November 29th, 2006

Medical Business, Where Are the Black Folk?

On a raining gloomy Wednesday, I went to a medical convention in Chicago. This show is called “RSNA”, which I presume stands for Radiology Society National Association. The show is very large and the estimates of attendance is in the 10’s of thousands and nearly 100,000 people.

This is the largest medical show in the United States. Some of the biggest corporations in the world show their radiology products in elaborated and large booths. The technology has grown leaps and bounds. Not only is the automation what you would expect, but the clarity of the images from the body, are incredible. Do you remember the term exploratory surgery? This business has put that term out of business.

The attendees are M.D Radiologists Technologists, some hospital administration, corporate executives, sales people, technical support service people, company event planners and job seekers.

My reason for going this year is my role as managing partner for Global Recruiters of Oak Park, www.grnoakpark.com. I am always on the hunt for exceptional talent and great companies that need talent to help their growth plan success.

In this blog we have discussed diversity, reverse discrimination, affirmative action and fast track promotions.

I witness aspects of affirmative action at work. There were many white women in attendance and some Asians as well. I did not notice dynamics of reverse discrimination because white males were in abundance. I am wondering the same thing I wonder in many nice restaurants, where are the black folks. Do you remember Eddie Murphy the actor, in a movie scene where he exclaims to Nick Nolte, “Not a real popular place with the brothers.”

In conclusion we are missing opportunities in a great and important business, the medical field. On a positive note, I did see several black M.D’s at the show, mostly women.

Few tips on preparing for aposition in the medical field…

1) In school take as many science and math courses as you can handle.

2) Perform at an A level for all classes

3) Be active in extracurricular activities

4) Find opportunities to show leadership skills

5) Develop communication skills both verbal and written

6) Keep up with technology

7) Graduate from a good college with a degree that can support proof of critical thinking ability.

8) Become fascinated with science and medicine. If you learn to love it you will want it more.

9) Find a mentor in the field. Someone that can give you advice and council.

10) Establish a plan with incremental goals and time frames for achievement of steps necessary.

The demographics indicate, this field will continue to grow. Let’s encourage our young to strongly consider the medical field as a career option.

By the way my specialty field in my recruitment is medical. If I can help anyone find a medical position please contact me or visit www.grnoakpark.com

 

November 29th, 2006

Black Women in Business, Fast Track Promotions

A Warton Study indicates that black women are the most disadvantaged group when it comes to fast track promotions. This was for all jobs overall, however in the higher paid jobs, black men are the group less promoted.

It is widely viewed that white men fast track the easiest and affirmative action benefits white women the most. Many schools of thoughts conclude that black women are less threatening to the masses, thus enjoy less resistance in Corporate America.

The best way to overcome bias is as follows…

Build a relationship with your boss, cemented by trust and respect. Use that trust and respect to make your boss look good and understand the corporate vision. Work hard to contribute to it and get to know your peers and the organization as a whole. Discover commen ground in which you insure everyone around excels in.

Communicate so all that matters knows of your value and your accomplishment’s.

Make sure your boss does your performance appraisals and development plans.

Establish your goals with your boss and gain their commitment of support. Ensure regular updates to have your boss tell you they are happy with your work.Ask is there  things you can do better.

There are other things that will make a difference. A mistake I have made in the past and seen others make, is to avoid our superiors at all cost. This is even more magnified by race and gender difference.

We must manage our boss in order to overcome bias and move up the ladder.

As follows is a very comprehensive study on the topic of fast track promotions.

 

 

Heading for the Fast Track? New Studies Examine Who Gets Promoted and Why

Published: August 10, 2005 in Knowledge@Wharton

Maybe Oprah Winfrey knew something about workplace dynamics that other people didn’t.   

Winfrey, of course, is the multimillionaire founder of a media empire that includes not only her syndicated talk show but also O magazine, a members-only website, books and even weight-loss camps. By choosing self-employment over working for a TV station or network — she began her career as a news anchor in Nashville — Winfrey may have avoided a pitfall for many black women in the workplace, namely, being stuck in their jobs. Black women are less likely to be promoted than males and white women, according to a group of labor economists and human resource specialists who recently gathered at Wharton.

