CuttingEdge

Only 4% of employees feel confident at work

14 July, 2021 By WiC

Global research conducted by professional training company Roar! Training has uncovered that only 4% of employees feel confident at work.

The study gives a unique insight into confidence in the workplace. Below are some key findings included in the report.

Main Findings

Only 4% feel fully confident at work
96% have experienced imposter syndrome
53% have turned down work opportunities due to lack of confidence
86% reported having worked in a toxic work environment in the past
74% said company culture was very important when looking for a job
76% said their employer has a good company culture, but 58% said their expectation of the company culture didn’t match the reality
37% said they are expected to work out of hours on a regular basis
71% feel their employer has their best interests at heart

Current Perceptions

When asked what caused them to feel unconfident, the responses were varied with some general themes coming through:

Self-doubt
Lack of recognition
Being spoken over
Lack of feedback
Toxic company culture
Fear of failure
Anxiety
Limited support and training
Comparisons with others
Imposter Syndrome

Regular feedback (77%), external training (64%), internal training (59%) and regular catch ups (54%) are the top ways people said their employer could help them feel more confident at work.

Imposter Syndrome

96% said they have experienced Imposter Syndrome. So how can we work to overcome this?

Commenting on the issue Kirsty said “The problem with impostor syndrome is that, by its very labelling, it feels somehow irrational or unique. If 96% of us report experiencing it, it becomes more helpful for us to simply accept it as part of human experience, crucial for our growth.”

Kirsty continued “Next time those familiar feelings of “everybody else is better than me!” arise, try catching them and reminding yourself that what you’re experiencing is commonplace. Not an individual failing but simply part of an important process in your development.”

5 Quick Ways To Combat Crisis Of Confidence

Confidence coach Kirsty Hulse has compiled a list of 5 quick ways to combat a crisis of confidence.

Set an ambition to become your own cheerleader. Write it down. Commit to it. We cannot develop confidence overnight, but our intention tells us we are worth a shot.
Create a success spreadsheet. We often focus on what’s ahead, forgetting to reflect on how far we have come. Acknowledge and integrate your growth by consistently logging wins and reminding yourself when you need it.
Ask for feedback. Sometimes, we just need reassurance. Ask those that you can trust around you. “What do you think I do well? What are my talents?” The answers will often surprise you.
Stop saying stop. When we want to be more confident, we tend to say “stop being nervous, stop overthinking.” Instead, think about what you need to start for that to happen. This gives us a directive and moves us from judgement to action.”
Think about who you are when you’re confident. What do you wear? How do you stand? How do you speak? How do you treat others? Have a clear, mental picture and start by trying to embody that for a few moments every day.

Kirsty Hulse, Founder of Roar! Training said “Our workplace findings show just how widespread lack of confidence is and how this is holding us back from our full potential. Boosting confidence isn’t an instant fix, but with the right steps in place, consistency and self belief the 96% of people feeling unconfident could experience transformative results.”

Kirsty continued “The results of our survey show that there is definite room for improvement to ensure that the workplace is a safe, enjoyable space where employees are encouraged and left feeling as confident as possible.

Whether external training is needed to put that framework of encouragement and support in place to boost confidence, or company culture needs to be addressed and improved, positive change is very much at the core of what we all need.”

Download the full report

Employees from large companies were nearly five times less likely to be physically active than employees from SMEs

14 July, 2021 By WiC

The 2021 Employee Benefits, Health, and Wellbeing survey – are employee incentives making the UK a healthier nation?

Over the last year moving into 2021, the global shift in working practices has taken businesses an estimated 5-10 years into their projected futures. This has left many employee benefits schemes needing to be overhauled, with many finding that crucial support for health and wellbeing is no longer appropriate to the new working landscape.

For a long time, typical work benefits have included gym memberships, office breakfasts and even boozy socials – how many of these are still relevant to people’s lifestyles and ways of working, and how does the UK’s workforce feel about them?

