The Institute for Fiscal Studies (IFS) found that since the mid-1990s women of working age have gone from being 5 percentage points less likely, to 5 percentage points more likely to have a university degree than men.
The 40% earnings gap identified its report is around 13 percentage points, or 25%, lower than it was in the mid-1990s.
However, women are still less likely to be in paid work than men (83.5% of women and 93% of men), and work fewer hours per week than men if they are employed (34 hours a week on average, compared with 42).
Women in paid work earn 19% less per hour on average than men (£13.20 compared with £16.30).In 1995 this figure was 24% and in 2005 it was 20.5%.
The research was based on data from 2019.
Monica Costa-Dias, deputy research director at IFS, said: “Huge gender gaps remain across employment, working hours and wages. After accounting for the rapid improvement in women’s education, there has been almost no progress on gender gaps in paid work over the past quarter-century.
“Working-age women in the UK are now more educated than their male counterparts and it seems unlikely that we can rely on women becoming more and more educated to close the existing gaps.”
The Women and men at work report, part of the IFS Deaton Review of Inequalities, also finds that:
The hourly wage gap between men and women is now bigger for those with degrees or A-level-equivalent qualifications than for those with lower qualifications. In fact, the minimum wage has helped reduce pay inequality in lower-paid roles
Of working-age adults with GCSEs or less, 26.5% of women do not work for pay compared with 9.5% of men
Working-age women do more than 50 hours a month more unpaid work (including both childcare and housework) than men
Gaps in employment and hours increase substantially upon becoming a parent, with women switching to more “family friendly” but lower paying occupations, or part time work
Women have more career breaks and spend more years working part-time, which contributes to them having lower hourly earnings further down the line.
“However, the gender gap in total earnings in the UK is almost twice as large as in some other countries which suggests the gender earnings gap is heavily influenced by the policy environment and cultural and social norms. For example, women are likely to take on more childcare even when they are the highest earner in the household, and a number of other countries also have more generous parental leave policies than the UK.”
Mark Franks, director of welfare at the Nuffield Foundation, which funded the research, said: “Differences in labour market participation, hours worked and hourly pay act together to lead to large and persistent inequalities in labour market outcomes between men and women in the UK. Some of these differences will originate from choices made by individuals and families relating to career and childcare decisions.
“However, the gender gap in total earnings in the UK is almost twice as large as in some other countries which suggests the gender earnings gap is heavily influenced by the policy environment and cultural and social norms. For example, women are likely to take on more childcare even when they are the highest earner in the household, and a number of other countries also have more generous parental leave policies than the UK.”
Click here to read the full article on Personnel Today.
The National Minority Supplier Development Council (NMSDC) Equity Honors awards are presented to corporate chief officers who have been recognized by their peers as the true leaders at the vanguard of economic equity and minority business integration.
Submit an application for your CEO, COO, CFO, CIO, CMO, CDO, and CPO of the Year. All applications* must be started** by Dec. 20 to be considered.
*Qualified applications submitted for The Equity Honors in 2022 have been cloned for consideration for the 2023 Equity Honors. Simply log into the NMSDC Awards Portal and update your application, then submit. Previous winners of The Equity Honors are ineligible to apply again for a minimum of 3 years.
**We will reopen the applications in March of 2023 to collect 2022 comparative data that will complete the application. All applications that have been started by Dec. 20 will constitute The Equity Honors Nominees for 2023 with nominees highlighted on the Forum website and invited to the 2023 Minority Business Economic Forum.
Open, candid conversations about diversity and inclusion in our society and workplace must continue in order to support the fight for equality. Thankfully, these conversations continue to take place across Bloomberg, in various forms and forums.
One of the goals of these exchanges is to explore different facets of identity and experience from the first-hand perspectives of employees across the firm.
In this edition, we delve into the lived experiences of our colleagues as they have persisted in breaking glass ceilings and bucking conventions, and shows us how we can best support progress for women in the workplace.
Nayla Razzouk, Dubai
“Bring a new perspective, don’t try to blend in, embrace your differences. Learn something new every day. And most of all, be productive.”
Nayla with the UK Royal Marines while covering the Iraq War in 2003
Nayla grew up during the civil war in Lebanon, and naturally ended up covering these conflicts across the Middle East. She joined Bloomberg in 2010 to cover Iraq and energy/OPEC news, and recently took on the role of Managing Editor for the Middle East and North Africa.