 

Even as two big labor unions decided this week to defect from the AFL-CIO, claiming that it had failed to stop declining union membership or push hard enough for labor reform, participants in a conference entitled “Careers and Career Transitions: New Evidence for a New Economy” debated the alchemy of promotion — who gets it, when and why. The conference was organized by Wharton’s Center for Human Resources and sponsored by career transitions firm DBM. Scholars presented evidence from different places — Fortune 500 companies, call centers, Canadian firms — and parsed it in various ways. But two findings arose repeatedly: Minority females are less likely than others to win promotions, and white males are more likely to.

Other studies probed the dynamics of promotion — including the concept of the “fast track,” the effect of corporate restructurings on professional advancement and the likelihood of promotion for insiders vs. recent outside hires, among other things. The goal of the conference was to understand how modern labor markets operate — nearly everyone agreed that today’s economy appears to allow for more employee mobility among firms — and what this means for workers.

 

“An overarching theme was thinking about what determines career ladders within firms,” said Wharton professor of business and public policy Justin Wolfers. “There’s room for a number of different views here. Some scholars believe managerial policies matter. Some think demographic differences do. And if you think about types of managerial policies, some firms have what academics call internal labor markets, and some regard employees as, in effect, being bought and sold on the spot market.”

The Fast Track and the “Peter Principle”

 

Pablo Acosta, a doctoral candidate at the University of Illinois at Urbana-Champaign, presented research based on the personnel records of a single U.S. corporation. Like several of his colleagues, he found that whites, males and more educated workers had a higher probability of being promoted. 

 

Nothing radical there, but as he sifted through the data he was able to test two pieces of conventional workplace wisdom. The first was the “fast track,” the idea that companies often have an accelerated evaluation and promotion path for people who have been designated as stars early in their careers. The second was the famed “Peter Principle,” which says that workers rise to the level of their incompetence and then stall. It was formulated by Laurence J. Peter, an education professor who taught at the University of Southern California.

In a paper titled, “Promotions, State Dependence and Intrafirm Job Mobility: Insiders vs. New Hires,” Acosta found that fast tracks didn’t seem to exist in any systematic or firm-wide way. If they did, previous promotions should lead to a higher probability of future promotion, but that wasn’t the case.

In contrast, his analysis suggested that the Peter Principle did exist. He discovered that outsiders had an advantage over insiders when competing for a higher position. In theory, if an insider had risen to his or her level of incompetence, he or she would then be less likely to get promoted. Of course, an equally likely explanation would be “the grass is always greener” phenomenon — or, put in the corporate context, companies like newer hires not because their longtime employees are incompetent but because people have a tendency to overvalue unfamiliar candidates and undervalue known ones. That might explain the tendency of companies to seek out savior CEOs from the outside, as, for example, Hewlett-Packard did — with little success — when it hired Carly Fiorina, or as IBM did, with much better results, when it brought in Lou Gerstner.

Like Acosta, John Dencker of the University of Illinois Urbana-Champaign investigated promotions within a single large U.S. firm. His research was aimed at determining what happened to employees after restructurings. The company he examined, a manufacturer, experienced major layoffs in the mid-1980s, reworked its means of employee evaluation in the late ’80s and underwent another round of layoffs in the early ’90s. Dencker, in a paper titled, “Organizational Structure, Gender, and the Influence of Corporate Reorganization on Employee Promotion Patterns,” focused on white-collar employees because he says that they were disproportionately targeted in layoffs in the ’90s. During that time, middle managers accounted for 20% of job losses but only 10% of the workforce.

The first round of layoffs at the firm studied by Dencker appeared to turbocharge the careers of managers who survived it: Their promotion rates increased. And that makes sense. A firm would want to try to keep its best people, and thus it effectively signals that layoff survivors are top performers. 

