Now You’re Just Somebody that S.H.E. Used to Know: Exploring “The Great Breakup”
We’re sure you’re acquainted with the term, “The Great Resignation.” Occurring in tandem with the COVID-19 pandemic over the last couple of years, the national workforce witnessed an onslaught of employees jumping ship in favor of better opportunities, work-life balance, and greener pastures altogether.
But what if we told you that it was a little more nuanced than that?
Specifically, we’re talking about women in the workforce — and women in leadership positions, especially. In other words, we’re talking about “The Great Breakup.”
If You Liked It, Then You Should Have Made A Value of It
Simply put, the Great Breakup is a similar phenomenon to the Great Resignation. However, while many may think of it as a wave of women simply quitting their jobs, the subject is more complex.
And it all comes down to whether or not the woman’s company is aligned with her values.
That being said, Pew Research Center has discovered that “a greater number of women than men tend to enter or exit the labor force in an average month.”
So, what makes the Great Breakup different?
“Women leaders are leaving their companies at the highest rate we’ve ever seen—and at a much higher rate than men leaders,” as explained by McKinsey & Company’s Women in the Workplace 2022 report. “To put the scale of the problem in perspective: for every woman at the director level who gets promoted to the next level, two women directors are choosing to leave their company.”
We Are Never Ever Getting Back Together
Let’s face it: When it comes to women leaving their place of work, many people will likely think of motherhood first. After all, having and raising a child is one of the most common reasons a woman will leave their job, right?
Well, no. Not in the case of the Great Breakup, at least. In this case, it’s often about whether or not a woman’s company is intent on bridging the gaps in both wage and diversity.
“Many women are finding that this intention isn’t there, as women continue to be more likely to experience microaggressions and overwork themselves for little to no reward, even at the executive level,” as reported by CNBC.
And, going back to McKinsey & Company’s Women in the Workplace 2022 report, the following are the top three reasons that women are “breaking up” with their current companies:
- Women in leadership positions have a desire to climb the ladder but face greater obstacles than their male colleagues
- Women in leadership positions are both overworked and underrecognized
- Women in leadership positions are searching for a different workplace culture
S.H.E. Is Miss Movin’ On (Because S.H.E. Matters)
Here’s a (not so) fun fact: Statistics show that a mere “one in four C-suite leaders is a woman, and only one in 20 C-suite leaders is a woman of color.”
And when you consider all of the aforementioned — in addition to the Broken Rung, the Glass Ceiling, and an overall failure to address intersectionality — these statistics are, sadly, unsurprising.
And that’s why we think it’s time we take action and inspire widespread change.
But what do you think? Have you participated in the Great Breakup or the Great Resignation? And, if so, what do you think needs to be addressed and/or changed?
Please reach out to us or visit our S.H.E. Matters page to send in a submission for our review, and stay tuned here for more information!
S.H.E. Matters and is Invaluable to Our Economy
In case you didn’t know, the month of September is National Women’s Small Business Month.
Thus, in honor of this month’s observance, we wanted to take a moment to shine a light on how women pave their own financial paths and generate a lasting impact on our nation’s economy.
After all, it’s not just that S.H.E. Matters today, it’s that she always has and always will.
The History of Women in Business
Recorded history dates the first woman-run business in America all the way back to the 18th Century.
Specifically, in 1739, “Eliza Lucas Pinckney took over operation of the family’s three South Carolina plantations at the age of 16 after her mother’s passing and her father’s return to the West Indies,” As reported by the SBDC National Information Clearinghouse (SBDCNet).
Following, up until the mid-20th Century, most businesses that were run by women were ale houses, clothing shops, and brothels. Primarily, these were only established by women who were unmarried or otherwise without a man who was considered the “traditional breadwinner” at the time.
Thankfully, by the 1920s, the idea of female entrepreneurship became normalized. Thus, in the 1940s, women were more ready to step into the workforce amidst the ongoing war. Even when the men returned and displaced those women, many went on to establish their own businesses and lines of work.
Finally, in 1988, “Congress passed The Women’s Business Ownership Act, which ended discrimination in lending, eliminated state laws that required married women to have a husband’s signature for all loans and gave women-owned businesses a chance to compete for lucrative government contracts,” according to Media Partners Worldwide.
Modern Growth, Modern Numbers
Today, while women continue to face an uphill battle against the glass ceiling, broken rung, and many other phenomena that otherwise hinder their upward mobility in business, there is still reason for celebration.
“In 1972, there were a little over 400,000 women-owned businesses in the United States,” as reported by the U.S. Small Business Administration (SBA). “Today, there are over 13 million women-owned businesses and counting.”
What’s more, the U.S. Census reported that, in 2018, “women-owned employer firms reported nearly $1.8 trillion in sales, shipments, receipts or revenue and employed over 10.1 million workers with an annual payroll of $388.1 billion.”
