Recent research shows that white women… (+) We won’t see gender parity at senior leadership levels until 2046. Women of color will not see gender parity at senior leadership levels until 2072.
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Women looking to take on top leadership roles face a harsh reality. While representation at the vice president and senior vice president levels has increased since 2018, a report from McKinsey and LeanIn.Org shows that by 2024, white women will not achieve gender parity at these levels. It is predicted that this will happen in 2046. In contrast, women of color are unlikely to do so. There will be parity at senior leadership level until 2072.
Women who want to advance, or who want to reach and remain in middle management, face several challenges.
‘Broken threshold’: Currently, only 81 women for every 100 men are promoted to first management positions. The ‘motherhood penalty’: Working mothers face a number of disadvantages, including an average 4% pay cut for each child, while working fathers receive an average 6% pay rise for each child they live with. “Glass Cliff”: This phenomenon describes situations in which women are elevated to the highest levels of leadership only in times of crisis or turmoil.
Women who want to advance their status face many challenges. Successfully reaching the top… (+) Can be dangerous.
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Women of color face additional hurdles.
Cross-cutting microaggressions and institutional bias Being the “first” or “only” in your role or level Having fewer role models and less mentorship and sponsorship Must be representative across races and genders the pressure of
Given these external risks to a smooth climb up the organizational chart, women, especially women of color, need to build their own “career insurance.”
In the face of complex obstacles to career advancement, women, especially women of color, must develop strategies to secure leadership trajectories.
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We recommend thinking of career insurance as a package of relationships, skills, and strategies that can protect your career in the event of an unexpected setback or loss.
Here are four strategies that women (especially women of color) leaders can implement today to strengthen their career insurance.
Cultivate the power network
Just as women benefit from different types of networks than men, women of color also benefit from a variety of networks, including:
Peers: Executives and middle managers who are also women of color Cross-cultural allies: Executives and senior leaders who are white Mentors: Experienced leaders from all backgrounds who can provide valuable guidance Sponsors: Open doors or make important introductions or say your name in an inaccessible room.
Tactical advice: Join professional associations specifically for women of color. Prioritize opportunities to participate in cross-functional projects. Regularly share your perspective on topics related to your industry, field of work, and the workplace in general on platforms like LinkedIn. Identify and create speaking opportunities at industry events.
2. Package your work appropriately
By this stage in your career, you already have a solid body of work. The only question is whether you are presenting it as favorably as possible. Given the deep social conditioning that many women of color undergo from their formative years, there is often room for improvement here.
To progress over time to more senior-level roles, you must show concrete, visible evidence of your leadership acumen. This means you’ll be able to communicate ROI from:
High-impact projects you led (or made significant contributions to) Improvements and innovations you implemented Thought leadership (publications, presentations, speaking engagements) you generated Other relevant and quantifiable recognition
Tactical advice: Carefully document your accomplishments and leadership accomplishments. We look for high-profile projects and take them on. Apply for industry awards and prestigious awards such as Crain’s Awards, ADCOLOR Awards, and TED Fellows (Advanced Strategy: Grow Sponsors Who Will Recommend You). Create a personal “case study portfolio” that commemorates your success story and the transformation you have inspired. Updated quarterly. Create and practice ways to share your successes in different situations and with different audiences.
Whether it’s public speaking or writing, thought leadership is a key component of a robust career… (+) Insurance.
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3. Developing a strong professional brand with commitment
Part of the presentation of the body of work is branding. Women of color with their eyes on the corner office or boardroom must have a clear and authentic executive presence that:
Clear value proposition: What do you offer? Consistent messaging across platforms and media: This is more than just a best practice; it builds a deeper level of trust and gives decision-makers confidence. Thought leadership in your region: What do you stand for?Visual elements: Stakeholders make instant judgments, even if they wish otherwise. Do your headshots and visual assets exude the executive presence, leadership, and style you’re looking for?
Tactical advice: Create a compelling personal brand statement and update it regularly (e.g., to drive results-driven innovation in CPG marketing or to advance innovative science forming a generation of leaders). Develop a sustainable content strategy for articles, posts, talks, etc. Seek out media opportunities (podcasts and panels are a great place to start) and industry visibility. Invest in executive coaching and public speaking coaching.
Mastering the complex and ever-changing industry and workplace dynamics is the baseline for success for (+) women and women of color eyeing top leadership roles.
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4. Master dynamic and strategic career navigation
Mastering complex and ever-changing economic, organizational, and interpersonal dynamics is the baseline for success today. This means you can continue to hone your skills.
Negotiation skills to maximize compensation, budgets, resources, and opportunities (Recommended reading: “Never Split the Difference” by Chris Voss and Tahl Raz) A complex and strategic approach to visioning, planning, and mapping your long-term career thinking skills and problem-solving skills to bridge differences across the organization, generate innovative solutions, and balance risk with necessary experimentation.
Tactical advice: Hand-pick a board of individuals for advice and outside perspective. Use whiteboards, Milo boards, Passion Planners, and more to map out different possible trajectories throughout your leadership and career. Get weekly updates on industry trends. Identify and create the most impactful opportunities to advance your leadership. This includes both internal opportunities (spearheading high-profile projects and presenting to the entire company) and external opportunities (building relationships with industry decision makers, applying to speak at conferences, This should include both (selling strategic collaborations to increase visibility to leaders). ) Increase your visibility and highlight your strengths.
For women leaders of color, implementing these four strategies will go a long way toward strengthening your career insurance. While it may be tempting to deprioritize these in favor of “putting out fires” on a weekly basis, investing in even one aspect of each of these strategies today will pay off in the long run. will bring.
Systemic problems require systemic solutions. Still, we must do what we can within our means. Failure to build career insurance risks further delaying racial and gender equity in senior leadership roles, well beyond 2072.