 

But promotion rates decreased after the firm reformed its means of employee evaluation. Specifically, the firm moved from a system based mainly on seniority to one based mainly on performance. Interestingly, though, the promotion rate for female employees rose after the change. Dencker couldn’t explain this. Despite doing follow-up interviews with executives, he could find little evidence of a concerted effort to advance women. What’s more, “a search for legal rulings failed to uncover any evidence that the firm had engaged in blatant discriminatory practices in the past,” he says.

After the second layoff, promotion rates also dipped. This drop suggests that the firm may have moved from a closed employment relationship, where it relied on promotions to reward good performance, to an open one, where, for example, it might rely on “short-term, market-driven rewards such as bonuses,” Dencker says.

The Influence of Race and Gender

 

A pair of papers presented at the conference took direct aim at the influence of race and gender on promotions. In one, Margaret Yap, a professor at Ryerson University in Canada, explored promotions at a large Canadian company. In the second, Nancy DiTomaso, a professor at Rutgers University, and four co-authors investigated the same issues among scientists and engineers at multiple firms.

Before digging into any statistical analysis, Yap examined simple percentages and found that, in her selected company, whites were more likely to be promoted than nonwhites, men were more likely than women, and white males were more likely than white females or minorities of either gender. “This simple comparison of gross promotion rates indicates . . . that minority females seem to suffer a double whammy in their prospect for career advancement,” she writes. White males also earned more on average — $68,000 — compared with $64,000 for minority men and $54,300 for women.

Yap then split the firm’s employees, looking separately at lower-level employees and senior managers. At the lower level, white males had the highest promotion rate. But at the senior level, white and minority females beat them, while minority males still lagged. Yap applied a variety of statistical tests to her findings, and the results held: White men were the most likely to receive promotions, even when other workers appeared equally or even more qualified. This led her to conclude that “systemic barriers must have existed in the company’s policies, programs and practices.”

Many would feel that Yap’s conclusion is tentative: After all, she examined a single firm. And one doesn’t need to look far to find examples of individual firms that have discriminated against one group of employees or another — or at least have been accused of it. Earlier this month, a male violinist sued the New York Philharmonic Orchestra, accusing it of favoring female violinists. And an arbitration panel ruled that Merrill Lynch had to rehire a female financial consultant against whom it had discriminated. Last year, the panel ruled that Merrill had exhibited a pattern of gender discrimination. Another New York investment bank and brokerage, Morgan Stanley, paid $54 million last year to settle accusations that it, too, had discriminated against women.

 

DiTomaso and her co-authors tried to overcome what researchers call the “small-sample problem” by examining promotions of scientists and engineers at 24 firms. Like Yap, they found an advantage for white males. White male scientists had greater control over the content of their work, which the authors regard as a key driver of professional satisfaction among scientists and engineers, and received higher performance ratings. Interestingly, “[white males] receive greater access to favorable work experiences and higher performance ratings no matter who is rating them,” the authors note. In other words, they are well rated by fellow white males and by minority females.

 

The authors found no evidence that firms knew they were favoring white males. In fact, interviews and focus groups revealed that white males themselves tended to feel “disadvantaged vis-a-vis other groups, owing to what they perceive as their employers’ emphasis on workplace diversity.”

 

The only group whom the authors found to be consistently disadvantaged was U.S.-born black females. All other groups experienced what the authors call “the absence of advantage,” that is, no special advantage or, for that matter, disadvantage.

 

“The process by which U.S.-born white men accrue advantage — by receiving favorable treatment in the workplace that then helps them become more competent and worthy which then reinforces the belief that people like them are competent in these kinds of jobs — has important consequences,” the authors conclude. “Since no one is ostensibly guilty of discrimination, ill will or intentional unfairness, without attention to favoritism as well as discrimination, there is no remedy for those who either lack favor or suffer disfavor.”

November 28th, 2006

Black in Business- The NFL

The National Football League is one of America’s most glamorous businesses. Like Wall Street, there is a lot of money in football. There are also a lot of black football players in the NFL.

It use to be for the black athlete, the only place to make money was on the field. On the field and only certain positions. Middle linebacker and quarterback were positions reserved for white football players. The coaches were all white and the endorsements were given to only white stars.

