Catalyst Leadership Coaching

Women and MBA Degrees, Part II

2009-10-26T16:48:21Z

This blog post is a continuation of my look at women and MBA degrees. Part I looked at women who are currently in graduate school pursuing an MBA degree. You can read the previous post here.

Did you know that women account for only about a third of graduate business students in the United States? Why do you suppose men in the majority in MBA programs? It isn’t because women are being rejected by the schools. It’s because women aren’t applying to MBA programs at the same rate as men.

Given the fact that women are working outside the home in greater numbers than ever before, I was curious as to why more women weren’t seeking advanced business degrees.

I found an answer to that question in an article on cnnmoney.com by Anne Fisher. Fisher interviewed Elissa Sangster of the Forte Foundation to find out why women are reluctant to pursue MBAs. The Forte Foundation’s mission is to encourage women “to substantially increase the number of women business leaders by increasing the flow of women into key educational gateways and business networks.” The Forte Foundation was launched in 2001 after a study by the University of Michigan and Catalyst found four main reasons that women were not seeking MBA degrees. According to the article, these four reasons are still in play today.

Concerns about being about to handle responsibilities of home and work if they returned to school
Lack of female role models who have successfully managed this balancing act of home life, work, and school
Questions about whether they had the advanced math skills and quantitative background to handle MBA coursework
Little to no encouragement from employers to pursue an advanced degree

As I read this I couldn’t help but wonder if men have any of these same concerns. What do you think?

Women and MBA Degrees, Part II

Women and MBA Degrees

2009-10-26T16:55:41Z

As a woman with an MBA degree and someone who wants to see more women in the C-suite, I read with interest an article entitled Defining Workplace Dreams for Women MBAs in the September 28, 2009 issue of Forbes magazine. The article referenced a study by Universum, a research firm focused on employer branding. Universum surveyed 6,207 MBA students in the U.S., about 40 percent of them female, from over 50 top business schools.

Preferred Employers

Both genders selected Google as the most desirable employer. But, the sexes did not agree on the second and third preferred employers. Males selected McKinsey & Company (#2) and Goldman Sachs (#3), while women chose Johnson & Johnson (#2) and Apple (#3). That difference is likely explained by the industry that survey respondents selected as the one they’d ideally like to work in after graduation. Men choose management consulting, while women ranked marketing/advertising at the top of the list.

Salary Expectations

I was particularly struck by the differences between men and women on the subject of first-year salary expectations. I see this as evidence of our tendency as women to undervalue ourselves. Given the current state of the economy, the numbers are down from last year’s survey for both genders. However, the drop is much greater for the women than the men. Women expected $87,599 in annual base compensation, down from $91,142 last year – a difference of $3,543. Men expected $99,142 – a whopping $11,543 more than the women! And, it seems the men aren’t letting the bad economy put too much of a damper on their expectations. The drop from last year’s survey was a mere $818 for the male MBAs.

Career Goals

According to the survey, the top three career goals for the female MBA students are:

Work-life balance
Intellectual challenge
Opportunity to lead people

Note the absence of a competitive compensation package in that top three. Hummm… Maybe the students just assume they will be paid a competitive salary. Or, perhaps they are willing to give up some cash in exchange for meeting other career goals. I haven’t seen the full text of the Universum study, so I’m not sure where compensation ranked for the MBA students surveyed.

Defining Work-Life Balance

Work-life balance ranked at the top of the list of career goals in last year’s survey also. Fortunately, Universum is interested in knowing what work-life balance means to the female MBA students they surveyed. As it turns out, work-life balance means more than flex time and not having to work 80 hours a week. Below is an excerpt from the Fortune article.

“Work-life used to be shorthand for a reasonable balance between responsibilities in the office and at home,” says Rachele Farri, global director of employer branding at Universum. “Today we hear women MBA students saying things like, ‘I want the ability to be myself,’ ‘I want to be appreciate for what I bring to the table,’ and ‘I want to work for a company that places social responsibility and community involvement high on its list of corporate goals.’”

I’m very interested in the notion of work-life balance and what it means to women (and men). In future posts, I plan to discuss why women are reluctant to pursue MBA degrees and to share my thoughts on a new study from the Families and Work Institute and the emergence of the term “work+life fit.” In the meantime, I welcome your comments and feedback.

Have You Googled Yourself Lately?

2009-09-08T21:37:14Z

In talking with job seekers, I often ask if they are actively using social networking sites, notably LinkedIn, as part of their approach to landing a new job. I get a yes answer only about half the time. I strongly encourage these folks to build their profile on LinkedIn, start making connections, and seek recommendations from former colleagues, managers, and direct reports.

To add some credence to this recommendation, I now have some evidence that hiring managers are using LinkedIn and other social networking sites to screen job candidates. CareerBuilder conduced a survey of more than 2,600 hiring managers and found that the number of companies using social networking sites to screen job candidates has doubled over the past year. Of those surveyed, 45 percent say that they are conducting research on potential hires using one or more social networking sites.