In what way have you broken glass ceilings or conventions? What challenges did you face, and how did you overcome them?
Working as a journalist can have its challenges as a woman, and there are additional challenges in this part of the world, where the circles of power are dominated by men. Often, you’re the only woman in the room or at the front, so it can be intimidating and even dangerous. I’ve encountered situations where people I wanted to interview would try to intimidate me because I was a woman. Some wouldn’t speak to women – I once asked my driver to act as a go-between while I stood behind a door. It can only build character, and this has helped me acquire the confidence to say that I will always find a way to do my job — even more so today, in my new challenge as the first woman to lead the MENA region.
What strengths do you believe your identity and experiences bring to your professional and personal life?
Having grown up and worked in tough environments has helped me acquire assertiveness and an ability to tolerate stress in a calm manner, while showing empathy to others. These traits and experiences were very valuable in leading our teams through COVID-19, making sure everyone is safe, continues to perform well, and knows that they can count on us in uncertain times.
Stephanie Flanders, London
“Though a proud feminist, I would still hesitate to describe any particular attitude or experience as uniquely female.”
Stephanie has been both an economist and an economic journalist — she joined Bloomberg in 2017 and now does both, leading Bloomberg Economics and following a lifelong passion to demystify the global economy for a wider audience.
In what way have you broken glass ceilings or conventions? What challenges did you face, and how did you overcome them?
When I became the BBC’s Economics Editor, I was the first woman to occupy a specialist editor job. Happily, there have been plenty more since then, and in general I would say that economics has become a little less male-dominated over the course of my career. In a previous role, I was aware that I was paid much less than several male colleagues in similar roles. That’s a challenge I failed to overcome, but overall I don’t feel I have been held back by my gender. If anything, it has given me an edge — it’s striking how many of the major global banks now have female chief economists.
What advice do you have for future convention- and ceiling-breakers?
When you’re making a case for yourself, don’t start with the skills you don’t have. I thought it was just an outdated stereotype until I started interviewing women and men for jobs. So many women really do lead with the stuff they can’t do. It’s extraordinary.
Vandna Dawar Ramchandani, Singapore
“Understand and accept that every person and situation is different, so be empathetic and encouraging, and build trust so women feel empowered to share and take risks.”
Vandna was born and raised in India. She joined Bloomberg in 1997 as a Terminal Sales rep, while living in Jakarta, Indonesia, and is now leading Corporate Philanthropy for APAC.
In what way have you broken glass ceilings or conventions? What challenges did you face, and how did you overcome them?
In Asia, particularly in India, a woman’s role is primarily expected to be that of a home-maker. I was committed to growing my career — even after having a family — taking on additional responsibility and relocating. When I first took on the roles of APAC Global Data Manager and then Singapore Office Committee chair, the first female in those roles, I did feel nervous about the step up, but there is so much support at Bloomberg, women just need to believe in themselves and lean in.
The biggest challenge is creating a balance that works for you, and often managing your guilt as a mum. There are no shortcuts so you start to run your life through “to-do” lists and constantly prioritize. My social life and personal time became secondary; my work and family were the priority. I wanted to live the life I dreamed of for my daughter and “walk the talk.”
What strengths do you believe your identity and experiences bring to your professional and personal life?
Authenticity, drive, hard work, empathy, and the desire to constantly challenge the status quo! Multi-tasking is not a choice, so you just become good at it. You learn to problem-solve and be creative, which lends itself wonderfully to a career at Bloomberg.
Nita Ditele-Bourgeois, New York
“Take risks and embrace failures. Be determined, never settle, and let your skills speak for themselves; not your gender.”
Originally from the South, Nita was raised in New York at the heart of a family that fostered continuous learning. She joined Bloomberg in 2007 as a Legal Negotiations Specialist, and is now a Product Operations manager in Enterprise Data.
In what way have you broken glass ceilings or conventions? What challenges did you face, and how did you overcome them?
Last year, after 13 years in Legal, I joined Enterprise Data. I saw an opportunity to leverage transferable skills, challenge myself, and grow. I wanted to be part of an exciting journey with the business from a different vantage point.
After encountering gender stereotypes and micro-aggressions throughout my career, I’ve found that the confidence and determination instilled at young age provided me the resilience and fortitude to address challenges head-on.
