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Harvard digs into how several women broke the glass ceiling

(BUSINESS NEWS) At an increasing pace, the glass ceiling is being shattered, but what did it ACTUALLY take for individual women to do just that?

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More than ever, women are breaking the glass ceiling in businesses. However, progress is still very slow, with the number of women CEOs of Fortune 500 companies only increasing little by little each year.

The Rockefeller Foundations’ 100×25 initiative hopes to have 100 female CEOs of Fortune 1000 companies by 2025. To this end, they’ve given a grant to Korn Ferry, a recruiting firm, to find “research-based tools and strategies” for launching more women into executive positions.

Korn Ferry teamed up with Harvard Business Review researchers to interview and assess 57 female CEOs to find out the plot points and personality traits led to their business success. From these observations, they’ve made some crucial recommendations for how companies can get more women into top positions. Here’s what they discovered.

First of all, the study found that women had to work harder and longer to get to the top than men. They held more positions, worked for more companies, and were an average of four years older than their male counterparts.

Secondly, the study also found that female CEOs were motivated by different factors than male CEOs. They were less interested in status and rewards than they were in collaboration and in participating in something that would contribute positively to company culture or to the community as a whole.

The study also identified four common characteristics of female CEOs: courage, risk-taking, resilience, and managing ambiguity. Breaking the glass ceiling in and of itself required women to face fears, take on challenges, and stay in the fight even when discouraged.

Despite these powerful personality traits, female CEOs were found to be more humble than male CEOs. They spent less time promoting themselves and were more likely to be thankful for their coworkers and supporters, and to give credit to others for their successes or their company’s successes. Female CEOs saw themselves as a part of a team and understood that no single person was responsible for defining the company or making it successful.

The study discovered that very few female CEOs had envisioned themselves making it that far. Only five grew up dreaming of being a CEO, and two-thirds said that they didn’t even think about being a CEO until a mentor or boss encouraged them.

Lastly, the study found that female CEOs had strong backgrounds in STEM, as well as business, finance, and economics. None of the CEOs started their careers in human resources, a department that is often heavily staffed by women.

From these findings, the researchers made several suggestions to strengthen the “pipeline” of women into top positions. This included identifying women with potential earlier and giving them more opportunities and guidance, including mentors and sponsors. It also suggested describing leadership roles in terms that resonate with women by showing how the role will give them a chance to add value to the business and do something positive in the world.

Finally, the researchers warned to beware of the “glass cliff,” wherein women are only given leadership opportunities when the company is in crisis or when there is a high chance of failure. Instead, companies are encouraged to give women a chance when the brand is doing well, or if you must put them in a high-risk position, help them bounce back so that it doesn’t ruin their career.

Read more on the study at Harvard Business Review.

Ellen Vessels, Staff Writer at The American Genius, is respected for her wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when she's not writing, and has a passion for sustainability, social justice, and the arts.

Business News

How eBay can survive the Amazon era

(BUSINESS NEWS) eBay has long been an ecommerce powerhouse, but Amazon is now most folks’ first stop – how can eBay survive?

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While some of us are still lamenting the eBay-PayPal Break Up from three years ago, focus has shifted to the stock battle between the two brands of late, while most are wondering – how long does eBay even have as Amazon sucks all of the oxygen out of the room?

The ecommerce giant faces some heavy competition from Amazon and other online retailers and needs to reinvent its image if it’s going to thrive. Barely a year ago, nearly 15 percent more sellers were listing products on both ecommerce sites, but the trend towards Amazon has accelerated rapidly. The competition is even more messy given that eBay is very likely about to sue Amazon for poaching sellers.

How eBay moves forward will have a lot to do with how it rebrands itself. They have a huge marketplace, and unlike Amazon, they don’t continually put sellers in a position of peril. eBay represents an opportunity for big brands to sell not only on their own websites, but through a trusted, well-established seller who has been around for a long time (as summarized by ChannelAdvisor).

The brand has a number of woes to overcome to work with retailers, especially as Amazon boasts an impressive search engine optimization and is many people’s first stop shop. And Amazon’s reputation is, well forgive the joke, in Prime health – whereas some sellers still pass up Amazon to sell the slightly-attractive-but-isn’t-our-aesthetic dishes received as an inheritance or gift (despite the fact nearly 81 percent of items sold on eBay are brand new).

And the start of fixing that image is better marketing, and emphasizing what their strengths are, most notably:

  • eBay has a stronger global presence, and is in over 25 countries.
  • The relationship with sellers is much more positive – eBay is essentially a platform and a partner, an online storefront.
  • It’s much cheaper for sellers to sell than on Amazon (although it offers much less in terms of services).
  • You have more control over your brand than with Amazon, as again, it’s not competing with you.
  • The conversation around eBay is ongoing, and how the company appeals to large retailers and develops this brand is something sellers will be monitoring, because colorful tv ad campaigns won’t be enough to keep them afloat.

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Price-predictable subscription to legal help for startups

(BUSINESS) Startups in growth mode need extra help, and legal services is not where successful companies cut corners. Check out this subscription option for your growing company.