Over four in every five UK employees state that their company’s employee benefits scheme no longer fits their lifestyle

Consumer brand, Wet Ones, asked employees at 133 workplaces across the UK how their health and wellbeing needs and habits have changed, and whether updated benefits packages from their employers would help to support their wellbeing.

The research highlighted a gap between company benefit schemes and employee lifestyles.

Key findings

Employee benefits programmes are out of date. Over four in every five UK employees (81%) state that their company’s employee benefits scheme doesn’t fit their lifestyle
82% state that employee benefits play a key role in whether they want to work for a company
Current company benefit schemes are most suited to people aged between 45 and 54. The highest majority (36%) of employees whose company provides a benefits scheme that suits their lifestyle are in this age bracket
84% of employees are more physically active since working from home
The biggest ‘want’ from employees is greater flexibility on working hours – this was top of the list for 70% of UK employees
Employees from large companies are nearly five times less physically active when working from home than employees from SMEs – different size companies should include wellbeing measures adapted to their employees’ routines
SME employees are least likely to take up mindful activities, with just 11% starting regular meditation or yoga

Why should companies focus on employee benefits, health and wellbeing?

With the lines between work life and home life becoming ever more blurred, it’s more important than ever that work and wellbeing go hand-in-hand.

Not only is this increasing crossover a result of the pandemic, it reflects the different approach that many people now take to their careers. In today’s non 9-5 world it’s much easier to become consumed by your work – meaning that wellbeing isn’t something you just do in your spare time but an essential component of the job itself.

In addition, they’re essential for attracting young talent:

93% of young UK employees (under the age of 25) state that employee benefits play a key role in whether they want to work for a company
While it’s important for older age groups, this figure decreases the older the employee is – 66% of those aged between 45 and 54 say it plays a key role
An employee benefit scheme is also a means to attract the best and brightest talent – 85% of those with bachelor’s degrees state it plays a key role in attracting them to a company. This rises to 90% of those with postgraduate degrees

Changing lifestyles – how much do people now prioritise their time for health and wellbeing?

People are exercising more often through the week when working from home – rather than spending a longer session ‘binge exercising’ at the weekends. 84% of UK respondents say they are more physically active since they started working remotely – and just 15% are less physically active.

Regular and short periods of physical activity prove to be the most effective for many people. This means a shift towards home exercising and methods that don’t require a membership, and employers need to recognise this.

How have lifestyles changed in the UK?

Since the pandemic began we’re not simply finding more time for wellbeing – we’re finding new ways of achieving it during the working day too.

The UK has become a nation of walkers – nearly three in five (56%) of employees now walk more during the working week, and not just on weekends
Two in five (39%) feel they have had an improved diet – with more ditching takeaways and pre-packaged meals to cook healthy home cooked meals
25% of people in the UK are also taking part in more wellness activities such as engaging with nature and gardening

Does the size of company impact an individuals wellbeing habits?

Our study found big differences in how active employees are since home working began, depending on the size of the company:

Employees from large companies were nearly five times less likely to be physically active than employees from SMEs – suggesting that more support is needed from larger companies, through managed workloads or adapting health incentives.

SMEs

52% of employees working at SMEs have been able to focus on healthy home cooked meals when WFH. Half are walking more often, and one in three are doing an increased amount of cardio activities.

Interestingly, employees of SMEs were also least likely to do mindful activities, with just 11% starting regular meditation or yoga, and 19% taking up creative activities such as painting or drawing.

Medium to large businesses

Only 3% of employees from medium to large businesses have done more strength exercises since working from home, and one in five are more engaged with nature through gardening and being outdoors.

Large companies

Although employees of larger companies generally do less physical activity (with 48% doing less since working from home), those that do are engaging in a broader range. Those working for large companies are most likely (58%) to have taken up meditation, yoga or other calming activities.

More than half (51%) are also walking more since being out of the office, and half are doing regular strength exercises.

Have companies adapted to fit their employees changing lifestyles?