What strengths do you believe your identity and experiences bring to your professional and personal life?
Active listening has made the biggest impact. It takes time and intentionality, but the outcomes are enormous: positive engagement, sharing ideas, productivity, and stronger communication between individuals.
Celine Shi, Shanghai
“My experience has really been about breaking ceilings in my own mind.”
A native of Sichuan, China, Celine joined Bloomberg Analytics in 2011 in Singapore before taking on the challenge of expanding team coverage in Beijing. She now manages buy-side product specialists in Shanghai.
In what way have you broken glass ceilings or conventions? What challenges did you face, and how did you overcome them?
Early in my career, I didn’t want to draw attention to my sexual orientation, as I truly believe it has no relevance to how well someone performs at work. I kept my identity as a queer woman to myself, even though Bloomberg has been very supportive and open about our LGBTQ community. I later realized that this secret impacted how comfortable I was with colleagues and friends — I wasn’t being myself. I came out in 2017 and was able to fully embrace my friendships and work relationships, which helped me become more confident and perform better.
What advice do you have for future convention- and ceiling-breakers?
Do not set your own glass ceiling. Many of the women I know feel less confident about opportunities and question themselves: Am I really qualified for this? Do I have what it takes? We should be more confident in the different values and experiences we bring, and give ourselves a chance to be seen.
Deanna Hallett, London
“Seek out individuals and groups of people who will support you, lift you up, challenge you, and affirm your identity and your goals — no one can reach that glass ceiling alone.”
Deanna interned for Bloomberg twice before joining full-time after graduating university in 2019. She currently works in UK government and regulatory relations and is the co-lead for the LGBTQ+ and Ally Community in EMEA.
In what ways have you broken glass ceilings or conventions?
I was the first woman in my family to apply to university, the first to run for local councillor, the first to move abroad, and the first woman to come out as LGBT+ in my family. I faced a lot of challenges growing up, including poverty, and psychological and physical abuse from my father, which was particularly acute when I came out as gay. More broadly, I grew up in an environment where I was just expected to manage, have kids, and then become a full-time mum. It was difficult pursuing my own goals and independence when it didn’t marry the view of what my family expected.
What can our colleagues and communities to do become better allies to women in the workforce?
Actively listen. It’s only by taking into consideration people’s experiences that we can ensure the glass ceiling is shattered for all women — particularly LGBT+ women and women of colour, who are too often left behind.
To create products that serve increasingly diverse customers and solve a wider range of social problems, technology companies need women engineers. However, only 25 percent of math and computer science jobs in the United States are filled by women, and one-third of women in the U.S. and China quit these jobs mid-career due to factors like social isolation, a lack of access to creative technical roles and difficulty advancing to leadership positions.
At Bloomberg, we’ve established a company culture that supports gender equality in a multitude of ways – from company-wide Diversity & Inclusion business plans to a newly expanded family leave policy. But we know that’s not enough. In recent years, we’ve adopted a system-wide approach to increasing the number of women in technical roles, taking steps to remove barriers to advancement both inside our organization and beyond Bloomberg, supporting female talent from middle school through mid-career.
While the number of women in technical jobs at Bloomberg is growing, we’re committed to making progress faster and completing all the steps needed to solve the equation. Here are some of the ways we’re tackling this important deficit – and making quantifiable change.
Early engagement
Bloomberg supports organizations that help increase women’s participation in STEM and financial technology, exposing students to various career options through Bloomberg Startup and encouraging our female engineers to engage with the next generation of talent.
Collaboration, creativity, and a love of problem-solving drew Chelsea Ohh to the field of engineering. Now she works at Bloomberg as a software engineer team lead, helping to provide critical information to financial decision makers across the globe.
Recruitment
We target our entry-level engineering recruiting efforts at colleges that have achieved or are focused on gender parity in their STEM classes. And because not all the best talent come from the same schools or have the same experiences, Bloomberg actively seeks women engineers with non-traditional backgrounds or career paths.
Talent development
Women engineers can sharpen their technical skills through open courses, on-site training sessions, and business hackathons held throughout the year. Bloomberg is committed to inspiring our female employees, eliminating barriers like impostor syndrome, and encouraging them to pursue opportunities in engineering.
Community & allies
To strengthen its network of female engineers, global BWIT (Bloomberg Women in Technology) chapters organize more than 150 events, mentoring sessions, and meet-ups a year. The community also engages male allies and advocates, sharing strategies to help them support their female colleagues.