Further, some exciting statistics provided by the National Association of Women Business Owners (NAWBO) include:
- One in five firms that report their annual revenue of $1 million or more is woman-owned
- 4.2% of all women-owned firms have revenues of $1 million or more.
- 5.4 million firms are majority-owned by women of color in the U.S.
- The aforementioned firms generate an annual $361 billion in revenue
- Those firms also employ 2.1 million people
S.H.E. Matters, and So Does Her Business
At the end of the day, women-owned businesses remain invaluable to our economy, and we hope to see them continue to proliferate as time goes on.
After all, women should not be doubted — and neither should their impact on the workforce.
Further, we would love to highlight some of your favorite locally-owned businesses that are owned and run by women. Please reach out to us or visit our S.H.E. Matters page to send in a submission for our review, and stay tuned here for more information!
S.H.E. Matters: Bringing Home the Bacon (Or Not) in Florida
The gender wage gap is not a new phenomenon, nor is it occurring in any one isolated area of the United States.
That being said, how often do we actually stop to learn more about how it functions at home and in our own communities? After all, the gender wage gap is not some unfortunate thing that is happening somewhere else. It’s happening right here, right now.
So, what does that mean for us?
A Focus on Floridian Finances
While it is not as bad here as it is in some other states, here in Florida, the wage gap isn’t all sunny-side up.
“In 2019, Florida women who were full-time wage and salary workers had median usual weekly earnings of $759, or 85.1 percent of the $892 median usual weekly earnings of their male counterparts,” as reported by the U.S. Bureau of Labor Statistics (BLS).
That is to say, wages are still not equal. But let’s narrow the scope a little more.
According to the National Partnership for Women and Families, women of color face even greater wage disparities in the Sunshine State. Where white, non-Hispanic women make $11,186 less per year on average in comparison to men…
- Asian American women are paid $12,067 less per year on average
- Black women are paid $16,919 less per year on average
- Latina women are paid $18,057 less per year on average
And that’s only some of the minority populations.
Just Doing the Math in Jacksonville
Mad Men Marketing is headquartered in Jacksonville, FL, which is why we wanted to take a moment to focus on our own general metro area.
And statistics published by the Pew Research Center show that the gender wage gap in Jacksonville only widens with age:
- Female employees in Jacksonville between the ages of 16 and 29 “earned 94% of what men their age earned in 2019.”
- Female employees in Jacksonville between the ages of 30 and 49 “earned 82% of what men their age earned in 2019.”
- Female employees in Jacksonville over the age of 50 “earned 73% of what men their age earned in 2019.”
But that’s not all.
Women in Jacksonville don’t only earn less than their male colleagues, but they also make less than the national average wage overall, thereby putting them at an even greater financial disadvantage.
“Workers in the Jacksonville, FL Metropolitan Statistical Area had an average (mean) hourly wage of $24.96 in May 2021, about 11 percent below the nationwide average of $28.01,” the BLS reported in 2021. “After testing for statistical significance, wages in the local area were lower than their respective national averages in 20 of the 22 major occupational groups.”
S.H.E. Matters in the Sunshine State
So, how can we work harder to close the gap here in our own home? Well, there’s no one simple answer.
That being said, the Center for American Progress (CAP) argues that “in order to advance economic security for women and families in Florida, policymakers should prioritize policies that ensure economic equality and health care access for all.”
But what do you think? And have you personally witnessed or experienced these financial obstacles yourself? If you have further thoughts, questions, or suggestions on this topic, we’d love to hear from you!
Please reach out to us or visit our S.H.E. Matters page to send in a submission for our review, and stay tuned here for more information!
The Wage Gap in Tech: No Industry is Immune
We know that the gender wage gap exists, and we know it’s not going to manifest in exactly the same way for women of different races or socioeconomic backgrounds.
But how might their job fit into the larger picture?
The Inconsistence of Industries
The pay gap won’t look the same between any two working women, seeing as the industry they work in may largely dictate just how large the gap is — as well as whether or it will begin to close or widen further over time.
For example, in the food service industry, Statista reports that women make a median earning of about $521 per week, whereas men make approximately $617 per week in the same position.
But this gap is still relatively small compared to other industries, particularly if they are considered male-dominated.
That being said, “male-dominated fields — like tech, for example — tend to pay better than ones where women make up the majority, regardless of the level of skill or experience required for the roles,” CodeAcademy points out.
But that doesn’t mean that the pay gap doesn’t exist for women in these fields at an even wider gap than others. Let’s take a look at IT, for example…
It’s All in the Numbers
Oftentimes, the problems may start on Day 1. In fact, “59% of the time, men were offered higher salaries than women for the same job title at the same company in 2020, compared to 65% in 2019,” a report by Hired revealed.
And when women start at a financial disadvantage compared to their male colleagues, the difference adds up and only makes it increasingly difficult to catch up for the duration of their career.