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If you’re running your own business or are planning to start one, legal help is probably low on your list.

Most of us have access to free resources from your local Chamber of Commerce or state website, or may have a “friend” who can help you with the forms and other things.

For a lot of things, a DIY attitude won’t cost you much. You could float your own drywall for example. But when it comes to the law, you must trust an expert. Trying to cut corners on legal expenses can cost you a lot in terms of liability or lead to a few headaches, disputes, and litigations. And even if it didn’t cost money, it will cost you time.

Fortunately, you may not have to pay a lawyer directly, as there are several online solutions, including LegalZoom or LegalShield that can help you with forms, provide advice or help you get your business started. Legal advice could cost you hundreds per hour, but it doesn’t have to be that way.

Although online legal services are available, one thing that may be challenging for startups is that it can be difficult to budget for: cost transparency isn’t always available and it may be contingent on demand, time and resources.

Atrium is legal firm specifically designed for startups. This firm was founded by Twitch founder Justin Kan, and Silicon Valley lawyer, Augie Rakow in response to what his needs were as a startup: fast, reliable, and transparent services.

To date, Atrium boasts 890 completed startup deals; $5B raised by companies, and 10 companies started by it’s members. Atrium breaks down its services into four areas:

Atrium Counsel – which provides standard day to day legal processes, including board meetings, NDS, contract/personnel review, etc. – this is available as a subscription service or if you have unique needs, there are special projects available.
Atrium Financing – to help work with venture capital transactions and help explain the deal and it’s process, including upfront price estimates for advice with pitches.
Atrium Contracts – to help with contract review and form generations.
Atrium Blockchain – to help provide legal advice on the many regulatory issues involving blockchain issues.

Atrium’s major competitive advantage is the end of the billable hour paradigm and the focus on subscription models. This is great for a startup in growth mode because you can get a lot of value for a fixed price.

That said, Vitality CEO, Jamie Davidson said, “Just had a call with these folks. You pay a minimum of $1K a month (based on your company size) to be able to ask them questions. You then pay above-market prices for actual legal needs, like privacy policy/TOS generation ($5K), GDPR ($10+K), etc. Our current lawyer does not charge me to ask him questions, but he does charge for actual legal work.”

Others have noted Atrium’s technological advantage and expertise, so mileage could vary.

If you find that community resources aren’t available or not meeting your needs, Atrium could be the service that helps take you to the next level. If you’re considering shopping for legal services, check out Atrium’s site, get to know their team, and see if it’s the right fit for you. The bottom line is that there are a lot of places to cut corners for your growing business, but legal services are not one of them.

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Business News

Courts to decide if ‘overqualified’ is being used as a code word for ‘too old’ to hire?

(BUSINESS) Many have long held that job seekers are told they are “overqualified” when some employers mean they’re just too old and they’ll carry higher cost and leave quickly. The court system is considering this contentious topic as we speak.

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According to AARP, “age discrimination in the workplace is alive and well.” But a case before the U.S. 7th Circuit Court of Appeals in Chicago questions whether older job applicants can sue for certain biased recruiting practices.

The Chicago Tribune reports that the case “raises a critical question about whether job applicants can pursue” a lawsuit raising the argument whether the federal Age Discrimination in Employment Act (ADEA) protects external job applicants.

Therefore, the question is, does 'overqualified' truly mean an applicant doesn't have the right qualifications, or is it a code word for someone being too old to hire?Click To Tweet

The case is Kleber v. CareFusion Corp digs into this challenge. Dale Kleber applied for a position with CareFusion. The job description asked for “3 to 7 years (no more than 7 years) of relevant legal experience.” Kleber had decades of experience, after all he was 58. The company never even interviewed him.

They ultimately hired a 29-year-old to fill the position. CareFusion insists that Kleber’s age had nothing to do with him not being considered for the role. Kleber argues that “overqualified” is a code word for “too old.”

The case has been working its way through the courts. The first judge dismissed the claim, ruling that the statue doesn’t cover external applicants, but that decision was reversed on appeal by a three-judge panel of the 7th Circuit which stated it “could not imagine” that Congress intended to only protect internal applicants from age discrimination.

CareFusion was given a rehearing in front of the full court in September. Depending on their ruling, the case could go before the U.S. Supreme Court.

What does this mean for you?

This case is just one of many that attorneys are filing with various courts. There is a case in Arizona in which two firefighters, the oldest in the district, were let go due to their age. Age discrimination could affect anyone, because everyone eventually becomes eligible. The courts are conflicted over the types of protection offered by the ADEA, but it’s also difficult to prove when age discrimination has occurred.

For small business owners, it’s imperative that you look at your hiring practices. Think about your recruiting practices. Do you simply look for talent at your local college? You miss valuable talent if you’re not looking at older applicants, and people are working well into their 70s these days, no longer retiring early. Think about the connections and experience an older team member could bring to the job.

If you (or your company) refuse to care about any of those things, fine. But consider this – based on the results of this and other lawsuits, you could be opening your business to being sued if you overlook age in the recruiting and hiring process.

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