Image via Shutterstock
By Aimee Hansen
When it comes to Asian American women in business leadership, the steady storyline is often the professional, less likely the manager, and rarely the executive.
Asian Americans make up 6% of the US population, 12% of U.S. professionals, and yet only 5% of executives, leaving them “stuck in the middle”.
On Wall Street and in Silicon Valley, Asians comprise even higher percentages of professionals, but a much smaller percentage of senior executives. They make up 26.9% of professionals at Goldman Sachs but only 10.7% of senior executives, 23.1% of professionals at Citigroup Inc. but only 12.7% of executives, and 20.6% at JP Morgan but only 6.8% of executives.
Buck Gee, a retired Cisco Systems Inc. vice president and co-author of a new report from the nonprofit Ascend Leadership, said in Bloomberg: “We are the most successful minority.” But when the lens turns to C-suites and upper management, “we’re the least successful minority.”
It’s not an education problem or a hiring problem, or necessarily even a pipeline problem. It is, however, cultural – largely, a corporate cultural issue.
The corporate-defined stereotypes of leadership (masculine, aggressive) and the intersection of gender and racial stereotypes through which Asian American women are perceived play at least as big of a role as the instilled cultural norms that may keep Asians from advocating for themselves as leaders, while trusting in hard work being enough to bring results.
Companies are called to practice inclusivity: leadership development and demonstration that bridges (not falls through) the cultural gaps to get diverse talent into leadership roles.
Stereotypes and “Model Minority”
Due to high education, professional employment and income levels, strong entrepreneurism, and the “model minority” reputation, Asian Americans are often overlooked when it comes to encouraging diversity.
But Asian American women face both “positive” and “negative” stereotypes – that may lead to envy, resentment, dislike, or perceived lack of leadership qualification – and can hinder organizational advancement. They face the intersectional discrimination of “racialized-sexism” and “sexualized-racism.” Even the seemingly positive reputation of “model minority” is a skewed and distorted box that inhibits advancement when it comes to leadership. And, studies have shown “that Asian Americans, like other minority groups, are aware of and may even internalize the stereotypes attributed to them.”
According to a qualitative study published in the Global Journal of Human-Social Science that tracked 16 Asian female middle managers, Asian women reported that they “sometimes benefited from the positive associations of their Asian ethnicity with qualities such as intelligence and diligence, and sometimes they face the demerits of being Asians, that reinforce a view of them being passive and lacking in leadership skills.”
According to the research, the experiences of these women were “complex and conflicting.” Some participants reported that they were able to seize opportunities for self-actualization, personal empowerment, and career growth “by leveraging their Asian culture,” but others talked about a subtle cultural disconnect that created barriers to networking, as well as to conforming with the norms of American corporate culture.
Meanwhile, when it comes to executive ambition, Asian women are “more likely than white women to say that their goal is to reach the top of their profession.”
Missing at Executive and Middle-Management
“The Illusion of Asian Success” report focusing on the San Francisco Bay area tech companies, by the Ascend Foundation, found that despite being the biggest professional racial cohort across 2007–2015, Asians were the least likely to be promoted to manager or executive level.
“Asians are still the least upwardly mobile demographic to reach leadership positions in (San Francisco) Bay Area technology companies,” state the authors. “The widely-held notion of Asian executive success is largely an illusion.”
The report found that while they are “outnumbered by Asian men and women in the entry-level professional workforce, white men and women were twice as likely as Asians to become executives and held almost 3x the number of executive jobs.”
Ascend previously created the Executive Parity Index™ (EPI) – which “scores a company’s diversity in its executive workforce relative to its entry-level workforce.” The report found that between 2007 and 2015, white women went from 12% below parity to 17% above in 2015, but all racial and ethnic minorities remained below parity.
Asian women were especially unlikely to become Executives – going from 76% below (.24 EPI) executive parity in 2007 to 66% below (.34 EPI) in 2015. Meanwhile, Asian men went from 44% below parity to 38% below parity.
Ascend also introduced a new Management Parity Index™ (MPI) to look at mid-level management representation. Asian women had the lowest MPI of .54 in 2007 (45% below parity) and .69 (31% below parity) in 2015.
“Asians were the only minority group underrepresented in middle management,” the authors were surprised to find. “We conclude that Asians were not only the least likely to be executives in 2015, but also the least likely to become Executives in the near future.”
While the executive gender gap for Asian women is only 85% with Asian men, the racial gap is 246% with white women. As white women were promoted, race became the increasingly dominant limiting factor – going from twice as big as sex in 2007 to three times as big in 2015.
The report co-author Denise Peck, a former vice president at Cisco, stated “Minority women continue to bump against a double-paned glass ceiling. The data show that a general focus on developing women leaders has not addressed the distinct challenges for Asian, Black, or Hispanic women. This has been an unspoken truth in the minority community, and we hope that our report opens a long overdue dialogue.”
Companies Need to Build a Cultural Bridge
In the LA Times, writers Ramakrishnan and Lee note how a few highly visible tech leaders can create a false perception of Asian prominence among leadership: “while Asian Americans can get through Silicon Valley’s doors, they are unable to move up the ladders.”