The Great Jim Brown, was the best college football player in the nation in 1956, but the award was given to blond haired, blue eyed Paul Horning. Mr Horning was an outstanding player, but not to be confused with Jim Brown.

The first black college football player to win the Heisman Trophy was Ernie Davis. Ironically Mr. Davis went to Mr. Brown’s Alma Mata, Syracuse and wore the same number #44.

O.J Simpson and Hertz showed that America would accept a black super star selling rental car’s. O.J was the first black sports star to earn substantial earnings off the field.

Jan 31, 1988, Doug Willams of Grambling University became the first black quarterback to lead his team to a Superbowl win. The Washington Redskins destroyed the Denver Broncos, led by blond haired icon John Elway, 42-10.

Warren Moon this past year became the first black quarterback elected to the Hall of Fame for pro football.

The two top coaches in the NFL this year are black. Tony Dungy of the Indiana Colts with a 10-1 record. Lovie Smith of da Bears with a 9-2 record.Da Bears are the nation’s icon team from Chicago and made famous by the Saturday Night Live TV show.Da Bears are one of the leagues oldest teams and winner of the 1985 Super Bowl.

Fox Television’s Pam Oliver talked about the steps the NFL has taken to have more black coaches. There are now 7 and 20 years ago there were none. Art Shell was the league’s first black Head Football Coach for the Oakland Raiders. He waited way too long for his second shot, also with the Raiders. Lovie Smith is the League’s lowest paid coach at 1.1 million dollars per year. The ranks of assistant coaches are finding more black leaders but we have a long way to go. Opportunities in the front office could use more diversity as well.

In conclusion enjoy the NFL and for the majority of blacks wanting to be in this business, we hope soon there will be great opportunities off the field. Study hard! Super Bowl prediction Baltimore Ravens vs Chicago Bears.

November 26th, 2006

Opportunties for Black Women on Wall Street

We hope to bring the stories of successful everyday blacks to the mainstream via this blog. Allen Iverson scored 46 the other night, Jay-z has come out of retirement and Kramer (while not black) put us in the news again. In July 05, 65 African American women executives in finance, within two reporting steps from their company’s CEO, offered 300 women strategies to meet tough market obstacles. We all may know about A.I, Kramer, Jay-z and even O.J, but those accomplished women and summit may have escaped our notice.

For young black women and men, finance is an excellent career choice. They must take classes with a lot of math and science work and honors classes in High School. This will give opportunity to get accepted in the better universities. We discussed Wall Street in earlier postings, now we have proof of accomplished women that have made Wall Street home. It can be done, 65 women have trail blazed the way. Let’s applaud their success, even more worthy is their reaching down to give a helping hand. Remember, “You have to reach up before you reach down. Reach up and pull yourself up before you reach down to help someone else up!” Make yourself a success and then help others.

 

Release Date: July 12, 2005
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Contact:
Selena Morris 212.449.7283
selena_morris@ml.com
   

 

 

“Black Women on Wall Street” Panelists Offer 300 Women Career Strategies to Meet Tough Workplace Obstacles

PANEL CONCLUDES BLACK WOMEN’S ECONOMIC SUMMIT WITH NATION’S TOP AFRICAN-AMERICAN EXECUTIVES

THE EXECUTIVE LEADERSHIP COUNCIL AND MERRILL LYNCH ARE CO-HOSTS

NEW YORK, July 12, 2005 — The “Black Women on Wall Street” panel fulfilled its promise to benefit young African-American women facing workplace obstacles by having high-achieving women in finance share their career experiences and unvarnished leadership strategies to address the “double outsider” status of being female and black in corporate America. The third in an ongoing series hosted by The Executive Leadership Council and Merrill Lynch, the leadership forum has become an anticipated annual event attracting women and men executives ranging from rising midlevel managers to senior Fortune 500 decision makers.”Black Women on Wall Street” concluded a national Black Women’s Economic Summit of some 65 African-American women executives in finance within two reporting steps from their company’s CEO. The panel, one event in the daylong summit, was also open to Executive Leadership Council members and invited Wall Street employees, including the Merrill Lynch Professional Networks.

