The Wall Street Journal is all abuzz about Barbara Desoer who has recently been asked by Ken Lewis, Bank of America’s CEO, to take over its troubled mortgage business.  Not only is the mortgage lending business generally in trouble due to the state of the US economy but Bank of America’s mortgage business has the added burden of trying to swallow the problems of the recently acquired Countrywide Financial.  Carol Hymowitz’s Front Line blog asks readers to comment on their experiences regarding taking on high risk roles that have afforded them an opportunity to advance. 

One woman’s story (see the comment by risk taker)  reminded me about the glass cliff research I wrote about  a couple of weeks ago in conjunction with a post about Erin Callan.  While she writes that she did the right thing for herself and that it was worth it, she also describes her boss as “difficult”, noting, “when things went right he tended to take the credit”.   She also is very clear that there was a high personal cost. (more…)

TAGS: corner office, new to the job, playing to win, Risk-taking, The Wall Street Journal, women and careers, Women at Work, women leaders, women role models

Erin Callan, the highest ranking and most visible woman on Wall Street, lost her job as chief financial officer at Lehman Brothers last week.  Suddenly.  The New York Times reported, “On Monday, Ms. Callan ended her call with analysts by saying, “I’m going to be happy to be back here talking to you again next week,’ she said.  On Thursday morning, however, Ms. Callan gathered belongings from her office and drove to her house in East Hampton on Long Island…”

Whether she was removed as reported by the Times or she voluntarily stepped down as the Wall Street Journal states, it is clear that she didn’t last long in the role.  Callan, a former tax lawyer and investment banker took the CFO job in December, 2007.  In an article for the Wall Street Journal last month, Suzanne Craig quoted Joseph Gregory, her mentor (who also lost his job as Lehman’s #2) as saying the company made a “leap” when it gave her the CFO job but that it wanted someone who could “really explain Lehman’s story.”

Have you heard of the glass cliff research?  It’s about the phenomenon that women are more likely to be appointed to leadership roles that carry a great deal of risk of failure.  It seems pretty clear that Lehman had some problems in December when Callan took the CFO role; the Lehman story she had to tell wasn’t very pretty. 

So what can we learn from this story? 

1. Don’t be too quick to say “yes” when an opportunity comes long.  Take some time to assess the situation carefully.
2. Don’t be seduced by the title or the trappings of the job. Ask plenty of questions including: “Why me?” and ”Why now?”
3. Think about the potential challenges you will face if you do take the job and figure out what you wlll need to mitigate the risk you face.  Then negotiate for that support and those resources.

It may be that Erin Callan knew exactly how steep the glass cliff was but the fall must still hurt.

TAGS: corner office, managing your career, Negotiation, new to the job, playing to win, The New York Times, The Wall Street Journal, women and careers, Women at Work, women leaders

Dear Hillary:

I hope you won’t find it too familiar to call you by your first name.  Studying you over the past year or so has caused me to feel as if I know you personally - so much more so than after you spent 8 years in the White House as First Lady.  I think that was your intention - to allow Americans to see who you are, not only what you stand for.  Once you opened yourself up to us, we opened our hearts to you.  What a wonderful leadership lesson for both men and women - vulnerability is not a liability but an asset. 

Thank you, Hillary, for the dedication you demonstrated to securing the Democratic nomination for President of the United States.  Do I agree with your stance on all of the issues?  No.  But do I respect and admire you for your selfless dedication to public service and your willingness to put yourself on the line, open to criticism, day after day, month after month?  You bet.  I don’t know how many of us would be willing to show the same courage under fire. 

You showed us in real-time what it means to walk The Thin Pink Line.  Moms, entrepreneurs, business professionals, volunteers, and even authors have learned invaluable lessons in a new brand of feminine leadership from how you handled yourself (and others) during the campaign.  Some of those lessons come from the myriad things you did right — others come from what you could have done differently.  Here’s what I know I will take away from your campaign — and what I hope other women will as well.

1.  We can be strong leaders without losing one ounce of our femininity.  You delivered tough messages fairly and kindly.  You played the game like a woman without playing the gender card.   

2.  We don’t have to acquiesce to louder male voices asking us to relinquish our goals.  By adhering to your vision to compete until every vote was cast and every voice was heard you persevered despite calls to step down.  

3.  Leaders have not only the right, but the responsibility to exhibit their emotions.  Masculine leadership is stoic.  Feminine leadership is genuine.  You showed us that in New Hampshire.

4.  Loyalty can be misplaced.  Like many women, you were loyal to those who showed loyalty to you — even when they  may not have been the best people for the job.  To best serve others, leaders must surround themselves with those who best serve them.  Tough decisions are best made sooner than later. 

5.  Focus on facts, not personalities.  You were at your best when you exhibited your command of the issues and concern for the American public, not reacting to the bait put out by opponents or critics.  Bill’s campaign strategy to counterattack doesn’t work for women leaders.   

6.  Fight fair, fight clean, but fight.  You waged an aggressive, but civilized, campaign.  You showed us that women can (and should) compete to win without going for the jugular. 

7.  Developing a leadership persona takes practice.  Over the course of the campaign the strident, tense Hillary was replaced by a woman with great confidence and ease in front of cameras and crowds.  As a professor once told me, “You demonstrate the self-confidence that comes with repetition.”

Again, thank you, Hillary.  You’ve represented all women, indeed all Americans, well.  You’ve changed the tone of political campaigns from animosity to even-handed competition.  You leave a legacy from which we can all learn and apply to our daily lives.  We look forward to learning even more from you in the years to come.

