By Cathie Ericson
“One of the most important things I realized when I began my career is how crucial it is to strike the right balance of being a team player and being accommodating, but also knowing how and when to push back,” says Goldman Sachs’ Stephanie Ivy Sanford.
“The firm values diversity of opinion, and you have to take calculated risks, whether it’s standing up for yourself or respectfully presenting a different strategy as you strive to make the work product better.”
Cultivating a 20-Year Career at Goldman Sachs
According to Stephanie, she “fell into finance” when her curiosity was piqued by classes she took while pursuing a master’s degree in public policy at Harvard University. She soon discovered that municipal banking might be an interesting path and began her career at what was then Fitch Investors Service through the support of a friend and mentor.
While a wonderful training ground, Stephanie was searching for a new opportunity to propel her career forward and reached out to a fellow Wesleyan alum working at Goldman Sachs. She joined the firm in 1997 and is looking forward to celebrating her 20th anniversary this year.
After two years in Goldman Sachs’ Fixed Income, Currency and Commodities Division, she became curious about other opportunities, and recognized that asset management was both a growing area and a good match for her skill sets and relationship-oriented personality. She joined Goldman Sachs Asset Management (GSAM) in 2000 and eventually assumed a role in a new group created for the middle market, covering west coast institutional clients. In 2006, she transferred from New York to Los Angeles, and currently manages a team of five covering GSAM’s west coast public fund client business, along with some strategic legacy corporate and endowment clients. She was promoted to Managing Director in 2012.
Lest anyone assume that the path is easy, Stephanie is quick to point out that everyone, even the most successful, have bumps along the way. “Starting out with no experience in finance, I couldn’t imagine being promoted to VP let alone MD. But by taking the risk to move out west and live in my client territory, and with the guidance of my mentors in new roles, I have been able to survive and thrive at Goldman Sachs for almost 20 years,” she said.
Currently, Stephanie is focused on signing a “goal” client — one they’ve been in discussions with for some time, and she is excited about the progress they are making. “It’s a very challenging situation we are determined to complete successfully, as it would be incredibly meaningful for GSAM to work with this client.”
Keeping Up in a Changing Industry
Stephanie finds that the industry today is very fee-focused, which ultimately affects her business. “It’s interesting to see where we compete with other managers who are looking at passively managed strategies versus our active management,” she says. “It’s important for us to have a voice and a view in the increasing conversations around alternative investments and equities, since they are affecting how we do business, and the increasing client demand for customization.”
Stephanie adds that she has the privilege of working on several industry boards, which allow her to gain additional insight into stakeholders’ views of trends shaping the sector. In turn, this helps her understand how Goldman Sachs can adapt to address industry changes, ensuring that the firm can best serve clients.
The Role of Advocacy in Women’s Careers
Stephanie has noticed that in general, women are less inclined to raise their hand and ask for an assignment if they don’t feel they are perfectly equipped for every aspect of it. In contrast, men often jump at taking on new responsibilities, even if they are not fully prepared for such a role. Stephanie stresses that women need to speak out in the same manner if they want to be considered for new positions.
She has also learned how important advocacy is in advancing your career; she acknowledges it can be more difficult in a male-dominated industry for women to establish the same type of relationships that men can develop with ease over dinner or on the golf course.
Stephanie recognizes therefore that it’s crucial to keep an open mind about who your mentors or sponsors might be and realize they don’t have to “look like you.” She references one mentor who became a close friend despite political and ethnic differences; their relationship provided insight into how she was perceived at the firm, which ultimately helped her career.
Finally, Stephanie shares one important lesson learned along the way – ask for help when you need it. She believes this is integral to the firm’s culture, and is behavior that is encouraged and rewarded. She recalls one instance where she was given so much responsibility and senior client interaction as an Associate, that she felt overwhelmed, When she finally asked for assistance, her manager said, “We were waiting for you to speak up – we only give you what we think you can handle,” a lesson that has stuck with her.
Seeking and Giving Feedback Are Both Crucial
An integral aspect of your career is requesting feedback and integrating that feedback into your daily processes, advises Stephanie. “This is a quality you find in the people who thrive and are given new opportunities,” she notes, adding that in the workplace, men and women approach feedback differently.
