Tag Archive for: work development

Move Forward with Confidence

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women shaking handsGuest Contribution By Connie Certusi

Earlier this year, the Nasdaq topped 5,000 for the first time in almost 15 years. And, according to the 2014 Sage Business Index, almost three-quarters of women business leaders expect to see growth in their businesses this year.

Now is the time to move forward with confidence, since, as the Latin proverb teaches, “Fortune favors the bold.” Here are four simple confidence-boosters.

Use Social Media

If you’re not sure where to start, social media is a great tool for showcasing confidence in yourself and your business. Dust off that old LinkedIn profile and make sure it lets people know what you’re up to. Join a few LinkedIn Groups and share ideas; you’ll be surprised what a little group support can accomplish. If you’re not tweeting regularly, get on Twitter and talk to people: your customers, professional colleagues and anyone else you interact with in a professional way. And try using Facebook to reach out to new people; it still has a huge user base.

It’s imperative not to use these channels solely for marketing, however. Share good news for your company, ask for ideas, and just talk to people. Link to informative content from other sources to help establish your company as a place where people can get helpful information

And, don’t be afraid to be bold. Showcase an online persona connected to what you want to accomplish this year. Be authentic and, most importantly, be you.

Find a Mentor – or Better Yet, Become One

If you’ve been out in the business world for a while, you probably still remember what it was like when you were just starting out. Chances are, if you could go back and chat with yourself, you’d share all kinds of tips and tricks to boost confidence. But since you can’t go back, you can do the next best thing: find someone else to mentor. Help an up-and-coming woman learn the ins and outs of the business world, and you might even learn a thing or two from your mentee along the way.

If you’re just setting out on your own, don’t be afraid to ask for help. Look for local networking opportunities; a lot of communities have groups designed for just that purpose. Reach out to more experienced women. They’ll likely be happy to share wisdom that will boost your confidence and put you further down the path to success.

Get Outside Yourself

It can be hard to justify anything not directly tied to the bottom line, especially for small business leaders. But becoming a more integral part of your community can be a great long-term investment. If you want people to think of you first when they need a product or service you provide, they need to know who you are.

Get out there and make a difference in your local community. Speak to school groups or sponsor an activity at a local concert or fair. There are many great ways to give something back, and as you give you’ll probably receive, as well. In fact, with only 14 percent of women business leaders responding to the 2014 Sage Business Index survey saying they receive needed support from the government, building a good relationship can help you network with decision-makers in your city or state.

Get Organized

Nothing radiates confidence like someone who knows where she’s going and what she’s doing. And in a business setting, this requires having a plan. That all starts with getting your finances in order. It can be intimidating to make a long-term financial plan, but having a professional you trust to help can make it quite manageable.

According to the 2014 Sage Business Index, 40 percent of women business leaders expect headcount to grow in the coming year. Consider hiring an accountant who can help you figure out where you want to go and how you’re going to get there. Accountants are much more than tax preparers; they can be valuable business partners.

It’s not always easy to show confidence, but you might be surprised what you can accomplish with a more assertive attitude. And, if you must, “fake it till you make it.”

About the author

Connie leads the start-up and small business solutions business, encompassing Sage One, Sage Accountants Network and Sage 50 Accounting. She is also responsible for the Sage Employer Solutions products. With over 20 years of experience in the technology market serving small businesses, she has a passion for helping entrepreneurs and small business owners succeed. She lives in Atlanta.

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Update: Professional Women Japan and the Landscape for Working Women

women working mentoringThis article is part of theglasshammer.com’s annual women in Asia feature running throughout the month of August.

How easy is it for Japanese woman to climb the corporate ladder in modern day Japan? With the establishment of Japan’s Equal Opportunity Law in 1985, Japanese women have become a fixture on factory floors and construction sites across Japan. In universities, Japanese women consistently perform to the highest international standards and are viewed as one of the best educated female demographics in the world.

Read more

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What MORE Can I Say? Persuasion Tactics for the Workplace

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businesswomen-meetingGuest Contribution by Dianna Booher

People resist being persuaded. They fast-forward through commercials. They say, “No, thank you; I’m just looking” when the sale associate asks if they need help to buy—even if two minutes later they ask for help.

The vast majority of people (88 percent) report that they break their New Year’s resolutions before the end of January. And those resolutions are changes that people themselves decide to make––to get physically fit, get out of debt, get organized.

Clearly, your clients and coworkers are wary of spin. So when you MUST break through that protective barrier to persuade someone to change their mind or behavior, you have to communicate with intention.

My book What MORE Can I Say? Why Communication Fails and What to Do About It outlines nine laws to move people to action. The law of “Specificity Versus Generalization” is foundational when it comes to persuasion.

Be Concrete

Your clients, your staff, and your peers consider random communication coming to them an intrusion. Daily messages on social media, network news, and email blasts by their very nature have to be generic. Result: People skim, scan, or tune out altogether.

Both of the following comments have one thing in common: They are used in multiple scenarios––with varied meanings.

“It’s our policy. That’s the best I can do.” In the midst of supplier negotiations, this ultimatum typically brings the situation to a halt––unless the other party really has no other options. And rarely is that the case.

