Sallie Krawcheck speaks onstage at the
Pennsylvania Conference for Women last year. She says when it comes to
negotiating salary, "men ask and women don't."
Lisa Lake/Getty Images
It's not an exaggeration to say most of America's financial sector
is run by men. In the securities and investment banking industries, men
hold more than 80 percent of executive positions. And women hold only
17 percent of the board seats on Fortune 500 companies.
Sallie Krawcheck bucked the odds.
former president of global wealth and investment management for Bank of
America, she oversaw more than $2 trillion in assets. But corporate
turnovers and personnel changes got her unceremoniously pushed out.
Street lost one of its few women at the top when Krawcheck left, but
she's not the only one. During the economic downturn, women lost finance
jobs in . And before that, women had been for several years.
Krawcheck is now on a mission to bring those numbers up. Last year, she took charge of , a women's network that's grown to include more than 30,000 members.
As part of Morning Edition's look at , Krawcheck tells David Greene about her new venture and urges women to negotiate more aggressively.
On bringing more women onto corporate boards
have been shown to be, on average, more risk averse [than men] ... to
be longer-term in their outlook. In fact, I saw a recent piece of
research that showed, on average, when men enter a negotiation, they're
focused on coming out the other side winning. And when women enter a
negotiation, they're more focused on coming out the other side with the
On the consequences of women not asking for money
I've found over time is that when it would come to bonus time or raise
time, I would hear from the gentlemen, "I want to make X." I don't think
I ever heard from a woman who worked for me, "I want to make X." And
research shows, men ask and women don't. ... Say we've got two
employees, Joe and Joanne. They're both set to make $5 in bonus. Joe
comes into my office and says, "Hey, Sallie, I've had a great year. I'd
like to make $10 this year."
After Joe leaves, I call the head
of HR, and we sort of say, "Can you believe this? Joe wants to make $10,
he's in for $5, ha ha ha." But we don't want to lose him. So we put him
in for $7. And that means Joanne isn't going to get the $5 we had
planned. She's going to get $3. Because the bonus pool doesn't go up.
She sees her bonus actually reduced.
On her women's professional network 85 Broads
women have intuitively recognized the research that says the No. 1
unwritten rule of success in business is networking. Not schmoozing, but
having access to information, knowing people. ... Stuff I want to know
that can help me in business and life that my company isn't providing.
We do online education seminars on things like: How do you ask for a
raise? How do you get on a board? How do you pivot into public service?
what is really interesting, the women who have joined our network have
lower attrition rates from the workforce than the average for the
professional woman. So there's something that's happening in the network
by bringing together these like-minded individuals, that's helping
these women in their careers.
If my company actually gave raises, for all the crap I have to listen to all day, believe me, I'd demand a raise. Sadly, since it's a not-for-profit membership organization, our salaries have been frozen for six years. That's right; I haven't had a raise in six years.
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