The article asserts that Asian Americans are often perceived as having more hard skills (competence) and fewer soft skills (communication, collaboration), but that there is a gap in soft skill development and demonstration opportunities for Asian professionals.
In the 2016 National Asian American Survey, 68% of white employees indicated planning or chairing a meeting at work, while only 51% of Asian American employees had done so, despite an equal percentage (40%) indicating they served in a supervisor capacity.
Again, the gap grew among women, as Asian American women were “25 percentage points less likely to chair a meeting when compared with white women.” The LA Times writers state, “One obvious, simple and costless solution is for employers to make sure that everyone who’s qualified gets an opportunity to lead a business meeting.”
During Bloomberg’s “Walk the Talk” feature on why so many Asian Americans are absent from the C-Suite, Laura Colby said “many Asian executives who I talk to will themselves say that they credit a bit of their upbringing for them not being as aggressive perhaps as might be considered necessary to show that you want to advance in Corporate America.”
Colby emphasized, however, that companies have to be more inclusive to bridge exactly these cultural nuances: “There are some programs out there, but several of the people I spoke with said you really have to make a point of engaging all the groups in a corporation, not focus on a specific group, or blame people for their own lack of being able to climb the ladder when really it might be the ladder itself that is tilted and preventing them from getting where they want to get.”
Sometimes, it’s the ladder that is broken, or too narrow, or too weak, or too rigid, to allow change to climb as high as it needs to.
Voice of Experience: Rajashree Datta, Managing Director, Goldman Sachs
Voices of Experience“Focus on the basics, the building blocks and the details when you are starting out because when it comes time for you to be heard, you will have a depth of knowledge to draw upon that will position you well,” recommends Goldman Sachs’ Rajashree Datta.
Achieving Success and Helping Others Do the Same
Datta joined Goldman Sachs after graduating from Amherst College in 2000. Her first position was in the Investment Banking Division, and in 2003 she moved to the Treasury Department. After gaining almost 14 years of experience in the Treasury Department, she recently transferred to the Risk Division, where she now serves as global head of Liquidity Risk. In this role, she is responsible for Goldman Sachs’ liquidity risk management and ensuring appropriate risk levels are established across the firm.
“One of the reasons I have stayed in the firm is that every year I have had the opportunity to do something new: could be a new area of focus, could be a new project, or could be working in a new division. Moving to the Risk Division just continues this theme of embracing new challenges and continuing to grow,” says Datta.
Reflecting upon her previous experiences at the firm, Datta cites the peak of the 2008 financial crisis as a crucial moment: “I learned a great deal in the liquidity space during the financial crisis.” In addition, she notes that this experience crystallized for her the importance of how senior managers engage with their teams during high-intensity periods. “I saw firsthand how senior individuals’ abilities to remain calm improved the clarity of thought and quality of execution of the whole organization,” she says.
She noted that this experience shaped her interactions with her team: “It’s so important to think through how you will manage and behave in a crisis or stressful situation, particularly because junior people will typically follow the actions of senior leaders.”
In addition to serving as a leader for her team, Datta has long served as a mentor to others, and takes great pride in their success. “It has been so impactful to see people on my team be named managing director, because you hope that you contributed a little bit to their success.”
Driving a Career Through Giving and Listening to Advice
Datta notes that over a long career you’ll be faced with both professional and personal challenges, and she recommends that the best way to conquer such issues is to find mentors and peers who can provide guidance.
“I relied on mentors’ and peers’ advice when I began to prepare for my maternity leave,” says Datta. “Being the recipient of others’ perspectives – who reminded me that they have done it before in varying circumstances and with varying strategies – assured me that I would be able to successfully take my maternity leave and return to the firm.” Datta went on to note, “The thoughtfulness of my colleagues during my leave and the support I received after I came back cemented for me how much the firm cared about my ability to seamlessly reenter the workplace.”
Detailed feedback from mentors has also been extremely useful, Datta notes. “You should listen to both positive and constructive feedback, which is a key pillar to developing your skillset. Solicit feedback, participate in tough conversations, and action on constructive comments,” she recommends.
One of the programs within Goldman Sachs that was particularly influential for Datta is the Women’s Career Strategies Initiative, designed for individuals at the associate level. When she participated, she was concerned about her ability to balance family and work. “The program was tailored for my level – allowing me to network with others across the firm – and helped me identify strategies that would help me to be better positioned in my career going forward.”
As a woman in business, she has found that there aren’t barriers so much as challenges, particularly with regard to managing work and home. “It’s an issue that can only be solved individually since there isn’t a master solution that works for everyone,” she says, adding that individuals must evaluate each day, focus on their priorities and what they can realistically accomplish, and ask for help as needed. She notes, “It’s ok to say sometimes that you do not have the capacity to take on an extra project.”
Datta tries to prioritize time with her son, noting: “I try to carve out certain times or events that I don’t compromise on easily. Some days are easier than others but I typically do okay over the course of a week.”