Remote work has become increasingly popular, and while many companies utilized it as a temporary solution during the pandemic, others have realized the endless benefits of maintaining a remote workforce. Working remotely doesn’t necessarily mean you’re doing work from your home; it represents the freedom to work from a variety of locations, including on the road while you travel, from a coffee shop or somewhere that inspires you.
Whether you are considering remote work or need some strategies for keeping sane while working remotely, here are some tried and true work-from-home tips to set you up for success.
The Power of Routine
Creating and maintaining a routine will help you work efficiently and effectively. If starting your day without a cup of coffee in hand sounds like torture, set a timer on your coffee maker, so it’s ready to go. Consider the steps you need to be prepared and focused as an employee. This includes choosing a bedtime and wake-up time that supports your schedule and sleep requirements. Allow extra time for things like feeding pets, getting kids off to school or checking personal emails.
Allowing yourself adequate time to complete and shift from one task to another before you sit down for work will let you start your workday energized, focused and ready to thrive in your role. Think about the time you saved by not commuting to an office and use it to your advantage.
Maintain your Rituals
Daily rituals are an effective tool for creating balance in your personal and professional life, but they also allow you to transition in and out of work smoothly. When you wrap up your workday, tidy your workspace, shut everything down and if you’re able to, separate from your job so you can shift your energy to your personal life. Taking a walk after work to get fresh air and exercise is the perfect way to use the adjustment time to your advantage. If you live with others, define roles in your house so everyone knows what to expect and how they can contribute to fostering a low-stress environment.
Dress for Success
While the idea of working from bed in pajamas is tempting, consider the impact on your sleep cycle and your body’s ability to recognize the signals that it’s time for rest. Your bed should be a sacred space for rest. When you start your day, select attire that aligns with your job and projects confidence. As a professional, leggings and the college sweatshirt you have quite literally worn to pieces aren’t the best options. You shouldn’t be looking for places to hide when a last-minute video conference pops up. If you’re not comfortable on-screen, you need to reconsider your attire.
Dedicate a Workspace
Design a space that allows you to be organized and productive. Even with space limitations, you can choose a spot that fosters both creativity and concentration and supports you in bringing your A-game every day. Give yourself the gift of a dedicated workspace that will enable you to focus on work.
Connectivity is Crucial
Test your internet and cell phone connections throughout your home. It’s critical to perform your job as well remotely as you would in-house at your company. If your signals are weak, find ways to improve them, like asking your cell provider for a signal booster or increasing the speed of your internet service.
Gather Supplies
Consider the type of work you do and what you need to perform your position effectively. Do you need a second computer screen, specialized software, do you maintain paper files, or do you need a dedicated printer? Your role will help you determine the tools you need to be successful. Ask your employer if they provide these tools or if they are the responsibility of their employees.
Stay Connected
Maintain contact with your colleagues and communicate your preferences for communication throughout the day. Do you prefer to receive texts, emails or a phone call when something urgent arises? Does your team utilize weekly or even daily meetings to keep everyone connected and up-to-speed?
Take Breaks
The secret to maintaining sanity while working remotely? Schedule time for lunch and mini breaks, so you give your brain a break. You’ll come back refreshed and ready to crush your goals for the day.
Reflect and Adjust
Periodically consider what is and isn’t working in your remote work environment. Don’t be afraid to acknowledge if something isn’t serving you and then determine the steps you can take to adjust your situation. By allowing yourself the ability to be flexible, you can make changes along the way that keep you thriving as a remote employee.
In a world that’s constantly changing, finding a career that offers job security and steady finances in a growing market can be tremendously comforting. If you’re looking for the best field to pursue, here are some top jobs offering high salaries and exceeding the expectations of the job market. Note: The average growth percentage for any career is eight percent.
Computer and Information Systems Managers
Description: Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals. Typical job duties associated with this position are analyzing technology needs within companies, computer maintenance, cyber-security and keeping up to date with the latest technology trends.
Education Requirements: Computer and information systems managers typically need a bachelor’s degree in computer and information technology or a related field, such as engineering technologies. Many organizations also require their computer and information systems managers to have a graduate degree. A Master of Business Administration (MBA) is common and takes two years beyond the undergraduate level to complete.
