Vault's Careers Blog

Career advice and job search strategies for the modern careerist

Archive for the ‘Corporate Culture’ Category

Vault’ s Careers Blog is Moving

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An announcement: after almost a year on WordPress, we’re discontinuing Vault’s Careers Blog on WordPress. But don’t worry: you’ll still be able to get your fill of career information and advice on Vault.com–where our blogs are going from strength to strength.

Our full blog lineup on Vault.com is as follows:

Vault’s Careers Blog
Vault’s Law Blog
Consult THIS: Consulting Careers, News and Views
In Good Company: Vault’s CSR blog
In the Black: Vault’s Finance Careers Blog
Admit One: Vault’s MBA, Law School and College Blog
Insider Career Advice from SixFigureStart
Innovate with Influence: Global High Tech

Thanks for reading us on WordPress.

We hope to see you over on Vault.com soon!

–The Vault Editorial Team

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Why Wearing Your Costume to Work is a Bad Career Move

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It’s Halloween and the temptation to wear your costume to the office can be hard to overcome—especially if you’ve invested a lot of time and effort in getting it just right. But when it comes to dressing up at the workplace, those who value their careers should think hard about their wardrobe selection, and consider removing some of the “tricks and treats.”

While many people seem to take on a whole new personality at Halloween, workers should tread carefully when choosing a costume to wear at work—even if it means being forced to choose separate outfits for the office and their Halloween night shenanigans. Even if your company permits masks and costumes during office hours, it’s better to play it safe, and remember that the harassment policy you signed earlier in the year does not magically disappear with the holiday.

“People in costume lose inhibitions and behave as if a tail and mask give them license to act out,” says Vicki Lynn, Vault’s Vice President of Research and Consulting. “It’s important to keep a level of decorum when observing Halloween in the workplace.”

Steer Clear of “Sexy”

“Never wear anything that oozes ‘date’ or ‘sex,’ such as a bunny costume, sexy witch, cow girl, nurse, or teacher,” says Lynn. “If you think it crosses the line, it probably does. These would be costumes that show too much leg, butt and décolletage.”

Wearing provocative outfits could make co-workers feel uncomfortable or lead to unwanted sexual advances, potentially resulting in legal actions—something that no employer wants to deal with. This means that if you wouldn’t normally go to the office in an outfit that would make Lady Gaga blush, you should continue that practice at the office on Halloween. That goes for the guys too: Halloween is not an excuse to come to the office without a shirt on, no matter how much you enjoy those Old Spice commercials.

Watch What You Say With Your Costume

It’s possible to get into costume-related trouble even if you’re only revealing an opinion with your outfit.

“Beware of the signal or message that might be conveyed with your choice of costume—i.e. anything that could be conveyed as offensive to different religions, ethnicities, genders, and/or political leanings,” says Lynn, adding that “the best outfits are non-political masks.”

So, if you were thinking of using your costume to make a point about one of the issues of the day, stop and think about how colleagues or clients may react. Could you open yourself up to a harassment claim or altercation that could carry on past the Halloween season? Even if you’re only poking fun at a political figure, keep in mind that your colleagues may not share your opinions.

If there is even a remote possibility of causing offense, you may want to stick to something tried and true like a vampire. After all, with the way people react to Twilight, yours willl almost still seem cool.

Some Other Halloween at the Office Tips

  • Employers should voice their thoughts on Halloween protocols in the office so that everyone is on the same page before the big day.
  • Remember that even if you do show up in costume, you still have a job to do. Despite your disguise, the actions you take today will be remembered tomorrow and could contribute to the unemployment numbers next week. Stay in control.
  • It’s ok to celebrate but keep noise down and celebration contained to the lunch hour.
  • If you are client facing, your customers may not be amused by the costume, so keep it strictly for the lunch party with officemates only.
  • Halloween at the office can still be fun. Just pay attention to others around you and leave the more risqué fun, if that’s what you choose to do, for the witching hour.

 

— Jon Minners, Vault.com

Written by A.A. Somebody

October 29, 2010 at 8:48 am

Where the Women Aren’t: The Banking C-Suite

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October is Carl Paladino National Diversity Month, so we decided to go back to the data we collected in our most recent Banking Survey and see if we couldn’t find a few fitting pieces to offer up in honor of these holy 31 days.

First, what we found, unsurprisingly, is a marked lack of women in the banking workplace. Somewhat surprising, though, was that this lack of women increases as you go up the banking org chart. That is, as you’ll see in the graphic below, of those bankers surveyed, 26 percent identified themselves as women. But of those surveyed who hold executive positions, only 11 percent identified themselves as women. The takeaway here is that females are still underrepresented at the top financial firms, and are severely underrepresented in the higher ranks at the top financial firms.

