How managers give raises, and why women must ask for more
The best career advice that you are not getting? Financial feminist and Wall Street powerhouse Sallie Krawcheck delivers.
Sallie Krawcheck is a financial feminist, CEO and Co-Founder of Ellevest, a recently launched innovative digital investment platform for women. She is the Chair of Ellevate Network, the global professional women's network, and of the Pax Ellevate Global Women's Index Fund, which invests in the top-rated companies in the world for advancing women. She is also the best-selling author of Own It: The Power of Women at Work.
Before becoming an entrepreneur, she was CEO of Merrill Lynch Wealth Management, of Smith Barney and of Sanford Bernstein. Krawcheck has also been named among the top ten of Fast Company's "100 Most Creative People" in business list, as well as one of Entrepreneur Magazine's Entrepreneurs to Watch. and she has also been referred to as one of the most successful and influential executives in financial services.
Sallie Krawcheck: So there is so much career advice for women. The best career advice that you are not getting is to invest.
“What? What? That has absolutely nothing to do with my performance on the job!” Yes, but it does have to do with having more money. And if you are investing to the same extent that the guys are, that will on average—and has historically—added to your wealth hundreds of thousands of dollars, for some women millions of dollars, over the course of their lives.
What happens when you’ve got more money? You can play looser, right? You can, with more confidence, go in, ask for that promotion, for that overseas assignment, quit that job you cannot stand because that boss is such a jerk. Start your own business, test your own business. The degrees of freedom when we’ve got more money are substantial. And I’ll even take it all the way to: it will also help us get to equality with men. That confidence in the workforce, that equality. Ladies, we will not be equal with men until we are financially equal with men. So the best career advice you’re not getting is to invest.
I wish I didn’t have to give you this advice. I wish every company out there just let you be you; accept that you’re just not comfortable going in and negotiating for the raise and not to force you to do it. Close that gender pay gap, pay everybody exactly what they’re worth, and not make negotiating a core part of getting compensated in this country. So I wish I didn’t have to do that. But I do. And so we have to accept the world as it is today, and so ladies, you’ve got to negotiate from the first job. You just have to. Let me give you the example why.
So I managed a lot of people over a lot of years and I will tell you that every year almost every guy who reported to me, before bonus time would come into my office and tell me how much they wanted to make. And every guy every year typically told me more than he was in the budget for. And so, think about what happens, right: Jim and Mary. Jim and Mary are both in the budget for a bonus or a raise of five each. Jim comes in, tells me he wants ten—I never hear from Mary. I giggle to myself, “That Jim, he’s so crazy, you know, we’re never paying him ten.”
Well comes around time to put the budget together, give out the raises or the bonuses, and I know—my HR head and I both know Jim wants ten. Well, you know, we’re not going to pay him ten but, you know, his office door was closed the other day and the guys down the street are looking for someone like Jim. And by the way, he made a really good point, I totally forgot about that project he did. We’ll pay him seven.
Now how much does Mary make? The answer usually is five. The right answer, of course, is three. Just because Jim asked for more and I choose to give him more doesn’t mean my bonus pool goes up. It doesn’t mean my budget goes up. And so there is to some extent a zero sum game.
All right ladies. Now that I’ve convinced you, how do we approach it? With facts and in advance. So much of the advice to us is sort of in the meeting, in the moment. You have to start planting those seeds well before. First of all you need to know how much you should be making and go to a Payscale.com or a GetRaised or Comparably or Hired—any of these services that are popping up. Talk to your friends. Have two glasses of wine—or four, you know—and have the conversations. So know how much you should make. Have the conversation in advance with your boss about what are, if possible, the metrics. How many new—you know, quantify it to the extent you can. How many new reports? What kind of client satisfaction score? How many new clients? What in sales? How many clean audits? Whatever it is you can quantify. What does success look like?
So set that up: “This is success for me, for the department, for the company. Here’s what I need to achieve this year. Here’s what I want to make.” Get an agreement and then the negotiation at the end of the year is not a negotiation. To the extent, of course, that you come in, you’ve done that or haven’t done it. Never have one ask and take no for an answer. That if you’re told no on the raise, or even if you’re told yes, come in with 12 other requests, right.“I want to take a coding class that the company pays for. I want to have a stint in marketing. I want to work overseas for a period of time. I want to be mentored by XYZ. I want to work on this big project. I want to, I want to, I want to.” And if by number 20, you know, typically your boss is going to say yes to something that can turn into professional advancement or money down the road. And if he or she says no to all 20 I think you’ve gotten a pretty clear message there as well.