The most common sites checked by hiring managers and recruiters are LinkedIn, Facebook, and MySpace. Additionally, a smaller number are checking out candidates’ blog posts (11%) and Twitter updates (7%).

Given the fact that more and more hiring managers are using internet searches to gather additional information about potential hires, everyone (regardless of their current employment status) needs to be vigilant about what they put out there in cyberspace. In the previously cited survey, 35 percent of employers decided NOT to hire someone because of what they found out about them on a social networking site. Their reasons included:

Inappropriate photographs
Negative comments about former employers or clients
Content illustrating poor communication skills

On the flip side, hiring managers may be positively influenced to extend a job offer to candidates whose profiles support their qualifications and indicate a good fit with the hiring company.

So, what’s a person to do?

First, determine what a hiring manager is likely to find if he or she searches for your name using Google and other popular search engines. If you find content that could leave a hiring manager with a negative or unprofessional impression of you, do what you can to remove or hide that content. Most social networking sites have privacy settings that can be adjusted to limit access to your full profile.

Next, create or update profiles on popular social networking sites that highlight your professional qualifications, strengths, and differentiators. In other words, build your personal brand. Add content that you would be proud to have anyone read.

So, have your Googled yourself lately?

Have You Googled Yourself Lately?

Today, Stability Trumps Other Forms of Recognition for IT Staff

2009-08-19T20:46:39Z

A couple of recent studies have looked at what companies can do to retain key information technology staff when there is no budget for raises. Slightly more than one-third of the technology professionals polled by Dice.com said that they want their company to give them a guarantee of job security. Who wouldn’t want that given today’s economic climate? However, I can’t imagine that many, if any, companies are willing to guarantee someone a job. If you know of such a company, write me and tell me about it.

So, what else did the IT professionals say that they wanted if they couldn’t have a raise? Well, 32 percent want company-funded training and certification classes and 31 percent chose flexible work hours. Now we’re talking.

The advantages of rewarding key staff with training is two-fold. One, you send a strong signal that you want to invest in your people. Something that many employees will remember when they are tempted to jump ship when the economy improves. Two, unlike a salary increase, the cost of a training class is a one-time expense.

So, what about flexible work hours? The fact that 31 percent of the poll respondents chose this may indicate that they don’t currently have a flexible work schedule. I’ve discovered that a flexible work schedule means different things to different people. To some, it may mean you can begin work at either 7:30, 8:00 or 8:30. To someone else, it may mean that work can be performed whenever and wherever desired as long as measurable goals are met. As a manager, if you think you are offering your people a flexible work schedule, find out if your employees agree.

The Dice.com survey offered four choices of reward in lieu of a raise. The least popular with just 2 percent of the vote was C-level recognition. So, a nice pat on the back from the CEO or CIO isn’t a good substitute for cash money. However, as discussed in my previous post, Inexpensive Ways to Show Employees You Care, don’t let that deter you from showing your team how much you appreciate them.

Inexpensive Ways to Show Employees You Care

2009-08-10T20:34:59Z

Last week I attended a meeting for human resource professionals. The dinner speaker talked about fun in the workplace – an unusual topic given today’s economic climate. The speaker’s examples of workplace fun were along the lines of employee parties, picnics, and catered lunches.

As I sat there, I had to wonder, who can think about having fun at work with layoffs, benefit reductions, and pay cuts? In the Q&A after the presentation, someone asked my question, but in a slightly different way. The audience member was concerned about how spending money for fun would be perceived by people both inside and outside the company. People might wonder if the money spent on a party could have saved a few jobs. The speaker did a good job of addressing this concern by discussing how important it is to engage the people who remain in your organization.

Engaged employees are more committed to the organization and are willing to go beyond the call of duty. Numerous studies have found a link between high employee engagement levels and positive business results. The opposite is also true.

As a leader, it is crucial to your company’s success to do what you can to boost employee engagement levels. Make it a habit to acknowledge and appreciate the people on your team. It doesn’t take a lot of money to say thank you and to show that you care.

For many years, I worked in senior management on contracts with tight margins. Translation—the money available to recognize and reward employees, beyond their normal compensation, was minuscule. I had to get creative to show my employees that I appreciated them.

It doesn’t cost a dime to talk to your people and really listen to what they have to say. Invest your time to get to know your employees on a personal level and help them achieve their goals through mentoring and coaching. Time and time again, when I ask people to tell me about the best manager they ever had, they will say something about how that manager took a personal interest in them and their success.

Another very inexpensive way to show you care is to write a note. And, I’m not talking about a quick email. Never underestimate the value of a personal, handwritten note to express your thanks and gratitude to someone on your team.

Here are a few other inexpensive things I’ve done in the past to recognize my team and have some cheap fun:

Put together a scavenger hunt that ended up at my home for lunch and an inexpensive prize for the winning team
Grilled and served hamburgers and hot dogs in the office parking lot
At Halloween, had a pumpkin carving and costume contest

What are you doing to boost employee morale and engagement in your organization?

