Executive Women's Networking Blog : Women Executive News & Information : Epstein Becker Green Law Firm : Business Development, Women Lawyers, Female Business Leaders

Because of today's unstable job climate, it's not unusual for professional women to develop a "me vs. them" attitude towards co-workers in an effort to defend their turf and opportunities.

While our troubled times may breed such negativity and competition, Sylvia Ann Hewlett has seen the opposite--professional women lending a helping hand to each other. In the Forbes.com article "Ding, Dong, The Witch Is Dead," Hewlett writes that some professional women are participating in a new way of networking by forming "personal boards of directors" or networking peer groups that offer advice and support to help colleagues weather the recessionary storm and find new jobs.

Hewlett's article spotlights Subha Barry, Merrill Lynch's former head of global diversity. When Subha felt that her career would be jeopardized by Bank of America's acquisition of Merrill Lynch, she "convened a personal board of directors: a diverse group of eight professional women from banking, accounting, human resources and the law." As the article notes, the board members weren't Subha's best friends, but people who knew her from prior jobs and professional associations. The board identified Subha's "strengths, values, goals, options and next steps," offered advice on which job fields to pursue, and put her in touch with others who could provide further assistance. Subha noted that her personal board gave her a feeling that she always had people to turn to.

The article also provides examples of other peer groups, including Lehman Brothers' alumnae, who recently created a network that provides women with "emotional support, practical assistance, and professional development."

I highly recommend that you read Hewlett's inspiring article, as well as the accompanying slideshow "In Pictures: Seven Tips for Great Networking," which contains more useful networking advice.

Have professional women formed networking groups at your company or have you encountered such groups outside your work? If yes, please let us know your experiences with them.

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I found an excellent article in the Negotiation newsletter that I wanted to share with you on the topic of "women negotiators." (See my March 13, 2009 post for information concerning the EpsteinBeckerGreen Women's Initiative networking event on this topic.) The article, What happens when women don't ask, focuses on the pitfalls that women encounter when they try to negotiate -- or fail to negotiate -- to advance their interests. The article also provides advice on how women should ask for what they need without creating a backlash. You can access a copy of the article HERE.

Negotiation is a monthly newsletter published by the Program on Negotiation at Harvard Law School, and for more information, please visit: www.pon.harvard.edu. The Program on Negotiation home page features more information about the Negotiation newsletter and offers a complimentary article to download. 

Are you encountering any obstacles or pressures that dissuade you from negotiating to advance your interests? 

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Two interesting articles were published this month that highlight current pay disparities between men and women.

In the New York Times article entitled "Why Is Her Paycheck Smaller?" (March 1, 2009), author Hannah Fairfield asks why women still continue to earn less than men do in the same job. She then provides some answers--such as men typically have more experience and log in more hours than women. Also, women tend to work in the lower-wage service sector, while men pick higher wage jobs in management and business. The article also features an interactive chart where you can learn how much more or less women earn than men at specific jobs.

Meanwhile, The Bureau of National Affairs' Daily Labor Report (DLR) states that the share of nonfarm payroll jobs held by women actually increased during the first year of the recession (see "Economic Outlook: Women Boost Share of Jobs in First Year Of Recession, Near Historic Parity With Men," March 2, 2009). Even though women lost 617,000 jobs in 2008, men lost 2.4 million jobs during the same period and account for almost 80% of all job losses. By the end of 2008, the men's share of the U.S. workforce fell to 51.7%. If this drop continues, women may soon make up the majority of the workforce. However, even if women and men reach numerical equality in the workforce, the article notes that women are still far from achieving equality in pay.

Equal pay is a hot-button issue these days because more and more families depend solely upon women's earnings to meet their financial obligations. Obviously, these families want the "mommy breadwinner" to earn as much as men, so that there's more money to spend.

Both articles mention some of the steps that the U.S. government has taken to equalize pay among men and women. For example, the recently enacted Lilly Ledbetter Fair Pay Act of 2009 expands a worker's right to sue his/her employer for inequality of wages. Also, as Representative Carolyn B. Maloney (D-N.Y.) noted in the DLR article, President Obama's $787 billion economic stimulus program "contains significant efforts to save or create jobs in education and the service sector, where women dominate."

What opportunities are presented for women in the wake of an "economic tsumami"?  How can we position ourselves in the new economy to take advantage of the changing professional environment?

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Please join me at this great upcoming event:

"Why Women Don't Ask"

An Evening Networking Event sponsored by the EpsteinBeckerGreen Women's Initiative.

Featuring Guest Speaker Victoria Medvec, Ph.D., Executive Director of the Center for Executive Women, Kellogg School of Management, Northwestern University.

Many successful and accomplished women find it difficult to negotiate for themselves. In an interactive program, Professor Medvec will explore the reasons why women don't ask and the consequences of not negotiating. She will offer tips and strategies for getting ahead - and for getting what you want.

Date: Thursday, April 30, 2009

Time: 5:30 - 8:30 p.m.

Location: Estrela Penthouse, Le Parker, Meridien, 119 West 56th Street, New York, NY 10019

Registration Fee: $25.00

To register, click here.

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The Spencer Stuart Board Index 2008 recently caught my attention and I would like to share a few of its findings. The index examines the state of corporate boards and governance among S&P 500 companies, and looks to see how boards have changed during the past decade. Although not focused solely on women, the index outlines changes in the corporate governance landscape that could mean major opportunities for first-time women directors, and for women who want to serve on corporate boards but who are not an active CEO.

The index's statistics indicate that more and more women are serving on S&P 500 boards:

• Eighteen percent of new directors are women (while that percentage is slightly lower than in recent years, it's higher in the longer term).
• Almost 89% of S&P 500 boards include women (up from 85% in 2003).
• Fifty-six percent of S&P 500 boards include two or more women directors, while 16% include three or more women directors (up from 41% and 11%, respectively, in 2003).
• Women make up 15.7% of independent directors (that's an increase from 13.1% in 2003).
  I'm pleased to see those findings and hope that the percentages continue to rise.

