You know how we're always saying that the average woman earns 78 cents for every dollar that a man earns? I'll stick with enjoying the income of an average woman. Because women at the top have it much worse. They earn significantly less than half of what their male counterparts earn.
33 Cents on Every Dollar
Depressing as it sounds, the discrepancy in compensation between the top paid female CEOs and male CEOs dwarfs the income discrepancy of us 9-5 wage slaves. On average, a woman at the top earns about 33 cents on every dollar a man at the top makes.
That sad fact was revealed by Forbes, which came up with a list of America's Top-Paid Female CEOs last week:
This year, America's top-paid female CEOs earned, on average, $3.9 million. Compare this to the men, who raked in an average of $11.9 million...
[E]xecutive women still struggle for respect. Lynn Elsenhans, the only woman running a big oil company, was paid $2.2 million last year by $37 billion refiner Sunoco....Bruce Smith, head of refining concern Tesoro...which had sales of $20 billion in 2008, took home $18.6....
[S]tacking the top-paid women against their male peers, they hardly stick out: The top-paid banking chief, Ronald Hermance, Jr., of Hudson City Bancorp...took home $42 million. The top-paid female chief executive on our list, Andrea Jung of Avon Products...earned $11.8 million.
The Art of Compensation
Naysayers will point out there's a big difference between the two industries, and Hermance's greater earnings merely reflect the significantly greater role banking plays in our economy as compared to cosmetics.
And Forbes is quick to point out that earnings are determined by a number of factors:
[C]ompensation is a complex thing--an art, some might say. It's based on the length of time an executive has been with the company, her ability to return value to shareholders, her relationship with the board and the desire of the directors to keep her from moving on.
Warmth and Humanity Matters
These are tangibles not always apparent to us 9-5 wage slaves. What does matter to us is whether or not a CEO fosters a positive corporate culture that recognizes and values our individual contributions. Whether she's visible, accessible, and open to input from all levels of the hierarchy.
A CEO that's only seen in pre-taped video speeches lacks the warmth and humanity of one who's willing to come down from on high and stand among us, speak to us directly, and take questions. And whe she reminds us of our value to the company, praises our commitment, and inspires us, those words can go a long way especially in an economy in which we've all made sacrifices and accepted paycuts and furloughs in order to stay in the black.
Women Leaders and the Human Cost
These are not gender-specific actions, but whether by nature, nurture or coincidence, women leaders appear to genuinely care about the interests and opinions of those around them. And that sincere expression of care translates to employees feeling more valued, more understood, and more supported. Women leaders see that the human cost figures just as prominently in the bottom line as earnings and expenditures. High morale makes for a better workplace, a better product, and a better outcome.
When a Woman's On Top
In the interests of full disclosure, I work for a business that is owned by a larger company, and both are headed up by female CEOs. I've seen their photos in the past, but it wasn't until this weekend that I met and spoke with the CEO of About.com, Cella M. Irvine, and the CEO of the New York Times Company, Janet L. Robinson, who have headed up their companies for 15 months and nearly 5 years respectively.
Does it matter to me if the CEO is a woman? Of course - I wouldn't be a women's issues writer if it didn't.
Qualifications Matter
But like nearly every woman I know, I'd never sanction the appointment of a woman at the top "just because she's a woman." To hold the job, she'd have to be qualified. I'm as opposed to the idea of gendered affirmative action as any man I know. And to be honest, the overnight advancement of an ill-qualified woman happens in very, very few cases (outside of politics, that is.)
Nearly every woman I know as a respected and successful professional has gotten where she is despite her gender, not because of it. There's no evidence that a radical feminist 'sisterhood' or mysterious lipstick-wearing cabal exists to overthrow men in the workplace by swapping them for less-competent women simply because of gender.
Success Reflected at the Top
Having said that, we all acknowledge that those who are just starting out or are faced with certain disadvantages do well with a role model or mentor in the workplace. We see this in law firms where few attorneys of color practice and in male-dominated fields such as engineering where women are a fraction of the workforce.
Role models who resemble us enable us to see ourselves in their shoes. Their success is a road map of possibility, guiding our own journey toward the future. They inspire us to dream bigger, take greater risks, expect more from ourselves.
Alone, we may settle into mediocrity without realizing it. But in a workplace, business, or corporation headed up by a trailblazer in whom we see our race or gender reflected, we are put to the test.
The Next in Line
It's like a relay race. The first runner has set the pace and is heading toward you with the baton. Anticipating the moment it's handed over, you know that anything less than your personal best could sabotage the next runner you pass to. Although you may doubt yourself every step of the way, the first runner has shown you that it can be done. And you owe it to the next in line.
Like world class runners, CEOs do not emerge overnight. Before joining the New York Times Company 26 years ago, Ms. Robinson was a public school teacher in Rhode Island and Massachusetts. Ms. Irvine once produced and marketed entertainment and educational software within the videogame industry.
No groundbreaking woman knows what lies ahead as she stands at the starting block that will launch her into her future. But when we see her run by, the sole female in a pack of man, she breaks the rules as easily a she breaks a sweat. She challenges women as much as men as she takes the lead, and it's up to the rest of us to match her pace and keep that baton moving down the line.
Related article:
Qualities of Women Leaders
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