Recently, Goldman Sachs shook the business world by announcing that starting July 2021, it will no longer help companies perform IPOs unless said companies include diversity on its board, with a focus on women. What this decision also means is a significant departure from the all-white, all-male boards that have been the rule for so long, at the expense of the much necessary gender diversity that has been proven to be so beneficial to businesses.
This push for diversity comes right on the heels of much debate by policy experts and lawmakers alike around the lack of gender diversity in the C-suite and boardroom. The MIT Sloan School of Managementactually reveals that while women occupy about 1 in 5 seats on the boards of S&P500 companies, most boards are still mostly composed of men.
Yet, change is certainly looming on the horizon. The state of California passed into law the requirement to have at least one female director on the board of California-based public companies. In addition, companies with board members of 6 or more individuals are required to include at least three new female directors.
As one of two women of color sitting on the board of a not-for-profit organization, I can see first-hand the advantage and influence that gender diversity can bring to companies. The unique perspective, management style, business savvy, and community outreach, among other factors, that women bring to the table, literally can change an organization for the better. If women constitute 50% of the world population, does it make any practical or business sense to keep them out of the boardrooms where decisions for 100% of the population are made?
While there’s still certainly a long way to go, what this means for working women and gender diversity is that there is finally some flicker of a light at the end of the gender diversity tunnel. In more concrete terms, the repercussions are not only motivating but also of a historical proportion:
There are more incentives for companies to adopt gender diversity
Unfortunately and fortunately, it’s mostly through legal change and business/social incentives that gender diversity may be allowed by the institutions and people who are still resisting it. In this sense, it is up to all of us to create the platform to generate these incentives and legal changes that will drive gender diversity forward, as in the example of Goldman Sachs and the state of California.
This is a motivating factor for women to stop fearing sitting at the table
For many business women, especially minority women, sitting at the board of a company may seem like a far-fetched dream. However, every day that we are advocating for gender diversity, we are removing one piece of this opposing wall. It’s a great motivating factor to see that not only is it possible to crush this wall, but that it’s our responsibility to do so.
It’s a win-win for businesses, women and society at large
All in all, increasing the gender diversity on boards is a win-win for all. Businesses win, as their IPO performance, and general performance, is proven to be better when there is at least one woman on their board. Women win, as we extend the fullness of our potential to serve and impact the industries and businesses that in turn impact the world. Society wins, as we all change the meaning of true diversity for the better.
Welcome to the Let It Be Friday!, where I say hello (and TGIF), and round up the lifestyle, career and business news that inspired, excited, made me smile (or laugh out loud).
This week, we mourned on Sunday the loss of iconic basketball player and sports legend Kobe Bryant, who tragically passed away in a helicopter crash along with his 13 year-old daughter Gianna and all the other passengers. As we honor all the lives lost, we remember Kobe’s love for his daughters, celebrated with the #girldad hashtag and movement on social media.
However, we celebrate, along with Black Enterprise, legendary actress Cicely Tyson’s induction in the 2020 TV Hall of Fame, as well as our FLOTUS FOREVER Michelle Obama winning a Grammy Award for the audio version of her book “Becoming”.
Worried about potential health problems? US News lists 6 things all employees should know about the Family and Medical Leave Act.
Are you a new mom? Working Mother lists the 12 most unsolicited pieces of advice new moms get.
‘Tis the season for colds and flus! Business Insider details the work rules around getting sick at work.
Couples alert! If you need romantic dinner ideas, Food52 has gathered 10 date night menus, right on time for V-Day.
In 2020, women want equal rights. Refiney29 lists all the US laws that as women, we should know.
Want to make your home a haven of peace, especially after those hectic days at work? Forbes lists Marie Kondo’s best tips to make your home a relaxing space.
Are you planning for your future and that of your family this year? The Corporate Sister explains 3 basics of estate planning for working moms.
Looking for new reads? The New York Times recommends these 10 new books this week.
As working women, many of us have been conditioned to favor hard rather than soft skills at work. For the longest time, soft skills such as negotiating, listening, public speaking, or writing skills, to cite a few, were relegated to the background, in favor of hard skills considered to be directly relevant to the job at hand. These are examples of soft skills to keep in mind:
Communication: Being able to articulate and communicate your ideas effectively is paramount to not only starting, but also ascending, in your career or business.
Critical Thinking: Are you able to come up with unique ways to complete the tasks at hand, or think on your feet when a new challenge arises? More than pure, hard knowledge, this is an invaluable skill you can develop through continuous learning and growth.
Interpersonal skills: Are you a good team player? Having interpersonal skills such as the ability to help, taking responsibility for your actions, will go a long way in your career.
Work ethic: Are you disciplined, professional and dedicated to your work? These important factors play a crucial role in helping you stand out and achieving your professional objectives.
Leadership: Do you serve as a role model for your colleagues and employees? Being an effective leader requires leading well by example, but also being open to constructive criticism and feedback.
Time management: Are you able to use your time effectively or do you tend to procrastinate? Do you frequently miss deadlines or are late? Managing your time wisely is a critical component of your professional success and should be prioritized.
Conflict Resolution: Can you work with various personalities, and handle the inevitable conflicts and disagreements that are bound to emerge? Promoting peace and harmony in your teams and workplace can not only help everyone work better, but also place you in the position of leader.
Adaptability: The only constant is change. Are you adaptable to changes in your environment? Are you flexible in project settings? Organizational changes are bound to happen, and being able to display this skill will help you thrive.
Responsibility: Taking responsibility for mistakes, whether yours or that of your team members, is the sign of a leader. It also includes being able to praise others as well.