Asian American Women 2018: Often The Professional, Too Rarely The Executive
Asian American Heritage Month, Career Advice, FeaturedImage via Shutterstock
By Aimee Hansen
When it comes to Asian American women in business leadership, the steady storyline is often the professional, less likely the manager, and rarely the executive.
Asian Americans make up 6% of the US population, 12% of U.S. professionals, and yet only 5% of executives, leaving them “stuck in the middle”.
On Wall Street and in Silicon Valley, Asians comprise even higher percentages of professionals, but a much smaller percentage of senior executives. They make up 26.9% of professionals at Goldman Sachs but only 10.7% of senior executives, 23.1% of professionals at Citigroup Inc. but only 12.7% of executives, and 20.6% at JP Morgan but only 6.8% of executives.
Buck Gee, a retired Cisco Systems Inc. vice president and co-author of a new report from the nonprofit Ascend Leadership, said in Bloomberg: “We are the most successful minority.” But when the lens turns to C-suites and upper management, “we’re the least successful minority.”
It’s not an education problem or a hiring problem, or necessarily even a pipeline problem. It is, however, cultural – largely, a corporate cultural issue.
The corporate-defined stereotypes of leadership (masculine, aggressive) and the intersection of gender and racial stereotypes through which Asian American women are perceived play at least as big of a role as the instilled cultural norms that may keep Asians from advocating for themselves as leaders, while trusting in hard work being enough to bring results.
Companies are called to practice inclusivity: leadership development and demonstration that bridges (not falls through) the cultural gaps to get diverse talent into leadership roles.
Stereotypes and “Model Minority”
Due to high education, professional employment and income levels, strong entrepreneurism, and the “model minority” reputation, Asian Americans are often overlooked when it comes to encouraging diversity.
But Asian American women face both “positive” and “negative” stereotypes – that may lead to envy, resentment, dislike, or perceived lack of leadership qualification – and can hinder organizational advancement. They face the intersectional discrimination of “racialized-sexism” and “sexualized-racism.” Even the seemingly positive reputation of “model minority” is a skewed and distorted box that inhibits advancement when it comes to leadership. And, studies have shown “that Asian Americans, like other minority groups, are aware of and may even internalize the stereotypes attributed to them.”
According to a qualitative study published in the Global Journal of Human-Social Science that tracked 16 Asian female middle managers, Asian women reported that they “sometimes benefited from the positive associations of their Asian ethnicity with qualities such as intelligence and diligence, and sometimes they face the demerits of being Asians, that reinforce a view of them being passive and lacking in leadership skills.”
According to the research, the experiences of these women were “complex and conflicting.” Some participants reported that they were able to seize opportunities for self-actualization, personal empowerment, and career growth “by leveraging their Asian culture,” but others talked about a subtle cultural disconnect that created barriers to networking, as well as to conforming with the norms of American corporate culture.
Meanwhile, when it comes to executive ambition, Asian women are “more likely than white women to say that their goal is to reach the top of their profession.”
Missing at Executive and Middle-Management
“The Illusion of Asian Success” report focusing on the San Francisco Bay area tech companies, by the Ascend Foundation, found that despite being the biggest professional racial cohort across 2007–2015, Asians were the least likely to be promoted to manager or executive level.
“Asians are still the least upwardly mobile demographic to reach leadership positions in (San Francisco) Bay Area technology companies,” state the authors. “The widely-held notion of Asian executive success is largely an illusion.”
The report found that while they are “outnumbered by Asian men and women in the entry-level professional workforce, white men and women were twice as likely as Asians to become executives and held almost 3x the number of executive jobs.”
Ascend previously created the Executive Parity Index™ (EPI) – which “scores a company’s diversity in its executive workforce relative to its entry-level workforce.” The report found that between 2007 and 2015, white women went from 12% below parity to 17% above in 2015, but all racial and ethnic minorities remained below parity.
Asian women were especially unlikely to become Executives – going from 76% below (.24 EPI) executive parity in 2007 to 66% below (.34 EPI) in 2015. Meanwhile, Asian men went from 44% below parity to 38% below parity.
Ascend also introduced a new Management Parity Index™ (MPI) to look at mid-level management representation. Asian women had the lowest MPI of .54 in 2007 (45% below parity) and .69 (31% below parity) in 2015.
“Asians were the only minority group underrepresented in middle management,” the authors were surprised to find. “We conclude that Asians were not only the least likely to be executives in 2015, but also the least likely to become Executives in the near future.”
While the executive gender gap for Asian women is only 85% with Asian men, the racial gap is 246% with white women. As white women were promoted, race became the increasingly dominant limiting factor – going from twice as big as sex in 2007 to three times as big in 2015.
The report co-author Denise Peck, a former vice president at Cisco, stated “Minority women continue to bump against a double-paned glass ceiling. The data show that a general focus on developing women leaders has not addressed the distinct challenges for Asian, Black, or Hispanic women. This has been an unspoken truth in the minority community, and we hope that our report opens a long overdue dialogue.”