“Men are more prone to give feedback to other men, partially because they may be more worried that you might be offended to receive feedback as a woman or person of color,” said Stephanie. “You have to let them know you value their input. Say, ‘You can hit me on the chin; I want it. I can take it because it makes me better.’” She notes you should then circle back and identify the changes you instituted to reflect their input.
Additionally, Stephanie calls on seasoned professionals to provide feedback to junior people, whether related to their work product or conduct in the workplace. “It’s also not just feedback they directly receive, but junior employees should also realize how nonverbal cues can contribute to the opinions that people form of them.”
She notes that she learned many of these unspoken lessons through the Goldman Sachs Firmwide Women’s and Black Network, which also provided additional opportunities to work with senior women across the firm. Stephanie cites developing a close, personal mentorship relationship with a female partner who later became her boss and helped her strive for bigger roles. “She really helped me understand how the firm works and how each role leads to a new opportunity when you think about your career.”
Stephanie is eager to pay it forward; she was gratified when she was recently asked, as one of the most senior woman in her region, to host Q&A sessions in the firm’s Los Angeles office for junior people.
Family and Philanthropy Fill Her “Off” Hours
Active in a number of philanthropic organizations, Stephanie serves on the board of Kids in Sports, which provides sport activities for underprivileged children; she’s also mentored students from Crenshaw High School; and is a former trustee of her alma mater, Wesleyan University. In addition, Stephanie is a founding member of the National Association of Securities Professionals’ southern California chapter, which serves women and minorities in the industry by providing networking opportunities and ensuring that minority firms receive visibility across the sector. She has also been involved with her church, serving on the hospitality committee and participating in a girls mentoring program.
Finally, she is passionate about spending time, skiing and exploring new places with her husband and 18-month-old daughter.
Want to Win in the Fight For Female Talent? Urgent Change Needed!
Career Advice, Featured, International Womens DayContributed by Aoife Flood. Based in Dublin, Ireland, Aoife is Senior Manager of the Global Diversity and Inclusion Programme at PricewaterhouseCoopers International Limited
Around the world, the workplace gender gap is an area in need of immediate and serious attention and at PwC we believe that we must, and can, drive change more quickly.
The good news is we’re seeing a tidal wave of organisations across the world inject greater urgency into their efforts to tackle gender imbalances, in fact 87% of CEOs globally told us they are actively focused on talent diversity and inclusion. The bad news is we are still decades away from achieving gender parity in the corporate world, and in most countries in the world women still remain underrepresented at every level in the corporate pipeline.
One lever that organisations across the world can leverage to incite more rapid change is their attraction and selection efforts. To create energy and debate in this area I had the privilege of leading a ground-breaking global research study focused on gender inclusive recruitment. And I’m very excited to share that we released the results of this research in PwC’s Winning the fight for female talent report in honour of International Women’s Day.
Female hires in hot demand
The report makes one thing clear, explicit hiring targets have emerged as a core driver of change, in fact 78% of large organisations told us they are actively seeking to hire more women – especially into more experienced and senior level positions. As organisations fight to attract female talent – particularly at levels and in sectors where they’re currently underrepresented – we’re now seeing competition for female talent escalate to a whole new level.
Yet, 30% of women globally said they feel employers are too biased in favour of men when it comes to attracting talent, compared with 13% of men. This is a number that has been on the rise when we consider specifically women from the millennial generation; 16% of female millennials felt this way in 2011, 25% in 2015 and 28% feel this way today.
There is also a clear mismatch between the views of women and employers regarding the barriers limiting greater levels of female recruitment. Of the top five barriers employers identify, four explicitly point to external factors, such as the lack of a sufficient candidate pool (37%) and our industry sector not being viewed as attractive by women (24%). While of the top five barriers identified by women, four explicitly point to internal systemic challenges within employer attraction and selection activities and processes. For example, the impact of gender stereotypes in the recruitment process (45%) and concerns over cost and impact of maternity leave (42%).
