Vault's Careers Blog

Career advice and job search strategies for the modern careerist

Archive for the ‘CSR’ 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

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

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.

Accenture to Spend $100 Million on Skills Training

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Is $100 million the new threshold for signaling you’re serious about making a difference? Recently, it was Facebook’s Mark Zuckerberg pledging that amount to the Newark school district. Now we learn that consulting giant Accenture will be spending 100 (very) big ones over the next three years on its Skills to Succeed program.

The goal of Accenture’s program seems pretty straightforward: the company wants to equip 250,000 people around the world with the “skills that enable them to participate in and contribute to the economy and society.” And to do it by 2015

A few examples of the type of work the Skills to Succeed program does—and will continue to do in order to meet its targets:

  • Building the skills of young entrepreneurs in Africa
  • Offering free skills training for the unemployed in Brazil
  • Training disadvantage young people in business process outsourcing and technology skills in India
  • Helping underprivileged students in the Philippines and Cambodia to develop IT skills
  • Training migrant groups in specialized technology skills in Spain
  • Helping disadvantaged young people to become entrepreneurs in the U.K.
  • Teaching business preparedness skills to students in community colleges and providing IT training for disadvantaged youth in the U.S.

In each of the endeavors, the company is working with partner organizations—some local and some international.

Now all we need are some jobs for that quarter-million people to fill!

Rising Discrimination Against Muslim Workers

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A dispatch from the uglier side of the modern workplace: complaints about discrimination against Muslim workers have risen by 20 percent in the past year—and by 60 percent since 2005.

According to the New York Times, complaints from Muslim workers run the gamut “from co-workers calling them “terrorist” or “Osama” to employers barring them from wearing head scarves or taking prayer breaks.”

The likely reasons for the upsurge in complaints are all too predictable: the Times piece cites 9/11, the wars in Iraq and Afghanistan and “the erroneous belief, held by many Americans, that the first nonwhite president is Muslim” as problems. Additionally, the brouhaha over the proposed Islamic center in Lower Manhattan (aka “the Ground Zero Mosque”) was listed as a factor, but the report noted that “complaints were increasing even before frictions erupted” on the issue.

Most distressing of all, as complaints by Muslim employees are higher now than at any time in the past ten years—including right after the 9/11 attacks. And complaints from Muslim workers now make up a quarter of all religious discrimination claims, despite the fact that the group comprises just two percent of the US population.

There’s a question—also reflected in the report—of whether the incidences of discrimination have risen, or whether people are simply reporting the incidences more. Either way, the figures clearly show that there’s a problem. The only real question, then, is what can be done about it.

Have you witnessed or been a victim of this kind of discrimination? Do you have any thoughts on what causes it or what can be done about it? Post your comments below.

Written by Phil Stott

September 27, 2010 at 12:57 pm

MBA Specialization vs. General Business Skills: Should You Specialize in Sustainability?

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Recently, Vault’s own Aman Singh asked a really interesting question: “does CSR require generic business skills or an MBA in sustainability?” In other words, is it worth specializing in sustainability as an MBA or are you more likely to get a job in CSR if you really have those managerial skills down pat? Her answer revolved around another question (and so the endless questions begin!), “Well, what do you mean by ‘require’?”

Should you get an MBA in sustainability in business school?

The oddity [in the data] is that sustainability solutions like energy efficiency, LEED and HVAC require specialized knowledge and highly technical skill sets. Executives, however, seem to be placing a premium on more generic business skills such as increased knowledge and awareness of sustainability efforts, the ability to think systemically, the ability to understand complex legislation around sustainability, and financial analytic skills.

Basically, even though you need a very specific skill set in order to do good CSR work, companies esteem generic business skills instead. This contradiction led me to a whole slew of questions, with which I promptly started pestered my colleagues.

First, I went to Aman herself, to figure out what this means for MBA students who hope to find jobs in CSR. She explained it to me from the company’s perspective:

The reality of the current market is that an MBA is good for generic management skills, not specialization, when it comes to sustainability and CSR…. Companies say they don’t necessarily need someone who has done two years in-depth study on CSR guidelines and regulations. They have more value for someone who has managerial skills–someone who can lead departments and work sustainability into their role as an accountant, an analyst, etc. And unfortunately this is where the paradox remains: They like sustainability on the graduates’ resume, but they don’t want it to be the main focus. Even employers who started out looking for candidates with sustainability concentrations aren’t really looking for that as much. They want to talk about it and ensure corporate responsibility, but they don’t expect this dialogue from job candidates.

So, what if you still want to specialize in sustainability? How can you avoid getting pigeon-holed and weakening your job prospects?

Well, I think it depends on how you brand yourself. You can have the specialization, but you can also make sure your resume talks about more generic management skills and say, consulting or financing skills, depending on where you want to go with your MBA. The graduates I spoke to really emphasize all their CSR work on their resumes–they have a blog where they talk about CSR; they’re active on Twitter; they’re volunteering and doing some nonprofit work as well; their internship was focused on sustainability–so in the end, their resume is really a full page of sustainability credentials. And if the company does not want you to focus on that, it could work against you.