Companies Need to Build a Cultural Bridge
In the LA Times, writers Ramakrishnan and Lee note how a few highly visible tech leaders can create a false perception of Asian prominence among leadership: “while Asian Americans can get through Silicon Valley’s doors, they are unable to move up the ladders.”
The article asserts that Asian Americans are often perceived as having more hard skills (competence) and fewer soft skills (communication, collaboration), but that there is a gap in soft skill development and demonstration opportunities for Asian professionals.
In the 2016 National Asian American Survey, 68% of white employees indicated planning or chairing a meeting at work, while only 51% of Asian American employees had done so, despite an equal percentage (40%) indicating they served in a supervisor capacity.
Again, the gap grew among women, as Asian American women were “25 percentage points less likely to chair a meeting when compared with white women.” The LA Times writers state, “One obvious, simple and costless solution is for employers to make sure that everyone who’s qualified gets an opportunity to lead a business meeting.”
During Bloomberg’s “Walk the Talk” feature on why so many Asian Americans are absent from the C-Suite, Laura Colby said “many Asian executives who I talk to will themselves say that they credit a bit of their upbringing for them not being as aggressive perhaps as might be considered necessary to show that you want to advance in Corporate America.”
Colby emphasized, however, that companies have to be more inclusive to bridge exactly these cultural nuances: “There are some programs out there, but several of the people I spoke with said you really have to make a point of engaging all the groups in a corporation, not focus on a specific group, or blame people for their own lack of being able to climb the ladder when really it might be the ladder itself that is tilted and preventing them from getting where they want to get.”
Sometimes, it’s the ladder that is broken, or too narrow, or too weak, or too rigid, to allow change to climb as high as it needs to.
Inequity: Take Control of Your Destiny at Work
Career Advice, Guest ContributionImage via Shutterstock
Guest contributed by Dr. Patti Fletcher
How can you make sure you’re valued and rewarded equitably with your male counterparts as you work your way up to the C-Suite?
Gender inequity in the workplace often begins subtly: women account for the majority of college graduates yet are hired at a slightly lower rate (48% for women versus 52% for men). But the pace of career and pay progression between men and women differs significantly after just a few years in the workforce. Men are 30% more likely to move into management, occupying 63% of manager level positions. As men move up the ladder, women’s progress stagnates—leading to an imbalance of power at the higher levels of business, with men holding 79% of C-suite positions. The pay gap follows a similar path; 63% of early career men earn more than their female peers. As women proceed to higher-level positions, the pay gap between them and their male peers grows at a significant rate with each rung in the corporate ladder.
The research paints a grim picture; but with an understanding about what’s at stake for women and the implications for companies that fail to recognize and reward their talent, women can use their personal power and grit to pave a path for themselves—and for the women who follow.
Beware the “Motherhood Penalty”
Lifetime salary and career progression are often determined during the woman’s thirties. This is when individual contributors start to enter the management ranks. Men receive the majority of promotions, giving them higher pay and greater access to new experiences, stretch projects, and people in positions of power and influence. Why? The common perception is that a woman’s priorities shift during this time—they go on maternity leave and then must balance raising a family and running the home with a full-time work schedule. Many people profess that women leave the workforce in significant numbers because it’s impossible for them to have it all at the same time. Nothing could be further from the truth.
Research shows is that only 11% of women who go on maternity leave do not return to work, or that women face demotion, few raises, and low performance ratings when they do return to work.
Often this is referred to as the motherhood penalty; women (with and without children) are punished for simply being in childbearing years. “There are long-term consequences to the Motherhood Penalty; pay increases are often based on salary history and opportunities for upward mobility require relationships with people in power and on strong track records,” says Dr. Gabby Burlacu, Human Capital Management Research and Solution Manager at SAP SuccessFactors.
Why business leaders are starting to pay attention to gender equity
With an unemployment rate of 4.1% and over six million open jobs yet to be filled, everyone from CEOs to hiring managers are struggling to acquire and retain top talent. It’s an applicant’s market—and leaders know it. “There is a recognition that workforce diversity is no longer a humanitarian or anti-white men topic. Without finding ways to attract and retain minority populations, business outcomes are at risk,” says Burlacu.
In addition, the economic imperative of promoting gender equity is a no-brainer. Women are 47% of the workforce, control 51% of personal wealth, make 90% of consumer purchase decisions, and reinvest 90% of their income back into the community in which they live. Further, if the women in the workforce today were paid on par with their male counterparts, $12 trillion dollars would be added to the global economy. Over the last 18 months, women have come together in a way not seen since the early days of the women’s movement. Through the scale and connectivity of social media, women can use their collective economic power to ban brands and avoid employers that have a bad record on gender equity.
How women can take charge of their own destiny
While the challenges women face throughout their careers are systemic and wrought by imbalances of power, many successful female executives have been able to achieve success on their own terms. You can transform barriers into strategies that lead to career advancement. Here are some key tips:
Dr. Patti Fletcher is a technology executive, gender equity advocate, and author of DISRUPTERS: Success Strategies from Women Who Break the Mold.
