3 Key Tips To Being Promoted with Ease this fall - from a seasoned Women’s Executive Coach

by Yvonne E.L. Silver - CEC, CPHR, EQ-i

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As we passed Women’s Equality Day on August 26th, I was pleased to see for the first time in the history of the Fortune 500, women are leading 10.4% the United States’ largest companies by revenue (Fortune magazine 2024) vs. 10% in mid 2023 (MIT/Sloan – July 2023). Will this help us close the wage gap on pay equity or help more women be promoted – we will see…

Did you know that despite making some progress on the pay equity topic, recent data shows that women’s median earnings were still just 84% of men’s in the U.S. and in Canada earnings were 83.7% of men’s weekly wages? (CNBC and Catalyst) While pay equity statistics measure the immediate gap, over her 40-year career, with lower earnings a women stands to lose over $417K plus the impact on Social Security payments (calculated on past earnings) later in life … (Government data, CNBC 2021)

For women of colour, assuming a 40-year career, Black women would have to work nearly 25 years longer than white, non-Hispanic men in order to close the lifetime wage gap. Native American women would have to work 30 years longer, and Latinas would have to work 33 years longer. The BBC reported that a decade after graduation, college-educated workers in the US who self-identify as LGBTQ+ earn 22% less than their heterosexual cisgender counterparts, according to preliminary findings?published in the Social Science Research Network in April 2022.?

Were you aware that MIT Sloan associate professor Danielle Li?finds that female employees are 14% less likely to be promoted than their male counterparts? In another study professor Kelly Shue found that despite outperforming men that in some organizations women got higher performance ratings than men but were consistently—and incorrectly—judged as having less leadership potential?

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Ladies - I understand many of these issues, with the past 15 years working with women seeking to flourish in business, I have heard many of the challenges from my Clients. I am aware also that 70% of the gender pay gap is attributable to gender differences in job levels (Yale Insights 2021). As an HR Director I saw firsthand that women often avoid salary negotiations and don’t push for promotion (per survey evidence by Babcock and Laschever) often holding back until they have more experience and all the stated requirements. Often coaching conversations centre around how to be heard, how to show up more confidently, how to use more powerful words without sounding like bragging and to have more impact.

TIP: Feel uncomfortable using the word BRAG? I recently reframed this word in a women's workshop to stand for Brains, Resilience, Action and Goals. When used in this format you are simply showcasing how you created a measurable result - simple!

While there are many factors that contribute to being promoted, a Corporate Research Forum study found that 73% of top global businesses identify HiPos (High Potential staff) based primarily on a single subjective nomination -- typically from the local manager. During times of economic uncertainty, organizations often select Training & Development as the first budget line item to be cut, so I am recommending women take matters into their own hands this fall.

It's time for change!

You had a fun-filled summer with your children and while the shock each year of how the rising costs for back-to-school supplies hits your wallet, your break from the office has likely created space for personal reflection - and how next year will be different with a pay raise. Now it’s time for action. ?Time to make your efforts at work really count. Time to get fairly paid for the work that you do.? Time for career expansion! September is a perfect time to create your Promote with Ease Plan and make your actions count before the Q4 business and year-end frenetic corporate urgency erupts. For many organizations, fall is the time for Performance Reviews and Career Reviews – a perfect time to create YOUR advancement plan.

While coaching women as entrepreneurs and leaders, drawing on over 30 years of business success (holding both VP - Talent Management and Director of Human Resources roles) I hear the same issues over and over from women.? Women are not earning their worth, not getting promoted and having the opportunity to earn wages in parity. Putting focus on what makes the biggest difference to a woman’s confidence, will often increase their earnings, while support from professional coaching is important.?

While promotional opportunities and salary increase situations vary by organization, here are a few things to consider… Performance or Potential?

Why are fewer women promoted to senior positions than men? In a study of evaluation and promotion data from a large retail chain, Prof. Kelly Shue and her co-authors found that women got higher performance ratings than men but were consistently—and incorrectly—judged as having less leadership potential. (Yale Insights, Prof. Kelly Shue - 2021) This research drew on using a 9-Box grid scoring method with a simple 1-3 rating on Performance and 1-3 on Potential, based on assessment and promotion records for nearly 30,000 workers. In a two-part annual assessment, according to the records, women’s performance at the company is rated higher than men’s, on average. But their potential is rated lower—a pattern than continues even when women exceed those expectations.

“It appears that they were held to a higher standard” Shue said.

What’s getting in the way for women and what action can you take?

1 - Demonstrating Competence with Clear Metrics:

Women must have clarity on the true measurements for success for the current role, with specific measurable result that are not open to speculation or a subjective opinion by an immediate supervisor. If your role is not yet defined in this way, create your own measures and then book a meeting with your leader to confirm those are the correct metrics and specifically how those measures impact organizational profitability. (While revenue matters, profitability is a more important number to determine the opportunity for a salary increase...) Profitable organizations focus is more on growth where salary increases are engagement factors (vs. survival mentality). ?

COVID and the adoption of AI has shifted many organizational processes and economics, so revisiting success measures is key. Take the description one step further yourself if the role profile does not include Behaviours – document these and bring these to your discussion. (For example, if the metric is simply profit, how you get to that number ethically, maintaining the company reputation, engaging staff, or bringing forward innovative ideas matters – not only the bottom-line number.) Ensure your KPIs align with the overall goals of the team and the organization, that these are relevant, specific, current and align with the organization’s latest strategic imperatives.