“We will get back to you when we have a resolution to the problem.” When leaders toss this promise to a crowd during a crisis, they react, “We want to know now what you’re doing to find the resolution.”

Such statements anger people, cause them to dig in their heels, and stall action. For a more positive response, use concrete, straightforward language. Acknowledge specific issues or difficulties to be resolved. Explain specifically what you’re doing to investigate behind the scenes. State specific action steps you plan to take or that you want others to take.

Drop the Doublespeak

People distrust what they don’t understand. Much of what is written today in corporate America and by governmental agencies is not intended to inform people. It is written to protect the organization providing the information.

Take pharmaceutical studies for example. Strip the disclosures and doublespeak, and what they say is, “We are not sure how and why this new medicine works for some individuals. We don’t know what the implications and complications may be in the future. Take it at your own risk. We are not responsible for what may happen to you.” But if they made that statement so clearly and boldly, nobody would use the medicine without further testing.

Double-speak persists as a protective shield. But gobbledygook also limits your personal influence and power in a distinctive way: distrust.

Avoid Making the Effort Look Harder Than It Is

That’s not the same as making things look easy. Promise people that changing will be easy, and they will think you’re either a liar, incompetent, or crazy. When you’re trying to influence people to make a change, they need to consider a specific request and make the commitment. Otherwise, you’ll have a “yes” answer and a “no” on the follow-through.
But that said, some things really are easy. Why make them unnecessarily difficult simply by the way you communicate them?

Whether creating an image for your LinkedIn group, sending email, drafting a client proposal, or soliciting gifts from donors, break the action you want down into clear, doable steps. Provide the necessary details to take the action without the other person having to play detective and make unnecessary calls and send extra emails.
If it’s easy, say so. Pay attention to physical layout on the page or screen: Make things look easy:

  • Use a simple font.
  • Make subject lines useful, specific, concrete.
  • Provide informative headlines for easy scanning within a document.
  • Use lists where appropriate.
  • Emphasize details by using blank space, bolding, and color for later reference and recall.

Imagine how time-consuming and difficult the task of reading this blog would have seemed had there been no headings, no list, and only a few long paragraphs.

Persuading someone to change their mind or behavior in and of itself is difficult. To be influential, make your message relevant and your action specific.

Dianna Booher is the bestselling author of 46 books, published in 26 languages, with nearly 4 million copies sold. She works with organizational leaders to increase their effectiveness through clear communication and executive presence. He latest books include “What More Can I Say?: Why Communication Fails and What to Do About It”; “Creating Personal Presence: Look, Talk, Think, and Act Like a Leader”; and “Communicate with Confidence”. For more information, please visit www.booherresearch.com and www.whatmorecanisaythebook.com.

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What’s keeping white male leaders from leading Diversity & Inclusion efforts?

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Nervous Business WomanDo you hear what I hear? The call for men, and particularly white men, to join in on gender equality and diversity efforts is not only echoing loudly, it’s piling up into a chorus.

White male leaders are being not only invited, but implored to join the case for diversity and inclusion. The predominant argument is not just that diversity advocates want white male leaders to join in, it’s that the success of diversity efforts could be greatly enhanced by their participation due to their continued formal and informal positions of power and authority within companies.

With men holding over 82% of board positions in Fortune 1000 companies, and a significant number of those men being white, their participation in Diversity & Inclusion (D&I) efforts has been proposed as “Creating a New Normal” in the Huffington Post.

So with the invitation in their hands, what keeps white male leaders holding back on their RSVP to diversity and inclusion?

With all of our editorial focus on engaging white men, we thought it useful to take a step back and remind ourselves of the barriers we must navigate in doing so.

Challenges to Engaging White Men

As Chuck Shelton, Chief Executive Officer at Greatheart Leader Labs and moderator of the recent event that theglasshammer.com held on the topic has said, “No business strategy, including D&I, will deliver optimal results when many with position power (white men, in this discussion) disconnect from the strategy.”

The landmark study to date on engaging white men in diversity & inclusion efforts remains his organization’s “White Men’s Leadership Study” which pointed out that white men are less likely to be engaged in diversity and inclusion initiatives at companies.

White male leaders hold both the purse strings when it comes to D&I programs and the social influence necessary to make these programs work. Authors Shelton and Thomas noted that white men are “a significantly underperforming asset in every company’s global D&I investment portfolio.”
The report identified many dynamics into why while male leaders remain both an underperforming – and perhaps undervalued – asset in the movement for diversity and inclusion.

Feeling Excluded

You can’t RSVP to a party you don’t feel invited to. Just a couple years ago, the biggest factor revealed in the study was that white men did not feel included in Diversity & Inclusion. Nearly 70% of white male respondents agreed with the statement, “It is still not clear diversity initiatives are meant to include white men.” 60% of women and minority leaders agreed, too.

This was not limited to a perception among white male leaders. Women and minority leaders didn’t necessarily see the value of including white men in inclusion and diversity programs. “Leaders who are not white and male may quietly doubt that white male inclusion will open doors for them,” the WLMS report said. But when Diversity & Inclusion efforts don’t actively engage white men, they are prone to exclude them.