The research shows a significant need for companies to adapt their benefits packages, with four in five UK employees (81%) saying that theirs doesn’t fit their lifestyle.

What they want from their companies to support their physical, mental, and personal wellbeing:

70% call for greater flexibility on working hours from their employer
61% of employees ask for private healthcare, dental and allowance for health maintenance (like glasses, correct desk equipment, physio etc)
53% would like their employee to support with additional ‘health day’ allowance for personal wellbeing

Age differences: Are companies set up to attract the next generation of top talent?

As things stand, most of the UK’s company benefit schemes are suited to employees aged between 45 and 54. 36% of people in this age bracket say that theirs suits their lifestyle. So where does that leave younger generations?

What do Gen Z employees want?

With just 16% of UK employees under 25 feeling that their current benefits package fits their lifestyle, 84% are left wanting something more suitable. Among the findings for this age group are:

The majority want to see vaccinations (not just for Covid-19) included in their benefits packages.
25% want to see additional ‘health days’ included in their holiday package
21% want greater flexibility around their working hours

What do young professionals want?

More young professionals (24%) between the ages of 25 to 34 believe their company provides an employee benefit scheme that fits their lifestyle. But there are plenty who want more from their employer:

Just under one in three (30%) want more support from their companies to access healthcare
28% want to see additional ‘health days’ included in their holiday package
26% want therapist sessions and mental health support

How can companies more effectively support health and wellbeing of employees?

People are investing more and more in their physical and mental wellbeing, and companies need to reflect this new way of living by offering benefits that fit this mould. With many UK employees feeling that their company’s benefits package is out of date, it’s time for companies to adapt to ensure they’re offering real and relevant benefits to everyone – of every age – who works for them.

More than half of women avoid asking for a pay rise

11 March, 2020 By WiC

Wages have been increasing at a faster rate than inflation since 2018. According to statistics released by the Office of National Statistics, the average weekly income for full-time workers has seen a year-on-year increase of 2.9%, rising from £568 to £585.

Delving into the salary expectations vs reality, research collated by Instant Offices reveals that in 2019 UK wages saw the fastest rise in just over a decade, increasing by 3.9% in just three months.

The difference between men and women regarding salary negotiations

One-third of women state they believe they are over qualified for their current role, regardless, data show that women seem less likely to approach or instigate a conversation around money in the workplace. In fact, growing number of women prioritise work-life balance, flexible working options and better hours over money.

Workers who	Men (%)	Women (%)
Feel comfortable asking for an increase	64	43
Have never negotiated their salary	40	55
Are more likely to negotiate working hours than pay	41	56
Are more likely to negotiate on specific parts of a job	55	42

In their book, “Why Women Don’t Ask“, Linda Babcock and Sara Laschever reveal that men are four times more likely than women to ask for a raise—and when women do ask, they typically request 30% less than men do. In a study of 78 masters degree students, Babcock, a Carnegie Mellon University economics professor, found that just 12.5% of women negotiated for their starting salary, versus 52% of men. That leads, by her estimate, to as much as $1.5 million in lost income over the woman’s career. The gap is closing somewhat among younger women, who are more likely to ask for raises and are more likely to be the family’s primary breadwinner, but women are still far from parity when it comes to negotiating pay. Moreover, an Australian study of 4,600 employees found that while women were as likely as men to ask for raises, they were 25% less likely to receive them.

Money disparity starts young and affects women throughout their lives

Moreover, money disparity starts young with boys receiving more pocket money than girls. It’s no wonder, then, that women’s financial security is compromised, literally from cradle to grave. See Insuring Women’s Futures, a recent report from the Chartered Institute of Insurers on the points in life when women’s financial security becomes vulnerable.

Three top tips for negotiating your remuneration package

Donna Hughes, founder of Launch Negotiation, shares below three top tips to prepare for salary negotiations.