Disclaimer: The opinions and views of guest contributors are not necessarily those of theglasshammer.com
Successful Narrative?
Career Advice, Career Tip of the Week!Think about how all business leaders tend to have an “arc” to their story.
What is your arc? How does the tasks you do, and the projects completed, add up to a narrative for your career?
Contact nicki@theglasshammer.com is you would like to hire an executive coach to help you navigate the path to optimal personal success at work.
Voice of Experience: Deirdre Flood, Head of International Distribution, Wells Fargo Asset Management
Voices of Experience“You own your own path; you are your own CEO. Thus you need to manage your career to get where you want to go,” says Deirdre Flood of Wells Fargo Asset Management.
“For me opportunity knocked based on my work ethic and how I showed up to answer the door.”
Seizing opportunities as they arise has been the cornerstone of Flood’s successful career that spanned Europe and the United States, and back again.
Moving Where Opportunity Leads
At the ripe old age of 10, Flood remembers telling her elders that not only was she going to work for her money, but her money was going to work for her. Although she had varied interests throughout her teens, those words proved prescient, as she spent the first two decades of her career in financial management helping her clients money work for them.
After studying math, economics and French at University College Dublin, Flood was selected for a prestigious 18-month training program with Bank of Ireland Asset Management, the premier asset management firm. She was particularly fascinated by its global reach, with over half of its clients located outside Ireland. The internship entailed spending nine months at the headquarters in Dublin and then the other half in an international office. Flood requested a New York placement, but rather than the bright lights and big city of New York, she found herself in Greenwich, CT. Nevertheless, it was a smart career move as she found herself focused on the client-facing activities that would define her career.
In order to help gain additional credibility as a youthful female with sophisticated clients and colleagues, she earned her CFA designation. And then by building a reputation for initiative, proactive thinking and quality work, she found that opportunities presented themselves at a young age – and she said “yes” to them.
The day she planned to put in an offer on her first apartment in New York City, she was offered a position in California that she couldn’t turn down — working with a blue-chip list of clients as client service director. So instead of packing and moving to a new home in the city, she was packing her bags for California. This, to her, was an excellent lesson in seizing an opportunity, even when the timing isn’t ideal.
The role was not easy as the firm had some challenges with under-performing products and personnel turnover, and through that she learned another important lesson: You build your best client relationships during the tough times. The way one addresses client concerns – effectively and transparently – has a direct impact on successfully building a career.
Two years later the firm still hadn’t turned around, and she realized her goals and vision for her career was a mis-match with the opportunity the firm could present. Because she had built a solid network of peers in the marketplace, she put the word out that she was open to new opportunities and almost immediately had recruiters and companies calling. Narrowing it down to two appealing options, she ultimately moved to the asset management division of Wachovia, which presented itself as a start-up looking to establish a west coast presence. Flood was able to put a stake in the ground for them as the first person in an outpost office, joined shortly by key associates from her former firm as she built the west coast team.
Flood joined as consulting relations director, a role that had become a niche in its own right, and it was when she was in the process of moving to London to help expand internationally that Wachovia was acquired by Wells Fargo. Flood was interviewed by the acquiring management team and while they were not ready at the time for international expansion, they asked her to step into a leadership role, creating a merged global consultant relations team. She embraced the opportunity, relishing the challenge of integrating two firms.
And that Flood counts as the achievement she is most proud of so far: She was trusted as an unknown entity to play such a significant role at Wells Fargo, the acquiring firm.
In 2011, the world had settled down and international expansion again seemed like the right thing to do so she moved to London to expand the consulting relations team internationally. The role has expanded, and today Flood is Head of International Distribution for the firm.
For Flood one of the most intriguing recent developments in the industry is the growing appetite for Environmental, Social and Governance (ESG) investing. “Having investors take into account a company’s positive contribution to society brings an entirely new, satisfying dimension to my work,” she says.
Never Letting Gender Stand in The Way
While Flood has never considered gender as an obstacle, she notes that there is a growing appreciation for the role of diversity. Her one concession, she laughs, is that in her early client-facing days she learned how to play golf to allow her to more easily socialize with male colleagues.
She urges women to have confidence, particularly confronting the fear of speaking up or asking questions in a public setting because they are concerned it will make them look uninformed. “It’s about confidence, and honestly, I can guarantee there will be others in the room who will appreciate that you asked and will think favorably about you for doing so,” she says, adding that on a practical note, you will learn much faster than you otherwise would.
Outside the workplace, Flood indulges in a number of activities to bring balance to her busy work life. Her favorite involves marrying a childhood passion with giving back.
Having grown up on a working farm in Ireland, she developed a love for the beauty and spirit of horses and recently became involved with a program called Riding for the Disabled, where she can use her horse-handling experience to help educate, heal and bring joy to disabled adults and children.
Not to Be Missed Articles
Career AdviceDid you miss these popular articles?
Take a look at the articles below previously published on theglasshammer:
The Long Hours Game
By Aimee Hansen
The 24/7 hour work week marches on and on. The get up and go and keep on going. The long hours game. We all do it from time to time.