Focus on gender inclusive recruitment is critical
Simply focusing on hiring more women, will not be sufficient. Yes, organisations will need to get really good at knowing where to find and how to attract female talent, but that’s not all. They also need to look inside, and transform the objectivity of their own recruitment and selection process and activities if they are to succeed in fostering fair and equal recruitment. And female talent today have their finger firmly on the diversity pulse, 56% of women – rising to 63% for women who are starting out on their careers – said they look to see if an organisation has made progress on diversity when deciding whether or not to work for them. Furthermore, when deciding to accept their most recent position, 61% of women looked at the diversity of the employers leadership team and 67% explored if the employer had positive role models they felt where similar to themselves.
Opportunities for career progression – yes please
Opportunities for career progression, competitive pay, and a culture of flexibility and work-life balance come out as the three most attractive employer traits for men and women overall. Women starting their careers, and female millennials (born 1980-1995) rank opportunities for career progression as their most attractive employer trait. While women with career experience who have recently changed jobs say a lack of opportunities for career progression is the top reason they left their former employer.
Traditional stereotypes associated with gender or life stage, for example, the over association of career ambition with men, and flexibility and work-life balance demands with women, specifically mothers, are well and truly out of date. To be a magnet to the modern talent pool, organisations must equip themselves to offer opportunities for career progression, a culture of flexibility, and competitive pay as workforce-wide realities for all their talent. And to attract the best and brightest male and female talent, they must also make these an integral part of their talent brands and talent systems.
In today’s highly competitive job market, it is incumbent on every organisation to revisit its policies and processes to make sure they are meeting the needs of the modern workforce, in particular the woman of today who is truly a trailblazer. Women today are looking for much more from their careers than previous generations – and organisations need to keep up if they are to secure the talent they need to grow their business.
We invite you to find out more by visiting www.pwc.com/femaletalent.
Career Fantasy – A Future Job or a Serious Distraction to Your Success Right Now?
Career Advice, Career Tip of the Week!Most people have a career fantasy. What do I mean? Well, think about it right now; do you want to start a business that involves a cozy bed and breakfast in your favorite holiday spot? Or a cupcake business or a dog groomers? You get the picture and feel free to insert your own fantasy here as most of us have them.
You are not on your own as many folks day dream their way through their current job with a future fantasy of how the future might be.
It is real? Is it a fantasy? Does it matter? I think it matters for two reasons.
Firstly, if it is real, then what is stopping you from doing it on the sooner side? When pushed, my clients often realize that they have gotten no further than the headline and a surefire way to test your own assumptions is to start researching the feasibility and competition of the future industry you are considering entering. if you get this far, then maybe it is not a fantasy, maybe you are on the way to being an entrepreneur? Next step then is to perhaps apply SMART goals? Deep dive into real possibilities as it might be the ride of your life.
However, if you really do not want to own a B&B to the north, south, east or west of where you are now, you might find that out by truly not wanting to do any research or upon investigation find it not to be a viable job. If that is the case, then what role does it serve in terms of your mental involvement at work- is it keeping you engaged at work or distracted and disengaged?
Arguably, having a little dream can be a lovely way to keep you working so that you can save up for it, at least in your mind’s eye and this is a motivator (retirement is a different thing to being a business owner unless you can afford a working hobby).
But, what you do not want to do is to mistake this future perfect state as a “grass is greener” option instead of actually understanding why you do not like your job today. Examine with a coach what is really going on to see how to work out how to stay successfully or leave successfully but not to live in a dream your life away state so that you cannot engage in the present. Talk to a professional coach about real options for your future career and take a vacation to recharge if you feel like a rut is forming so that you can enjoy the present.
If you are interested in hiring an Executive Coach then email nicki@glasshammer2.wpengine.com for a no obligation chat
Voice of Experience: Maude Lebois, Partner, International Arbitration Group, Paris, Shearman & Sterling
People, Voices of ExperienceBy Cathie Ericson
Shearman & Sterling Partner Maude Lebois finds that younger associates have a tendency to postpone developing their private lives in favor of their professional lives — but she believes it’s absolutely possible to live both lives simultaneously at full speed.
“If you focus on quality rather than quantity, you do not have to compromise,” she says. “By nature attorneys are typically perfectionists, but we need to be as ambitious in our private lives as our professional lives from the start.”
She believes part of this is timing: She has seen women having their first child right before or right after becoming partner, which can be the hardest years for both endeavors.
