KMPG LLP recently conducted a survey of over 2,000 professional women with full time white-collar jobs in the U.S. This demonstrated that - whilst women are willing to take on what they consider small risks such as a new project or pitching an idea - they are less inclined to engage in bigger risk taking such as asking for a higher salary or moving for a job.
The survey showed that 69 per cent of women will take on a small risk to further their career and 43 per cent will take on bigger risks where these are associated with career advancement. However, as women become more experienced and attain more self-confidence, their inclination to take risks declines - with 45 percent of women with less than five years of experience open to taking big career risks - and only 37 percent of women with 15 or more years of experience willing to do so.
Michele Meyer-Shipp - Chief Diversity Officer at KPMG, Newark NJ - said:
“When it comes to their careers, many women find themselves in a bit of a bind. They’re trying to preserve their gains, so instead of playing to win, they’re often playing not to lose – whether hesitating to take perceived big risks, or feeling the need to take outsized chances.”
More than half - 55 per cent of the respondents to the survey - acknowledged that those who take career risks progress more quickly than those who do not, thereby developing new skills and earning the respect of colleagues. According to 40 per cent of those surveyed, the biggest incentive is the opportunity to make more money, although only 35 per cent said they were confident about requesting a higher salary from their employer.
Only 8 percent of respondents said that risk taking has been most valuable in their professional success, citing other task-oriented factors over leadership traits – such as, 73 per cent stated working hard; 45 per cent said being detail oriented and 45 percent said organized. Attributes such as being strong-willed, creative or a good leader were low on the list of accomplishments and only 43 percent say they have talked about what they have attained over the past three years.
Doug Sundheim - author of Taking Smart Risks When the Stakes Are High - is of the opinion that women are risk takers but are not seen that way as the risks are defined in physical and financial terms.
He wrote in Harvard Business Review:
"Those terms don't point to risks like standing up for what's right in the face of opposition, or taking the ethical path when there's pressure to stray - important risks that I've found women are particularly strong at taking."
In the survey, the small risks that KPMG asked women if they were confident in taking included voicing a point of view or opinion - even if it conflicts with others; taking action to raise their visibility - such as attending a networking event and offering to mentor or sponsor someone they did not know well. The big risks were cited as requesting a more flexible or accommodating working situation; questioning the status quo and re-entering the workforce if planning to leave it for a while.
Although women are less confident about requesting a salary increase, the study found that money is the top motivation for taking a career risk and a supervisor who encourages employees to try new things also prompts risk taking.
Respondents stated that they would like to see more encouragement and support from their organizations for risks taken and the failures that may result.
Michele Meyer-Shipp remarked:
“Women may benefit by taking more risks over the course of their careers, but they can’t go it alone. Organizations must provide supportive structures including inclusive and diverse workplaces, professional development, mentorship and sponsorship opportunities, all of which set up women to achieve, thrive and reach the highest levels.”