When women and minority leaders shoulder D&I initiatives, and those initiatives are not seen as owned by all and in everybody’s interest, it creates counter-dynamics. A study published by the Academy of Management illustrated that diversity-efforts on the behalf of women and minorities can be negatively viewed as scheming and (social group) self-serving. The researchers reported, “Ethnic minority or female leaders who engage in diversity-valuing behavior are penalized with worse performance ratings than their equally diversity-valuing white or male counterparts,” which only reinforces the glass ceiling. The research also points out the paradox that for white men “valuing diversity gave a significant boost to ratings for warmth and performance.”

The authors of Gender in Organizations: Are Men Allies or Adversaries to Women’s Career Advancement write, “By excluding men from the focus and development of strategies to attentuate gender disparities, businesses are missing an opportunity to effect change.”

Being protective about diversity and inclusion doesn’t ultimately advance its interests, and engaging white men – who might not feel invited by default – cannot be a passive exercise. It must be an active effort.

Being Skeptical

Another of the biggest challenges identified was skepticism on behalf of white men on the value of diversity and inclusion programs, as well as the suspicion that some people may receive jobs or promotions that they are unqualified for through these programs. The WMLS researchers explained, “Progress is stifled by the perceived tension between the qualifications of diverse employees and the organizational commitment to diversity.”

Another form skepticism took was deflection of relevance. Some white, male respondents seemed irritated to be part of a study on race and gender, and responded with what the report authors called “deflective comments”, such as asserting the questions were unfair or that race and gender doesn’t matter these days. Shelton and Thomas wrote, “We need to recognize deflections, and respond to such viewpoints through honest, straightforward dialogue.”

While prejudice is something you can put your finger on, unconscious bias often is not. Becoming aware of the unconscious bias in each of us, and how it’s at play in the workplace, for example through stereotype threat, helps to reaffirm the importance of D&I efforts.

Also male leaders who are trailblazing in diversity and inclusion have repeatedly advised that to engage men in leadership positions with the value of D&I programs, focus on measurable results (and measuring results) of diversity efforts such as impact on the bottom line and driving innovation in the workplace.

Having Perception & Communication Gaps

A third major factor in struggling to engage white male leaders was that they already perceived themselves to be effective at diversity and inclusion…way more than their peers did.

White men were twice (45%) as likely as women and minorities (21%) to view white male leaders as effective in the areas of diversity and inclusion. The perception gap extended to white men’s effectiveness at coaching and improving the performance of diverse employees (33 points gap); building strong, diverse teams (36 points); promoting diverse talent on merit (36 points); and including diverse voices in decision making (40 points.)

While perception is subjective, statistics showing underrepresentation of diversity are not. The authors suggested that with such a disparity in perception around effectiveness, conversation requires “care and focus,” in which some conflict is to be naturally expected and handled.

“Candor among peers and co-workers is a very important element to this whole process,” said Shelton. “Real diversity and inclusion requires care and ensuring everyone feels that they are part of the effort, including white male leaders.” They noted, “Findings in this research build the case for conversations of care and candor, as we seek to engage and equip white men to integrate diversity and inclusion more effectively into their leadership work.”

Invitation & Opportunity

With the invitation to men being extended on more fronts, as far as the United Nations, perhaps exclusion is becoming less of a barrier for engaging men – perhaps now, the invitation is clear.

Speaking recently with Shelton, he shared, “We’re seeing a lot of organizations in which male leaders are up for ally development. The real measure will be when more men are actually active and accountable as allies and sponsors.”

Equally important is how we co-host the party with men. When we sit together at the table of diversity, we’ll be more likely to evoke change if all parties feel involved and invested in the process, the potential, and the outcome.

By Aimee Hansen

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The Importance of Pro Bono

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woman sitting at deskAfter the financial crash in 2008, many law firms were forced to downsize, combine or dissolve. Unlike after prior market constrictions, the numbers of lawyers hired by firms have not rebounded and this past year law school enrollment was the lowest it had been in 40 years. What does this mean for newly admitted attorneys and experienced attorneys? And how does pro bono fit in to the picture?

The American Bar Association Model Rules of Professional Conduct encourages all attorneys to seek to offer 50 hours of pro-bono service a year. As a result, many state bars have adopted these rules because they recognize the importance of pro bono service. Most attorneys recognize the importance of giving back particularly when many people cannot afford an attorney and often appear in court unrepresented. But beyond these altruistic and aspirational reasons, there are also unintended benefits to those who donate their time — helping others can mean helping yourself too.

A. Developing Your Skill Set

One of the most common complaints from clients about newly admitted lawyers is that they don’t graduate with a lot of practical skills. Additionally, in a constricted economy, many clients are no longer interested in footing the bill for on-the-job training. Pro bono assignments and representations can provide an excellent source of practical training for the newly minted attorney and a means of learning specific legal skills. Such cases often give new attorneys a rare opportunity to meet directly with a client. You will learn how to interview to discover what the client’s legal issues are and what the client hopes to achieve from your representation. You will also learn how to effectively communicate with the client to help them achieve those goals. You may also hone your drafting and negotiation skills. But a pro bono representation should not be undertaken lightly. In order to maximize your learning curve and ensure you can effectively represent your client, proper training in representing the pro bono client is necessary and invaluable.