“It’s a misconception that leaders don’t want you to have a fulfilling private life; in fact, certainly in our group, it’s a key focus,” she says, noting that the two managing partners have aggressively promoted several women partners on the team, making it clear from the beginning that they supported a balanced life. In fact, she cites being named counsel while coming back from maternity leave as one of her proudest moments. “It sent a strong signal to younger associates.”
Finding the Female Advantage
Lebois completed her legal education in Belgium and Harvard Law School, and began her professional career with three years at Linklaters in Brussels, a Magic Circle firm. She joined Shearman in 2005 as part of the international arbitration team and was promoted to counsel in 2013 and then partner in 2016.
She is proud to be part of this ambitious and successful team, which routinely is involved in high-profile, complex cases. Currently working on a large construction case in Africa, Lebois notes that she sits in on daily meetings with engineers where it is not unusual to be the only woman in the group due to the powerful trifecta of Africa, the oil and gas industry and the field of engineering.
She has turned that into an advantage; when there are women in the room, she finds that men tend to be more cautious than they otherwise would. “They may be quite direct, but become more polite when there is a woman in their world.”
She enjoys these large-scale projects where counsel needs to not only understand how the law will be applied to the situation but also gain a full understanding of any technical issues, which requires practitioners to be curious about all types of technical skills.
This reality can be a surprise to younger associates who, in addition to the practice of law, find themselves engaged substantially on conducting delay analysis, technical research and other exciting assignments.
A Strong Team Makes the Difference
Echoing her advice to pursue a robust private and professional life, Lebois notes that it is imperative to have a strong team supporting you, both in the firm and your private life.
Lebois appreciated that this year Shearman invited spouses to the partner meeting which allowed them to better understand the work setting as they met colleagues and experienced the environment. In her case, she says it made her husband even more supportive and proud of her success.
That support extends to the bonds she has built at the firm, with a strong women partner team that meets regularly. She is also part of Shearman’s WISER (Women’s Initiative for Success, Excellence and Retention) group and has found that having mentors who supported and protected her and women in general is integral to success.
In her off-hours she enjoys backpacking with her family, including her five-year-old daughter.
Mover and Shaker: Susan Nicholson, Director of Product and Marketing, WEX Australia
Movers and Shakers, PeopleRight now she is looking forward to an imminent fuel card program launch which will bring one of the missing ingredients they’ve been looking for in their existing product sets. “I am excited for the potential for that launch and a big focus on expanding in Asia, which will be a positive challenge for our team.”
While she notes that mistakes will always happen, the most crucial component is how you deal with them; for example by exuding a calmness and having the ability to logically work out next steps to arrive at a solution. Your take away should be what you have learned from the experience and building on that.
Idolize Your Boss? Not So Fast.
Career Advice, Career Tip of the Week!How can you learn to manage a relationship with your boss, whether they are good or bad? And, when things do go bad, how can you steer the relationship back to healthy?
When Love Hurts
Annie McKee is a senior fellow at the University of Pennsylvania, director of the PennCLO Executive Doctoral Program and the author of Resonant Leadership. In her work with leaders, she often sees the downside of having a boss who grows their leadership style from the root of having a congenial relationship with their employees. Mckee lists three primary issues that can arise from idolizing or loving your boss.
First, strong emotions tend to cloud our judgment, making it more likely that we will be passive when we should be assertive. Probably, having good judgment is one of the reasons you were hired in the first place—you don’t want to leave it at the door when you go into work each day.
Second, a relationship that is based in ‘liking’ one another can often lead to favoritism. This is never a good scenario; as soon as there is a problem, your boss is likely to distance themselves from you, as their likeability is their top concern. You will soon be replaced by the next easy target.
Finally, blind dedication to a leader can actually be truly dangerous as it leaves you vulnerable to making decisions which can compromise your values.
The bright side of a bad boss
While recent research shows that a boss who is truly abusive—somebody who uses public humiliation and personal attacks to impose fear and blind cooperation—is absolutely bad for your health and will most likely have a negative impact on your family life, it is possible to manage the relationship in a way that will benefit you, your team and the your company.
