Gender imbalances persist today
In many European countries, gender quotas on corporate boards have been in place for several years, first in Norway, then Spain, France, Italy and the Netherlands The European Union Commissioner is pushing for quotas in companies as well, stating1 that companies have done little to remedy the disparity between male and female leadership. The quotas could be implemented in coming years if the gender imbalances persist.
Quotas are a contentious issue in Europe, but an even more hot button topic in America. The problem internationally with how the gender imbalance is being portrayed is that when companies report this data, they do not cite stats for the entire company, rather, it is female leadership and management that is reported, and those numbers are admittedly improving in the U.S.
But not so fast – the numbers being reported as women in leadership roles is not necessarily C-level executives, and more often than not, it is low level management being portrayed as female leaders, so just promote a few gals into lower management and your company has solved the gender gap crisis, right?
Not only is reporting flawed and skewing how the dilemma is being portrayed, a new Wall Street Journal (WSJ) report2, there is a dramatic preference for promoting men over women. Here is how the gender balance breaks down by each level, according to the WSJ:
- Graduate entry level – 53 percent female, 47 percent male
- Director level – 35 percent female, 65 percent male
- Senior level – 24 percent female, 76 percent male
- C-suite – 19 percent female, 81 percent male
Gender imbalances, what is the cure?
A recent report3 unveils that Millennial businesswomen do not ask for raises or promotions as often as their male counterparts, which is fascinating, as the generation grew up under the mantra that we are all equal, no matter our gender, race, or religion. Other generations that were not raised under this banner are also likely to be comprised of women that do not insist on promotions or raises.
For years, I have personally written on the topic of gender equality and have taken the unpopular stance that there is no such thing as a glass ceiling, and that women must not fear being considered a bitch at work if that is what it takes to succeed, and must never see themselves as inferior, particularly when their experience and education level is on par with or better than their male counterparts.
The idea that women are not as assumptive about raises or promotions is a clear indicator that the glass ceiling is somewhat self-imposed, but there are things our nation can do to make progress with gender equality at work without having to follow Europe down the path of gender quotas.
First, reporting must be accurate. Saying a company has a 50/50 balance between men and women, yet there are no C-suite executives that are female, only 5 percent in the senior level, but a massive number in the director level, the reporting is nothing more than back-patting and a back door way to show gender equality.
Secondly, women must push harder and insist on promotions and raises, because their male counterparts are doing it assumptively. Take away the self-imposed glass ceiling and our gender gets one step closer to equality.
Third, new leaders, young leaders must evaluate their company culture. Is twisting numbers a reasonable way to solve a company’s gender inequality problem, or is really looking at the culture a more effective path toward long term change? That’s a rhetorical question.
Lastly, as we’ve written about several times, encouraging young women, mentoring young women, and providing tools for their entry into the workplace as more than a receptionist. STEM (science, tech, engineering, and math) careers are always short female talent, and the pool employers have to choose from is very small, so encouraging and empowering young girls to be interested in STEM careers is the best way to bridge the gender gap in the long run.
There are many excuses companies can make as to why the gap exists, and many excuses women can make for themselves as to why they are not in leadership roles, but with improved reporting, improved culture, and mentorship of young women, the next generation has a chance at making some real headway on the gender imbalance dilemma.
Etsy is trying on second-hand fashion with purchase of Depop
(BUSINESS NEWS) With the younger generation moving away from fast fashion, it makes sense that Etsy has acquired one of the most popular Gen Z second hand apps.
Over the last few years, sustainable shopping has been a bullet point in the large-scale topic of the environment. Burning through clothing by disposing of old clothing and shopping from places specializing in “fast fashion” is causing damage to the earth.
According to the UN Environment Programme, the fashion industry is the second largest consumer of water and is responsible for 8-10% of global carbon emissions – more than all international flights and maritime shipping combined.
As a result, shopping second hand has become more popular, as opposed to mass-produced fast fashion. Online platforms like Poshmark and ThredUp have grown tremendously over the last 3 to 5 years.
Etsy paid $1.6 billion to acquire the UK-founded company, which has attracted a younger, Gen Z-based audience due to its social media use and messaging on shopping in an ethical and environmentally-friendly fashion.
Etsy CEO Josh Silverman said the company was “thrilled” to be adding what it believes to be the “resale home for Gen Z consumers” to Etsy. Depop has approximately 30 million registered users spanning 150 countries.
“Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale,” Silverman said in a statement Wednesday.
“We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous ‘house of brands’ portfolio of individually distinct, and very special, ecommerce brands.”
