women in revenue speak out · in late 2018, a group of women sales and marketing executives came...
TRANSCRIPT
What Companies Need to Do to Attract and Retain Them
Women in Revenue Speak Out
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The 2019 State of Women in Revenue Important Trends and Tactical Advice
Table of Contents:
Introduction ........................................................................ pg 2
Why Women Make Great Revenue Leaders ....................... pg 4
Top Challenges for Women in Revenue ............................. pg 5
What Companies Can Do ................................................... pg 6
Mentors Advise, Sponsors Advocate ................................. pg 7
Spotlight on Compensation ............................................... pg 8
Advice to Our Younger Selves ............................................ pg 10
Survey Methodology .......................................................... pg 13
Find Out More .................................................................... pg 14
Resources ........................................................................... pg 15
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Introduction
In late 2018, a group of women sales and marketing executives came together with a common mission: to advance the careers of women in revenue positions. The new organization is called Women in Revenue and we are working to provide networking and mentorship programs. While new groups have formed to advance women’s leadership in STEM (science, technology, engineering, and math), there are very few groups for women in other executive positions, namely those that drive company growth.
In order to assess the state of female revenue leaders, Women in Revenue began with a survey at the end of 2018. This report outlines our findings:
• Why women make great revenue leaders
• What companies can do to attract and retain us
• Empowering advice from peers
A complete list of additional research used to develop this report can be found in the resources section.
We intend to repeat the survey each year and report on progress as women advance and companies learn how to attract and retain us.
Throughout the report you’ll see this image — we hope you’ll use these points to discuss the ideas outlined here with your colleagues and friends of all genders.
31. Source: CEB (Gartner) analysis; 2. Source: Zenger/Folkman 2011 as seen in HBR “Are Women Better Leaders Than Men” 2012
57% Bachelors
60% Masters
51% PhDs
MenWomen
Women Already Make Up More Than Half of All College Graduates in the United StatesPercentages of Graduates by Gender1
Women Are More Effective Across the Board According to Their Peers, Direct Reports, and ManagersLeadership Effectiveness by Gender2
Top Management, Executive, Senior Team Member
67.7%
57.7%
56.2%
48.9%
52.7%
49.9%
52.6%
52.5%
53.9%
52.7%
52.0%
50.7%
55.1%
51.3%
Manager
Middle Manager
Supervisor, Frontline Manager, Foreman
Individual Contributor
Other
Total
MenWomen
Introduction
Now is the time — CEB (Gartner) and Harvard Business Review cite that women make up an increasing share of the highly educated workforce and bring critical leadership skills to their organizations.
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Why Women Make Great Revenue Leaders
There are a number of studies showing that women are outpacing men in key leadership skills. Research from Harvard Business Review, CEB (Gartner), McKinsey & Company, Forbes, and Fast Company reflects this trend.
The top attributes of these leading women include:
• Takes initiative
• Practices self-development
• Displays high integrity and honesty
• Drives for results
• Develops others
• Inspires and motivates others
• Builds relationships
Some of these attributes are counter-intuitive. While women are traditionally recognized for having strong relationship and communication skills, we’re less known for driving results or taking initiative, traditionally seen as male skills. What’s driving this change?
Overall Leadership Effectiveness by Gender by Function (Percentile Scores)1
Sales
Marketing
Male55.9%
Female62.6%
Male45.7%
Female52.4%
“It is a well-known fact that women are underrepresented at senior levels of management. Yet the data suggests that by adding more women the overall effectiveness of the leadership team would go up.”
Jack Zenger - CEO and Co-Founder of Zenger/Folkman
1. Source: Zenger/Folkman 2011 as seen in HBR “Are Women Better Leaders Than Men” 2012
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Top Challenges for Women in Revenue
What are your top challenges as a woman in revenue?1
Work/life balanceFlexible work hours and the option to work from home were listed by women as benefits they consider most critical in their role.
Lack of mentorshipWomen reported that direct access to decision-makers was an important consideration when selecting a role.
Equal seat at the tableWomen said that influence over resource allocation was a priority when finding a job.