2 – Tracking with a Success Journal

When women are competent, we make the job look easy! Yet, it is often our natural talent: organization, a sense of humour, our ability to build cross-team relationships or our industry insight (to name a few of many factors) which enables one person to be much more effective and efficient. Often the steps to accomplish success are glossed over, or unrealized by the team leader, so documenting HOW you achieve success is as important as what result was achieved. Often, we forget that our natural abilities help us and “assume everyone knows this, or does it this way” then minimizing our skills, effectiveness and results.?

Bring your Success Journal to your Performance Review or Career Development meeting to have a reference source with examples of how you created results. Ask your Leader to share how they identify Hi-Po’s on their team, as well as asking about advancement with your Human Resources Leader/Manager. If your organization has a Hi-Po Program, or Succession Planning process, discover the characteristics being sought and develop YOUR activities for how to include those in your personal development plan, as well as measures to clearly demonstrate these traits. You have likely heard the expression “What gets measured gets done! (Originated from Peter Drucker.) What we focus our attention on expands, so focus on YOUR success and your wins.

3 – Develop the Confidence to Toot Your Own Horn and ASK!

While many women are uncomfortable talking about their success, there are approaches I help my clients develop which are in a formula that simply states “the facts” which removes the emotional charge felt when “bragging”.? Often the data, the facts, the results speak for themselves, yet combined with the insight of HOW you accomplished those results adds a powerful observation. Your communication matters – your tone, pitch and eye contact all confirm your assured presence. If you don't BRAG (showcasing your Brains, Resilience, Action and Goals) no one else will do it for you!

Rarely does someone get promoted unless they have already demonstrated that they are already achieving the desired results in their existing role and then have expressed interest by asking about the competencies required to be promoted. Who holds the role you are interested in now or a similar parallel role? Your leader cannot move up to a more senior role unless they have a successor groomed to fill their current role.

Build allies across your organization, often other women in your organization, who are willing to spotlight or support your success and current wins. Even without a formal mentorship or sponsorship program inside your firm, there are ways to ensure that while you gain the confidence to speak about your accomplishments, others can also toot the horn. My colleague Teresa de Grosbois, #1 International Bestselling author of?Mass Influence states that “you cannot make yourself famous, only others can do that for you…”. ?I say, “Why not do both?”

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Many organizations do not have a Diversity, Equity and Inclusion focus, with measurable ways to confirm that pay equity exists and that equal pay for equal work is in place for all positions. Many salary review processes are subjective and roles do not have clear KPIs (Key Performance Indicators) although that does not mean that you cannot have your own focus, create your personalized Success Journal and Promotion Plan. ??????????????????????????????????

While women’s median earnings have shifted since first being tracked in1979 (CNBC) and moved from 62% of men’s earnings now at 84%, I believe we can do more to help positively shift these numbers. Being promoted offers a new opportunity for higher earnings, as well as the conversation about pay equity for that role…

Many organizational leaders still need to assess inequities in pay scales and salary review processes, promotion factors and overall talent management practices. Yet - your career is your business. I am encouraging YOU to take control of your career by understanding the promotion process in your organization and how to ensure your total rewards are equitable (and acknowledge the work accomplished).

Take control of YOUR career!

You are the best person to champion for your career advancement, fair salary compensation and to demonstrate your accomplishments. You are the best person to showcase your skills and how these talents enable you to bring your potential to a more responsible role for career expansion.? If your organization does not have a Human Resources contact or you are unsure of how to up-level your Career Advancement and Promotion Plan conversations, reach out for professional guidance.

In spring of 2024 after choosing to take back my sovereignty and leave a toxic relationship, it became evident that creating the MY VOICE Program to help women to help women be heard, be valued and be confident was the solution many women were seeking. Find out more about this new program, on Thursday, August 22nd at 6pm MST during the "Shift from Tolerating to Taking Back Your Power!" session, details and registration here: https://yvonnesilver.com/confidence-coach-events/

It's time to stop TOLERATING and start ASKING!

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This article compiled by Yvonne E.L. Silver, based on personal experiences supplemented with research from well-established authorities. References and additional information below. More information about her and upcoming women's events at: https://Yvonne Silver.com /events

About the writer: Success Catalyst - Yvonne E.L. Silver is the Founder of Flourish as well as Women & Wisdom Media.?She is a Speaker, bestselling Author, Radio Show & Podcast Host, Certified Executive (and BANK IOS 6-Intelligences) Trainer/Coach and Chartered Professional - Human Resources. Yvonne coaches and mentors visionary entrepreneurs and leaders to flourish in business – by mastering their authentic voice, having powerful and confident conversations, so they can thrive - creating a sustainable business/career and a proud legacy for their children.?

Yvonne holds credentials of Certified Executive Coach & BANK IOS 6-Intelligences Trainer/Coach, CPHR (HRIA), Reiki Practitioner and Certified EQ-i Consultant. She is a Speaker, Bestselling Author, Mentorship Chair and Woman of Inspiration Award Recipient.

“Yvonne has an amazing way of helping her client to see past their insecurities and step squarely into their strength and take action towards being the CEO of their business and their life. I started working with Yvonne because of her expertise in working with female entrepreneurs and her caring, compassionate demeanor. I learned to appreciate her structured processes, problem-solving and challenging approaches that moved me towards success.” - Jodie Graham – CEC, CGA, CPA. Founder E=MC3

Reference sources:

https://mitsloan.mit.edu/ideas-made-to-matter/how-to-hire-and-support-more-women-your-organization 2023? https://insights.som.yale.edu/insights/women-arent-promoted-because-managers-underestimate-their-potential https://mitsloan.mit.edu/ideas-made-to-matter/women-are-less-likely-men-to-be-promoted-heres-one-reason-why

www.bbc.com/worklife/article/20220603-the-big-lgbtq-wage-gap-problem https://www.Catalyst.org

https://fortune.com/2024/06/04/fortune-500-companies-women-ceos-2024/