How can you have a healthy, sustainable lifestyle and build your career?
The action-packed day of the executive continues to be a glorified image of leadership, and arguably one that is dangerously unsustainable and at best questionable in effectiveness. At theglasshammer, we’ve covered how the 24/7 work week is not only disastrous for gender equality on a whole, but also diminishes your personal leadership effectiveness and your health.
Read more here
Motivating Millennial Lawyers: More About Possibility Than Precedent
By Aimee Hansen
“Millennials bring new ideas and expectations to the workplace, as did the generations before them,” states a 2016 Thomson-Reuters report on The Generational Shift in Legal Departments. But, as the story goes, senior lawyers are resisting those changes.
By 2025, Millennials will comprise 75% of the workforce. The real question is not if change will happen, but how it will unfold.
What Do Millennials Want?
Millennials work preferences are characterized as valuing mentorship (vs bossing) and collaboration (vs hierarchy), wishing to be involved in processes and decision-making, receiving regular feedback, having opportunities for growth, working for a firm that aligns to their values, and desiring work/life flexibility.
According to an article in the National Law Review, managing Millennials “means an almost 180-degree change in the way associates have been managed in the past.”
Read more here
Career or Calling? The Importance of Setting Authentic Goals
Career Advice, Guest ContributionImage via Shutterstock
Guest contributed by Kim Forrester
Goal-setting is an obvious necessity for those who want to succeed and achieve. But what if you are seeking more than material success in your life and career? What if you also desire a sense of personal fulfilment; inspiration; purpose? If this is the case, it is vital that you choose goals that are not only challenging and rewarding. They must also be truly authentic.
According to Douglas Hall Ph.D. and Dawn Chandler Ph.D. of the Boston University School of Management, individuals with a strong sense of purpose in their career tend to benefit from enhanced meta-competencies; i.e. heightened self-awareness and greater adaptability. Subsequently, an individual with strong meta-competencies is able to learn other, more specific skills with greater ease.
This makes authentic goal-setting a powerful force in your career: an authentic goal not only appeals on a logical level (that is to say it looks like something worthy), it also resonates with who you are as an individual and injects an inherent sense of meaning and purpose into your daily work.
The greater truth of who you are
By its very definition an authentic goal is one that moves beyond social expectation and, instead, reflects a deeply personal and essentially unique understanding of your vision, your values and your greatest desires. There is no 7-Step-Plan to creating an authentic goal. What is required, is for you to become more aware of who you are.
If asked to describe your role in this world, many of you may say that you are a capable and ambitious woman; a committed team member and/or conscientious leader. A colleague, friend, daughter … perhaps a spouse or mother.
There are many words used to describe the concept of contributing in a truly meaningful way – you may know it as a vocation, calling, or ‘life purpose’ – but essentially they all stem from the same idea: you are a part of nature and, as such, you have inherent and inescapable instincts and abilities yearning to be expressed.
By defining and accomplishing more authentic goals, you not only enjoy the usual benefits of achievement (whether they be intellectual, fiscal, psychological or social) but you also nourish and reward your most fundamental essence – that intangible, natural sense of self.
Defining an authentic goal
Just as who you are, at a fundamental level, is often difficult to express in the conventional sense, defining your most authentic goals almost always requires the suspension of logic, reason and analysis. You are not going to ‘think’ your way to authenticity and you most certainly won’t find a blueprint for it anywhere ‘out there’.
If you are searching for more meaning in your career and life, it’s important to set goals that resonate with you authentically. You can do this by:
Switching off autopilot:
Every path to achievement that you have been told – every plan, process and formula for success – is simply a reflection of someone else’s story. And if we were all identical, living uniform, predictable lives, then your path to success could very well emulate someone else’s. But we are not identical and life is a complex tapestry of events, experiences and opportunities. In our logical society, it is easy to get stuck in the idea that the only way forward is the way it’s been done before, but you are unique, creative and capable. Let go of any concept of how things are supposed to work and carve your own path forward.
Trusting your intuition:
We have come to revere conscious decision-making as the highest form of thought; we are taught that logic and analysis will lead us to the best solution, every time. However, recent studies have suggested that we are, in fact, at the mercy of our unconscious brain. What this means for you, is that even the most ‘rational’ decision is being influenced by deeply-set, unconscious patterns and beliefs, including childhood memories and trauma, unhealthy behaviour patterns and deep rooted concepts of what you do, and do not, believe you are worthy of.
In contrast, researchers are beginning to understand the power of the ‘gut instinct’ and have discovered that unconscious urges and emotional prompts can actually increase the accuracy and confidence of decision making. It’s important to note that the vast majority of your physical and physiological processes are unconscious, so your body is a wonderful ally when seeking intuitive knowledge. It knows what’s good for us, and what’s not, so pay attention.
Listening to your language:
A little self-awareness around the words you use – out loud, and in your mind – can reveal a lot about your goals and your intent behind them. Listen to yourself. If you are doing something because you “should” or you “have to” then you are inviting in a sense of resistance and struggle; of obligation and disempowerment. Make sure you are choosing goals because you “want to”. If you want something, then it is an authentic desire and you will have the strength, resilience and creativity you need to achieve.