#1
#2
#3
Leading companies support work/life balance with parental leave, remote work options, job-sharing, top medical care, on-site childcare, and more. What does your company do? What do you wish they’d do?
1. Source: Women in Revenue Survey, 2018
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What Companies Can Do
Leading companies have introduced a variety of benefits to provide the flexibility and work/life balance so many report they need.
Top benefits women ranked as most critical include:
• Flexible work hours
• Top healthcare
• Working remotely
• Exercise and wellness programs
• Job sharing
• Child care options
• Retirement programs
In response to experiencing the challenge of work/life balance, women are seeking more flexibility in how and when they work.
When considering joining a new company, there are key questions to ask — remember, you’re evaluating them as much as they are evaluating you!
Fast Company put together a framework they called “Four for Women”, which categorizes the kinds of topics women should explore when thinking about a new job opportunity.
Four for Women1
A Framework for Evaluating Companies’ Impact on the Women They Employ
1. Source: Fast Company, November 2018; Image courtesy of Wharton Social Impact Initiative
A good employer for women pays its employees
at least enough to avoid poverty, pays equally for equal work, and has no
gender pay gap.
A good employer for women provides satisfying working
conditions for women (and for men, too).
A good employer for women employs
a large percentage of women at every level
and in every unit of the company.
A good employer for women supports and protects the health of the women it employs
(and the men, too).
REPRESENTATION PAY
HEALTH SATISFACTION
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Mentors Advise, Sponsors Advocate
A recent Forbes article discussed how networks, particularly “inner circle” networks, can be beneficial for women. While both genders benefit from having a large network, women in particular get stronger career results when they have a core group of intimate professional associates that rely on each other.2
A study conducted by the University of Notre Dame, Northwestern University, and Kellogg School of Management found that women who have an inner circle of close female associates are 2.5 times more likely to score a high-ranking job after graduate school.2
Sponsors have proteges
Sponsors provide network connections
Sponsors are personally vested in your upward mobility
Sponsors champion your visibility and use their own reputation to provide exposure
Mentors have mentees
Mentors suggest how to expand your network
Mentors provide feedback to aid in personal and professional growth
Mentors suggest ways to increase visibility
VSMentors Sponsors1
1. Source: Center for Talent Innovation; 2. Source: Forbes February 2019
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Spotlight on Compensation
Our research shows that women in revenue roles are, generally speaking, not paid equally to their male counterparts.
On average, despite having equal or even higher quota attainment, women in sales roles are paid less across both base pay and variable compensation.
Men Women Men Women Men Women
67% 70%4.8%
4.1% $152k$126k
Average Quota Attainment
Comparison by Average Commission Rate
Average Total Variable Pay and Base Pay
1. Source: “With Big Data Comes Big Opportunity: Ensure Against Gender Pay Gaps,” Xactly Corporation, 24 October 2014; CEB analysis
Sales is one of the only roles where performance is black and white — revenue attainment. So why the gaps in compensation?
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Spotlight on Compensation
Marketing leaders don’t fare any better — they experience a 10% pay gap 10-19 years into their careers. They then catch up to men after 20 years into their careers.1
$221K
$201K
$181K
$161K
$141K
$121K
1-4Years
5-9Years
10-19Years
20+Years
Two-thirds of the women polled in the 2019 B2B Marketing US Salary Survey said they would be prepared to leave their role if their employer’s gender pay gap was exposed to be higher than the national average.2
1. Source: Payscale; 2. Source: B2B Marketing US Salary Survey 2019
What accounts for the timing of this gap? Some research points to the 10-year career point to be common child-bearing years for women, reflecting breaks in employment for maternity leave and child-rearing.
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Advice to Our Younger Selves
When we asked our survey respondents for their advice to their younger selves, key themes emerged:
Speak up, build your confidence, take risks, do not be afraid.1
• “Be confident. Feedback is a gift. Always listen and don’t be offended but also know it’s not always right.”
• “Raise your hand to take on the assignments no one else wants!”