1. Know your worth

Most of us tend to undervalue ourselves at the best of times, therefore it is necessary to perform market research to create an objective assessment of your worth. Make sure you review job advertisements for similar roles in the sector, as advertised on websites such as LinkedIn, Monster and Indeed. Next, initiate discussions with recruitment consultants within your industry to validate the salary range and benefits for similar positions. If you are applying for a position within your existing company, leverage your trusted network to further ascertain the salary range for the role.

2. Think outside the box

Whilst salary is often considered the most important component of the remuneration package, take time to list other variables available for negotiation. What other components of the remuneration package, besides salary, are important to you? By thinking creatively, you may be able to enhance other aspects of your remuneration package, such as bonus, holiday entitlement, pension contribution, training and development opportunities private medical insurance, company shares, company vehicle, flexibility to work from home, amongst many other factors.

3. Step forth with confidence

When you receive an offer, express your gratitude and ask for the proposal to be provided in writing, for your consideration. It’s natural for us to compare the offer against our current package; however, it’s likely that the new role will have increased responsibility, and therefore you should be compensated accordingly. How does the offer compare against the salary range for similar positions? If this is not aligned, provide feedback that demonstrates your gratitude for the offer, your excitement to start in the position, but share your insight on the remuneration package for similar roles, and request for the offer to be aligned within the uppermost part of this range. Remember, you deserve this raise, but you’ll likely need to ask for it.

Instant Offices have some additional handy tips

Have a list of reasons justifying why it would be in your manager’s best interest to pay you more with emphasis always on your ability and what you can bring to the department and company.
Prepare your manager for the upcoming discussion to allow them to also prepare; they may need to talk to the finance team, or even promote you to a more senior role. Send an email outlining your request and a suggested date for a face-to-face meeting to sit and discuss things in full.
Don’t threaten to leave, unless you’re actually prepared to. If you’re wanting a pay rise, unless you have another job offer lined up, it is not sensible to threaten to quit. Worst case scenario your employer says no and you have no other card to play, resulting in long-term doubt about your loyalty to the company. However, your best case you current employer tries to match the offer.
Think about the timing. If your company has just announced their budgets, restructuring or cuts then factor that in accordingly. You don’t have to wait for your annual review, or even a pay review, just choose a suitable time when there isn’t significant pressure on your manager or the business as a whole.

Practice, practice, practice

Donna Hughes suggests practising your negotiation skills on a regular basis, in a variety of settings, to help you refine this skill and she’s offering readers an exclusive discount on the range of workshops hosted by Launch Negotiation. For further details contact hello@launchnegotiation.com citing “WiC”

Equality – The long and winding road with no end in sight

8 March, 2020 By WiC

On International Women’s Day 2020

Women in the insurance and financial services sector are effectively working 123 days, more than a third of the year, for free. That’s twice the average across all sectors.
There are still only 6 female CEOs in the FTSE 100.
Three quarters of women say their workplace makes it more challenging for women to advance their careers than men and nearly half of men agree with them.
Globally, the WEF anticipates the economic participation gap between women and men will take 257 years to close.

Women are still in the minority while representing 50 percent of the population

At the beginning of March The Hampton Alexander Review announced that it had sent letters to 63 companies asking how they intended to improve their gender diversity. The majority of these companies were FTSE 250 and 350, but the Review’s letters include 4 FTSE 100 companies, which despite having reached the 30 percent target of having board positions filled by women, still have all male executive committees. Moreover, men are still seven times more likely to be finance directors than women.

The Fawcett Society’s Sex and Power Index 2020 reported a “Dismally slow pace of change with stark inequalities continuing to thrive in the UK today.”

No matter what sector of business or society is considered, women are still in the minority whilst representing half of the population. Only 2 out of 12 Supreme Justices are female and in the Civil Service and Academia women account for around 30 percent of senior roles. In Parliament, women make up 34 percent of MPs and 27 per cent of Peers.

It’s a global issue

These UK figures are mirrored globally. The World Economic Forum’s Global Gender Gap Report 2020, reveals that gender parity will not be attained this century.

Drilling down into the facts and figures, it will take 95 years to close the gender gap in global political representation, with women in 2019 holding 25.2% of parliamentary seats and 21.2% of ministerial positions.