Average Annual Salary: $159,010 per year
Job Growth Outlook: 11 percent
Human Resources Managers
Description: Human resources managers plan, coordinate and direct the administrative functions of an organization. They manage the recruiting, interviewing and hiring of new staff, consult with top executives on strategic planning and serve as a link between an organization’s management and its employees. Their duties can entail coordinating an organization’s workforce to best suit employees, designing and overseeing employee benefit programs and handling staffing issues, such as mediating disputes and directing disciplinary procedures.
Education Requirements: Human resources managers typically need a bachelor’s degree to enter the occupation. The degree may be in human resources or another field, such as business, communications or psychology. Courses in subjects such as conflict management may be helpful.
Average Annual Salary: $126,230 per year
Job Growth Outlook: 9 percent
Nurse Practitioners
Description: Nurse practitioners, also referred to as advanced practice registered nurses (APRNs), coordinate patient care and may provide primary and specialty healthcare. Their duties could also include operating and monitoring medical equipment, diagnoses, research, running tests and creating patient care plans. The scope of practice varies from state to state.
Education: Nurse practitioners must have a master’s degree in their specialty. APRNs also must be licensed registered nurses in their state, pass a national certification exam and have a state APRN license.
Average Annual Salary: $123,780 per year
Job Growth Outlook: 45 percent
Physician Assistant
Description: Physician assistants, also known as PAs, practice medicine in teams with physicians, surgeons and other healthcare workers. They examine, diagnose and treat patients. Physician assistants may also research new treatments, conduct health-centered outreach programs and speak on health and wellness.
Education Requirement: Physician assistants typically need a master’s degree from an accredited educational program. Earning that degree usually takes at least two years of full-time postgraduate study. PA graduate school applicants usually have experience caring directly for patients. All states require physician assistants to be licensed.
Average Annual Salary: $121,530 per year
Job Growth Outlook: 31 percent
Software Developers
Description: Software developers create computer applications that allow users to do specific tasks and the underlying systems that run the devices or control networks. They may also analyze clients’ design needs, have a strong understanding of ADA compliancy online, recommend software upgrades and perform software maintenance.
Education Requirements: Software developers, quality assurance analysts and testers typically need a bachelor’s degree in computer and information technology or a related field. Some employers prefer to hire developers who have a master’s degree.
Average Annual Salary: $110,140 per year
Job Growth Outlook: 22 percent
Sources: Bureau of Labor Statistics, The Balance Careers
The United States is currently experiencing a massive demographic shift, led in large part by the nation’s Latinx population. This group is growing rapidly, quickly becoming the most culturally and economically influential community in the country.
According to the 2020 U.S. Census, the country’s Hispanic or Latinx population grew from 50.5 million in 2010 (16.3% of the U.S. population) to 62.1 million in 2020 (18.7%). That’s an increase of 23 percent. In fact, slightly more than half (51.1%) of the total U.S. population growth between 2010 and 2020 came from growth in the country’s Latinx population.
It is no surprise then, that Latinx people have a massive effect on the U.S. economy. Their buying power is expected to reach $1.9 trillion by 2023, according to a report from Nielsen. This is up from $213 billion in 1990, marking an over 200% growth rate, more than double the growth in buying power of non-Latinx consumers.
This community’s economic influence reaches all industries, and it is critical that businesses gain a deeper understanding of Latinx culture. Doing so will allow business leadership to both better support employees and more effectively appeal to customers.
Understanding the Hypercultural Latinx individual
Among young Latinx people, there has been a rise in what is known as the “Hypercultural Latinx.”
Hypercultural Latinx people are often first-generation Americans who straddle both U.S. culture and their parents’ native Hispanic cultures. This group feels deeply connected to both aspects of their identities and has, in a sense, created their own blended, hybrid culture. As Ilse Calderon, an investor at OVO Fund, wrote on TechCrunch, a Hypercultural Latinx person is “100% Hispanic and 100% American.”
So, what do they want to buy? While Latinx people are clearly not a monolith, there are a few key trends across the community. According to research in the PwC Consumer
Intelligence Series, the Latinx population is especially enticed by new tech products. They are active on TikTok and exceedingly more likely to use WhatsApp and other social media platforms than other groups.
Nielsen also found that 45% of Latinx consumers buy from brands whose social values and causes align with theirs. This is 17% higher than the general population. Latinx people also share strong family values, as well as pride in their distinct cultural heritages. That is why organizations must engage the Latinx community and invite Latinx people to share their experiences.