Great Places To Work

2009-07-30T20:20:13Z

You’re probably aware of annual surveys that identify some of the best places to work in the U.S. A few companies seem to make these lists year after year, for example, Aflac, Google, Starbucks, and Whole Foods. What if there was an online job board that listed openings at these and other great workplaces? Well, there is – GreatPlaceJobs! Only jobs by certified employers are listed on the site. And, over 29,000 new job listings have gone up in the past 30 days. Check it out and let me know what you think.

Everything Changes

2009-08-04T15:07:01Z

In the past couple of weeks I’ve been reminded of how quickly things can change and not always for the better. Relationships that we thought were solid are now crumbling. Loved ones who were happy, healthy and vigorous are now sick and dying. Jobs that we thought were stable and recession-proof are suddenly gone. Homes that were our biggest investment have become liabilities.

And, is it just me, or does it seem like the pace of change is accelerating?

If you need proof that our world is changing at the speed of light, watch the 2008 update of the video Did You Know? on YouTube. Some of the statistics in this short video are absolutely astounding to me, including:

The largest English-speaking country will soon be China
The ‘hottest’ jobs in 2010 did not even exist in 2004 (for example, green jobs, social media marketing)
Today’s students will have 10 to 14 jobs by the age of 38
1 in 2 workers has been with their current employer less than 5 years

While I know that change is a fact of life and necessary for growth and development, sometimes it is hard to let go of ‘how it used to be.’ But, let go we must.

In his classic book, Transitions, William Bridges tells us that all change begins with an ending. Bridges recommends formally marking the end of what used to be with a ritual of sorts. I remember years ago, working for a company that was acquired. There was a lot of sadness and nostalgia for the way things used to be. A very smart person in our office (not me) organized a meeting to mark the end of the old company. The employees gathered together in the breakroom and ceremonially burned our old business cards. Then, we each received our new business cards imprinted with the acquiring company’s name and logo. There was even a cake to help celebrate our new beginning as part of a larger organization.

What big changes are you currently facing and how are you dealing with the transition?

Job Angels

2009-10-26T16:56:32Z

I was recently interviewed for a story in the Atlanta Journal and Constitution (AJC) on the grass-roots movement called Job Angels. This group and others like it are designed to connect job seekers with people who may be able to help them in some way. The piece was written by Laura Raines and appeared in the Sunday, June 28, 2009 edition of the AJC. You can read the article here.

If you are interested in being a Job Angel or seeking assitance from a Job Angel, search for this group on LinkedIn and join! Job Angels is also tweeting on Twitter. While you’re at it, be sure to invite me to join your LinkedIn network and sign up to follow me on Twitter.

Reinvent Yourself

2009-06-15T17:29:01Z

Last week I met with a mid-career female who is in a job search. She asked me what I thought of the concept of ‘reinventing yourself.’ Specifically, she wanted to discuss the pros and cons of reinvention. I had never been asked this question before so it took me a few moments to formulate an answer. And, I’m not sure I answered her question because I simply told her that I was on my fourth career, but I never considered these career changes as reinventing myself. Instead, I see my own career changes as a journey of discovery and growth. Whenever I realized that I was not happy, not learning, or not making a meaningful and positive difference in the world around me, I knew it was time to move on.

For some people, the idea of reinvention seems huge, daunting, and a scary proposition. These folks may be thinking, “I’ve put a lot of time and energy into building this career and I can’t just throw it all away and start over.” That is certainly one perspective, but there are plenty of others. Here’s one that might just help someone move forward instead of staying stuck in the comfort zone: “I’ve learned so much in this career and I’ve gained competencies and strengths that can help me successfully transition to another area that really interests me.”

Think about some well-known people who have reinvented themselves. Every former US President has had to reinvent himself after leaving office. The same can be said of famous athletes who retire from professional sports. As they transition into philanthropy or business or whatever, they build on their existing foundation of experience, skills, and knowledge. Imagine you are a one story building and you want to be a two story building. If you have a strong foundation, you can build a second story on top of the first one. You don’t have to tear down the house and construct an entirely new two story structure.

We all need to get comfortable with the idea of reinvention because the days of staying in the same job, same company, and/or same profession for a working lifetime are long gone. In fact, young people entering the workforce today will likely have four or five different careers and dozens of different jobs over their working life.

Regardless of your age and career stage, you can reinvent yourself. Enjoy the journey!

Just Dance

2009-06-02T16:00:49Z

A friend sent me this link to a YouTube video of Ellen DeGeneres’ commencement speech at Tulane University. Ellen’s advice to the new graduates includes ‘be true to yourself’ and ‘just dance.’ Watch the video, and then ask yourself a couple of questions.

Ellen Degeneres Commencement Speech

How do you define success?

Now, answer another question. Is that your definition or someone else’s?

I confess that I spent way too much of my precious time and energy trying to achieve other people’s versions of success. From the outside, I looked successful by most people’s standards. I had the trappings of success – good job, income, education, etc. But on the inside, I often felt like I was wearing clothes that didn’t fit.

Thankfully, over the past several years, I’ve been on a journey to rediscover what makes me wonderfully unique. I’m redefining success and expressing parts of myself that I suppressed in the past. And, best of all, I’m dancing again!

What does success look like for you?