With gratitude and admiration,

Dr. Lois Frankel

TAGS: Hillary Clinton, Leadership, lessons in leadership, ways women lead

But you’ve got to say “no” sometimes and accept that the other person isn’t going to be happy.  I had to do it twice last week — and I did not enjoy it.  Nonetheless, I realized that my interests would not be met if I said yes.

One of the ways women can get in our own way is to try to make others happy at our own expense. Way too often we are so focused on building relationships with others that we forget that we too should expect — and get — consideration. (more…)

TAGS: Building workplace relationships, communication, Communication Skills, negotiation skills, Political skills, Risk-taking, ways to work healthy, women, women and power, Women at Work, Women In the Professions, women leaders

Last week I had the great pleasure of meeting Liz Cornish, a consultant to major corporations around the globe and author of a wonderful book that I highly recommend:  Hit the Ground Running - A Woman’s Guide to Success for the First 100 Days on the Job.  It’s a practical and immediately applicable book that’s well worth the read and the $13.60 purchase price from Amazon.  If you’re transitioning into a new position you’ll find it useful even if you’re not assuming a formal leadership role. 

Here are just four of the great tips Liz offers:

1.  Recognize the opportunity to negotiate.

2.  Don’t let naysayers distract you from your focus.

3.  Tame your inner critic.  If you take a hit don’t take it personally.  Dust yourself off and get back into the game.

4.  Maintain your sense of humor.

And here are a few more coaching tips from me for how to transition smoothly and effectively:

5.  Whether you’re making a move to another department, to another role within the same department, or going to an entirely different company, develop a transition plan.

6.  Keep in mind that what worked for you in the past won’t necessarily continue to work for you in your new assignment/role.

7.  Take advantage of the “honeymoon” period (just about 100 days) to learn as much as you can about the company, its products, your boss’s agenda, clients, customers, and people with whom you work.  In most instances, no one expects you to be the expert during this period so don’t even try. 

8.  Don’t underestimate the critical importance of building 360 degree relationships right off the bat.  You’re going to need them. 

TAGS: job transitions, Liz Cornish, new leader, new to the job

At least not if you’re working for Donald Trump.  Piers Morgan’s victory over Trace Adkins as the winner of the Celebrity Apprentice contest shouldn’t be confused with true leadership.  I know leadership and Piers, you’re no leader.  Yes, he made a lot of money… but plenty of people do the same and they’re not leaders.  They’re lone rangers.  Others don’t want to work with them.  They demean and dispirit the very people who depend on them and who they depend on for success.  Their style works in the short-term but they fail to get long-term trust, cooperation, and commitment.  If you’re thinking you might be too nice for the corner office I don’t recommend that you follow Piers’ lead — the advice Carol and Kathleen gave you in this week’s posts is far sounder – and you can still look yourself in the mirror. 

TAGS: Celebrity Apprentice, corner office, Donald Trump, Leadership, NBC, Piers Morgan, Trace Adkins

The recent Bear Stearns debacle can teach us many lessons but the one I’d like to address here is Jamie Dimon’s negotiating style.  In Her Place at the Table: A Woman’s Guide to Negotiating Five Key Challenges to Leadership Success, we cited a Fortune article that described his approach:

“What do I think of our competitors?” Dimon shouts by way of intro. A slim, handsome 6-footer with iron-gray hair, Dimon yanks off his turquoise tie and chops the air like a karate master. Then, in what seems to be a masterful tonal switch, he turns from pep-rally arrogance to locker-room inspiration. “Winning isn’t about patents or your IQ or where you went to school,” he says, punching out the clauses in his staccato Queens accent. “It’s about one thing—how much you want it!” The crowd is his. As the lead-in to the article suggests, “He’s tough. He’s loud. He’s irrepressible.” He is also irrepressibly male—and characterized by familiar code words.

We were writing about the trap that can befall a woman when, in a leadership role, she is reluctant to ask for help because she is concerned that doing so will be perceived as a sign of weakness.  She is not imagining things - traditionally, powerful leaders are supposed to have all the answers.  They don’t have to “work well with others” because they have the power to force the results they want.

But we all know that the new competencies of leadership require a different approach.  As Luci Knight of Working Mother Media told me at the National Association for Female Executive Luncheon today to honor the Top 30 Companies for Executive Women, “The CEO title no longer means ‘Chief Enforcement Officer’.”

It doesn’t seem that Dimon has changed his approach to leadership - or to negotiation- much since then.  According to the New York Times, he was still pounding the table last week, defending the $2 a share price JP Morgan Chase had offered for Bear Stearns. 

As you may know, the price was so low that it caused a hue and cry from employees and shareholders alike.  So Dimon had to go back to the bargaining table - this time, he offered a price of $10 a share.  Only time will tell whether that will stick; lawsuits are being filed as I write this.

But what we do know even now is that hardball tactics don’t work very well when you are trying to make a deal.  Even when you have the power to force an outcome that you want (talk about power - how many of us have the support of the federal government behind us when we sit at the bargaining table?), it’s better to consider the interests of the involved parties. 

Just consider how the employees who remain with Bear Stearns may feel about their new boss (please note that Dimon had to make telephone calls to other investment houses to ask them not to hire those interviewing for jobs!).  If the deal sticks, I wonder if Dimon will be anxious to commission an employee satisfaction survey?

TAGS: bear-stearns, hardball tactics, Jamie Dimon, power