It is pivotal that business leaders understand that “Latinx” is not a single streamlined culture. Rather, it is a diverse mix of traditions, nationalities, and values.
Embracing these cultural nuances is a key to understanding Latinx audiences. Organizations must consider methods to appeal to distinct Latinx groups, rather than marketing to the group as a whole.
Cultivating and advancing Latinx talent in the workplace
It isn’t only consumers that businesses should be thinking about. Latinx talent has also accounted for a massive 75% of U.S. labor force growth over the past six years, according to Nielsen. Nevertheless, only 3.8% of executive positions are held by Latinx men, and only 1.5% of are held by Latinx women.
Clearly, companies have a lot of work to do to attract and cultivate Latinx talent—and it all starts with recruitment. To ensure a diverse work force, companies must utilize culturally competent recruitment strategies that not only make new positions appealing to a variety of job seekers, but also give every applicant a fair chance.
According to an article in Hispanic Executive, understanding cultural differences can help recruiters create job descriptions that more effectively appeal to different communities. For example, the Latinx community feels a more communal sense of identity, compared to the more individualistic sense of identity in European-American culture. Recruiters should keep this in mind when thinking about what necessary skills they are highlighting for available roles.
Click here to read the complete article on Bloomberg.
Hispanic Americans are launching more new businesses, achieving higher levels of education, and reaching the C-suite of Fortune 500 companies in greater numbers than ever.
Surprisingly, these advancements and economic milestones are often unknown by the very people responsible for them – according to a recent survey, 77% of Latinx have no idea of their communities’ potential and contributions.
In that spirit, Bloomberg is spotlighting these accomplishments – and the perception gap behind them.
By celebrating and recognizing their influence and success, Hispanic Americans can feel more awakened, empowered and secure in the progress they’re making – both individually and as a united group.
And:
However:
Taking action
With this perception gap in mind, we spoke to members of the Hispanic community here at Bloomberg, learning their thoughts on this perception gap and the work necessary to close it.
As a Latina, I don’t see Latinx achievements promoted enough in our schools, the workplace, and in mass media. We are making progress through employee resource groups here at Bloomberg, which aim to highlight the achievements of Latinx in the corporate landscape and the world, but there is still lots of opportunity to expose all the wonderful growth and achievements of our community. I actively seek out Latinx representation on a daily basis by specifically supporting Latinx authors, joining organizations for Latinx advancement, reading Latinx news outlets, and supporting Latinx-run businesses. If we were more celebrated, with our contributions and presence being more prevalent, the perception could change. Our reach needs to be wider. – Juliana Rodriguez, Engineering
I’m driven by my heritage, coming from a family of Latinx small business owners and seeing how hard my family has worked over the years to start and grow businesses, making them successful not only for this generation but for my kids’ and beyond. That’s how I see the achievements of the Latinx community: work ethic, drive, and passion to pave a way for their families. There is still a huge gap when it comes to recognizing the community’s achievements because people need to care and be open to seeing this community as a whole for who they are. – Stephanie Saliba, Global Data
We need to make our collective voice louder than the spun narrative of the sensational news cycle. Let’s get comfortable with talking about the larger power the Latinx community has, including how we contribute to the economy, our workforce participation, our leading rates of entrepreneurship, business ownership, startup businesses, and overall contribution to GDP. Let’s also highlight our increased political power, in terms of percentage of the electorate, and our ability to demand change and action from our representatives that will benefit our community. – Priscilla Cunza-Marin, Global Data
National Scholarship Month, sponsored by the National Scholarship Providers Association (NSPA), is a national campaign designed to raise awareness of the vital role scholarships play in reducing student loan debt and expanding access to higher education.
To celebrate, the National Scholarship Providers Association (NSPA) has announced the launch of the NSPA Exchange – the first and only scholarship metric database.
Thanks to a partnership with the Michael & Susan Dell Foundation, the NSPA Exchange was created to serve as a central access point for scholarship provider data. Currently, the database is home to metrics from over 1,300 organizations, allowing members to search details about peer providers by location, compare scholarship award amounts, eligibility criteria, program staff size, and more. All information is kept in a secure, cloud-based, centralized database maintained through a custom administration system.
