“I don’t think I ever heard from a woman who worked for me [say] ‘I want to make X.’ So recalls Sallie Krawcheck (at left), former president of global wealth and investment management for Bank of America and now founder of women’s network 85 Broads. NPR’s “Morning Edition” host David Greene spoke with Krawcheck about women, finance and networking.
Men ask for raises while women often do not, she says, and that keeps women’s pay down. “Say we’ve got two employees, Joe and Joanne. They’re both set to make $5 in bonus. Joe comes into my office and says, ‘Hey, Sallie, I’ve had a great year. I’d like to make $10 this year.’ After Joe leaves, I call the head of HR, and we sort of say, ‘Can you believe this? Joe wants to make $10, he’s in for $5, ha ha ha.’ But we don’t want to lose him,” she told Greene. “So we put him in for $7. And that means Joanne isn’t going to get the $5 we had planned. She’s going to get $3. Because the bonus pool doesn’t go up. She sees her bonus actually reduced.”
Asked about the value of 85 Broads, Krawcheck said, “These women have intuitively recognized the research that says the No. 1 unwritten rule of success in business is networking. Not schmoozing, but having access to information, knowing people. … Stuff I want to know that can help me in business and life that my company isn’t providing. We do online education seminars on things like: How do you ask for a raise? How do you get on a board? How do you pivot into public service?
“And what is really interesting, the women who have joined our network have lower attrition rates from the workforce than the average for the professional woman. So there’s something that’s happening in the network by bringing together these like-minded individuals, that’s helping these women in their careers.”
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