“Median total compensation for female IT pros in 2021 was $105,000, the same as it was in 2020,” as reported by InformationWeek. That compares to the median total compensation for male IT pros of $128,000 in 2021, up from $125,000 in 2020.”
Thus, even those women in the revered STEM field may still struggle to earn the salary that matches their overall skill, experience, and expertise.
Where the Problem STEMs From
There are numerous factors that contribute to the overall gender wage gap — the likes of which often intersect with race — but what may contribute to the gap in technology, specifically?
“Stanford researchers who studied this disparity discovered that there is in fact one credential that separates these new hires: self-confidence,” according to the Stanford Graduate School of Business. “Employers in engineering and computer science fields appear to offer higher starting salaries to applicants who present as self-assured, and those applicants are mostly men.”
In other words, employers are more likely to judge a candidate’s productivity and success based on a slight behavioral difference while in the interview room… the likes of which have nothing to do with their actual competence.
This may be especially concerning as research suggests female students demonstrate less overall confidence in both math and science compared to their male classmates.
Thus, it is increasingly important that we support female students and entry-level women in STEM to ensure they can advance in their careers just as successfully as men. Between confidence and competency, women are worth just as much as their male colleagues.
If you have further thoughts, questions, or suggestions on salary negotiations, we’d love to hear from you!
Please reach out to us or visit our S.H.E. Matters page to send in a submission for our review, and stay tuned here for more information!
S.H.E. Matters & Negotiations: Can We Put Our Money Where Our Mouth Is?
The wage gap and the broken rung are but two phenomena among many that illustrate women’s inequality in the workplace. And seeing as both have to do with a woman’s position and subsequent compensation, there’s another topic all its own that deserves attention:
The matter of salary negotiations.
Namely, how have they contributed to workplace inequality, and what can women do to feel more confident and prepared when it comes time to walk into the room?
The Salary Negotiation Gap
Contrary to some internet discourse, let’s address the fact that women absolutely do negotiate for higher pay. The problem, however, is that different expectations and behaviors that are considered “appropriate” in the workplace lead men to negotiate more often than their female colleagues.
For example, “in 2018, 68 percent of men and 45 percent of women negotiated their salaries,” as reported by the Society for Human Resource Management (SHRM), “[and] in 2017, 46 percent of men and 34 percent of women did so.”
That being said, requesting a raise is one thing, but being offered one is another. That is, not all women feel comfortable negotiating an offer once it’s on the table.
In fact, “only 16 percent of respondents always negotiate compensation when a job offer is made or during performance evaluations,” Christina Lopez of career website Monster wrote. “Some respondents believe their companies would acknowledge and reward their accomplishments and efforts, and use that as an excuse to avoid negotiating altogether.”
Thus, empowering women in these scenarios is increasingly important.
Why It’s Harder for Women
Oftentimes, even when a woman is ready and willing to aim for a raise, her incentive in and of itself may be a detriment to her financial goal.
“The bad news is that women pay a penalty when they negotiate,” Lean In explains. “They’re more likely to receive feedback that they are ‘intimidating,’ ‘too aggressive,’ or ‘bossy.’”
Similarly, Harvard Business School Assistant Professor Julian Zlatev conducted a study involving over 2,5000 women who had experience attempting to negotiate their compensation. Their efforts were dubbed a “catch-22” for women.
Why? Because Zlatev and her colleagues in the study “found evidence that women who felt empowered at the negotiation table were more likely to reach worse deals or no deal at all. The results held regardless of their negotiation partners’ gender.”
As a result, many women feel discouraged from attempting to initiate the negotiation process in the first place, thereby contributing to the existing wage gap.
How to Negotiate
While there’s, unfortunately, no magic button for putting an end to subconscious biases — or outright prejudices — at the negotiation table, there are steps women can take to at least feel more confident and prepared.
For example, “it’s helpful to look at salary-data resources on sites like LinkedIn, PayScaleand Glassdoor,” Forbes recommends. “This will give you a clearer idea of how much you can negotiate for. Then, take this information and come up with a rate that is fair and appropriate.”
What’s more, we recommend that women make it more difficult to dispute their right to a higher wage by focusing on their value to the company. Namely, if at all possible, try using numbers:
- How did you contribute to company metrics?
- Did you increase team productivity?
- Did you enhance your department’s revenue stream or savings threshold?
- And more
Finally, it all comes down to practice.
Once you have all of the key points prepared for your negotiation, take the time to make a script and practice it before you walk through the door. This way, even if nerves and/or an adrenaline rush obstruct your line of thinking, you have the strength of repetition on your side.
And no matter how it turns out, don’t forget your worth.
If you have further thoughts, questions, or suggestions on salary negotiations, we’d love to hear from you!
Please reach out to us or visit our S.H.E. Matters page to send in a submission for our review, and stay tuned here for more information!