“Our goal for the NSPA Exchange is to ultimately define best practices and industry standards for scholarship providers.” says Nicolette del Muro, Senior Director, Membership and Strategic Initiatives at NSPA.
“With this database, members now have the data they need to make strategic decisions. For example, of the over 15,000 scholarships in the Exchange database, the average application is open for 90 days. And 75% of these scholarships open in the months of November, December, and January. This offers applicants a relatively short window of time to apply for all scholarships. Insight like this could help a provider determine to open their application outside of the busy season or encourage them to make their scholarship criteria and requirements available online in advance of the application open date.”
“The NSPA Exchange is a great resource for IOScholarships as the information is constantly updated and enables members to review and update their own organization’s scholarship data”, said María Fernanda Trochimezuk, Founder of IOScholarships and Individual Affiliate Member at NSPA. “IOScholarships also uses scholarships from the Exchange in our own Scholarship Search, and we trust these scholarships are safe for students, vetted, and current offerings.
ABOUT THE NATIONAL SCHOLARSHIP PROVIDERS ASSOCIATION (NSPA)
The mission of the National Scholarship Providers Association is to advance the collective impact of scholarship providers and the scholarships they award. Currently serving over 2,000 individuals, they are dedicated to supporting the needs of professionals administering scholarships in colleges and universities, non-profit, foundations and businesses. Membership in the NSPA provides access to networking opportunities, professional development, and scholarship program resources.
ABOUT IOSCHOLARSHIPS
By conducting a free scholarship search at IOScholarships.com, STEM minority and underrepresented students gain access to a database of thousands of STEM scholarships worth over $48 million. We then narrow this vast array of financial aid opportunities down to a manageable list of scholarships for which students actually qualify, based on the information they provide in their IOScholarships.com profile. They can then review their search results, mark their favorites, and sort their list by deadline, dollar amount and other criteria. We also offer a scholarship organizer which is completely free to use, just like our scholarship search. There are scholarships out there for diverse students in STEM. So take advantage of National Scholarship Month and search for available scholarships today!
Corporate hiring managers no longer need to argue the case for diversity. Data from the Pew Research Center suggests that eight-in-ten Americans value racial and ethnic diversity in the workplace, with 45% of survey respondents citing diverse perspectives and equal opportunity as grounds for increasing diversity. Another 34% see a clear business case for diversity, too, as it leads to a larger pool of potential workers.
Yet, diversity is only a starting point. Inclusion, the behavior that welcomes and supports diversity in corporate culture, goes beyond the obvious missed opportunities for great talent. Inclusion is a necessary tool for growth and competitiveness.
For people of color, coping with discrimination can create the burden of an “emotional tax” in the workplace. This emotional tax is defined as ‘the heightened experience of being treated differently from peers due to race/ethnicity or gender, triggering adverse effects on health and feelings of isolation and making it difficult to thrive at work.’ Nearly 60% of women and men of color have experienced this burden, according to a survey by Catalyst. When employees of any background don’t feel that their perspectives are welcomed and included, the company bottom line can suffer, too.
The Black tax
This emotional tax is often referred to as the “Black Tax,” because of its particular impact on Black people.
Data indicates that, while a majority of Black survey respondents reported facing discrimination, those with college or higher education experience were even more likely to say they have been affected. As many as 62% of Black workers in STEM fields—as compared to 44% of Asians, 42% of Hispanics and 13% of whites—revealed they have experienced various forms of racial or ethnic discrimination at work, including earning less than a coworker with the same role and receiving less support than their peers from managers. When Black workers face racial discrimination, bias, and microaggressions in their daily professional environment, their emotional and financial wellbeing can be affected.
When faced with bias and discrimination, Black workers may feel obligated to code-switch, a method of alternating between ways of self-expression, appearance, and behavior in the workplace, to downplay racial differences and connect with colleagues. This suppression of one’s racial identity can come at the cost of authenticity and self-confidence, and thus, decrease a sense of belonging in a work environment.
This discrimination also forces Black employees to contend with hypervisibility, the feeling of being overly visible for one’s race or ethnicity, while their unique skills and personalities seem invisible to others. While this phenomenon has been an issue for years, its effect is being felt now more than ever in the aftermath of the murders of Black Americans like George Floyd, Breonna Taylor, and Tony McDade, as well as the global Black Lives Matter protests that followed.