Many non-profit organizations seeking pro bono volunteers offer training for volunteer attorneys. One of PLI’s very important initiatives is the offering of such pro bono training. We have collaborated with hundreds of legal aid and pro bono entities to develop a curriculum of free programs in practice areas critical to the representation of low-income clients – including housing, family law, government benefits, immigration, veterans’ issues, and more – to train legal services attorneys and attorneys in private practice to take on a pro bono representation. It’s particularly rewarding to learn from participants how valuable our programs have been for projects and roles they have taken on as a result. The best of part of providing pro bono training is knowing that we’ve given attendees the knowledge and tools to make a difference.

B. Learning About New Areas of Law

A benefit for both newly admitted attorneys and more experienced attorneys alike is the chance to explore new areas of the law. In taking on a case in an area outside of your usual practice area you can gain substantive knowledge about new areas of law – immigration, bankruptcy, wills, divorce, veterans’ rights, non-profit incorporations, criminal appeals – the possibilities and opportunities are endless. Indeed, attendees from our many programs have written to share how our program has “sparked interest in helping foster children”; will be used “in helping sick or injured children”; and was “inspiring — led me to contact Legal Aid regarding a pro bono housing case.”

Who knows — you may just discover a passion for a new area of the law that leads you to a new career. At the very least, you will have learned something new and this knowledge might benefit another client, or possibly even a friend or family member down the line.

C. Networking

Another not so obvious benefit to pro bono service is networking. Many law firm clients expect the firms they hire to engage in pro bono work. While doing pro bono work might help you stand out from the pack in the eyes of the client, it will also expand your professional universe. A likely scenario is that through the course of your training and pro bono service you will come in contact with other volunteers, individuals at the non-profits, and maybe even firm clients – and these connections will help you build and expand your professional network. Indeed, an attendee of one of our free training webcasts shared the following story with me. He was between jobs and looking to do some pro bono work. He reached out reluctantly to PLI for a scholarship, a bit torn about admitting he needed the financial help. While watching one of our webcasts, a colleague walked by, asked about the program and his experience, ended up taking him to lunch and retaining him for work. He was so thrilled with the outcome of this scholarship he wrote to thank PLI profusely.

While not everyone will gain a job from their pro bono training there are unintended professional benefits to be had through pro bono service that all attorneys should consider. And there are also the intended benefits – the joy and pride in helping someone in need who otherwise wouldn’t be able to afford an attorney.

*Anita Carr Shapiro is the President of the Practising Law Institute (PLI), the premier continuing legal and professional education organization. She is PLI’s fifth President since 1933, and its first female president.

By Anita Carr Shapiro

Guest advice and opinions not necessarily those of theglasshammer.com

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LGBT Update: Corporate Culture and Leadership Key to supporting LGBT professionals in your team

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By Aimee Hansen

Every June is celebrated on the diversity calendar as Pride Month in many corporations and we also like to update you on the progress being made for LGBT professionals and shine a light also on how straight allies can help advance talented individuals who may identify as LGBT in your office.

Out Now’s LGBT 2020, the world’s largest LGBT research project, puts a $9 billion a year cost on not paying attention to this issue. That’s how much the US economy could save if organizations were better at implementing diversity and inclusion policies for LGBT staff, or to make it clear, if LGBT employees felt more comfortable.

The “LGBT Diversity: Show me the business case” research measures the financial savings for companies who foster an inclusive work culture where LGBT employees are comfortable to be themselves. The research reveals that LGBT staff who are open with all co-workers about their sexuality are significantly more likely to stay in their job than those who are not out to anyone at work, creating a rewarding staff retention dividend.

Ian Johnson, Chief Executive of Out Now, says, “This report for the first time enables companies to see exactly why investing in a more equitable and supportive workplace for everyone is a sound business investment that demonstrates solid returns.”

Corporate Culture is Key

The degree to which formal corporate LGBT diversity & inclusion policies are effective may come down to how well they are truly reflected informally within the corporate culture.

The aforementioned LGBT2020 study found that among a diverse range of workers in the USA, 38% were out to everybody (and more likely to strongly disagree with leaving their job in the near future) while 35% of people were out to nobody or a few trusted people.

The researchers saw a 6% drop in those “out to all” (38% vs 44%) over the last two years, stating “This represents a significant and worrying fall, especially when LGBT workplace diversity has been placed on the agenda of an increasing number of larger US companies during this time.” They speculate this could reflect a toning down related to the saliency of marriage equality being pitched against religious beliefs. Half of those LGBT employees surveyed reported overhearing homophobic comments at work.

Being fully out correlated with a 30% productivity benefit. Among USA employees “out to all”, 67% strongly agreed they were “respected as a productive and valuable team member.” But among those “out to no one”, only 38% felt so.