“The women panelists are outstanding professionals and corporate leaders engaged in developing the talents of African-American women in the corporate and financial communities,” said Carl Brooks, Executive Leadership Council president.

“The Executive Leadership Council is proud to join our member company Merrill Lynch in presenting this panel discussion under our women’s leadership initiative.” Aulana Peters, a retired partner of Gibson, Dunn & Crutcher, and a member of the boards of directors of Merrill Lynch, 3M Corporation, Northrop Grumman Corporation and John Deere & Company, set the tone for the event by emphasizing the importance of ethics as the linchpin of the framework of the capital markets and the financial services industry.

“While you exercise your judgment, your ingenuity and your initiative, keep in mind that trust and integrity are critical not only to your own advancement and true success, but also to the respect that you earn from your clients,” she said. The positive and powerful importance of mentors and role models was a recurring theme of the discussion, echoed by Dr. Westina Matthews Shatteen, first vice president at Merrill Lynch, an Executive Leadership Council board member and chair of the planning committee for the summit and panel discussion.

“Having African American women in the C-suite is a business imperative. The only way to achieve that is to give our talented women and men the insights and the foresight they need to navigate their careers successfully,” she said.

To support young women in pursuing financial careers, Dr. Matthews Shatteen announced that The Executive Leadership Council has established the Ann Fudge Scholarship, funded in part from proceeds from the Black Women’s Economic Summit. The scholarship is named after Ms. Fudge, was one of the first women chairs of The Executive Leadership Council and is chairman and CEO of Young & Rubicam Brands. The first two Ann Fudge Scholars are Lenora Robinson, a rising senior at Howard University, and Sheila Collins, a second-year MBA student at the Ross School of Business at the University of Michigan. Each will receive $5,000.

The “Black Women on Wall Street” discussion opened with remarks from Ms. Peters and a research overview of African-American women’s perceptions of the corporate workplace from Dr. Katherine Giscombe, senior director of research at Catalyst. A “Who’s Who” panel of successful African-American women leaders in finance was moderated by Joyce Roché, president and chief executive officer, Girls, Inc., herself an alumna of the corporate workplace, having served as president and chief operating officer at Carson Products Company and vice president of global marketing at Avon Products, Inc.

Dr. Giscombe urged diversity programs to go deeper, and directly address institutionalized racism and sexism. “If business organizations really want to make lasting change, they must employ methods that identify and question the established privilege embedded within many organizations. These processes will probably feel uncomfortable and will surface a range of emotions, but typically real change requires some discomfort.”

The panelists were:

  • Carla Harris, managing director, Morgan Stanley
  • Wanda Hill, managing director, The Bank of New York
  • Arlene Isaacs-Lowe, senior vice president, Moody’s Investors Services, and a member of The Executive Leadership Council
  • Marsha Jones, managing director, Merrill Lynch
  • Glenda McNeal, senior vice president, American Express Company, and a member of The Executive Leadership Council
  • Tracey Travis, senior vice president, CFO, Polo Ralph Lauren

Ms. Harris, managing director at Morgan Stanley, advised the audience to be strategic and authentic in conveying one’s personality in the workplace.

“Perception is the co-pilot to reality. Think of three adjectives that describe your strengths and contributions; and make sure that the people around you — your colleagues, managers and clients — perceive you that way.”

She also advised the audience to cultivate both mentors and sponsors. “Sponsors carry your papers for you — they are the ones who fight for you when you are not in the room, in those important meetings about compensation and advancement.”

Wanda Hill, managing director at The Bank of New York, emphasized the importance going above and beyond. “When you first start out, be sure to know what is expected of you, and then seek out the stretch assignments to really allow your talents to shine.”

Arlene Isaacs-Lowe, senior vice president at Moody’s Investors Services, who shifted her career into real estate investments, advised listeners, when meeting clients, “Get in the room and demonstrate your effectiveness very quickly. Later in your career, learn how to embrace change as an opportunity for growth and advancement.”

Marsha Jones, managing director at Merrill Lynch, cited the quantitative nature of the sales position as a way to set and attain measurable goals in a career, and then to use that as the jumping-off point to attain satisfaction in leading and mentoring.