Intersectionality of multiple challenges
Facing the intersectional pressures of race and gender bias, Black women, especially, may need to navigate situations of gender bias more carefully, including things like being asked to do office housework or being interrupted while communicating in the workplace. Other situations that stem from racial bias, such as having their hair touched without consent or being told that they are exceptionally articulate or not like others of their race, can also take a toll. A common solution offered to women to thrive in the workplace is to “lean in” or be “more assertive.” However, due to pervasive stereotypes, Black women may be labeled as “angry,” or subjected to racially biased reprisals when speaking up for themselves.
Since the burden to stay vigilant against bias can impact an employee’s self-confidence, career path, and retention within an organization, it’s no surprise that professional and financial repercussions follow. This constant attention can become a job within a job, or, at the very least, an energy-draining distraction. Black employees in non-diverse and non-inclusive workplaces may lack access to the senior leaders and spheres of influence that could provide paths for career progression. The racial wage gap embedded in the corporate system, combined with the diminished opportunity to connect and move forward, can impact earning potential throughout a career.
The Black tax, being pervasive, also threatens the ability of Black families to build generational wealth. When Black employees earn fewer wages than their white counterparts, they have access to fewer opportunities for building net worth—via savings and investing—and ultimately, less to provide for and pass onto their families. As many Black professionals may be the first in their families and communities to have college degrees (along with the access to white-collar income), they often support extended families during their earning years. Thus, the burden of the Black tax can cast a far-reaching shadow over the economic health of Black communities.
The company bottom line takes a hit
Lack of diversity and inclusiveness can weaken the path to management for internal talent and make attracting innovative new stars a challenge. Unspoken pressure on people of color to be more qualified, more professional, and harder working than their colleagues just to be valued on par, can lead to reduced productivity, costly health struggles, and high turnover for this group. Data also indicates that employees who are not carrying that emotional tax burden may also become disenchanted with their organization’s intolerance for diverse POVs and will subsequently leave, as confirmed by 72% percent of respondents surveyed in a Deloitte Poll. Nearly two-thirds (65%) of employees surveyed in an SHRM study felt that the respectful treatment of all employees was a very important factor in their job satisfaction.
Companies that optimize productivity from a wide variety of people tend to perform better than companies that don’t. Exposure to diverse colleagues helps everyone learn to adopt inclusive practices. The results can include increased retention and employee engagement, broader attraction of top talent, better brand image within the community, stronger financial performance, and greater innovation.
Attracting the best talent and connecting with one’s customer base requires acknowledging women of color as an integral part of the available hiring pool. Women and people of color comprise 63% of the population, but account for less than 30% of senior business decision-makers. Women of color also make up the majority of the global female population. While strides toward gender inclusion show that approximately “1 in 5 C-suite executives is a woman,” still “only 1 in 25 C-suite executives is a woman of color.”
Despite the coronavirus pandemic, business school applications are booming. MBA providers have been grappling with record numbers and increasing class sizes to accommodate a rush of executives seeking to improve their management credentials.
However, the gender divide persists. Demand among men for MBA places has been much stronger than among women, raising concerns that years of progress towards greater inclusion in business education is at risk of regressing.
(Image Credit – Financial Times)
The Forté Foundation, which lobbies for gender equality in education, found last year that the proportion of women enrolled in MBAs at their 52 member schools remained unchanged compared with 2019. Although almost half of schools managed to break the 40 per cent barrier in 2020, improvements in female representation across the membership had stalled. Female enrolment in full-time business programmes had been inching up in recent years as admissions teams promoted female alumni, and schools offered scholarships specifically for women and targeted sectors where women hold more of the management roles.
Female enrolment in full-time business programmes had been inching up in recent years as admissions teams promoted female alumni, and schools offered scholarships specifically for women and targeted sectors where women hold more of the management roles.
When Forté was formed in 2001, it calculated that less than 28 per cent of MBA students in the US were women. A third of full-time MBA students at member schools were women in the autumn of 2013 and that rose to nearly 39 per cent of the group in 2019.
“There is a concern that the progress that has been made will go into reverse,” Elissa Sangster, Forté’s chief executive, says. “Concern has been higher among women about returning to full-time study during a pandemic, given that the jobs market may be far harder after graduation,” she says. The financial risk is often the biggest factor for female MBA applicants, she adds, and suggests the most effective change schools can make is cutting the price tag for those considering a return to formal education.