Vault.com 2010 banking diversity gender

Second we found (again unsurprisingly) that the ethnic group that accounts for most (almost three quarters) of the entire banking industry is none other than the white male. However, interestingly, we found that the white male is far better represented in the banking industry than it is in the general population—almost 10 percent greater as you can see in the graphic below. In addition, Asians, the second largest ethnic group in banking, are also far better represented in the industry than they are in the wider U.S. population—about three times greater, in fact. On the other side of this diversity story, Hispanic individuals and African-Americans are severely underrepresented in the banking industry versus their representation in the wider population.

 

Vault.com ethnic diversity of finance industry 2010

Third, we found a large lack of openly gay, lesbian, bisexual or transgender individuals in banking. Given that banking is perhaps one of, if not the most politically conservative industries in the United States, this might not come as that much of a surprise, but still, you would think that the lack might not be as significant as the pie chart below indicates: just 1 percent of the more than 2,200 bankers surveyed had identified themselves as an openly GLBT individual. Which begs the question: are GLBT individuals not welcome into the banking industry, not interested in the industry, or both?

Vault.com 2010 banking diversity GLBT

–Posted by Derek Loosvelt, In The Black

The Vault IT Consulting 25 is Here!

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This year, we’ve taken our consulting rankings a step further. Instead of simply listing out the top firms based on perceived prestige in the industry, we’ve gone out and asked consultants what matters most to them in choosing an employer. What they told us was that prestige alone is not a determining factor. Rather, the single most important issue when choosing a consulting firm is company culture (43 percent claimed that culture was most important!), followed by practice strength (14 percent), prestige (11 percent) and compensation (6 percent), among a few other options. We’ve taken this feedback and created a new Vault IT Consulting 25, showcasing the firms that are best to work for. This ranking was compiled using a weighted formula that reflects the issues job seekers care most about. (See below).

Don’t worry, we’ll still be releasing the all-important prestige rankings (check in next Tuesday for the big reveal!), and they do play a big role in the overall Vault IT Consulting 25 rankings. After all, a prestigious firm name puts a sheen on any resume, in addition to affording consultants access to a high caliber of clients and projects. That said, we believe that quality of life issues are at the core of a company’s appeal to job seekers. Let’s face it: In this post-recession era of recovery and growth, it’s a job seeker’s market, and job seekers are looking for a workplace that offers both prestige and an appealing lifestyle. Here’s the formula we used to compile this year’s rankings:

• 25 percent firm culture

• 25 percent work/life balance

• 20 percent compensation

• 20 percent prestige

• 5 percent overall business outlook

• 5 percent transparency

The scores for the first five categories are derived directly from the survey results; all categories except prestige are based on a firm’s own consultants’ feedback about their quality of life, whereas the prestige ranking is based on the perception of outside consultants. (Respondents were not allowed to rank their own firm in the prestige category.) The “transparency” category awards a 5 percent bonus to firms that distributed the survey to their consultants. Firms that did not distribute the survey internally received no points in this category. It is our view that, with increasing expectations of transparency and a free market for information, a company’s willingness to encourage employees to share their experiences externally correlates with a work culture where open feedback and self-criticism are valued—attributes that thousands of job seekers tell us are top priorities in searching for a new employer.

Stay tuned next week for the long-awaited prestige rankings!

Career Lessons: There are More Important Things than Work

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I had the great fortune to spend two days last week in the Bloggers Hub at the World Business Forum in Radio City Music Hall. Speakers of the ilk of Jack Welch, Al Gore, Joseph Stiglitz and James Cameron (yes, that James Cameron) held forth on the challenges and opportunities that lie ahead in the coming years. Fascinating, engaging stuff, but the biggest surprise of the week was that the speaker who elicited the most profound reaction from the audience was a) not one of the headline names and b) didn’t really talk about business.

The mystery presenter was Nando Parrado, a successful businessman in his own right, but someone whose life was defined before he even joined the working world: Parrado was one of 16 survivors of a plane crash in the Andes in 1972. Just 22 years old at the time, he survived 72 days in the mountains without access to food or drinking water. His is one of the stories chronicled in the movie Alive.

Throughout his presentation, Parrado stressed that his experiences have left him in a unique position when it comes to facing challenges in life: he knows that no decision he makes will ever be as difficult—or have as much at stake—as the ones he was forced to make to save his own life. He makes the point with considerable clarity on his own website:

“Making decisions became easier because I knew that the worst thing that could happen would be that I would be wrong.”

Far from being a litany of the leadership or survival skills he learned along the way, the message at the core of Parrado’s presentation was much simpler, and infinitely more important. As he put it: “From the crash, I didn’t learn to be a MacGuyver of the Andes; I learned about love.”

He did so, in part, by losing both his mother and his sister in the same crash, and by having to come to terms with the fact that they were on the plane only because he had invited them to accompany him. And, having been lost in the mountains for so long, he also lived through the trauma of going home and finding that he had been given up for dead: his clothes had been given away and his sister had moved into his room.