When it came to feeling that coming out could impact upon future promotions in the workplace, 24% of lesbians, 30% of gay men, 40% of bisexuals, and 55% of transgender employees agreed. And while 80% of employees rated diversity policies at their next company as fairly or very important, only 45% would feel comfortable to ask about those policies in an interview. That highlights the subtle difference between corporate policies and corporate culture.

Discriminative Nuances of the Corporate Closet

The LGBT 2020 statistics echo the findings of HRC’s Cost of the Closet survey of 800 LGBT workers. This research reported an “invisible workforce” of 53% of LGBT employees “having to hide in plain sight”. The study showed that employers are losing talent and engagement due to “treatable problems with workplace environment or culture.”

The study identified overseen dynamics that contribute to social exclusion, since work culture largely consists of informal conversations and cues: “The primary influences on workplace cultures are so ubiquitous, they are almost easy to miss.”

For LGBT employees, daily non-work related conversations about weekend and dinner plans and photos on your desk create an identity-related dilemma. While “81% of non-LGBT respondents feel that LGBT people ‘should not have to hide’ who they are in the workplace,” the reality is that “less than half of non-LGBT employees would feel comfortable hearing LGBT workers talk about dating.”

So it’s no surprise that 35% of LGBT employees felt compelled to lie about their personal lives, many reporting exhaustion and distraction.

The researchers reported, “This double standard emerges in our study, where frequent personal conversations occur among coworkers, and LGBT employees are receiving the message that their contributions are not welcome, or worse, inappropriate. In fact, 70% of non-LGBT workers agree that ‘it is unprofessional’ to talk about sexual orientation or gender identity in the workplace.”

While sharing is an intrinsic part of any corporate culture, not everyone’s sharing is received equally: “When sharing the same day-to-day anecdotes with co-workers, LGBT people are seen as over-sharing, or forcing their ‘lifestyle’ upon co-workers.”

Missing Out on Networks

An Italian study found a culture of silence, “prevents LGBT employees from constructing a work identity which encompasses their sexual identity and prevents the organizations from achieving their aim of being fully inclusive workplaces.” It would appear so does a cultural of cues of subtle disapproval.

The HRC researchers point out that not being able to be open at work “can isolate a person and erode valuable rapport with co-workers, managers and would-be mentors.” Some of the top reasons for not coming out include making co-workers feel uncomfortable or losing connection with them, but when LGBT employees feel compelled to hide their lives, they are already cut off.

This matters to career development. LGBT employees risk being excluded from informal networks that can lead to career advancement, the invisible channels through which individuals build trust and rapport with colleagues and get noticed for sponsorship and advancement by senior management. This kind of social exclusion doesn’t require official discrimination, just the right amount of invisible cues and signals.

Corporate Non-Discrimination Policies Are Improving

The Corporate Equality Index compiled by the Human Rights Campaign (HRC) for 2015, the national benchmarking tool on LGBT corporate policies and practices, reports that a record 366 businesses (20% increase on 2014) have earned a top score of 100 percent and distinction of “Best Places to Work for LGBT Equality.”

The criteria is based upon equal benefits for same-sex partners and spouses, ending benefits discrimination for transgender employees and dependents, firm-wide organizational competency on LGBT issues, and public commitment to the LGBT community.

This is nearly double the companies who earned that ranking three years ago in 2012 and the report notes that transgender progress is greatest – with a rising number of companies offering healthcare, transition support, and gender-identity non-discrimination.

Federal Non-Discrimination Policies Are Lacking

Chad Griffin, President of the HRC Foundation, remarks there’s still a long way to go. “Despite 66% of all Fortune 500 companies now including gender identity in the employment protections, we know that this does not always translate into everyday inclusion of the transgender community. While many companies are leading the way, our nation’s federal non-discrimination protections are lagging behind. Critical cultural shifts need to take place to foster greater inclusion.”

This is true for LGBT inclusion broadly. Sarah McBridge at the Center for American Progress, introducing her co-authored We The People report for governmental LGBT non-discrimination, illustrates the atmosphere of uncertainty for LGBT employees: “In 14 states, individuals can legally marry their same-sex partner on Sunday and then legally be fired from their jobs on Monday simply for exercising that right.”

It turns out that “out and proud” are valuable words indeed. The opposite is costly both to LGBT individuals and to organizations.

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Career Tip of the Week

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networkingThis Week’s Tip Is…

Networking in a productive way

Have a think about the last 2-3 networking events that you attended and go back over your contacts from that meeting. Did you maximize those connections? If not, go back and make a few lunch or coffee dates or even send them an email framing an idea that could be mutually useful to you both.

Welcome to Career Tip of the Week. In this column we aim to provide you with a useful snippet of advice to carry with you all week as you navigate the day to day path in your career.

By Nicki Gilmour, Executive Coach and Organizational Psychologist

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Being Connected on Wall Street Reaps Big Career Benefits, If You’re a Man

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women in technologyIf you’re a female analyst on Wall Street, you’re probably achieving lower returns on your social connections than your male peers. Because who you know matters when it comes to firms you handle, but it matters way more if you’re a man.

