Entrepreneurship and StartupsFunding and Investment
Title: Earning It: Women Who Make Money and Mean Business
Author: Joann S. Lublin
Publication Year: 2016
Categories: Funding and Investment
Summary:
“Earning It: Women Who Make Money and Mean Business” by Joann S. Lublin explores the journeys, obstacles, and successes of over 50 high-powered women executives. These female leaders share their stories and insights on breaking the corporate glass ceiling, providing real-life examples, and actionable advice for women aspiring to leadership roles.
Introduction
Joann S. Lublin, a Pulitzer Prize-winning journalist, uses her journalistic prowess to unravel the personal and professional experiences of top women executives. The book reveals the struggles and strategies these women used to ascend corporate ladders, negotiate better deals, and create lasting impact in their organizations.
Example:
- Catherine Reynolds, former CEO of EduCap, faced sexist remarks and disapproval but persevered to lead a $30 billion company.
Action:
- Challenge Gender Bias: Call out inappropriate behavior and foster a culture of respect and equality in your workplace.
Breaking the Glass Ceiling
Overcoming Stereotypes
Women often confront biases and stereotypes that question their capabilities. The book documents numerous instances where female leaders had to prove their worth twice as hard as their male counterparts.
Example:
- Mary Barra, CEO of General Motors, navigated through male-dominated territories by focusing on results and building a reputation for excellence.
Action:
- Showcase Competence: Consistently deliver high-quality work and seek feedback to continuously improve. Have confidence in your abilities and let your work speak for itself.
Networking and Mentorship
Building Strong Networks
Developing a professional network is crucial for career advancement. The experiences shared highlight the importance of having mentors and sponsors who advocate for one’s growth.
Example:
- Ginni Rometty, CEO of IBM, attributes part of her success to the guidance and support she received from mentors who helped her navigate her career path.
Action:
- Seek Mentorship: Identify mentors within and outside your organization. Actively seek advice and be open to learning from their experiences.
Peer Networks
Creating a support system with peers facing similar challenges can also provide motivation and practical support.
Example:
- Dawn Zier, CEO of Nutrisystem, regularly meets with a peer group of current and former CEOs to share insights and strategies.
Action:
- Form Peer Groups: Establish regular meetings with colleagues or fellow executives to discuss shared experiences and problem-solving techniques.
Negotiation and Compensation
Negotiating Salaries and Benefits
The ability to negotiate effectively is highlighted as a critical skill for women aiming for leadership roles.
Example:
- Marissa Mayer, former CEO of Yahoo!, negotiated a highly lucrative pay package by leveraging her achievements and understanding what she brought to the table.
Action:
- Prepare for Negotiations: Research market rates, quantify your contributions, and practice your negotiation pitch to confidently discuss compensation.
Equity and Long-Term Benefits
Rather than focusing solely on salary, it’s essential to consider equity and long-term benefits, which can significantly impact overall wealth creation.
Example:
- Safra Catz, Co-CEO of Oracle, benefited immensely from stock options and long-term incentives, which contributed to her substantial net worth.
Action:
- Evaluate Total Compensation: Always consider the complete compensation package, including equity, bonuses, and retirement benefits. Negotiate for stock options and other long-term incentives.
Work-Life Balance and Personal Sacrifices
Managing Work-Life Balance
Balancing professional success with personal life is a common theme. Many female leaders had to make significant personal sacrifices to achieve their career goals.
Example:
- Indra Nooyi, former CEO of PepsiCo, often spoke about the challenges of managing her career alongside family responsibilities.
Action:
- Set Priorities: Establish clear priorities and communicate them with your family and employer. Delegate tasks where possible and make time for self-care.
Overcoming Failures
Learning from Failures
Resilience in the face of failure is critical. Many of the women profiled encountered setbacks but used these experiences as learning opportunities.
Example:
- Patty Stonesifer, former CEO of Martha’s Table, previously faced several professional setbacks but continued to advance by learning from each experience.
Action:
- Embrace Failure: View failures as opportunities to grow. Reflect on what went wrong, seek feedback, and apply these lessons to future endeavors.
Advocacy and Making a Difference
Using Influence to Make Changes
Many of the women leveraged their positions to advocate for diversity, gender parity, and corporate social responsibility.
Example:
- Ursula Burns, former CEO of Xerox, was a vocal advocate for diversity and inclusion both within Xerox and in the broader business community.
Action:
- Advocate for Change: Use your influence to promote inclusive policies and practices in your organization. Mentor and sponsor other women to foster a more diverse leadership pipeline.
Corporate Social Responsibility
Incorporating ethical and responsible practices into business strategies not only benefits society but also positively affects the company’s reputation and success.
Example:
- Ellen Kullman, former CEO of DuPont, emphasized sustainability and ethical practices, transforming the company’s approach to business.
Action:
- Implement CSR Initiatives: Advocate for and initiate corporate social responsibility programs that align with your company’s values and goals. Demonstrate the long-term benefits both ethically and financially.
Conclusion
Joann S. Lublin’s “Earning It: Women Who Make Money and Mean Business” is a testament to the resilience, perseverance, and strategic acumen of women in business leadership. The book not only highlights their remarkable journeys but also provides actionable advice for aspiring leaders.
Overall Actions:
– Cultivate Resilience: Recognize that the path to leadership is seldom smooth. Build resilience to navigate challenges and remain focused on your goals.
– Invest in Relationships: Network strategically, seek out mentors, and support others in their career journeys.
– Strategize for Success: Approach negotiations, career moves, and professional development with a clear, strategic mindset.
– Champion Diversity: Actively work towards creating more inclusive and diverse workplaces.
– Balance Life Priorities: Make conscious decisions to balance personal and professional life, setting realistic expectations and boundaries.
Each story in the book underscores that while the journey for women in leadership is fraught with unique challenges, these can be met with determination, strategic planning, and support from allies and mentors.
By adopting these strategies and learning from the experiences of the women profiled, aspiring leaders can better navigate their paths to success, making meaningful contributions to their organizations and industries.