Last, but not least, I was curious about her predictions of the future. Do you think, I asked, that as the market rebounds, more of those pure CSR jobs will start to emerge, or do you think that people are going to get accustomed to this integration of CSR with other general business skills?

I think it’s going to be the latter. They’re going to say, “Come in as an analyst and do your job responsibly and remain ethical within the company’s values.” A lot of companies don’t even have CSR-focused departments; they understand that corporate responsibility is a cultural thing and not just the responsibility of one department, but they’re not quite sure how to make that happen.

Craft your resume around your MBA specialization to get the most 

job offersThen, I started in on Carolyn C. Wise, to get a better idea of whether or not it was worthwhile to specialize at all.

When it comes to specializing, it’s very much about what you’re going to do with it afterwards. You hire someone with an MBA rather than someone who got, for instance, an MA in Environmental Studies because you want those general management skills. You want someone who has taken finance classes, who is going to be really good as a manager, an accountant, a brand manager. But if you want them in a sustainability role or to create a sustainability strategic plan, you’ll want the sustainability skills as well.

The other thing I always say when it comes to MBA specializations is that you don’t want to close yourself off. One of the fears is that if you specialize in sports management or marketing or any of the other specialties offered by your business school, that you won’t be able to get other jobs. If you’re totally set on one type of job, then absolutely specialize–particularly if you worked in that industry before. For instance, if you worked in the business development department for an NBA team and your plan is to return to that team after you complete your MBA, then specializing in sports management makes a lot of sense for you. But if you are a career-changer, and you don’t know precisely where you want to go, specializations can sometimes hurt rather than help.

As it turns out, the institution from which you receive your MBA makes also makes a huge difference when it comes time to decide whether or not you want to specialize.

Job prospects and employment opportunities after your MBA very much depend on prestige. If you go to Harvard Business School, you have much more flexibility in the area in which you focus most of your electives. This applies for Columbia, Booth, Wharton, Tuck, Hass, all the top schools. If you’re going to a smaller or less prestigious or regional MBA program, then what electives you take, what grades you get, and how applicable the skills you learned in a specialization are will have much more impact after you graduate.

And finally, a bit of advice:

If you’re considering specializing and you’re a first-year student, you should definitely check out the professional and student clubs associated with that specialization. Talk to those MBA students, particularly the second-years, about what they studied, how they’re applying it, what jobs they’re looking at, and what the recruiting process is like for them. You should check out all the professional clubs of all of the specializations that you’re considering, because that will really give you a sense of what it means to specialize in that arena, and what the experience is going to be like when you’re looking for a job.

–Written by Madison Priest, Admit One</em

Did Goldman Break Its Diversity Policy?

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For the 11th straight year, industry insiders named Goldman Sachs the most prestigious bank in North America in Vault’s latest ranking. In hindsight then, all the public mudslinging of recent years has done little to upset the bank whether it’s in attracting the biggest deals or the best talent. And according to our survey, bankers continue to want Goldman on their resume.

Ironically, a day after the rankings debuted, the bank’s prestige is under attack by three former female employees who charge, according to The Wall Street Journal, that “The investment bank practices a system in which women are paid less, promoted less and ‘systematically circumvented and excluded.'”

Jobs, Careers and Reviews at Goldman SachsWhat’s astounding about the allegation is the repeated emphasis on intent, i.e., that the bank has a system that almost formulaically excludes women from getting promoted and compensated on par with their male counterparts. While the bank has called the suit without merit, stating that, “People are critical to our business, and we make extraordinary efforts to recruit, develop and retain outstanding women professionals,” it seems it is yet again in the red with the public.

Comments from our Banking 50 survey—culled from responses submitted by over 1,300 banking professionals earlier this year—provide further perspective:

“Supportive and respectful management”

“They could do a better job of promotion as well as placement into areas that are a good fit and utilize skill sets…”

“Having come up through the ranks, from a junior trader to now an experienced one in fixed income products, I must say that I’ve been very pleased with the level of training, support and guidance that I’ve received over the years from the firm…”

“I’m a firm believer in the culture at Goldman Sachs. The firm is team-focused, emphasizing integrity and personal development within the industry.”

“I think we do a good job at getting women and diversity candidates in the door, but for real success we need to work on better retention.”

And, finally a snippet of their Diversity Mission Statement from Vault’s Annual Diversity Survey:

“The firm’s commitment to diversity is evident at the most senior levels and is driven down through the firm by way of our seventh business principle: “We offer our people the opportunity to move ahead more rapidly than is possible at most other places. Advancement depends on merit and we have yet to find the limits to the responsibility our best people are able to assume. For us to be successful, our men and women must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is what we must be.”

So where does this leave the banking king: A chauvinistic boys club, truly diverse with a few unintentional victims, or the victim of a ploy to take advantage of its current poor reputation? Weigh in by leaving a comment, emailing In Good Company or connecting on Twitter @VaultCSR.

More reading: The complete WSJ report.

What other banks made the Top 10 most prestigious banks in North America this year?