A new working paper by Lily Fang, an associate professor of finance at INSEAD, and Sterling Haung, a PhD candidate at the school, focuses on the links between gender, connections, and career outcomes among 1,815 Wall Street analysts and their work across 8,242 firms between 1993 and 2009. Analyst-firm connections (41,000) were defined as alumni-ties with one or two senior officers or board members within the firms that the analysts cover.

Women and Men are Equally Connected

Previous research had found that “connected” financial analysts, who went to the same university as senior officer of the firms they covered, significantly outperformed in their stock recommendations and more effectively in their jobs compared to analysts without connections. Fang & Haung wondered if the impact on job performance and career trajectory differed between men and women.

The great news is they found no gender difference in how well-connected analysts are – both men and women have a connection in about 25% of the firms they cover. The bad news is they found a “big difference in how much these connections help male and female analysts in their jobs.” According to Fang in her INSEAD article, “men overall reap more benefits from connections than women both in terms of job performance and in terms of subjective evaluation by others.”

How Connections Impact On Job Performance

The study measured how analyst connections impacted upon “objective” and “subjective” performance and career outcomes: accuracy of their earnings (EPS) forecasts; price impact of their buy/sell stock recommendations; and being elected to the All-American Research Team (AA) as a “star analyst”.

The researchers found that connections led to a much stronger impact on forecast accuracy, for men. Fang notes that “while connections lead to a 2 percent improvement in accuracy rankings in general, among men, there is a further improvement of about 1.8 percent.” Put more bluntly in the report, “the connection effect is present only among men but not women.”

For women, connections to a female executive in firms they handled led to a slightly higher improvement in forecast accuracy (2.5%), but not nearly as much as male-male connections (4.7%). As Fang puts it, “Thus the value of the ‘old boys club’ is hard to refute in our data.”

Fang writes that among analysts, “The effect of connections is even greater in their stock recommendation impact or how the market reacts to their buy and sell calls. Connections improve male analysts’ recommendation impact by about 1.2 percent, but not at all for female analysts.”

Fang notes that the differing impact on job performance was strongest among young analysts, setting women back way before they approach the glass ceiling. “This vastly different ability to capitalise on connections at such an early point in their career paths could explain gender gaps that exist throughout long-term career trajectories. The cycle, it seems, starts at the entry level.”

How Connections Impact on “Star Analyst” Status

The third measure was more subjective, promotion as a “star analyst” through an opinion poll, an evaluation by thousands of institutional investors, organized by Institutional Investor – a title given to less than 8% of analysts, which impacts significantly upon career profile and salary earnings (up to 3-fold). Much of the top evaluation criteria is highly subjective such as industry knowledge, communication, responsiveness and written reports.

The researchers found connections directly contributed to male analysts’ odds of being elected an AA but had zero impact for female analysts. Importantly, there’s no gender inequality in numbers promoted to all star status: “In general, [women make up] 12% of the overall [analyst] population, but they are 14% of the star analysts so it’s not like people are not awarding women,” says Fang in Fast Company, “but the factors for them to be selected are very different than men.”

For women, those impacting factors appear to be Ivy League education (35% of women in the total sample had one compared to 25% of men) and a record of forecasting accuracy – neither of which is significant in determining whether men are elected to being a star, or promoted within it.

According to the researchers, “The results reveal that investors value analysts of different genders differently: While connection is valued by investors and affects positive career outcomes for men, for women, it is measurable achievements and competence that seem to play a larger role.”

An Insidious Gender Bias

The researchers offer two potential interpretations of their findings. One is that “men are evaluated on ‘potential’ while women are evaluated on ‘performance.’” The other is that women benefit less from connections than men because they’re still seen as “outsiders” by investors whereas men are seen as “insiders/one of our own.” Both are plausible. Neither are pleasing.

As Fang says in Fast Company, “The type of gender bias that we document, I think is more subtle, but perhaps even more insidious than the simple numbers game. We’re not finding women are under-represented. We’re finding that they’re evaluated in different ways. How do you change people’s subjective interpretation? That’s a much more difficult [issue], I think. It probably has more to do with social norms and the ways people see things.”

Fang also points out in her INSEAD article, “It is telling that while 14 percent of Wall Street all-stars are women, virtually none of the top bosses in any of the big firms are. It could be argued that even the most competent women remain in analytical roles rather than being promoted into general management because that kind of promotion entails subjective evaluations by others.”

Mentorship & Sponsorship Still Matter!

Senior Associate Editor Sarah Green at the Harvard Business Review, uses Fang & Haung’s research as a springboard into “Why ‘Network More’ is Bad Advice for Women”e, noting that “we need to stop telling women to follow a male playbook.”

She’s got a point on the playbook. But using Fang & Huang’s findings to also question the value of mentorship and sponsorship in a woman’s career advancement is dangerous. Connections with top executives in other companies who went to the same university isn’t a parallel to the support that well-formed mentorships with strong chemistry or sponsorships can provide for a woman navigating her career.

Should a proven track record be more important for the career advancement of male analysts than female analysts? Absolutely not.