There is a lot of research supporting the negative impacts—on every aspect of business from the employee’s personal health to the company’s bottom line—of bad bosses, but there is not so much research on the positive impacts. Even so, there are many people whom have found that they have learned as much from challenging bosses as they have from those whom were easier to work with. If you are able to take a step back, you will learn what not to do, become more resilient, and self-reliant. These are stellar qualities that can help you become ready for your next leadership position.
A difficult relationship with your boss could be rooted in a number of different conflict types. They could be plainly harsh in their criticisms, irrational in their decision-making process or you could simply have a personality conflict. Either way, how can you find your way through it to the next phase of your career without damaging your personal brand, or your job performance?
Moving onward and upward
According to the American Psychological Association, the best way to manage a difficult boss begins with understanding the reasons your boss’ chooses to behave the way she does. If it seems that the behavior stems from stress due to work overload, it is likely to change in response to changes in the amount of workload or other factors. But if your boss’ behavior seems to follow a consistently hostile or abusive patter of interacting with co-workers and employees, it is less likely that the behavior will change. In this case, the APA recommends seeking the counsel of a trusted mentor.
Once you have determined the reason for your boss’s behavior, you will want to manage your own negative emotions. You do not want to engage in self-defeating behaviors such as counter-attacking your boss or stonewalling them. Remember your purpose at work, do your job, and remain professional.
Third, communicate your feelings with your boss or another trusted supervisor. It is important to frame your concerns in a positive manner. Perhaps this will bring a change, but some experts say this is unlikely. The administration of the company has already expressed their opinion by promoting the difficult boss in question.
In the meantime, the APA advises to try and separate your personal ego from your business persona. When your supervisor is critical, be rational in your response. Is there something for you to learn from the criticism? If so, use it as an opportunity to work with your boss on a play to address the problem. But if you don’t think it is reasonable or valid criticism, then take solace in that. Their lack of judgment does not have to take over your entire sense of self.
By Rebecca S. Caum
Why Self Promoters Get Promoted
Career Advice, Career Tip of the Week!We have all seen it. The loud person, usually a guy, gets the job. If women are loud, do they get the job? Sometimes yes and sometimes that same approach can backfire as being assertive as a trait seems to have a different impact depending on your gender. We know that there is unconscious or conscious bias around promoting and paying men more for the same job even if women have the same qualifications and experience ( and paid the same money for the same expensive ivy league degree).
But that aside for a second, research shows that self promoters do get promoted more despite everyone deep down knowing that confidence can outweigh actual competence or skill.
How do you feel about self-promoting yourself? Most people do not overly enjoy the thought and go straight to an extreme image. Stop there. Maybe it is easier than you think? Maybe it does not have to be so extreme.
Here are 3 ways to gently self- promote:
Best of Luck!
Voice of Experience: Stephanie Ivy Sanford, Managing Director, Investment Management Division, Goldman Sachs
Black History Month, Voices of Experience“One of the most important things I realized when I began my career is how crucial it is to strike the right balance of being a team player and being accommodating, but also knowing how and when to push back,” says Goldman Sachs’ Stephanie Ivy Sanford.
“The firm values diversity of opinion, and you have to take calculated risks, whether it’s standing up for yourself or respectfully presenting a different strategy as you strive to make the work product better.”
Cultivating a 20-Year Career at Goldman Sachs
According to Stephanie, she “fell into finance” when her curiosity was piqued by classes she took while pursuing a master’s degree in public policy at Harvard University. She soon discovered that municipal banking might be an interesting path and began her career at what was then Fitch Investors Service through the support of a friend and mentor.
While a wonderful training ground, Stephanie was searching for a new opportunity to propel her career forward and reached out to a fellow Wesleyan alum working at Goldman Sachs. She joined the firm in 1997 and is looking forward to celebrating her 20th anniversary this year.
After two years in Goldman Sachs’ Fixed Income, Currency and Commodities Division, she became curious about other opportunities, and recognized that asset management was both a growing area and a good match for her skill sets and relationship-oriented personality. She joined Goldman Sachs Asset Management (GSAM) in 2000 and eventually assumed a role in a new group created for the middle market, covering west coast institutional clients. In 2006, she transferred from New York to Los Angeles, and currently manages a team of five covering GSAM’s west coast public fund client business, along with some strategic legacy corporate and endowment clients. She was promoted to Managing Director in 2012.