Sallie Krawcheck is the current CEO of Ellevest (a digital investment platform for women), is a former CFO and CEO at Citigroup and Merrill Lynch respectively, and is a self-described "financial feminist". She speaks here to women, but this advice can be applied across the board to anyone who is marginalized in the workplace or wants to jumpstart their personal wealth. For Krawcheck, the best career advice no one is talking about is actually financial advice: invest. Make your money work while you do, so that you have more financial freedom to make confident decisions in your career: ask for a promotion, quit the job that doesn't treat you well, or test your own business ideas. If you have money in the bank, you are free to play looser with your decisions. Men do it, and women should too. Remember this: "Ladies, we will not be equal with men until we are financially equal with men," Krawcheck says. Her second piece of advice is to ask for more money from your very first job, and to plant the seeds of a 12-pronged pay-rise request far in advance. Twelve prongs? Yep. It will all makes sense once you hear out her incredible guide to negotiating a salary increase and closing the gender pay gap. Sallie Krawcheck is the author of Own It: The Power of Women at Work.
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Northwell Health is using insights from website traffic to forecast COVID-19 hospitalizations two weeks in the future.
- The machine-learning algorithm works by analyzing the online behavior of visitors to the Northwell Health website and comparing that data to future COVID-19 hospitalizations.
- The tool, which uses anonymized data, has so far predicted hospitalizations with an accuracy rate of 80 percent.
- Machine-learning tools are helping health-care professionals worldwide better constrain and treat COVID-19.
The value of forecasting<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTA0Njk2OC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMzM2NDQzOH0.rid9regiDaKczCCKBsu7wrHkNQ64Vz_XcOEZIzAhzgM/img.jpg?width=980" id="2bb93" class="rm-shortcode" data-rm-shortcode-id="31345afbdf2bd408fd3e9f31520c445a" data-rm-shortcode-name="rebelmouse-image" data-width="1546" data-height="1056" />
Northwell emergency departments use the dashboard to monitor in real time.
Credit: Northwell Health<p>One unique benefit of forecasting COVID-19 hospitalizations is that it allows health systems to better prepare, manage and allocate resources. For example, if the tool forecasted a surge in COVID-19 hospitalizations in two weeks, Northwell Health could begin:</p><ul><li>Making space for an influx of patients</li><li>Moving personal protective equipment to where it's most needed</li><li>Strategically allocating staff during the predicted surge</li><li>Increasing the number of tests offered to asymptomatic patients</li></ul><p>The health-care field is increasingly using machine learning. It's already helping doctors develop <a href="https://care.diabetesjournals.org/content/early/2020/06/09/dc19-1870" target="_blank">personalized care plans for diabetes patients</a>, improving cancer screening techniques, and enabling mental health professionals to better predict which patients are at <a href="https://healthitanalytics.com/news/ehr-data-fuels-accurate-predictive-analytics-for-suicide-risk" target="_blank" rel="noopener noreferrer">elevated risk of suicide</a>, to name a few applications.</p><p>Health systems around the world have already begun exploring how <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7315944/" target="_blank" rel="noopener noreferrer">machine learning can help battle the pandemic</a>, including better COVID-19 screening, diagnosis, contact tracing, and drug and vaccine development.</p><p>Cruzen said these kinds of tools represent a shift in how health systems can tackle a wide variety of problems.</p><p>"Health care has always used the past to predict the future, but not in this mathematical way," Cruzen said. "I think [Northwell Health's new predictive tool] really is a great first example of how we should be attacking a lot of things as we go forward."</p>
Making machine-learning tools openly accessible<p>Northwell Health has made its predictive tool <a href="https://github.com/northwell-health/covid-web-data-predictor" target="_blank">available for free</a> to any health system that wishes to utilize it.</p><p>"COVID is everybody's problem, and I think developing tools that can be used to help others is sort of why people go into health care," Dr. Cruzen said. "It was really consistent with our mission."</p><p>Open collaboration is something the world's governments and health systems should be striving for during the pandemic, said Michael Dowling, Northwell Health's president and CEO.</p><p>"Whenever you develop anything and somebody else gets it, they improve it and they continue to make it better," Dowling said. "As a country, we lack data. I believe very, very strongly that we should have been and should be now working with other countries, including China, including the European Union, including England and others to figure out how to develop a health surveillance system so you can anticipate way in advance when these things are going to occur."</p><p>In all, Northwell Health has treated more than 112,000 COVID patients. During the pandemic, Dowling said he's seen an outpouring of goodwill, collaboration, and sacrifice from the community and the tens of thousands of staff who work across Northwell.</p><p>"COVID has changed our perspective on everything—and not just those of us in health care, because it has disrupted everybody's life," Dowling said. "It has demonstrated the value of community, how we help one another."</p>
Archaeologists discover a cave painting of a wild pig that is now the world's oldest dated work of representational art.