“I chose to go into management to act as a leader and make a difference in the organization. I chose my position because it offered me the greatest opportunity to succeed and to add value to my clients.”

Glenda McNeal, senior vice president, American Express Company, said that she learned about power, politics and personal balance. “The importance of power lies in how to acquire, manage and leverage it,” said Ms. McNeal. “It enables you to influence the direction of people and the organization, and to set examples for people.”

But with the arrival of her first child 11 years ago, Ms. McNeal expanded her focus to family and community. “What is important to me is to strike a balance, to understand the professional decisions I make and how they impact family life. When I look back in 10 years, I want to know that I gave back to my community and raised good citizens in my children.”

Tracey Travis, senior vice president, CFO, Polo Ralph Lauren, said, “When I began my career in engineering I was very focused on obtaining results, because I was young, the only minority and the only female. But then I learned that it is important to understand the corporate politics around you. If you don’t build relationships, it can be an early career derailer.”

Ms. Travis also made the business case for knowing how to relate to diverse groups. “Statistics show that the way to make headway in reaching African-Americans and Latinas is to make sure that your organization understands the specific needs and interests of those groups.”

“If you cannot embrace many cultures, how can you expect to compete globally?” added Ms. Isaacs-Lowe.

The Executive Leadership Council is an independent nonpartisan, nonprofit 501 (c) 6 corporation founded in 1986 to provide African-American executives with a network and leadership forum that adds perspective and direction to the achievement of excellence in business, economic and public policies for the African-American community, corporate America and the public.

Merrill Lynch is one of the world’s leading financial management and advisory companies. with offices in 36 countries and total private client assets of approximately $1.6 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world’s largest managers of financial assets. Firmwide, assets under management total $479 billion. For more information on Merrill Lynch, please visit www.ml.com.contacts

Contact:
Selena Morris 212.449.7283
selena_morris@ml.com

http://www.ml.com/press_releases/05_July_12-2

November 24th, 2006

Black success in job hunting

I am an executive recruiter. I own Global Recruirters Network of Oak Park. www.grnoakpark.com. I was at one time a senior recruitment manager for Abbott Diagnostics Divison. My company wanted me to help them find more diverse candidates for hire. I keep in touch with some of Abbott’s management and they are still looking for more diverse management. A friend ,and black business owner that was employed by Ross Laboratories mentioned that being black could be a benefit in business. A white engineer mentioned, being black is an advantage in business. My friend that was a major player on Wall street , told me the black traders and money managers that knew how to take advantage of being black, made 7 figure incomes. My wife has said often, we need to stop blaming the white race for our own issues and problems. Recently, when I met best sellting author Stedman Grahame, he said race is not a factor in business,

I am starting to catch on, yesterday I said, racism is a reality but we must deal with it and not let it keep us from winning, living good is the best revenge.

Part of my business is understanding what makes employees get hired. It is not who is best qualified but rather, who is best liked. We as blacks in bussiness will get oppottunities to interview but how do we become likeable?

A few suggestions; dress approprate, research the company, tell a story with real life examples,how you can contribute to company growth, men, wear a watch , class and wedding ring only, (I tend to wear a lot of jewerly, but not for interviews or important busines meetings.You should often smile, not like sambo but  to be likeable.Please do not have a drink to calm your nerves or smoke prior to interview. In every interview there is a point where you will be asked,” do you have any questions?” “How much will I make, or how much vacation time do I get?”, While important, should not be your first questions.Have some well thoughtout questions to ask. ” If you offer me and I accept this position, what can I work on first to ease your workload?” That is a good way to close the deal. Questions about compant strategy, the interviewers  success story, ex, “My hope is to some day be in a role like yours, what steps have you taken to contribute to your success?”

The interviewer may or may not try to make you relax. As a black in business it is our job and a absolute must, that we have the interviewer relax. Notice a common bond in their office you can comment on. family photos, indications of hobbies, the view, any thing to break the ice.

Thers are jobs out there, check out this web site.http://www.workplacediversity.com/

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