Lest anyone assume that the path is easy, Stephanie is quick to point out that everyone, even the most successful, have bumps along the way. “Starting out with no experience in finance, I couldn’t imagine being promoted to VP let alone MD. But by taking the risk to move out west and live in my client territory, and with the guidance of my mentors in new roles, I have been able to survive and thrive at Goldman Sachs for almost 20 years,” she said.
Currently, Stephanie is focused on signing a “goal” client — one they’ve been in discussions with for some time, and she is excited about the progress they are making. “It’s a very challenging situation we are determined to complete successfully, as it would be incredibly meaningful for GSAM to work with this client.”
Keeping Up in a Changing Industry
Stephanie finds that the industry today is very fee-focused, which ultimately affects her business. “It’s interesting to see where we compete with other managers who are looking at passively managed strategies versus our active management,” she says. “It’s important for us to have a voice and a view in the increasing conversations around alternative investments and equities, since they are affecting how we do business, and the increasing client demand for customization.”
Stephanie adds that she has the privilege of working on several industry boards, which allow her to gain additional insight into stakeholders’ views of trends shaping the sector. In turn, this helps her understand how Goldman Sachs can adapt to address industry changes, ensuring that the firm can best serve clients.
The Role of Advocacy in Women’s Careers
Stephanie has noticed that in general, women are less inclined to raise their hand and ask for an assignment if they don’t feel they are perfectly equipped for every aspect of it. In contrast, men often jump at taking on new responsibilities, even if they are not fully prepared for such a role. Stephanie stresses that women need to speak out in the same manner if they want to be considered for new positions.
She has also learned how important advocacy is in advancing your career; she acknowledges it can be more difficult in a male-dominated industry for women to establish the same type of relationships that men can develop with ease over dinner or on the golf course.
Stephanie recognizes therefore that it’s crucial to keep an open mind about who your mentors or sponsors might be and realize they don’t have to “look like you.” She references one mentor who became a close friend despite political and ethnic differences; their relationship provided insight into how she was perceived at the firm, which ultimately helped her career.
Finally, Stephanie shares one important lesson learned along the way – ask for help when you need it. She believes this is integral to the firm’s culture, and is behavior that is encouraged and rewarded. She recalls one instance where she was given so much responsibility and senior client interaction as an Associate, that she felt overwhelmed, When she finally asked for assistance, her manager said, “We were waiting for you to speak up – we only give you what we think you can handle,” a lesson that has stuck with her.
Seeking and Giving Feedback Are Both Crucial
An integral aspect of your career is requesting feedback and integrating that feedback into your daily processes, advises Stephanie. “This is a quality you find in the people who thrive and are given new opportunities,” she notes, adding that in the workplace, men and women approach feedback differently.
“Men are more prone to give feedback to other men, partially because they may be more worried that you might be offended to receive feedback as a woman or person of color,” said Stephanie. “You have to let them know you value their input. Say, ‘You can hit me on the chin; I want it. I can take it because it makes me better.’” She notes you should then circle back and identify the changes you instituted to reflect their input.
Additionally, Stephanie calls on seasoned professionals to provide feedback to junior people, whether related to their work product or conduct in the workplace. “It’s also not just feedback they directly receive, but junior employees should also realize how nonverbal cues can contribute to the opinions that people form of them.”
She notes that she learned many of these unspoken lessons through the Goldman Sachs Firmwide Women’s and Black Network, which also provided additional opportunities to work with senior women across the firm. Stephanie cites developing a close, personal mentorship relationship with a female partner who later became her boss and helped her strive for bigger roles. “She really helped me understand how the firm works and how each role leads to a new opportunity when you think about your career.”
Stephanie is eager to pay it forward; she was gratified when she was recently asked, as one of the most senior woman in her region, to host Q&A sessions in the firm’s Los Angeles office for junior people.
Family and Philanthropy Fill Her “Off” Hours
Active in a number of philanthropic organizations, Stephanie serves on the board of Kids in Sports, which provides sport activities for underprivileged children; she’s also mentored students from Crenshaw High School; and is a former trustee of her alma mater, Wesleyan University. In addition, Stephanie is a founding member of the National Association of Securities Professionals’ southern California chapter, which serves women and minorities in the industry by providing networking opportunities and ensuring that minority firms receive visibility across the sector. She has also been involved with her church, serving on the hospitality committee and participating in a girls mentoring program.