Kim Forrester is an award-winning author, educator and holistic wellness coach. She combines cutting-edge science with traditional spiritual teachings to inspire soulful living. Her book, Infinite Mind, explores the capabilities of the human mind and was awarded a Silver Medal in the 2017 Living Now Book Awards.
Disclaimer: The opinions and views of guest contributors are not necessarily those of theglasshammer.com
Build Your Career by Optimal Networking
Career Advice, Career Tip of the Week!On the 20th June, theglasshammer.com will convene the top women in the asset management industry to talk about the opportunities and challenges that lie ahead, especially as it pertains to big data and technology.
We organize this peer breakfast so optimal networking can take place between women who run the money world, or least lots of assets that make the world turn.
Optimal networking in my opinion, is in a format that allows women to do serious business with each other. Qualified discussions with qualified people is key. Having a cocktail and making gestures to find common ground can be useful and certainly it does feel nice to have support by people who may be going through similar challenges but that is not the same as power networking. By going to events where people are interested in your skills and experience, you may be more effective in your connections, because if you can help someone solve their firm’s pain points, then there can be a follow up meeting and a process to see direct results. It is also good to know people as well for future meetings.
Voice of Experience: Lori Heinel, Deputy Global CIO, State Street Global Advisors
Voices of ExperienceOne of Lori Heinel’s key pieces of advice to those just starting out is to make sure to focus energy early on to build close relationships with both mentors and peers.
While her work was always impressive, she believes that it’s important to remember not to focus solely on doing good work, but to also embrace the value of strategic relationship building.
One best practice she readily shares comes from a colleague who derived untold benefits from creating her own “board of directors,” comprised of men and women with different skill sets at different places in their careers. “I always encourage women to network with people who will advocate on their behalf,” she says.
Tying Together the Threads of A Diverse Financial Services Background
And that’s because she knows that a career is very rarely a straight path, and the more people you know, the more doors that can be opened.
Although Heinel characterizes her career as “eclectic,” it has involved aspects of financial services for the past three decades, as she has held roles in fixed income sales and trading departments, as well as investment research and product development. The common thread has been a focus on the client: Whether she was selling to retail or institutional clients, her work prioritized using financial solutions to satisfy client needs. She has always welcomed the challenge and the opportunity to constantly learn new things and apply her skills in different ways to knit together these seemingly-disconnected pieces into a coherent thesis.
Heinel has been with State Street for more than three-and-a-half years and appreciates that her current position as deputy global CIO allows her to indulge her passion for markets and broad involvement in the firm’s investment capabilities. “Not only does my role entail understanding the current market environment and translating that into strategies and ideas, but I also get involved in strategic projects,” she says, noting that her broad background has lent itself well to providing value in areas from tech projects to product development.
Right now, she is particularly interested in how rapidly the environmental, social, governance (ESG) space is evolving. While social investing used to be primarily values-based, now it’s also about impact because investors are increasingly wanting both – they need solid returns but also want to know they are making an impact globally. “The industry is just at the beginning of understanding what that means in terms of meeting client expectations and how we can be a catalyst for change for the better,” Heinel says.
She also appreciates that SSGA has been vocal on diversity, including sponsoring the “She” statue, and she notes that research is increasingly proving that diversity is crucial for success. “There is a budding industry that is capturing data to provide a snapshot of how a company’s footprint is related to income equality or gender diversity. Investors can now pick something they care about and figure out exactly where a company sits in relation.”
The Concept of “Lean In” Has Merit
Looking at the role of women in the industry, Heinel sees both practical and impressionist challenges. “No matter how we slice it, women retain the bulk of child-bearing responsibilities,” she says, adding that it’s largely because women typically want to be intimately involved.
While there are legitimate times in a career that women have to make choices, she believes that companies could do more to provide women with options to offer value in different ways, so they can re-accelerate when the time is right.
“We do a good job of moving women into functional roles when they need it, but I am not sure that companies then provide the corollary, where women can re-engage for that C-level role when they are ready,” she says.
And yet she accurately notes that the skill sets women garner during those detours can actually make them more effective and bring different perspectives than those who stuck to the traditional vertical path.
On that note, she recommends that women take care not to self limit too early. She sees women in their early 20s who tell her they want to have a family so they shy away from roles that don’t immediately seem to offer the appropriate work-life balance. But she recommends that they see what happens before making those decisions; when the time comes that they do have the other responsibilities, there are ways to make things work. As she notes, if you’ve proven yourself as a quality performer, managers are willing to consider work-from-home arrangements and other flexible options, as increasingly companies realize they need to retain these contributors by making appropriate accommodations.
“If you see something interesting, go for it,” she advises. And even if the position doesn’t materialize, the visibility that professionals receive from putting their name up and striving for it can pay dividends in other potential opportunities down the road.
Heinel has been active in gender diversity programs for decades at her various companies, and currently chairs SSGA’s Diversity and Inclusion Council. She also acts as a mentor for the firm’s mentoring circles program as well as on an ad hoc basis for midcareer women.
