require companies to turbocharge their efforts to build diverse and inclusive teams to be competitive. The rapidly changing nature of how we work presents a real opportunity in the “here and now” for women and other marginalized groups in the workplace. It’s essential that women are not left behind in this shifting workforce and that companies are prepared to utilize all of their diverse talent.
However, despite these advancements, women continue to face barriers that are complex and ingrained, especially women of color. Harmful and misleading gender-based stereotypes and biases are alive and well. We need to make sure that the people who are coding and building the machines of the future aren’t also baking in sexist or stereotypic assumptions. Getting women into all aspects of tech, STEM, and also data analytics will allow us to create a future that works for all of us. Gender diversity in the workplace is the right and the smart thing to do. Gender based innovation means ensuring products are built by diverse people so they work for everyone. Tech companies need to be at the table partnering and taking the steps needed to bring about positive change.
NG: How do we take the onus off the individual and instead ask the firm’s to ‘lean in’?
LH: It is vital men do not take a step back in the aftermath of this global wake-up call on sexual harassment or become afraid to advocate for women. The vast majority of men at work have the best intentions but stop short of identifying as champions. Inclusive leaders encourage their male employees to challenge the status quo while also modeling sponsorship behavior. They lead courageous conversations about what concerns men have and how they can step up to become allies for women in the workplace.
NG: Tell is about your personal pathway to this work?
LH: I have been involved in women’s advancement leadership initiatives throughout my career. I’ve held senior-level positions in Silicon Valley, including serving as CEO of two Silicon Valley start-ups and holding C-level roles in sales, marketing, and engineering in public companies. Most recently, I was Senior Vice President of Global Partnerships for the New York Academy of Sciences, where I was instrumental in creating the Global STEM Alliance and its 1000 Girls, 1000 Futures program, a global mentoring initiative to help girls pursue careers in STEM.
As Special Representative for Commercial and Business Affairs at the US Department of State, I established The Global Entrepreneurship Program, the WeCreate Center for women entrepreneurs, and the Secretary’s Council on Women’s Leadership.
I’ve served on several boards of organizations committed to the advancement of women in the workplace, including the UN Women Global Innovation Coalition for Change, the Stanford Clayman Institute for Gender Research and Watermark.
My eclectic and diverse background helps me to look at the challenges, opportunities and solutions from many different angles.
My career has benefited so much from Catalyst’s work and I’m thrilled to be a part of the next chapter lending my experience to help build workplaces that work for women, and for everybody.
NG: What excites you most about the future on this topic of equality and equity?
LH: This is a critical time in our history. There is a huge spotlight on issues facing women in the workplace. Unfortunately, progress has been stalled for far too long but there’s an opportunity in this #MeToo moment to make a quantum leap ahead for gender equality in workplaces. We at Catalyst will continue to support leaders and organizations in creating inclusive cultures and opportunities that support and advance women. The best defense against sexual harassment is building an inclusive workplace culture with zero tolerance for discrimination and bad behavior.
NG: What is your advice to your younger self?
LH: I would tell my younger self to learn how to be flexible and adaptable, adept in digital literacy and interpersonal skills. I would ensure I took the time to invest in internships and job experiences. There is no longer a traditional linear “major to career” path. I would also remind myself to gravitate to organizations and cultures that support and elevate women. I started my career with IBM and returned back there after Harvard Business School because of their women-centric and women-supportive environment. I would encourage young women starting their careers to similarly seek out cultures and organizations that emphasize women’s inclusion.
NG: A big thanks to Lorraine for taking time out to speak with us and we look forward to more excellent work from Catalyst!
Know the Flexibility You Want in Your Current Job
Career Advice, Guest ContributionIf your current work structure is too demanding and you’re considering a work hiatus, first explore a more flexible schedule with your boss.
Women frequently tell me they left their jobs because flexibility was impossible. When I dig deeper, I find that they made premature assumptions or exerted no effort to negotiate. A boss who is asked a simple question on the fly e.g., “Can I work at home on Fridays?”, is not likely to react positively. It takes a more professional proposal, ideally a written one that leads to flexibility about 80% of the time, detailing all the safeguards that will ensure nothing falls through the cracks.
Before you craft a proposal, pinpoint the flexibility you want. A vague request puts the onus on your boss to figure out possible scenarios. Get specific by asking yourself these three key questions:
1.Can I afford to earn less than a full-time salary? Do I want reduced hours or a more flexible full-time schedule?
2.How much do I want to advance to more senior levels? Would flexwork slow my progress? Is a better work/life blend more valuable?
3. Could I compress a predictable 40 hours into fewer days?
Going part-time
If you don’t want to work 40 hours or more, then what is the alternative? What is a job share possibility and who could be a good partner? Could your most important job responsibilities be done in a part-time schedule? Could you work three days and be paid 60% of your salary—a substantial savings for your employer and two free days for you? How would a part-time schedule affect your employee benefits eligibility?
There are other considerations as you consider your ideal flexible schedule. Would your day begin or end earlier/later than the standard hours? There are practicalities to think about such as which regularly scheduled meetings require your on-site participation? And should you be on site for predictable monthly responsibilities requiring last-minute coordination among many people? If you’re a manager, how much on-site training or oversight is needed by your direct reports? You might be a person who needs the buzz of a busy office to be productive. If you’re in a client-facing role you need to think about how your flexwork schedule would sync with their needs, especially for those in different time zones. What are known busy periods and would you be be willing to forego flexibility during those times? Would your current childcare arrangements fit your ideal flexible schedule? Would your childcare provider be flexible if you need to work extra time in emergency situations? Would you prefer to cut back on or eliminate travel? How would travel affect your desired flexible schedule?
Know Which Employers Have the Most Flexible Cultures
If you run up against a brick wall getting the flexwork you want, head toward
small businesses—often led by individuals who fled from inflexible corporate America. Great progress has been made by employers across-the-board, but it may be years before flexibility is status quo across big corporates or mandated by government. Smaller, more nimble management teams (especially at professional services firms, nonprofits, companies founded more recently and those employing more women) have the leeway to bend on work structures. Small employers (50 to 99 employees) are much more likely than large employers (1,000+ employees) to offer employees the ability to:
· Change start/end times periodically or daily
· Compress workweeks by working longer hours on fewer days
· Work some hours at home
· Take time off without penalty as personal needs arise.
The big take-away is that today women have options to nurture both family and financial security. It’s possible to lean in-between in a wide range of workplaces—keeping both balance and sanity intact.
Kathryn Sollmann is a flexwork expert, speaker and career coach—and the author of Ambition Redefined: Why the Corner Office Doesn’t Work for Every Woman & What to Do Instead.