Finally, she is passionate about spending time, skiing and exploring new places with her husband and 18-month-old daughter.
Black History Month
Black History Month, Career Advice, FeaturedWe hope you have enjoyed our featured articles and career profiles during Black History Month.
Take a look at some of our Featured Black History Month articles from previous years:
In honor of Black History Month 2016, this month The Glass Hammer will feature interviews with notable African American women at leading firms on their career experiences, aspirations, and advice for other women in their field. Theglasshammer.com all year long and over the past nine years ensures we profile women of all social identities and experiences and we have always stated from the beginning that we want our readers to have many different role models.
Leadership diversity pays off, and a new study by McKinsey “Why Diversity Matters” has the hard numbers to prove it. It also points out that most corporate diversity programs don’t go far enough to be inclusive of ethnically diverse leaders. The Glass Hammer has long upheld the “business case for diversity,” and senior women in the corporate space will be pleased to see statistically significant results supporting this argument.
When we talk about the progress that has been made by women in corporate America, using gender to mean ‘all women’, what we’re actually referring to is the progress and gains that have been made by white women.
Old Myths, New Mindsets: Strategic Leadership
Career Advice, Guest Contribution, LeadershipI have encountered many leaders, both within and outside of healthcare, who think:
1. There is no ‘I’ in team.
2. Great outcomes come from perfect plans
3. During times of rapid change wait for clarity before acting.
4. There are no stupid questions.
5. Everyone’s opinion counts.
6. Nice guys/girls finish last.
7. The customer is always right.
What I’ve found through experience and the changing mindset that I’ve developed as a leader is that a lot of this is no longer, and perhaps never was true.
Myth: There’s no ‘I’ in team.
Fact: A strong “I” or commitment to personal accountability and professional achievement from each member leads to high performing teams.
Action: A comprehensive operations plan includes clear role assignments and timelines at every phase of a project leaving no question which team member is accountable for driving the success of that element. It also provides ample opportunity for the leader to recognize individual contributions along with team achievements.
Myth: Great outcomes come from perfect plans.
Fact: Great outcomes come from consistent, forward-moving action. Poor implementation or an overly rigid plan will often sabotage great outcomes.
Action: Execution starts when the Leader fulfills their responsibility to: 1. Clearly and consistently communicate the desired future state AND 2.) Secure the resources necessary for success. Wise leaders adjust goals when they are unable to fulfill one or both of these leadership accountabilities or when business circumstances change.
Myth: During times of rapid change, wait for clarity before acting.
Fact: While it is always wise to fully examine the circumstances surrounding change, complete clarity is typically hard to come by in the midst of a rapidly evolving business cycle.
Action: Just as in the previous example, leading an organization during times of heavy change requires clear communication and necessary resources, including employee education. Arming the team with information and expertise is a sure way to drive out fear and get ahead of the curve. Don’t be afraid to take action on the known and plot course corrections as new facts become available.
Myth: “There are no stupid questions.”
Fact: We’ve all heard stupid questions being asked in a business setting, let’s face it. The damage can be immediate as the collective perception of the individual goes down a notch. Various possibilities run through the listener’s mind – none of them good. Didn’t she/he prepare for this meeting? Haven’t they been listening? If this person does not grasp a fundamental concept, will they be a capable contributor?
Action: It is time to evaluate which of the many possibilities noted above is accurate. With this knowledge and the full engagement of the individual involved, a high impact remedy is possible. Ideally, the result is an improvement in this colleague’s ability to perform as a well-respected contributor.
Myth: Everyone’s opinion counts.
Fact: Leaders must make tough decisions. Facts and the wise consul of strong subject matter experts count. In many cases the opinions of the full employee population simply do not.
Action: Once a key business decision is made, the immediate next step is to inform others with a legitimate “need to know.” Although that sometimes includes all employees, partners, and customers, more often the audience is limited. A comprehensive communication plan with well-developed talking points will help the full leadership team engage in meaningful dialogue with those impacted.
Myth: Nice guys or girls finish last.