The focus is increasingly being put on the importance of soft skills in any career. As a CPA and professor, I can testify first-hand to the resurgence of soft skills in the professional arena of business. Even in fields such as accounting for instance, which have been erroneously considered to be reserved for introverts, research is now showing that soft skills are increasingly important, especially at the management level and above.
Soft skills have not always been given the credit they deserve. Instead, hard skills were thought to better equip individuals to succeed in the workplace. However, employers are increasingly paying more attention to these. Yet, they frequently report that applicants are sorely lacking them. As an educator in the field of accounting, I can testify first-hand that soft skills are absolutely invaluable for business success, as the work model has evolved towards teamwork and globalization.
As working women, many of these skills are innate and come naturally to us. Communication, problem-solving, and conflict resolution are a few of the skills that many, if not most women, are particularly gifted. These are skills we apply in our everyday lives, in the context of our family and personal relationships. However, since we’ve been conditioned to ignore these at work, here are a few ways to re-focus on our soft skills at work:
Show up authentically: Your WHO matters more than your WHAT
Your personality introduces you before you even get a chance to display all your hard knowledge. Someone I once met told me this: “You bring all of YOU to the workplace!”. Dare to show up authentically, and don’t be afraid to put your soft skills, such as communication, empathy, and interpersonal skills, on display.
Dare to be vulnerable
One of my favorite researchers and writers, Brene Brown, talks about the importance of vulnerability, not just in our personal lives, but also at work. Many, if not most of the soft skills that are indispensable to career success, are rooted in vulnerability. It takes being vulnerable to communicate effectively, engage in conflict resolution, or handle change.
Allow space for others to be themselves
In the same vein, allow others to also show up as themselves. These may be team members, colleagues, or even superiors. The more we’re able to hold space for others to show up more authentically, the more effective we can work together.
Are you using soft skills in your career or business? If so, how?
In this episode of The Corporate Sister podcast, I’m discussing why and how we, as working women and working moms, should and can care for our mental health, whether through therapy or other ways of prioritizing our minds.
From treating our minds as our best assets, to realizing the impact and influence our mental health has on our close and loved ones (and really everyone around us), and what an extraordinary act of courage it is, this episode is all about committing to being our best, mind-healthy, selves!
Thanks so much for tuning in and listening to this week’s episode! If you enjoyed this week’s episode, please share it by using the social media at the bottom of this post!
Also, leave me a review for the TCS podcast on Apple Podcasts !
I remember the feeling of being engrossed in a book for hours, enjoying every single sentence, treasuring every single word as I l crouched hidden as a child in my closet with a candle on to finish (or start) a book. If you are a book lover and bookworm like myself, you know the feeling. And then life happened, kids happened, pick-ups and drop-offs along with work schedules and the whole “adulting” thing, took over. Gradually, as a working mom, I was barely getting to one page a day, then a week, then the babies started ripping pages off my favorite books, when these would not accidentally slip in the toilet as I struggled to hide in the bathroom to sneak some personal mama time. Before I knew it, I had almost given up on books as a source of learning and as pure, unadulterated joy, for lack of time to read.
Reading has been proven to have a plethora of benefits, from mental stimulation that can slow the progress of dementia and Alzheimer’s, to reducing stress, increasing knowledge and vocabulary, to improving memory, concentration and focus, to cite a few. Many of the most successful and influential individuals, from Oprah to Bill Gates, credit reading for much of their inspiration and achievements. For me, it’s always been a source of escape, and my favorite way to learn about anything. As a student, it has allowed me to grasp the most complex concepts. As a working woman, it’s been my saving grace to acquire the skills I needed, and as a writer and teacher, the fuel to my inspiration and the essence of my life’s work.
Giving up on it as the pressures of life, parenting and work accumulated felt like an unfair punishment, in addition to a blatant disadvantage as a working woman and mom. The more intentional I decided to be about how I spent my time and what to say yes to, the more it became crucial to re-establish reading as a part of my schedule. Here are some ways that helped me do so, and that may help you as well as you make more time to enjoy the pleasures and benefits of reading:
Make reading a part of your sacred time
When I started re-prioritizing my time and how I spent it, I began to re-classify some of what I call my pillar activities as my sacred time. These include my prayer and worship, meditation, family, exercise and reading time, as my sacred time. By sacred, I mean non-negotiable, at all. For me, it means reading for 30 minutes a day at the very least, usually early in the morning or at bedtime. It also means letting go of non-sacred activities, such as browsing social media, or watching TV, in order to fit some yummy book-reading in. At the end of the day, it’s all a matter of priorities.
One effective way to make more time for reading is to make it a family activity. I love public libraries, and as a new mom on maternity leave, I would often sit at the local library for hours with the babies reading while they would play or nap. It later turned into a regular family activity, which also instilled in my kids a love for reading. As they carve out their own time to read, I also now take it as an opportunity to enjoy a good book myself. And voila, it works for everyone!
Consider technology as a way of reading too
I recently started listening to audiobooks and to my surprise, I really enjoy listening in on a good book on my long commutes to work and school. It’s another way I found to get some reading in, especially when driving, doing laundry or cleaning the house. Granted, I still prefer my good old paper books (blame it on habit), especially when it comes to fiction books. I find it easier to listen to a non-fiction, practical book than a fictional account, but it’s mostly personal preference.
If you’ve been considering giving up on reading, or have been struggling to fit it in as part of your schedule, I hope these suggestions motivate and inspire you to continue to invest in yourself through books.
How will you make more time to read as a working mom?
