Submitted Question | Networking Within and Outside Your Company

Hello Tamara, 

Congratulations on launching your new web site! I wish you a lot of success with the project!

I am happy to seize this opportunity and ask you a question about a career change within the same industry.  Shall one concentrate her/his efforts on networking within the current organization or pursue outside opportunities?

My Response:

I don't believe that you should limit yourself to networking only within your organization, even if you like your company, your current position AND you are pleased with your compensation. It's always good to talk to people across your industry, because that is how opportunities can arise; and you never know from where an opportunity will come. Having a casual conversation doesn't necessarily mean that you are actively pursuing another position and can be framed in such a way that doesn't warrant any commitment. Networking across the industry could also provide you with useful intel that can be used to mark yourself to market.  

For those of you who read Lose the Gum, you would have read the story about how enamored I was with JPMorgan, as my first employer. What I didn’t mention in the book was on how many other opportunities I closed the door, because I wasn’t willing to even consider leaving JPM.  Bigger roles, more money, even higher titles were all left on the table. Looking back, I probably missed out on a number of career changing opportunities.  A lesson learned only in hindsight.

The same goes for networking outside of your industry. You never know what opportunity will present itself. When I was a summer intern at Bankers Trust, my mentor was a women who led our Finance department. Today she is the CFO of one of the most prestigious museums in the world. Another former colleague spent twenty years as an investment banker and now he is the head of Strategy & Business Development for a global software company. My closest professional colleague, who spent fifteen years in various HR roles, is now the head of Human Resources of a billion dollar started-up in Silicon Valley. These are just a few examples of how the recognized benefits of experience in one industry were parlayed into senior level positions in another industry. At more junior levels, you may have to highlight the value that you would bring to the table as a concession for lack of relevant industry experience.

In summary, let me highlight three points related to your question:

1.     Don’t be so committed to your company and its brand that you shut the door on other opportunities. Instead consider all your options and weigh them against one another. Making a pros and cons list can be useful tool that helps you make a thoughtful assessment.

2.     Skills are transferable and can be applied to add value to companies outside your current industry. Think outside the box when considering career opportunities outside your industry.

3.     There is tremendous value in networking beyond just finding a new job. Talking to people and listening to what they have to say is one of the the most valuable resource that we have available to us; yet few know how to effectively harness that power. So yes, network! And stay tuned, there will be a future blog post on this topic….

I hope that my perspective provided some useful insight.  Let me know, in the comments below. And thanks for reaching out with your question.

Best regards,

Tamara

 

Negotiation Critical: Why Negotiating is More Important than Ever in Closing the Gender Pay Gap

In October of last year, New York City joined a number of US jurisdictions (full list below) in passing a law that bans hiring employers from asking candidates for their salary history. Since most hiring companies determined a candidates salary base some percentage increase over their last salary, the pay gap would follow women throughout their careers. Women, who started out making less than men, perpetuated the gap, as they moved from job to job. The pay gap also widened with age, and because women were not encouraged to ask for more, the gender gap became even more difficult to close over time. According to Equal Pay Negotiations, these figures could add up to almost $2 million in lost revenue over a lifetime.

When interviewing, I myself have always dreaded the salary question. Even if you tried to take a strong stance and firmly set your expectations, you would pretty much lose all negotiating leverage, once the hiring employer found out your previous salary; your salary would become the benchmark for your new wage. Paying too high of a percentage increase would be frowned upon, so most companies would low-ball the candidate, rather than pay what the job is worth. Your options to regain leverage were somewhat limited. And if you think that lying is a good strategy, think again - lying could disqualify you for the position and if you were caught after you’ve been hired, it could be grounds for dismissal. 

But new legislation in NY now prohibits employers from asking candidates what they made in their last jobs. To ensure compliance, stiff fines of up to $250K per candidate could apply. And while many believe this new law is an important step towards narrowing gender pay, it could actually have the opposite effect and widen the pay gap. 

And here’s why?