Fact: Committing to being the best version of you does not mean you are soft or a pushover OR that you will finish last. Many of the world’s most successful leaders are genuinely nice people who make deals and solve problems through the mutual relationships formed with people they like and trust.
Action: The work of staying humble and treating others as you’d like to be treated requires frequent, honest self-evaluation. Don’t be afraid to engage an effective career coach to help you stay grounded. It’s okay to be human. It’s okay to be compassionate. Your employees will respect you for being your genuine self: intelligent, bold, and kind.
Myth: The customer is always right.
Fact: No. No. No. In fact if the customer were always right, they wouldn’t need us. Your customers surely have fantastic ideas and insights, but so do you! Working together you can find the right path and solution set to achieve their goals.
Action: Regardless of the organization’s product or service, you have been chosen for the ability to favorably impact your customer. When they have chosen a strategy, product, or service that will not achieve the desired future state, it is your job to respectfully lead them to a better solution. Make the art of consultative guidance a part of your employee education program.
This group of business myths is far from complete. It’s important to note that, along with the many examples included here, many industries or individual organizations have their own set of myths that protect the status quo. Courageous leaders aren’t afraid to challenge long held beliefs regardless of their origin.
Guest Contribution by Jackie Larson, President, Avantas
Jackie is a healthcare industry veteran and recognized thought leader. She joined Avantas in 2008 and has been the driving force in building out the company’s client management, analytics, and consulting groups into world-class teams providing guidance and support to clients on a wide range of issues including workforce optimization, productivity, business analytics and more.
(Views and opinions of Guest Contributors are not necessarily those of theglasshammer.com)
Maybe Next Year: The Promotion or Bonus Promise That Was Not Kept
Career Advice, Career Tip of the Week!By Nicki Gilmour
What do you do when you are told that you did great work this year but you are not getting the promotion or the bonus you were set up by these managers or HR people to expect?
Many people come to me with this issue and frankly are not very happy about it. Depending on the exact circumstances, this could be a deal breaker for some professionals who start looking around for a different opportunity in a new firm. For others, it is time of working with their boss to plan to replay what the goals were and to look at instances which met, exceeded or came close to the expectation. Why do this? Why delve into the past? Well, sometimes it can be useful to ensure that the criteria to progress is made explicit for this year. This process is helpful to set up a system, so that during the year you can have formal or informal check-ins to show that you are meeting the milestones and that your success is hard to refute. Moreover, maybe it is about making busy people notice.
How can you have this conversation without it being inappropriate, weird or reflect badly on you?
Firstly, know your boss. How will he or she react to an after action review? Will they find it constructive if couched as such?
Secondly, know the cultural norms of how things are done there. Stay safe, play within norms (unless you have a huge appetite for risk in which case do what you need to do but be able to live with the consequences).
Lastly, understand the importance or including or excluding HR as each firm is different on the use of human resources and talent processes. I say this with respect, because if you have a strategic and involved HR team who really get the talent retention piece and can see you are trying to develop yourself, then that can help you immensely as their systems might make for a less subjective process. Conversely, if they are all police and there is no strategic process then perhaps finding a different route to your manager as it pertains to how you reach the next level is ok too.
Is it as easy as asking your manager the following? In some cases, yes.
A direct question like “What do I explicitly need to do to get the x title and be paid y with z in bonus starting January 2018?” is suitable for some firms and not for others as is, “If I fulfill on tasks as discussed and fulfill on what we agree realistic success to be, can you give me a reassurance that we are going to be both happy and rewarded this time next year?”
This gives your manager a chance to think about what success looks like for you and them at the very least and in more subtle environments, just asking “what does success look like?” might be a good way to build that relationship and clarify some benchmarks.
Getting any sort of criteria in writing can be useful and on a weekly, monthly or quarterly basis as appropriate, send an email to your boss and other stakeholders with an update on how the activity is furthering or completing the stated goal.
And, if it is a moving target then ask your boss to break it down based on today’s live time view and suggest a formal time every month or quarter to talk about how goals are evolving based on the external environment or whatever stimuli is making them constantly move. Just make sure this is not an easy out for your manager to stay vague on purpose.
Because, you do not want to be having the same conversation this time next year now, do you?
(If you are interested in hiring an Executive Coach please contact Nicki@theglasshammer.com to discuss further)