But if it is, isn’t it better if you’ve got somebody in your corner – whose attention you’ve earned through your achievements and abilities – helping you wave your impressive track record around when the next career opportunity presents itself?

By Aimee Hansen

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Values-Based Leadership: How It Can Improve Your Effectiveness

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Values-Based LeadershipAs a leader, do the values of your organization speak through your actions?

A recent article in The Journal of Values-Based Leadership reminds us that Steve Jobs said, “The only thing that works is management by values.” It’s no surprise that companies like Apple who foster a values-based approach in their leadership culture create connections that have a significant impact on company performance.

Your ability to focus on and motivate through core organizational values can have an impact on your effectiveness as a leader, too.

HOW FOCUSING ON ORGANIZATIONAL VALUES HELPS YOU AS A LEADER

Raises you to a leadership perspective

The Financial Times defines value-based leadership as “Motivating employees by connecting organizational goals to employees’ personal values.”

A Harvard Business School paper asserted that when leaders focus on the technical or administrative side of their work, they become too fixed on short term returns. The paper stated, “If leaders instead sought to uphold values and maintain integrity, they could establish the long-term perspective and commitment to innovation necessary for sustaining their competitive position in an increasingly global economy.”

Effective leaders keep focused on the visions and values of the organization as a compass for action. Indeed, having women in the boardroom has helped at aligning corporate action to company values. International research has shown that “the positive impact of women on the board on financial performance, and on ethical and social compliance, indirectly affects firm value.”

Also, keeping your eye set on organizational values, and above the daily tasks, may help you from getting too drawn into office housework that can be peripheral to your leadership goals.

Increases bonding with you as a leader

Building relationships with those who work with you is important, but when they’re built through a common bond around organizational values, it strengthens your position as a leader.

The ability to compellingly communication organizational values is a key attribute of leadership success. Communication research shows that optimized messages can garner a “shared sense of purpose, which is achieved when multiple employees possess the same understanding of the purpose of the work.” In particular, the combination of “a large amount of vision imagery with a small number of values” increases performance by creating a shared sense of organizational goals and coordination towards them.

Effective leaders also create a motivational sense of belonging. Leadership research shows that people feel more bonded to a leader with which they feel a “shared social identity” that is representative of their in-group. Leaders who effectively convert organizational values to a shared identity would seem able to create deeper commitment from those they manage.

In fact, values coach & author Joe Tye asserts that values-based leadership can create a culture of ownership rather than a culture of accountability, which he asserts relates to motivation, productivity, and retention.

Affirms your leadership integrity

Values are meaningless unless put into action, and the standard for integrity within an organization is set by its leaders.

Speaking to values-based leadership, Mark Fernandes, Chief Leadership Officer at Luck Companies, says “In order for these values to be authentic within the organization, it’s imperative that the leaders be fully committed to demonstrating the values in everything they do. There’s a level of inauthenticity that associates will notice and it can erode their trust in the leadership if they’re not actively seeing the behaviors exhibited in the actions and words of their leaders.”

The HBS paper asserted that by embodying the values they espouse, leaders enable employees to find meaning and value in their own work: “Members’ interactions with the organization and their actions on its behalf are not just transactional but are imbued with meaning. As members internalize the organization’s purpose, to the extent that their own actions further this purpose, they come to regard these actions as meaningful. They further view themselves as part of a valued community. They are motivated to exert effort on behalf of that community, to defend it when threatened, and to advocate on its behalf.”

Being able to connect individuals to the values of your organization is especially important when it comes to motivating Gen Y. Research has shown that for Millenials, job fulfilment hinges partially on believing in the vision and strategic direction their organization is pursuing in the world and feeling personally connected to it.

If leaders don’t uphold the values the company espouses, employees lose faith and begin to disengage. If they do, they inspire.

Ignites your potential and the potential of those around you

When your personal ambition is aligned with your company’s vision, you are more engaged, more productive and more able to reach your potential according to research. This is true not only for you, but for those you manage and motivate. When you feel corporate values are more closely aligned to your personal values, it creates intrinsic motivation.

Fernandes focuses on igniting the full potential in others, “Values-based leadership is defined by living, working and leading in alignment with your core values, principles, beliefs and purpose to, in turn, ignite the extraordinary potential in those around you.”

Values-based leadership has also been linked to creating a culture of creativity and innovation. The Journal of VBL article states, “When an individual has a personal and professional commitment to align personal values with those of the organization he or she works for, a powerful connection is created. This connection creates numerous possibilities for both individual growth and company productivity.” The article suggests that motivating a “work culture or atmosphere that sparks creativity” is increasingly a matter of customizing motivational strategies to align employee values with organizational values.

WALK THE WALK ON VALUES

So given how values-based leadership can positively impact your leadership potential, how do you begin to walk the walk? Perhaps the first question to ask yourself is what the organizational values really mean to you.

Conscious Manager recommends to, “Develop a personal understanding of your organization’s values. Think about what the company’s values really mean to you and to your unique leadership style. You need to know which of your behaviors demonstrate those values. If the business’ beliefs and principles don’t have meaning for you, you won’t be able to make them meaningful for anyone else.” Ultimately, it’s your actions, not your words that speak to how well you represent values – in being a role model, in teaching the values, and in recognizing them. “Bringing values to life is a behavioral issue.”

