Fearless and Female {At Work}

What happens when our purpose and our passions overshadow our fears? What happens when fearless women lead?

On this International Women’s Day, we celebrate and empower others toward an equitable and inclusive future. We hear triumphant stories of women who have advocated, spoken their truth, lived authentically, and shared their wisdom to better this and the next generation. And, we hear the tragedies that gender pay gaps still exist, how underrepresented and broken the corporate ladder is for women to achieve executive levels of success, and how far we still have yet to go.

We see these symbols in our daily lives.

For a moment, there seemed to be some recognition and inclusion when a young girl cast in bronze appeared on Wall Street. The Fearless Girl statue representing the progress of women in executive levels of leadership held her stance opposite of the Charging Bull statue in 2017 as if to say, “I’m here. I have a voice.” But even she moved to another location when faced with the opposition of those who did not approve of the message it was sending. When we seem to have made one tiny acknowledgment of the contributions toward women’s success and equity, we move one step backward.

Her position opposite the “Charging Bull” was a power move meant to call out the glass ceiling and limitations on promotion and pay women experience in the workplace. Commissioned by State Street Global Advisors and crafted by artist Kristen Visbal, she stood to promote gender equity and women’s rights. Today she stands proudly in front of the New York Stock Exchange. To me, I see her new home in a positive light, symbolizing her confidence to show up at the financial table and advocate for women’s wealth.

Although she is depicted as a little girl, she was thought to stand as a powerful symbol of feminism ready to take charge. But one could argue that her smaller size, youthful appearance, and childlike ponytail portray what some women seem to experience in the corporate office – a view of them not seen as equal to the size and strength of their counterparts.

When commissioned, the Fearless Girl statue was designed to promote gender equity and gender diversity. But not more than a few months later, State Street settled discrimination claims accused of unfair pay to black and female employees by the US Department of Labor.1 And the controversy of her existence, location, image, and sponsor ironically enough sounds eerily like much of the challenges women face in boardrooms across the country.

Today, women leaders are leaving their companies at alarming rates. Despite progress to add more women to the executive ranks, there are still signs that point to limited opportunities for advancement. The corporate ladder for women can look more like a series of broken rungs. Meaning, the pool of female candidates in lower management roles is already unequal and women can’t catch up when there are too few women to promote in the first place.2

The pipeline of candidates paints a less-than-rosy picture. A study by McKinsey & Company shows that for every woman who gets promoted from the director level up, two female directors have chosen to leave the company.2

The last few years may have put an emphasis on how we value our time both in and out of the workplace and women want to work for companies that respect their values. Women are as fearless as ever in their careers ready to jump to another opportunity when their voices are not heard, and the company values don’t align with their own. Yet women, particularly mothers, face additional challenges in the office.

Data has shown that mothers are penalized through pay, microaggressions, and intolerance while fathers receive a boost, and the opposite effect holds when they claim this parenting title. A “motherhood penalty” was found to have statistically significant differences in women’s pay and measurable disadvantages in the workplace.3

A notable difference in pay existed between married men with children versus married women with children which declined by 4 percent for each subsequent child. Mothers were judged by assuming they were less committed to their work than those without children and less often recommended for hire or promotions. However, fathers were more likely to receive callbacks and promotions if they were known to have children.3

Additionally, mothers were faced with higher standards regarding punctuality expectations facing much less tolerance for tardiness while fathers were allowed to be late more often compared to childless men.3

Let us not forget that women already face a gender pay gap, but it gets worse for mothers—7.9 percent worse. Yet, fathers were offered more pay than non-fathers.3

These double standards are not acceptable. This stigma that she is less capable, less productive, and less valuable compared to non-mothers or fathers is a societal issue. Those who give so much of their love and commitment to raising future generations and who strive to juggle the challenges of work and motherhood life are discriminated against so frequently.

Those in caretaking roles, which are more frequently held by women, have a much greater empathetic view that can translate to a better understanding of the stakeholders of the organization. Her ability to juggle multiple priorities, work more efficiently, and negotiate are learned skills that become strengthened. There is certainly no corporate training program that can teach what mothers go through and learn in their roles.

Furthermore, women more commonly take on extra tasks and projects that support the well-being of coworkers whether that is through DEI initiatives or planning events. Unfortunately, these efforts are often not translated to career advancement but can lead to burnout.2

Today, women are starting more businesses than ever. According to the World Economic Forum, in 2021 women launch 49% of new businesses in the US, a dramatic change that was up from 28% just two years prior.4  Success does not have to fit the old-school corporate mold and it is inspiring to see women taking opportunities into their own hands.

The Fearless Girl and International Women’s Day represent hope and inspiration that we can celebrate the accomplishments and achievements of women around the globe. So, stand tall in your power pose with your hands on your hips and show the world how you will shatter the glass ceiling above you, celebrate the accomplishments of the women around you, and honor those fearless female leaders who inspire greatness.

References:

1.       Kolhatkar, Sheelah. 2022. The Ongoing Saga of the “Fearless Girl” Statue. The New Yorker. https://www.newyorker.com/business/currency/the-ongoing-saga-of-the-fearless-girl-statue.

2.       McKinsey & Company. 2022. Women In the Workplace. https://www.mckinsey.com/~/media/mckinsey/featured%20insights/diversity%20and%20inclusion/women%20in%20the%20workplace%202022/women-in-the-workplace-2022.pdf.

3.       Correll, Shelly. J., Stephen Benard, and In Paik. 2007. “Getting a job: Is there a motherhood penalty?” American Journal of Sociology 112, no. 12: 1297-1339. https://www.journals.uchicago.edu/doi/abs/10.1086/511799.

4.       Masterson, Victoria. 2022. World Economic Forum. Here’s what women’s entrepreneurship looks like around the world. https://www.weforum.org/agenda/2022/07/women-entrepreneurs-gusto-gender/.

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Cassandra Smalley, CFA, CFP® is a fee-only financial advisor for women located in St. Petersburg, FL, and works virtually with small business owners, moms, and families across the country.