Due to the COVID-related e-commerce boom, shares of Etsy have more than doubled in the last year. The stock was up about 6.7% Wednesday afternoon.
According to data from Crunchbase, Depop had raised a total of $105.6 million from investors including General Atlantic, Creandum, Balderton Capital, Octopus Ventures and Klarna CEO and co-founder Sebastian Siemiatkowski, prior to their agreement with Etsy.
With fashion being so cyclical, it may be safe to say that second hand will never fully go out of style.
What are your thoughts on resale apps being the answer to fast fashion woes? Let us know in the comments.
As masks become optional, businesses find themselves stuck in the middle
(BUSINESS NEWS) One liquor store’s decision on mask policy following changes in local laws has become a recurring story throughout the nation.
The American mask debate has comprised a whirlwind of clashing political ideologies, legal dilemmas, and personal agendas, with businesses placed directly in the middle of the storm. As the pandemic continues to run its course, a disparity in state mandates and legislation is only serving to increase the strain on these establishments.
With increased access to vaccines and several states rolling back their COVID guidance, the option to wear—or not wear—masks is becoming more discretionary, with businesses often having the final say in whether or not they expect masks to be used on their premises. One such business, a liquor store, posted a notice regarding their staff’s decision to continue wearing masks:
“In accordance with Johnson County mandates: Masks are now optional. Please do not berate, verbally assault, or otherwise attack the staff over their choice to continue wearing masks.”
The notice went on to say, “It is painfully depressing we have to make this request.”
That last line epitomizes many business owners’ stances. Places across the country have started allowing customers to discard their masks with proof of vaccination, but if employees choose to keep their masks for the time being, it’s difficult for clients not to view it as a kind of political statement—despite their decisions often being corroborated by local laws.
And, as long as businesses continue to operate within the confines of those laws, their decisions should be free from public scrutiny.
Sadly, that’s not what’s happening as evidenced by the notice posted by the liquor store in Johnson County. The same disparity that allows for some freedom despite COVID still being present in many Americans’ lives often leaves those who choose not to wear masks to conclude that those who do wear them are being judgmental or unnecessarily cautious.
Those judgements work in reverse as well, with businesses who allow their employees to work maskless facing criticism from masked clients. It seems that the freedom to choose—something for which people strongly advocated throughout the pandemic—continues to cause separation.
As businesses change or adapt their regulations to fit state mandates and employee (and customer) concerns, everyone would do well to remember that the decisions these establishments make are usually meant to affect some kind of positive work environment—not to welcome harassment and abuse.
You should apply to be on a board – why and how
(BUSINESS NEWS) What do you need to think about and explore if you want to apply for a Board of Directors? Here’s a quick rundown of what, why, and when.
What does a Board of Directors do? Investopedia explains “A board of directors (B of D) is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight. Every public company must have a board of directors. Some private and nonprofit organizations also have a board of directors.”
It is time to have a diverse representation of thoughts, values and insights from intelligently minded people that can give you the intel you need to move forward – as they don’t have quite the same vested interests as you.
We have become the nation that works like a machine. Day in and day out we are consumed by our work (and have easy access to it with our smartphones). We do volunteer and participate in extra-curricular activities, but it’s possible that many of us have never understood or considered joining a Board of Directors. There’s a new wave of Gen Xers and Millennials that have plenty of years of life and work experience + insights that this might be the time to resurrect (or invigorate) interest.
Harvard Business Review shared a great article about identifying the FIVE key areas you would want to consider growing your knowledge if you want to join a board:
1. Financial – You need to be able to speak in numbers.
2. Strategic – You want to be able to speak to how to be strategic even if you know the numbers.
3. Relational – This is where communication is key – understanding what you want to share with others and what they are sharing with you. This is very different than being on the Operational side of things.
4. Role – You must be able to be clear and add value in your time allotted – and know where you especially add value from your skills, experiences and strengths.
5. Cultural – You must contribute the feeling that Executives can come forward to seek advice even if things aren’t going well and create that culture of collaboration.
As Charlotte Valeur, a Danish-born former investment banker who has chaired three international companies and now leads the UK’s Institute of Directors, says, “We need to help new participants from under-represented groups to develop the confidence of working on boards and to come to know that” – while boardroom capital does take effort to build – “this is not rocket science.”
NOW! The time is now for all of us to get involved in helping to create a brighter future for organizations and businesses that we care about (including if they are our own business – you may want to create a Board of Directors).
The Harvard Business Review gave great explanations of the need to diversify those that have been on the Boards to continue to strive to better represent our population as a whole. Are you ready to take on this challenge? We need you.
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