All of which has left Parrado with a unique grasp of the importance of life, and the things that we should value. While he confessed to enjoying many of the finer things in life—from fine restaurants to expensive cars—he stressed repeatedly that nothing would stand in the way of his relationship with his family and those he loves. And that adds up to a profound, yet simple outlook on life:

“Life isn’t measured by the number of breaths you take, but by the moments that take your breath away.”

Parrado finished his presentation by coming back to tackle the theme of love directly, and to impart one of the few specific, actionable pieces of advice any of the speakers had to offer over the two days of the conference:

“Don’t lose your connections, kiss the ones around you . . .because you never know what’s going to happen tomorrow.”

Written by Phil Stott

October 14, 2010 at 7:26 am

Women’s Salaries Rising Faster than Men’s

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Is the salary gap between men and women starting to narrow? It certainly appears to be at the higher end of the salary scale: the number of women earning salaries in excess of six figures has jumped 14 percent in the last two years, while the number of men in that category rose just 4 percent over the same period. (Even better news: apparently people got raises over the last two years: who’d a thunk?)

However welcome that news may be, census figures—reported by The Washington Post–suggest that there’s still a long way to go to equalize salaries, especially in light of the fact that women are now more likely to hold an advanced degree than men.

As the Post points out, just “one in 18 women working full time earned $100,000 or more in 2009,” compared to one in seven men. In case you’re wondering, that works out to around “2.4 million working women and 7.9 million men” in the six figure (or better) category.

A couple of other points worth noting about the data:

First, it seems like it wasn’t all that long ago we were reading stories that, for the first time in history, the number of men and women in the workforce was roughly equal. While that had come largely as a result of the fact the recession hit male-dominated industries much harder than female-dominated ones, it turns out that it’s also nowhere near the truth when you factor out part-time employees. As the Post reports “[t]he full-time workforce remains predominantly male, with 56 million men and 42 million women.”

And, second, the most likely place for women to secure a decent salary is in Washington, D.C.—the capital “had the highest median pay among all full-time working women,” while ranking second on the scale for the number of women making six figures or higher. Apparently one in six Washington women currently pull down a minimum of $100,000, second only to San Jose, CA.

Ten Career To Do’s

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Jim Collins kicked off the 2010 World Business Forum at Radio City Music Hall with an address that had the ability to inspire or frighten an audience in equal parts.

The source for both the inspiration and the fear is the same: his belief that we’re heading into a world where there will be “no new normal” but rather a series of unexpected changes. Depending on who you are, that presents either an opportunity or a reason to fear the future—a paradox that relates to one of Collins’ key messages for individual careerists and would-be leaders: that you should spend less time thinking about your career and more time asking how you can be useful.

Collins’ address took in much of his previous findings and research in titles such as Good to GreatBuilt to Last and How the Mighty Fall. As such, it was a wide-ranging and often fast-paced affair that carried no single takeaway–or at least none that can be condensed into a live blog—on what it takes for individuals and businesses to succeed and then avoid consequent failure. He did, however, offer his audience ten “to do” items that serve as a useful summary of most of his main points, and which have the added advantage of being—for the most part—actionable career items.

  1. Do your diagnostics: At Collins’ website, there is a free diagnostic tool to self assess how you’re doing against the traits he identified in “Good to Great.”
  2. Don’t focus on career: Instead, Collins advocates focusing on “building a pocket of greatness” at whatever level/area of the company you happen to be in. Doing that is the key to getting noticed and being given more responsibility.
  3. Ask if you have the right people in key positions: What percentage of people “on your bus” are the right ones, and what’s your plan for rigorously ensuring you can get it above 90 percent?
  4. Double the ratio of your questions to statements: Great leaders seek feedback, and don’t assume they know everything. On which note…
  5. Your first question is: How is our world changing and what are the brutal facts? Do a “brutal facts inventory” and come back to it often.
  6. Turn off your electronic gadget: Create at least one day of “white space” every 2 weeks. Build in the time to do some disciplined thinking.
  7. Have the discipline to stop doing things: It’s easy to add things to a To Do list. It’s also unproductive. One method of cutting out things that matter less: rank your priorities with no ties.
  8. Get inside your personal hedgehog: Collins’ equation for determining what you should be doing with your life involves three elements: finding something you’re passionate about, feel like you’re “genetically encoded” to do and that is “useful in a way society values.” Once you figure that out, you’re a long way towards having a rewarding career.
  9. Stop doing titles: The right people for key jobs understand that they do not have a job. They have responsibilities. One way to reinforce “job” is titles. One way to reinforce “responsibilities” is by having no titles.
  10. Spend more time asking how you can be useful

Stay tuned to Vault’s Career Blog over the next two days for further updates from the World Business Forum. You can also keep up with our coverage in real time via our @vaultcareers Twitter feed.