We hear it often from women at all levels:
“I’m not getting paid enough.”
“They don’t appreciate me.”
“I work too hard for too little.”
It’s said many different ways, but the message is the same. Women, even more so during these work-from-home times, feel underpaid, overworked and unappreciated.
Coping with the many pressures brought on by the pandemic, along with a sense that their efforts are not being sufficiently valued, talented women are leaving corporations at an alarming rate, with dire long-term consequences to an organization’s talent pipeline and its bottom line. The exodus is especially problematic at the mid-career level, where corporations are eyeing and grooming their future C-suite talent. The cost of losing a mid-career-level executive can be 1.5 times her salary — and that doesn’t take into account the impact on her team’s morale and productivity.
A 5-point strategy to help women showcase their value
Of course, a number of factors are to blame for the frustrations women are feeling and the accompanying talent drain: outdated corporate attitudes, unintentional bias, career hiatuses and — most important — failure to involve women early in P&L responsibilities. However, for now, let’s focus on one comparatively manageable solution: helping women define their value in tangible terms, with us as talent development professionals playing a key role in that process.
Based on working with thousands of talented women each year in our WOMEN Unlimited Inc. programs, we have pinpointed five strategies that enable women to successfully showcase the tangible value they bring to their organizations.
1. Provide tools, techniques and strategies for assigning monetary value to a woman’s corporate contributions. What did she do to cut costs or increase profitability? By how much? How did she avert costly problems? How did she encourage her team to make contributions? In our programs, we specifically address, with outstanding results, how to use “the language of business” for career advancement.
2. Encourage women to get past the frustration and resentment they are understandably feeling. Helping them prioritize what really matters personally and professionally can go a long way toward easing their tensions and developing a sense of both control and optimism.
3. Help women combat isolation. Now more than ever, they need networks, mentors, sponsors and peer group interactions to help them focus on how they are contributing to the organization and where changes might be needed. Otherwise, the only voice they’ll hear is their own, which is limiting and, at times, off-target for the best solution.
4. Offer opportunities to increase visibility to organizational decision-makers. For example, help women realize that reaching out to key players can be easier and more fluid now than in a more traditional workplace setting.
5. Encourage women to be less risk-averse and more willing to move out of their comfort zone to contribute to corporate growth and profitability. Guide them in learning how to ask for assignments that impact the revenue stream or the bottom line. It’s an important strategy for leveling the playing field since research shows that men at all organizational levels are much more likely to step up to these opportunities.
A trifecta of benefits
When women monetize the value of their contributions, it activates a trifecta of benefits. First, the women themselves no longer feel like victims, but like winners. They stay with the organization, step up their contributions and become more effective leaders, better able to motivate not just themselves, but their teams and their colleagues.
Second, the organization increases retention and decreases the staggering costs of losing and replacing talent. While the exact price tag of turnover varies, estimates show that, on average, it costs an organization six to nine months of salary. The higher the position, the greater the cost: as high as 200 percent or more for the loss of a senior-level executive.
Finally, departments and functions such as D&I and learning and development increase their worth to the organization. They can demonstrate their contributions in a tangible and monetized way, speaking the language of business: cost/benefit relationships. Showing measurable results can likely become the catalyst for expanding both D&I and L&D efforts.
Helping women pinpoint the value of their contributions is an initiative that doesn’t have to wait. It can start right now and bring with it an array of multilayered benefits.
"urgent" - Google News
May 07, 2021 at 01:05AM
https://ift.tt/3eqcmPg
The urgent need to monetize women's corporate value - Chief Learning Officer - Chief Learning Officer
"urgent" - Google News
https://ift.tt/2ya063o
https://ift.tt/3d7MC6X
urgent
Bagikan Berita Ini
0 Response to "The urgent need to monetize women's corporate value - Chief Learning Officer - Chief Learning Officer"
Post a Comment