The Broken Rung

Introduction

Women outpace men in education around the world. They graduate at higher rates and have higher average GPAs. However, despite these successes, women lose their advantage when entering the workforce. For every 100 men who are promoted to the first step up to manager, only 81 women get the same opportunity. This phenomenon causes women to fall behind early on, making it difficult to ever catch up. We refer to this often missed or delayed first promotion as the “broken rung.” The actions that women can take to leap over the “broken rung” is the subject of the book of the same title I co-authored that will be published on March 11.

Building Experience Capital

If the “broken rung” is the issue, the solution is for women to build more experience capital and proactively steer their careers in different ways. Experience capital is the skills, expertise, and wisdom that employees gain on the job. Over time, experience capital increases an employee’s value to the organization and accounts for roughly 50% of an employee’s lifetime earnings on average.

The Pay Gap

In the U.S., women have a 27-cent pay gap for every dollar than men earn, and 80% of that gap is explainable. Of the portion that is explainable, one-third is due to different hours worked and experienced gained, and the other two-thirds is due to different career choices that women make—for more flexible jobs, less competitive jobs (e.g., sales), or jobs that are more closely aligned to what they would enjoy.

Why Women Lose Ground

The first third is because women accumulate less time on the job than men. Women average 8.6 years at work for every ten years by men because, on average, women work fewer hours, take longer breaks between jobs, and occupy more part-time roles than men, according to McKinsey Global Institute research. The remaining two-thirds is because even when men and women start out in the same occupation, women are more likely to stay in the same income quintile or move down an income quintile, while men are more likely to move up. This is due to occupation selection and how men and women move jobs over time, with women more often selecting jobs that have flexible hours or geography, and jobs that are less overtly competitive (with transparent success metrics like sales roles).

How to Build Experience Capital

Seek a Company, Not Just a Job

When looking for your next role, it’s wise to prioritize the company over the actual role or the boss. Companies that can have the most impact on your learning and growth do three main things well: They support employee continuous learning and development, they encourage rotational roles across a career, and they have a clear and successful strategy. Effective organizations provide ample chances for employees to grow through training and expectations of mutual feedback, which has a lasting impact on their experience capital.

Make Big, Bold Moves

The moves you make throughout your career, whether between roles, organizations, or industries, significantly shape your career trajectory and the growth of your experience capital. Our data highlights two types of moves that have the greatest impact: big, early moves within the first five years of your career; and bold moves, which involve switching to a job that requires a significant share of new skills.

Invest in Your Mental, Physical, and Financial Health

Regardless of what tactics you use to rise in your career and build your experience capital, it will be impossible to reach your full earning potential or achieve your ambitions without taking care of your mental, physical, and financial health. Around the world, on average, women spend eleven years in debilitating health, compared to the 8 years for men. Women are also 1.6 times more likely than men to experience a mental illness. To set yourself up for long-term health and ensure you can be healthy across a career and a lifetime; you need to focus on the basics of a healthy lifestyle. This includes eating healthy, exercise, good sleep, regular health screenings, and advocating for yourself in terms of your health.

Conclusion

Maximizing your experience capital may sound like a big undertaking, but applying strategic tactics to your career path will accelerate your growth and multiply your lifetime earnings.

FAQs

Q: What are the key takeaways from this article?

A: The key takeaways are to prioritize building experience capital, making big, bold moves, and investing in mental, physical, and financial health to maximize lifetime earnings.

Q: What are some strategies for building experience capital?

A: Strategies include seeking a company that supports employee learning and development, making big, bold moves, and investing in one’s mental, physical, and financial health.

Q: Why do women tend to fall behind in the workplace?

A: Women tend to fall behind because they accumulate less time on the job, choose less competitive jobs, and are more likely to stay in the same income quintile or move down an income quintile, rather than moving up.

Q: What is the pay gap between men and women?

A: In the U.S., women have a 27-cent pay gap for every dollar than men earn, and 80% of that gap is explainable.

In today’s fast-paced and often isolating work environments, belonging in organizations can be a significant challenge. As we spend a substantial amount of our lives at work, it’s crucial to create a sense of community and belonging among colleagues. This not only boosts morale and job satisfaction but also improves overall well-being and productivity. In this article, we’ll explore the importance of building meaningful connections at work and provide actionable tips to help you achieve a sense of community in your organization.

The Importance of Building Meaningful Connections at Work

A sense of community is essential for personal and professional growth. When we feel connected to our colleagues, we’re more likely to:

* Feel a sense of belonging and purpose
* Be more engaged and motivated
* Build stronger relationships and networks
* Be more productive and efficient
* Enjoy our work and have a better work-life balance

However, building meaningful connections at work can be challenging, especially in today’s remote and virtual work environments. To overcome these challenges, let’s explore some practical tips for crafting a sense of community at work.

Building Meaningful Connections at Work: Tips and Strategies

### 1. Encourage Open Communication

* Create an open-door policy where employees feel comfortable approaching their managers or HR representatives with questions, concerns, or suggestions.
* Encourage active listening and regular check-ins to ensure everyone’s voice is heard.

### 2. Foster a Positive Work Culture

* Promote a positive and inclusive work environment by recognizing and rewarding employee achievements and milestones.
* Encourage teamwork and collaboration by assigning projects that bring colleagues together.

### 3. Celebrate Diversity and Inclusion

* Embrace and celebrate the diversity of your team, including different cultures, backgrounds, and perspectives.
* Create a sense of belonging by incorporating diverse voices and ideas in company initiatives and events.

### 4. Create Opportunities for Socialization

* Organize regular social events, such as team lunches, happy hours, or volunteer activities, to encourage bonding and camaraderie.
* Create a social committee to plan and execute events that cater to diverse interests.