• “Speak up at meetings, you may think that your idea is obvious or everyone else knows the answer to the question on the tip of your tongue but they most likely didn’t even think of the question.”
• “Remain confident and believe in your voice. Don’t be put down in the workplace. Rise above.”
1. Source: Women in Revenue Survey, 2018
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Advice to Our Younger Selves
We also saw a lot of advice around finding a mentor. Early.1
• “Find an advocate within and outside of the company that you can always bounce ideas off. It’s often not what you know but who you know that matters.”
• “Find a loyal mentor, male or female, who has a high emotional IQ.”
• “Mentors come in all different shapes, sizes, and genders. Don’t worry about finding another woman, just find someone who will SPONSOR your career growth. And, a sponsor is different than a mentor.”
• “Network often. Find several mentors early.”
1. Source: Women in Revenue Survey, 2018
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Advice to Our Younger Selves
Respondents offered advice for networking, understanding revenue contribution, and various other areas of career life.1
• “Wherever possible, find out/quantify how your work contributes to revenue.”
• “Start in a profitable industry - align with other women in profitable industries and stay connected.”
• “‘Brevity is the soul of wit’ And really...EVERYTHING. Be clear and keep it simple.”
• “Listen more, ask questions, be curious (the why behind the question or answers).”
• “One person alone, even as well-connected and powerful as they may seem, cannot ruin your career.”
1. Source: Women in Revenue Survey, 2018
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Survey Methodology
We released this survey in late 2018 and 103 women responded. The vast majority (73%) reported they had started their career in revenue roles. The primary industry was business-to-business technology companies in the SaaS category. In future surveys we hope to increase respondents across more industries.
Here’s a look at the respondents:
Leaders (C-Level, VP, SVP)
Professional (Dir, Mgr)
Other
Sales
Marketing
Other13%
33%
54%
13%
38%
49%
Start Ups (<100 Employees)
Midmarket (300-1000 Employees)
Enterprise (≥1000 Employees)
Independent
49%
30%18%
3%
B2B SaaS Industry
Business Services
Other20%
17% 63%
Base Salary (Not Including Commission or Bonus)1
<110K
110-150K
150-200K
200-250K
>250K
17%
28%
20%
18%
17%
Company Size1Roles1
Industries Represented1
1. Source: Women in Revenue Survey, 2018
We hope this ebook has inspired you to learn more about what it takes to support women in revenue positions, and join the organization.
By joining, you will have access to women revenue leaders for networking, mentorship, and overall support.
If you have feedback about the survey or questions you’d like to discuss, please send us a message and follow us on LinkedIn or Twitter — Women in Revenue is our name on both.
We will continue to publish interesting content and broaden the reach of this exciting new organization!
Find out more at www.womeninrevenue.org
Women in Revenue was founded in late 2018 to empower current and future women leaders in technology sales and marketing roles with education, support, and networking opportunities.
www.womeninrevenue.org | © Women in Revenue 2019
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Resources
2019 Enterprise Sales Compensation Report Emissary
B2B Marketing US Salary Survey 2019 B2B Marketing
Why Having an ‘Inner Circle’ is the Best thing for Your Career Manon DeFelice Forbes, Feb 2019
How to Drive Gender Parity in the Workplace Fairygodboss — the largest career community for women, 2018
The State of the Gender Pay Gap in 2018 PayScale
Four for Women: A Framework for Evaluating Companies’ Impact on the Women They Employ Linda Dishman Fast Company, Nov 2018
6 Reasons Why Women Should Consider Tech Sales LinkedIn article by Amber Lindke, July 2018
Delivering through Diversity McKinsey & Company, Jan 2018
Gaining the Talent Advantage: Gender Diversity in Sales CEB Sales Leadership Council (now part of Gartner), 2017
The Confidence Gap Katty Kay and Claire Shipmen The Atlantic, May 2014
Are Women Better Leaders than Men? Jack Zenger and Joseph Folkman, Zenger/Folkman Harvard Business Review, March 2012
Author: Tracy Eiler, founding member, Women in Revenue. Survey analysis by Jyothsna Durgadoss.