And in terms of global economic participation, the WEF anticipates the gender gap will take 257 years to close. Worryingly, this is an increase of over 25 per cent on its 2019 report. Yes, we’re going backwards.

Female FTSE 100 CEOs and the Pipeline

Returning to the UK and representation of women at the top of business, there are currently 6 female FTSE 100 Chief Executives. That’s the same number as two years ago and when one steps down, a female replacement is by no means guaranteed. More positively, the FTSE 100 insurance company, Admiral, announced on 5 March that Milena Mondini de Focatiis, who is currently head of UK and European insurance, will take over as CEO next year.

Whether women with the necessary skills, experience and ability aren’t in the workforce or whether those carrying out executive search simply aren’t looking for them, is a moot question.

Many senior women in professional services feel that the situation is no better, perhaps worse, than when they started work in the 70s and 80s. They now see women and men entering their professionals in equal numbers. Yet, for the last decade the percentage of senior roles held by women remains around 25 percent and when they look at the women coming through the organisation, there simply aren’t enough of them still in the workforce in their 40s to make a significant impact at the very top.

A Grant Thornton report released in 2017 revealed that the UK was in the bottom 6 countries in the world for female representation in senior management roles. This is nothing short of shocking.

It’s not surprising that senior and junior women alike are concerned by the low numbers of females progressing within their organisations. As we move towards the end of the first quarter of the 21st century, the picture is pretty grim.

Retaining women beyond their late 30s is a significant issue. And women drop out not just because of what’s known as the “motherhood” penalty but for other reasons, too. Many of them to do with corporate culture. Of course younger women ask questions about how they will manage a career and bringing up a family, but they also talk about the barriers that still exist for women progressing their careers.

Workplace culture isn’t female friendly and men agree

Research published in 2019 by Murray Edwards College, Cambridge, backs up this view on cultural barriers. In a survey of nearly 6000 employees, split 53 per cent male, 47 per cent female, it discovered that 74 per cent of UK female employees said that their workplace culture makes it more challenging for women to advance their careers than men and, interestingly, 42 per cent of men agreed.

Interestingly, 81 percent of senior female employees said that their workplace culture presented career advancement challenges for women, yet only 72 percent of junior female employees reported those same challenges.

Surprisingly half of senior female employees report they face these challenges ‘always’ or ‘often’ indicating that “things get worse not better” as women progress their careers.

Young women and men enter professional services in equal numbers and are confident that they’ll compete with their male colleagues on an equal basis, but by their late 20s, early 30s the men begin to push back. The women are surprised and often for the first time realise that the playing field in the workplace, unlike that at school, university, graduate entry programme isn’t as level as they thought. In fact, they realise that not only is the playing field not level, they’re not even sure of the rules of the game.

The classic cartoon showing a group of men and one woman seated around a boardroom table illustrates perfectly one of the issues.

There isn’t a woman who hasn’t experienced saying something that goes unheard only to find that when a man says the exact same thing it’s lauded as a “great idea”. Not only is the woman not heard, the man gets the credit. It’s a double whammy that hits really hard.

Yet the Murrays Edwards research reveals that the commonly viewed challenges for women such as their being interrupted in meetings, not being credited for their work and men having access to informal networks and sponsors are ranked far lower than expected.

What comes at the very top are women being judged more negatively when they behave like men, and men and women being evaluated differently.

Emma Codd, Managing Partner for Talent at Deloitte, was Women in the City’s Woman of Achievement Award Winner in 2015. When questioned about her success in increasing the number of female partners at the firm by 18 percent in one year, Emma She said she had questioned every unreasonable reason “not” to promote women – for example saying

“She’s not quite ready” or “She has a two year old, she’s probably going to have another child” or “Her husband’s recently been promoted, she’ll need to support him”. These “reasons” are rarely, if ever, said about men.

However, effecting deeply embedded cultural change, that is societal as well as organisational, is difficult.