Studies have shown that men are much more aggressive than women when it comes to negotiating and asking for what they want. A recent survey published by Glassdoor states that women negotiated less than their male counterparts with 68% percent of women accepting the salary they were offered. This is a 16-percentage point difference compared to men (52%). 

Studies confirm that when it comes to salaries, women are simply more willing to settle than men.

Most women also do not realize that many companies set aside money with the expectation that employees will ask for better compensation packages. Yet only 30% of women bother to negotiate at all, while 48% of men negotiate.

So why aren’t more women negotiating?

Studies also suggest that women are simply afraid to ask. Women lack the confidence needed and have a lower perception of their value than men. Women feel that there is still a stigma associated with asking for money and they believe there will be negative consequences for asking. While all this may be true, we need to change our mindsets because negotiating is a key factor that can help us close the gender pay gap in the workplace. With the change in law, we finally have the opportunity to narrow the gap, but we also have to do our part. Now more than ever, it is critical for women to step up their game and brush up on their negotiating skills.

So how good of a negotiator are you?   

Below are some tips to help you up your negotiating game.

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The Laws and the Jurisdictions Impacted

California—The Golden State’s law is more comprehensive than those in other jurisdictions, banning employers or their agents (such as temp agencies and outside recruiters) from seeking salary and benefits information. An exception is made for salaries that are disclosable to the public under state and federal freedom of information laws. Effective Jan. 1, 2018.

Delaware—Companies cannot ask applicants or their former employers for salary histories and cannot conduct salary-based screening of job applicants to make sure previous compensation meets minimum or maximum amounts. Effective Dec. 14, 2017.

Massachusetts—As part of a broader new law aimed at equal pay for equal and comparable work, the Bay State bans organizations from seeking information about an applicant’s past pay. However, employers may confirm salary information if offered voluntarily by the applicant, and after an offer of employment with compensation has been made. Effective July 1, 2018.

Oregon—Employers are barred from taking a person’s current or previous salary into account when screening applicants or determining their salaries. Companies may ask about a person’s salary history after making a job offer, including a specific level of pay. Most of the law’s provisions become effective on Jan. 1, 2019.

Puerto Rico—Employers may not ask about salary history unless an offer has been extended. Effective March 8, 2017.

New York City—Companies cannot ask about past salary, nor base wages on pay history at any phase of the employment process, unless the applicant reveals the information willingly. The statute applies to all employers, even those with just one employee. While the law does not cover public jobs subject to collective bargaining agreements, a separate mayoral directive bars city government agencies from inquiring about a candidate’s salary history. Effective Oct. 1, 2017.

San Francisco—Employers cannot ask about past salaries or release pay information to another San Francisco employer without the worker’s written permission. Effective July 1, 2018.

In January, a number of jurisdictions banned the question for public-sector applicants only: In Pittsburgh, the law applies to city employees; in New Orleans, it covers city workers and contractors; and in New York state, it encompasses state job applicants.

Website Launch

Welcome to my new career website! I am absolutely thrilled that you are here. This site is meant to be interactive and dynamic with YOU as the driver of its content.
 
Ask me a career question or explain your career challenge through the form, which I’ve provided in the Contact Tab of my website. I will then address the topic of your issue, in confidence, through blog posts.
 
For additional insights and diverse perspectives, I plan to invite established professionals from across industries, to write as guests.  
 
If you would like to join the discussions, please subscribe to my website belowIf you don’t subscribe you won’t be notified of any new posts and will miss out on valuable insights.

As a writer I'm all about the story, so keep reading as I narrate my vision and explain the journey of how I got here.


IT WAS JUST ABOUT ONE YEAR AGO WHEN

...I published my book Lose the Gum. And just as one would expect of me, I marked the occasion with a fabulous party in SoHo. With all the swank of a posh New York event, I spared no expense to awe and entertain friends and colleagues from across the industry.

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Every last detail was meticulously planned with purpose, including the design of my own signature cocktail and a cake topper of “Fearless Girl” made from fondant. Even by my high standards, I can unequivocally say that the night was perfect. And when it was over, I was covered in fairy dust, which was the residue of all the hopes and dreams that the book’s success was going to bring me.