- Archaeologists find a cave painting of a wild pig that is at least 45,500 years old.
- The painting is the earliest known work of representational art.
- The discovery was made in a remote valley on the Indonesian island of Sulawesi.
Oldest Cave Art Found in Sulawesi<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="a9734e306f0914bfdcbe79a1e317a7f0"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/b-wAYtBxn7E?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
The Persian polymath and philosopher of the Islamic Golden Age teaches us about self-awareness.
"You dream about these kinds of moments when you're a kid," said lead paleontologist David Schmidt.
- The triceratops skull was first discovered in 2019, but was excavated over the summer of 2020.
- It was discovered in the South Dakota Badlands, an area where the Triceratops roamed some 66 million years ago.
- Studying dinosaurs helps scientists better understand the evolution of all life on Earth.
Credit: David Schmidt / Westminster College<p style="margin-left: 20px;">"We had to be really careful," Schmidt told St. Louis Public Radio. "We couldn't disturb anything at all, because at that point, it was under law enforcement investigation. They were telling us, 'Don't even make footprints,' and I was thinking, 'How are we supposed to do that?'"</p><p>Another difficulty was the mammoth size of the skull: about 7 feet long and more than 3,000 pounds. (For context, the largest triceratops skull ever unearthed was about <a href="https://www.tandfonline.com/doi/abs/10.1080/02724634.2010.483632" target="_blank">8.2 feet long</a>.) The skull of Schmidt's dinosaur was likely a <em>Triceratops prorsus, </em>one of two species of triceratops that roamed what's now North America about 66 million years ago.</p>
Credit: David Schmidt / Westminster College<p>The triceratops was an herbivore, but it was also a favorite meal of the T<em>yrannosaurus rex</em>. That probably explains why the Dakotas contain many scattered triceratops bone fragments, and, less commonly, complete bones and skulls. In summer 2019, for example, a separate team on a dig in North Dakota made <a href="https://www.nytimes.com/2019/07/26/science/triceratops-skull-65-million-years-old.html" target="_blank">headlines</a> after unearthing a complete triceratops skull that measured five feet in length.</p><p>Michael Kjelland, a biology professor who participated in that excavation, said digging up the dinosaur was like completing a "multi-piece, 3-D jigsaw puzzle" that required "engineering that rivaled SpaceX," he jokingly told the <a href="https://www.nytimes.com/2019/07/26/science/triceratops-skull-65-million-years-old.html" target="_blank">New York Times</a>.</p>
Morrison Formation in Colorado
James St. John via Flickr
|Credit: Nobu Tamura/Wikimedia Commons|
Can computers do calculations in multiple universes? Scientists are working on it. Step into the world of quantum computing.
- While today's computers—referred to as classical computers—continue to become more and more powerful, there is a ceiling to their advancement due to the physical limits of the materials used to make them. Quantum computing allows physicists and researchers to exponentially increase computation power, harnessing potential parallel realities to do so.
- Quantum computer chips are astoundingly small, about the size of a fingernail. Scientists have to not only build the computer itself but also the ultra-protected environment in which they operate. Total isolation is required to eliminate vibrations and other external influences on synchronized atoms; if the atoms become 'decoherent' the quantum computer cannot function.
- "You need to create a very quiet, clean, cold environment for these chips to work in," says quantum computing expert Vern Brownell. The coldest temperature possible in physics is -273.15 degrees C. The rooms required for quantum computing are -273.14 degrees C, which is 150 times colder than outer space. It is complex and mind-boggling work, but the potential for computation that harnesses the power of parallel universes is worth the chase.