Embodying Values is one of five key behaviors of great leaders, says Author Ken Blanchard. He asserts, “Leaders must establish, articulate, and enforce the core values of their organization. More important, they must model the behaviors that support the values.”

He suggests leaders ask these four questions:

“How can I integrate our core organizational values into the way my team operates?”

“What are some ways I can communicate our values to my team over the next thirty days?”

“How can I create greater personal alignment with our values on a daily basis?”

“How can I recognize and reward people who actively embody the values?”

Inspiring leaders motivate us towards a common goal. Values-based may be less a type of leadership, and more a requirement of it.

By Aimee Hansen

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About That Positive Mindset…

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istock_000013311579xsmallI’m sure you’ve heard of the power of positive thinking or the Law of Attraction by now.

But if you’ve somehow escaped the daytime talk shows, multitude of online articles, and your friends’ comments about the subject, the idea in a nutshell is that your thoughts determine your circumstances. In other words, you attract positive or negative situations into your life by the way you think about things. It’s along the same lines of these familiar adages: You reap what you sow. Be careful what you wish for because you may just get it. What goes around comes around.

Do you remember the craze around The Secret a few years back? What a load of nonsense. Did you really believe you could sit on the couch watching TV and simply think your way to a fabulous reality? I mean seriously, how could that advance your career? You and I know that only hard work and determination create long-term career success and opportunities.

While many career oriented women don’t dismiss the idea that our thoughts can affect outcomes, it’s sometimes hard to swallow that our present life is a direct result of our thoughts—especially if we are not yet where we want to be. Building a career takes time. But if our thoughts can contribute anything at all to our realities, then isn’t it worth paying close attention to what we tell ourselves?

If you own a business, you believe your products or services are needed. If you work for someone else, your employer is purchasing your contributions, ideas, and expertise. You don’t think twice whether you are needed as an employee because, like a business owner, you have something of value to offer.

The importance of a positive mindset comes into play when we consider the value of our skills or our products or services. Yet, it seems to be difficult for many of us to identify our own personal value proposition and talk with ease and confidence about the real dollar value associated with what we personally offer. Women especially struggle with determining their worth and communicating it clearly and fearlessly.

Why is it that verbalizing our value to others can be pure torture? Why is it so difficult to ask with confidence for that promotion/raise/hot job/ or the next big opportunity? Why don’t others simply see our worth and volunteer to compensate us accordingly?

While that would be great that’s not how business works. It is up to us to tell and sell.

Before I share with you my personal tips that propelled me from $135,000 in debt to becoming a multi-millionaire, here is something that may help you wrap your head around how thoughts affect outcomes. I find it fascinating how quantum physics relates to Law of Attraction and the power of positive thinking. It is all about how energy influences everything around us. Here’s a YouTube video that will shed some light on creating our perfect lives and attracting abundance. There was also a wonderful experiment where researchers focused energy into water then studies the crystalline structures of frozen droplets. They discovered good vibes created the most beautiful crystals and bad vibes created formless blobs. You can find the astonishing results here.

Now let’s translate that into our everyday world. Have you ever had a bad morning that snowballed into a bad day? From the bank teller who miscounted your withdrawal, to the grumpy grocery store clerk, to your dog barking all night long for seemingly no reason… Conflict all day long. In comparison, have you ever had that day when you woke up feeling on top of the world and good things kept coming your way from morning through night? In essence, each of these examples illustrates the principle. The mindset that exudes happiness and confidence from within is completely irresistible and attracts success.

But what if we are not in a good place emotionally and we can’t stop our mind from pulling us into the abyss of our own negative thinking?

Personally, I got myself out of my downward spiral by searching for statements that I could truly believe in. During what I call it the decade of disaster for a reason I refused to believe I would be a failure and have to declare bankruptcy. My first thought was, “This can’t be all there is for me.” The entire story can be found in my book, Happy Woman Happy World.

That little adjustment to my thoughts is what helped me get from bad to great. At the time, I couldn’t believe I was going to be making millions, but I did believe that declaring bankruptcy would not be the end of my story.

If you want a six-figure income, you’ll never get there if you don’t truly believe you are worth it. And it’s the connection between wanting it and believing it’s possible that can make all the difference. You’ll never close the gap between those two points with a negative mindset.

What is a thought in which you can truly believe? “I am making an impact.” “I will change the world.” “I am creating a better future for my children.” “I am able to operate at a much, much larger scale.” These thoughts are the first steps to a positive mindset.

Be careful to avoid turning these thoughts into their negative opposites. “I am not making the impact I should.” “How could someone like me change the world?” “I am trying to do my best.” “Why don’t they see how good I am?” Practice switching negative statements into positive ones.

Beginning today, I ask you to pay close attention to the way you think. Success will still take hard work, determination, and time. But with a positive mindset, your energy will be flowing in the right direction propelling you forward. Please do let me know how this is going for you—I’d love to hear your story of success!

By Beate Chelette

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