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Thirteen months have now gone by since

...my book launch party. In the days leading up to the anniversary date, I found myself daydreaming as I strolled through the neighborhood. Nostalgia of that evening began to chart my stroll toward Pucker, the make-up boutique which served as the venue for my event. But when I arrived at the storefront, it was dark and paper wrapped, the windows like a half-opened present.

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I peered through the door and was able to see that it was completely empty inside. I then began to wonder what ever became of Joseph – the flamboyant manager whose vision inspired the entire event by demanding that “I GO BIG or GO HOME!”  He was nowhere to be found. I felt like a piece of me was now gone forever.

All this swirl of emotion prompted me to assess what my book has achieved over the last year. Although the launch was strong and the book showed promise, with a few good interviews here and there, it never gained any meaningful traction. The first few months of 2018 seemed positively silent, publicity-wise. But in reality, the demands of my day job had dominated my focus with a grueling travel schedule that left me with fatigue. My only ambition at that point, was to lie on the couch and binge watching whatever. Looking back, it was a wonder that I had the discipline to write the book at all. Burnt out and defeated, I felt like the girl from Kansas who got off the bus in the Big Apple, only to discover that her dreams of stardom were never going to come true.
 
That was a blunt realization. I hit a wall and wallowed in a shallow pool of misery, where the self-loathing began. But as I started to emerge from my slump, I reminded myself why I wrote the book in the first place - and FAME was never the driving factor. My objective was always to help women achieve success by guiding them through the various challenges of their careers. My goal was to share lessons learned from my own mistakes, so that others could avoid some of the same pitfalls. It is the same reason that I started mentoring young professionals, both men and women, in the first place.
 
With that in mind, I have reprioritized my focus which has ignited inspiration that has grown into a tsunami of momentum. My phone has started to ring again and, although there is renewed interest in both me and my book, I am staying true to my original objective. I am launching this website as a place where all levels of professionals can safely seek career advice. This site will evolve over time, as I develop more tools and resources that will help you navigate your career.

So let’s get to work!

 

Again, if you would like to participate and join in the discussion, please SUBSCRIBE if you haven't already done so.

Please also share this email with your friends, colleagues, family, neighbors, pets, or anyone you think may benefit from a career website like this.

 

Thanks and best regards,

Tamara

Balboa Press - It's a Hobby not a Job

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I truly believe this is the mindset that one needs to implore when turning a project into a business.  It is the difference between amateur and professional. I took this approach when I wrote "Lose the Gum" and it became the differentiating factor between what is now a published book and a bunch of unfinished pages. How many of us, while riffling through our stuff, find pages of a half written book or an idea that we never fully pursued?  We've all been there as a feeling of lament washes over.  But you will be amazed at what you can be accomplished when you shift your mentality and adopt the practice of "Turning Pro."

Read full article here.

Huffington Post - All The Ways Women Are Still Pressured To Put Family Before Career.

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"I could literally tell my family I’d cured cancer and the conversation would still end with, ‘But are you dating anyone?'"

This happens for a variety of reasons, but societal expectations about the roles of women and men at home are still very much to blame, says Tamara Lashchyk, a Wall Street executive, business coach and author of the book “Lose the Gum: A Survival Guide to Women on Wall Street.”

“No matter how successful she is, the burden of running a household still falls on the woman’s shoulders,” Lashchyk says. “Men get more of a pass when it comes to these duties, especially those that involve children.”

See the entire article here.

 

NBC Article - Gender Pay Gap May Be Narrowing, But New Data Suggests a Plateau.

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Tamara Lashchyk, a Wall Street executive and business coach, says that even now, after 25 years in the financial industry, she sees women struggle with asking for more.

"I see women generally less comfortable with negotiating than men," Lashchyk told NBC News. "They tend to negotiate as an extreme measure — when they have another offer or are ready to walk out; whereas for men it's more a normal course of business, something they do on an annual basis."

I was recently quoted for an article on how the gender pay gap is narrowing.  The link to the article is attached here.