Strong Networks Have High Net Worth for Women Leaders

The Value of Connectivity

I know, it can all be so weird and time-consuming. Any free time you get in the evening or over a weekend is preciously guarded because you get so little of it. By the time you finish a full day at a conference, you’d rather go back to your room and get caught up on some work rather than stand on your feet for another hour drinking not-so-great wine, talking to a bunch of people you likely won’t remember. I understand. I am a card-carrying introvert. I test out almost even on the introvert/extrovert portion of the Myers-Briggs assessment—I believe because experience and acquired cultural competency has taught me that great leaders can’t afford to be introverts. It also means I have to force myself to engage, because, given the choice, I would rather do just about anything than “network.” However, every time I relent and attend a networking event, surprisingly enough, it turns out pretty well.

It Really Is All About Who Knows You

You’re a professional. You likely have all the right credentials, great experience, and some huge wins under your belt. Still, many professionals find the only way to advance their career effectively is to develop a network that contributes value by providing access to opportunities and exposure to others in their industry. This has little to do with your intellect or ability—those are entry-level requirements. This is about creating and sustaining a holistic approach to career management. In other words, who you know and who knows you may mean the difference between advancing to the next level or not.

Think of your network as a series of concentric circles. The outermost ring should include contacts in your industry—people with whom you can share trends and benchmarks, call for referrals, and use for comparative analysis. The middle ring should include your peer group—executives who hold positions in close proximity above and below your current role—and colleagues in complimentary industries. The inner circle (your closest network) should be a select group of people who know you and agree to support your career advancement, can recommend you for opportunities (or make sure you know the opportunity is available), steer you clear of certain career potholes, and are a critical element in your plan to move ahead. Your inner circle network is often an integral factor in securing that next job, project, or contract.

Link-Connect-Interact

Network is a verb. Although some may believe networking is slightly disingenuous, or that they are “connected enough,” it is critical that you understand just how many opportunities for new positions, board seats, or volunteer activities come through your connection to someone who is connected to someone else—someone that you do not know. Those chances for exposure will be severely limited by the breadth and depth of your professional networks. How many times have you heard about a position that would have been perfect for you, after it was filled? Did your colleague say something like, “Oh, I didn’t know you were interested/qualified/looking/willing to relocate?” You probably missed out because of a failure to link, connect, and interact. In other words, you neglected to network.

Tweet This!

Don’t assume because you are active in the world of social media that you are networking. It is a good idea to be clear about your intent when making virtual connections for professional purposes. Truly social connections aren’t necessarily focused on your professional needs. Remember, a strong professional network requires action with purpose and intent. Set goals, measure successes and failures, and assess who is part of your network on a regular basis.

Ask For What You Want

It is well documented that women often do not ask for promotions or a raise. Sometimes we do not even question being excluded from promotion opportunities. Another problem that some women leaders face is that we simply don’t leverage relationships when it makes sense.

According to the American Association of University Women, “Roughly 85% of board members and executives in the US are white men.”(1) Much of the recent research indicates this happens because “like follows like.” People tend to recommend those who look like them, share the same experiences, or are part of a shared cultural environment. When women seek board opportunities and leadership roles in corporate entities, and we hit the glass ceiling or get lost in the organizational labyrinth, it is often because we have been excluded from key networks. This means invitations to participate in after-work, sporting, and other charitable activities should be carefully considered before they are turned down.

It’s Not Hard to Get Started

To build a great network you must first assess your present state: that is, you should ask yourself objective questions about where you are in terms of skills, abilities, and key leadership attributes. This will ensure you cultivate and build a network that meets your needs, and one that you can contribute to.

I often have the privilege of coaching women healthcare executives. Skill gaps usually surface in one or more of the following areas. I call them the 6P-Cluster: Performance, Power, Presence, Professionalism, Perception, and Promotion. I believe these are essential to advancement and therefore must be part of a woman’s leadership armament. Not only do they represent important leadership attributes, but deficits in these areas often separate strong and weak leaders.

Part of building a successful network includes your willingness to reciprocate when a colleague needs help.

Those in your closest network circle who are serious about helping you advance should be able to speak to your strengths in at least four of the six areas when recommending you. Likewise, because networking is reciprocal, you should be able to do the same for your closest colleagues. Remember, part of building a successful network includes your willingness to reciprocate when a colleague needs help.

Assess your Current State

Answer this sample set of questions from the 6P-Cluster:

• Performance

  • What does an organization get when it hires you?

  • Does your resume or CV reflect individual accomplishments accurately?

• Power

  • Do you have it?

  • Can you leverage it effectively?

• Presence

  • Are you routinely invited to sit at the right tables?

  • Once you are in the room, will your voice be heard?

• Professionalism

  • Do you deliver?

  • Are you accountable?

• Perception

  • How do others view your leadership style and accomplishments?