Personally she helped start an informal group years ago called “Connected Women,” a loose affiliation of career-minded women who formed the group after realizing that they were lacking in social connections since they’d devoted the past years to raising their families and building their careers.
She started the group in Philadelphia as a way to have fun together, compared to most affinity groups that have professional goals. She has since formed similar chapters as she’s moved to New York and Boston, finding of course, that new business and professional connections have been an important byproduct, if not the sole intent.
Her other key outlet is travel and for Heinel, the ideal vacation involves something very physical — where all she can think about is the challenge in front of her, so she gravitates toward adventure trips, like skiing and ice climbing. “It’s the best way to get out of the day-to-day and really relax and come back refreshed.”
Jobs for the Girls? Management Jobs, Gendered Roles and the Wage Gap
Career Advice, Gender Pay GapBy Cindy Goodman
Women’s representation in management is higher than it’s ever been, but advancement it seems appears to happen more in certain professions than others.
As women make up most of the new management jobs created from 1980 to 2010, but they do so in fields that are female dominated and have the largest gender wage gap.
By using data on full-time managers from the U.S. Census and American Community Survey for the years 1980 and 2010, researcher William Scarborough found of the nearly 4.5 million new jobs in management created since 1980, women have obtained the majority of them. In 1980, not a single management occupation was majority women. By 2010, some occupations are female-dominated while others are male-dominated.
The research shows women have high representation in management in fields such as health services, education administration, and human resources and low representation in management in professions such as computer information, transportation, architecture and engineering. In addition, women still make up less than one-quarter of chief executives and public administrators.
Scarborough told The Glass Hammer what he found surprising was the positive advancement women have made into management positions in the field of finance. “Culturally, finance has been seen as more of a masculinized profession, but the research shows 54 percent of management jobs in finance are held by women,” he said.
Scarborough said he also found it surprising that only 23 percent of CEOs of companies of all sizes in the U.S. are women, according to the Census. The percentage is unchanged since 1980, he noted.
At a recent Women’s Leadership Summit, KPMG Chairman & CEO Lynne Doughtie shared her thoughts on female representation in management. “We still have a lot of work to do to advance women in leadership roles and into roles that have been traditional been held by men. We need more role models to give women confidence to pursue those unconventional careers.”
Striking, though not surprising, Scarborough’s research found women are paid less than men as managers across all occupations. He also found the more women managers in a profession, the higher the gender wage gap.
For example, women have made big advancements in management in the medical administration and health services field, according to Scarborough. In that profession, 70 percent of managers are women, up from 47 percent in 1980. “It’s one of the fastest-growing fields in the country, which is good news for women in management. However, the bad news is that there is a 20 percent gender wage gap in management positions in that field, which means the women in management are underpaid,” he told The Glass Hammer.
On April 10, Equal Pay Day, LeanIn.org president Rachel Thomas, discussed the organization’s fight to educate people and companies about the gender pay gap, including the even larger gap for women of color. “No matter how you slice it, women are paid less than men,” she told CNBC.com. “The more educated women are, the larger the gap is.” Thomas said one in three men don’t believe the pay gap exists. Her organization encourages employers to conduct pay audits and be aware of bias in performance reviews. She also encourages women to aggressively negotiate their salaries.
Some companies are setting organization-wide goals around gender parity, recognizing that when women rise, their representation in management lifts the entire organization. In a report titled Getting to Equal, Accenture, a global consulting and professional services firm, found women are three times more likely to rise in organizations with women already in leadership and where there is a women’s network. Accenture found when women rise, men do, too.
Now, the consulting firm has set bold goals of achieving a gender-balanced workforce by 2025 and ensuring 25 percent of its managing directors are women by 2020. Globally, 32 percent of Accenture’s newly promoted managing directors are women. “There are companies that talk about gender parity, and companies that do something about it,” said Pierre Nanterme, Accenture Chairman & CEO on a video that accompanied the Getting to Equal report. “Companies should have equal numbers of men and women. It means pay and access to leadership opportunities should be equal. My pledge is to continue to drive this at agenda at Accenture and to evaluate and accelerate opportunities to bring more women into leadership roles.”
Of course, it’s not as easy as merely setting goals. In a dialogue prepared for International Women’s Day, Meggy Chung, co-lead for Citi Women Affinity in Singapore, stated to create an inclusive culture, managers need to be educated on unconscious bias and the importance of inclusive behavior, and organizations need to create opportunities to involve women in franchise-wide networks or initiatives. They also need to offer a mentoring platform that is accessible, she said, and noted that career progression for women is generally more difficult than men because of several factors, including how women’s identity is perceived in a corporate environment. A different support system to help women goes a long way in pressing for progress in this space, she said.
To move toward gender equality: Scarborough sees several steps that can make a difference. He believes diversity training is a start, along with setting goals as Accenture has done, and holding managers accountable for diversity on their staff. “It’s really about thinking about your environment and what strategy will be most successful in creating gender parity in your organization,” he said.