Will the situation improve?

The Women in the City Knowledge Bank features many of the reports that have been published in the last 10 years. These put forward the case for increasing the numbers of women in senior roles – but very little has changed. There have been initiatives, there have been programmes. All try to “fix” women, but women don’t need fixing so it’s not surprising that we’re getting nowhere fast.

The Women’s Business Council 2017 Report predicted that by 2024, the UK would need nearly 2 million new managers and if those roles were to be split equally between men and women, 1.5 million of those new managers would need to be women.

Currently, 73% of entry-level roles are occupied by women, yet only 34% of managers, directors and senior officials in the UK are women. In the 6 years to 2017 this proportion increased by only one percentage point.

These figures indicate the scope of the problem. It’s a very long winding road and the end is way, way ahead.

For more on this top, listen to WiC’s Founder, Gwen Rhys, debut CityNatters podcast

Menopause, the often overlooked career challenge

6 February, 2020 By WiC

Words:Rebekah Bostan of Diversity Puzzle

There is a career challenge that over 50% of the UK workforce will experience during their working lives that significantly impacts their productivity, confidence and mental health. This event is little understood, ill prepared for and most employers have no policies or guidelines in place to help employees cope with this new life stage.

Welcome to the world of ‘working through the menopause’, the most overlooked career challenge facing the UK workplace.

Over 4m menopausal women in the workforce

The rise in economic participation of women in the UK workforce is leading to stronger and more robust senior talent pipelines than ever before. The ONS estimates in March 2019 there are around 4.38 million women aged 50-64 years old in employment in the UK. This also means that a larger proportion of the women than ever will experience symptoms of menopause while still at work, often at the time they are entering senior roles.

Nearly half of women experience menopause symptoms that negatively affect their productivity

Symptoms can start anywhere up to 10 years before menopause and studies have shown that between 40%-50% of women feel that menopausal symptoms are affecting their productivity at work, even leading to some women exiting the workforce prematurely. Wildly fluctuating oestrogen levels can cause radical shifts in our dopamine, glutamate, oxytocin and serotonin levels, leading to mood swings, hot flushes, memory fog, depression and sleeping difficulties. The overall declining levels of oestrogen also impact receptors all over your body leading to aches and pains, and increased risk of osteoporosis, osteoarthritis, dementia, type 2 diabetes and cardiovascular disease.

Over 2m women in the UK are struggling

Despite this being a natural transition towards the end of a women’s reproductive years over 2 million women in the UK are struggling. Over the last couple of years, the taboo around menopause has decreased but working through the menopause remains a marginalized topic. This is particularly so in relation to senior professional roles where any apparent cognitive decline directly relates to your perceived competence.

Check out other blog posts by Rebekah Bostan, from Diversity-Puzzle.com including how to stop playing at being superhuman during the peri-menopause and how to stop ‘Shoulding’ on yourself and start celebrating the joy of here and now.

Women in the City is looking to break this silence

To support professional women, WiC, in partnership with Diversity Puzzle, is

planning an informative and interactive evening seminar on 2 June 2020 on the important topic of how best to manage peri and post menopause symptoms at work
conducting a survey to help ensure the seminar meets the needs of peri- and menopausal career women and assess the impact of this stage of women’s lives

MenoPositive Seminar – 2 June 2020 (6 – 9pm, City of London)

We’re delighted that leading menopause GP Dr Louise Newsom, The Menopause Doctor, has agreed to be our Keynote Speaker. She’ll be joined by a number of panellists with expertise in different aspects of menopause support.

To be the first to find out more about the Seminar, please click HERE

If you’d like to Sponsor or Partner our MenoPositive Seminar, click HERE for details

MenoPositive Survey

To help us plan our seminar, please complete our MenoPositive Survey which takes around 6 minutes. The data is gathered anonymously and it will help us to understand where you are currently in your menopause juggle, what symptoms are most impacting you and what help you are currently accessing.

The Survey also provides information on menopause symptoms which you may find useful.