  • How do you see yourself?

• Promotion

  • Is it safe for others to recommend you?

  • Are you prepared for the next level?

The data show why networks are important to women (see sidebar).

Summary

There is no way to guarantee your network will accomplish everything you need it to. It may not answer the profound issues outlined in the Catalyst statistics(10) (see sidebar). Nevertheless, it is still important to build one.

Try not to blur the lines between your circles. The goal is to begin working to build or strengthen connections in each circle, particularly in your innermost sphere, to help you advance your career. Be proactive, understanding that you must be intentional. Be prepared to help others; build equity by contributing to others’ success. Be accountable: remember when others recommend you for volunteer or employment opportunities, their reputation is on the line. Above all, put your introvert card away, attend the next networking event you’re invited to, and have some fun.

References

1. Johnson SK, Hekman D. Women and minorities are penalized for promoting diversity. Harvard Business Review. March 23, 2016.

2. The American Association of University Women. The Simple Truth About the Gender Pay Gap: 2015. www.aauw.org/files/2015/02/The-Simple-Truth_Spring-2015.pdf.

3. DeNavas-Walt C, Proctor BD. Income and poverty in the United States: 2014. US Census Bureau: September 2015:41. www.census.gov/content/dam/Census/library/publications/2015/demo/p60-252.pdf.

4. Bureau of Labor Statistics. Labor force statistics from the current population survey. Table 39: Median weekly earnings of full-time wage and salary workers by detailed occupation and sex, 2015. Bureau of Labor Statistics. www.bls.gov/cps/cpsaat39.htm .

5. Bureau of Labor Statistics. Highlights of Women’s Earnings in 2012 (2013): P. 56.

6. United States Department of Labor. Equal pay for equal work. www.dol.gov/featured/equalpay.

7. Corbett C, Hill C. Graduating to a pay gap: the earnings of women and men one year after college graduation. The American Association of University Women, 2012: P. 1, 39.

8. Bureau of Labor Statistics. Highlights of women’s earnings in 2013. Table 1: Median Usual weekly earnings of full-time wage and salary workers, by selected characteristics, 2014 annual averages. December 2014; www.bls.gov/opub/reports/womens-earnings/archive/highlights-of-womens-earnings-in-2013.pdf .

9. Onyeka-Crawford A. How the wage gap hurts working families & what can be done to close it. National Women’s Law Center. September 16, 2014; http://nwlc.org/blog/how-wage-gap-hurts-working-families-what-can-be-done-close-it/ .

10. Catalyst Quick Take: Women’s Earnings and Income. Catalyst. 2016; www.catalyst.org/knowledge/womens-earnings-and-income .

Catalyst Quick Take: Women’s Earnings and Income

No matter race/ethnicity, age, occupation, or education—all women are impacted by the gender wage gap.(2)

The gender pay gap is defined as the difference between the median earnings of women and men. This can be either the earnings ratio or the actual pay gap.(2)

• Women earned on average $0.79 to every $1 earned by men in 2014 (79%) for annual earnings.(3)

• In 2015 women earned 81.1% of men’s salaries based on median weekly earnings for full-time workers,(4) compared with 62.1% in 1979.(5)

• Women’s median weekly earnings for full-time work in 2015 = $726, compared with $895 for men.(4)

Women’s median annual earnings for full-time work in 2014 = $39,621 compared with $50,383 for men.(3) The gap doesn’t close the higher women go. In 2015, the median weekly earnings for women in full-time management, professional, and related occupations was $996, compared with $1,383 for men.(4)

Women have come a long way but are still not at parity.(6)

• Women would need to work more than 70 additional days each year to catch up to men.(6)

Women’s increased education and workforce participation have narrowed the wage gap.(2)

• The “unexplained” wage gap. One year out of college, women earned 82% of what their male counterparts earned. After controlling for hours, occupation, college major, industry, and other factors, the pay gap shrinks to 6.6%.(7)

The gender wage gap increases with age.

• The earnings difference between women and men varies with age. Younger women (20–24 years) are closer to pay equity. They earn 92.3% of men’s earnings compared with older women (55–64 years), who earn just 76.4% of men’s earnings for full-time wage and salary.(8)

• Women were paid about 90% of what men earn until age 35, at which point median earnings for women start to slow down, further widening the pay gap.(2)

• The average full-time working woman will lose more than $460,000 in wages over a 40-year period due only to the wage gap. To catch up, she would need to work 12 additional years.(9)

Source: Catalyst Quick Take: Women’s Earnings and Income. Catalyst. 2016; www.catalyst.org/knowledge/womens-earnings-and-income .

Editor’s note: About Catalyst: Catalyst is the leading nonprofit organization with a mission to accelerate progress for women through workplace inclusion. We are dedicated to creating workplaces where employees representing every dimension of diversity can thrive. More information at: www.catalyst.org .