I recommend that you read the Spencer Stuart Board Index 2008 and tell me your thoughts. Has your company made an effort to increase the number of women directors? At my firm, two women attorneys serve on the board of directors, and we're trying to add more.

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The current issue of Women Legal Magazine features a "masterclass" article that I wrote called "Showing the Way: A how-to guide to launching a successful women's initiative." Although tailored to law firms, the information provided in the article can apply to women's initiatives at other types of firms and companies.

I note in the article that, traditionally, women haven't been given the same opportunities as men to become leaders and business generators. However, a women's initiative focused on business development can level the playing field by providing women with the training and skills needed to bring in new clients or customers and enhance the firm's reputation and revenue.

What are the factors of a successful women's initiative? In a nutshell, I believe that the initiative must start with:

• Commitment (women perceiving a need for the initiative)
• Feedback (finding out your women's needs and tailoring the initiative to them)
• External focuses (creating activities that showcase women's talents outside the firm) and internal focuses (providing resources to enhance women's business development skills)
• A business plan that includes a mission statement, an organizational structure of the initiative, and benchmarks for success
• Financial and other support from the firm's leadership  

Once created, the women's initiative needs to establish the following programs to achieve its business development goals:

• Mentoring
• Networking
• Marketing/Self-Promotion  

It might surprise you that men and women may fear that an initiative will provide women with unfair, special treatment. However, such fears are unfounded because when a woman becomes a better business generator, everyone at her firm will benefit.

The initiative also must toot its own horn. The article mentions that marketing and public relations departments need to spread the word about the initiative's activities and accomplishments and keep women informed of upcoming events. Such publicity also helps bolster the firm's reputation as a good place for women to work.

Finally, my article recommends regularly monitoring the results of the imitative and making adjustments to reach stated goals.

I invite all of you to read "Showing the Way: A how-to guide to launching a successful women's initiative" to learn more about the points mentioned above, and then share your thoughts. Has a women's initiative helped you in your career?

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The Wall Street Journal recently featured an interesting article entitled "Women Leaders by the Numbers," which highlights the progress that women have made in business and politics, as well as the barriers to advancement they continue to face. 

The good news is that women leaders are making a positive impact. The article points out that the next session of Congress will include more women Senators and Representatives than ever before. Also, research reveals that the public seems increasingly comfortable with the idea of a woman leader in 19 key jobs. Women-owned businesses are growing faster than other U.S. firms, and Fortune 500 companies with the most women leaders experience a financial advantage--that is, "a 35% higher return on equity and a 34% higher total return to shareholders than those with the least number of women." 

The bad news is that only 20 percent of the top leadership roles are held by women. It's rare to find a woman CEO at a Fortune 500 company. Studies show that the public still perceives men to be better leaders at jobs requiring assertiveness and forcefulness. Because women are not properly represented in most traditionally male-dominated industries, that perception is unlikely to change anytime soon.

The article ends on a high note, by indicating that our struggling economy may give women more chances to lead. Because women are "good consensus leaders" and "good team leaders," they may be better suited than men to help their companies stay afloat during the maelstrom created by the recession. 

I highly recommend that you read "Women Leaders by the Numbers" and tell us your thoughts. Are more women obtaining leadership roles at your company?

At my law firm, EpsteinBeckerGreen, there has been a concerted effort to create more women leaders. Our women's initiative provides training and opportunities to enhance business development and leadership skills. I'm pleased to report that two of the five core practice steering committees at my firm are now led by women.

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Our good friend and colleague, Lynn Shapiro Snyder, recently wrote an intriguing op-ed article for Pink magazine online entitled "Hillary, Sarah and Wall Street." In her article, she notes that two high-profile politicians -- Hillary Clinton and Sarah Palin -- have changed the image of leadership in a way that can benefit women in corporate America. Lynn raises a good point by noting that if a man is ready to select a female candidate as the president or vice president of the U.S., he also should be ready to select a female candidate to help run his company, as either a board member or CEO.

Lynn authored the article in her capacity as the founder and president of the Women Business Leaders of the U.S. Health Care Industry Foundation. This is a great foundation which helps senior executive women in the health care industry improve their businesses and grow professionally.

We highly recommend that you read Lynn's article, which is available by clicking here.

Please give us your thoughts on whether the women of the 2008 elections will make a positive difference in corporate America. Will it be reflected in increased participation in leadership positions?

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We recently read an article that disputed the value of programs or organizations devoted to the networking of women, which made our blood boil. The author of the article, “Death by Committee: Is a Women’s Initiative Meeting Worth Your Time?” American Lawyer Magazine (June 3, 2008), asked, are women's initiatives adding value to the women they serve? Are they useful to the organization? Do they espouse skill building and networking that are necessary for advancement? The author also proposed that women's initiatives "may do more harm than good."

As the founders of the EpsteinBeckerGreen Women’s Initiative, we couldn't disagree more with that proposition. After all, we’ve seen first-hand the positive impact of our programs on EpsteinBeckerGreen’s women attorneys. We wrote a Letter to the Editor of American Lawyer Magazine in defense of women’s initiatives. We noted that the author of the June 3rd article assumed that the only worthy purpose of a women's initiative is to focus on work/family and related issues. However, that simply isn't the case. Women's initiatives that focus on increasing a women’s access to potential clients through internal and external networking and strengthening leadership skills through mentoring are also extremely valuable to women.

A copy of our complete Letter to the Editor is set forth here. We want to know what you think of women's initiatives. Have they helped you in your career?

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