### 5. Empower Employees

* Provide opportunities for growth and development through training, mentorship, and leadership programs.
* Encourage autonomy and ownership by giving employees the freedom to make decisions and take calculated risks.

### 6. Recognize and Reward Employees

* Develop a recognition and reward system that acknowledges employee efforts and achievements.
* Celebrate milestones, such as work anniversaries, promotions, or years of service.

### 7. Foster a Sense of Purpose

* Ensure employees understand the organization’s mission, vision, and values.
* Encourage employees to align their work with the organization’s goals and values.

### 8. Encourage Work-Life Balance

* Offer flexible work arrangements, such as telecommuting or compressed workweeks.
* Support employee wellness initiatives, such as fitness classes, meditation sessions, or on-site health services.

Conclusion

Building a sense of community at work requires effort and dedication. By implementing these tips and strategies, you can create a positive and inclusive work environment where employees feel valued, engaged, and motivated. Remember, a sense of belonging is essential for personal and professional growth, and it’s crucial to prioritize it in your organization.

FAQs

### Q: What are some benefits of building a sense of community at work?
A: Building a sense of community at work can lead to increased job satisfaction, improved morale, and better engagement, as well as improved productivity and retention rates.

### Q: How can I, as a manager, build a sense of community at work?
A: As a manager, you can encourage open communication, foster a positive work culture, celebrate diversity and inclusion, create opportunities for socialization, empower employees, recognize and reward employees, and foster a sense of purpose.

### Q: What are some challenges in building a sense of community at work?
A: Some common challenges in building a sense of community at work include lack of communication, lack of trust, and lack of engagement.

### Q: How can I overcome these challenges?
A: To overcome these challenges, it’s essential to address the root causes, such as providing training and development opportunities, encouraging open communication, and promoting a positive work culture.

Women in the Cannabis Industry: Breaking Down Barriers and Building a Brighter Future

A Growing Force in a Male-Dominated Industry

Like most industries in the North American business ecosystem, the legal cannabis industry is a stronghold of male predominance. As a result, it can be challenging for women to ascend to leadership roles. According to a 2023 report, "Diversity, Equity & Inclusion in the Cannabis Industry," women accounted for 39% of marijuana executives. This is an increase from 23.1% and 12.1% in previous years, respectively. Certainly, that is a positive trend for women in the industry. But where does that leave women cannabis leaders as we kick off Women’s History Month?

Women in Leadership: A Growing Presence

Lynn Gefen, chief people and legal officer of TerrAscend, a multistate cannabis operator, feels inspired by the continued momentum of women rising to leadership positions across industries and professions. In fact, she has seen the progress firsthand.

Breaking Down Barriers

"In 2023, women comprised 50.31% of law firm associates, marking the first time they have been the majority in this role," explained Gefen. "Similarly, women held over 80% of HR management positions. The cannabis industry, with U.S. sales reaching $30 billion, offers a unique space for women to lead, with nearly 40% of executives being female. I am excited to continue to see more and more women excel in the cannabis space, knowing that diversity fuels innovation and progress."

Women Empowering Women

Women rallying support for one another rather than viewing each other as competitors can play a critical role in ensuring gender parity in terms of pay and opportunities. It’s also essential to acknowledge women’s increasing influence in the entire spectrum.

The Role of Women in Shaping the Future of Cannabis

"It’s important to recognize the growing presence of women in cannabis, not just as leaders but as empowered consumers and patients," said Wendy Bronfein, co-founder and chief brand officer of Curio Wellness, a multistate cannabis operator. Studies in 2023 showed that women aged 19 to 30 years are consuming more cannabis than men for the first time since records began…The role of women in shaping the future of cannabis is undeniable, and together, we continue to build an industry that values and serves everyone, with inclusivity at its core."

Challenges and Opportunities

Fostering a supportive climate among women is key. Yet that can be difficult when there are not many female leaders in the field.

"That challenge is only amplified in the cannabis industry, where there is a dearth of female CEOs to support and mentor each other," said Dina Rollman, CEO of StrainBrain, a Chicago-based cannabis software provider for dispensaries. "Likewise, there is a dearth of female CEOs in the tech industry. I hope that as the cannabis industry continues to evolve and adapt, and as AI and other technological advances continue to impact how companies function, career advancement becomes less linear and more women in cannabis and cannabis-tech are able to become CEOs."

Legacy and the Future

"Let us celebrate not just the women who came before us, but the ones who will rise to lead tomorrow," said Cristy Aranguiz, CEO/co-founder of Cannabis & Glass, a cannabis retailer. "As a Latina and first-generation immigrant growing up in Florida, I have experienced and witnessed firsthand the barriers and challenges that women and minorities often face in cannabis and beyond. But I’ve also seen the incredible power of advocacy for effective social equity programs and collectively creating ladders of opportunity. If I can inspire even one Latina to trust herself and forge her own path, whether it’s in the cannabis industry, as an entrepreneur, or as an executive, I’ll know we are building a future where every woman has an equal chance to thrive and make an impact."

Conclusion

The cannabis industry is a growing force for women, with nearly 40% of executives being female. While there are challenges to overcome, the trend is undeniable. As women continue to rise to leadership positions, it is essential to recognize the importance of women empowering women and acknowledging their increasing influence in the industry. By doing so, we can build a brighter future for all.

Frequently Asked Questions

• What is the current state of women in the cannabis industry?
  Women account for 39% of marijuana executives, a significant increase from previous years.
• What are some challenges faced by women in the cannabis industry?
  A lack of female leaders in the field and a need for women to support and mentor one another.
• What is the role of women in shaping the future of cannabis?
  Women are not only leaders but also empowered consumers and patients, and their influence is undeniable.
• What is the importance of women empowering women?
  It ensures gender parity in terms of pay and opportunities and acknowledges their increasing influence in the industry.