Women in Business by Santa Maria Times

Women in Business February 24, 2021

A special supplement of

3 ways women can build & maintain professional networks

stablished professionals often tout the importance of building strong networks. In fact, a 2017 global survey from LinkedIn found that nearly 80 percent of professionals consider professional networking to be important to their career success. Professionals may see networking as a great way to land their next job, but establishing strong networks can pay dividends even for those people who have no immediate plans to leave their current companies. Small Business BC, a resource that caters to entrepreneurs in British Columbia, notes that successful networking can lead to referrals and new partnerships and raise the profiles of professionals and the companies they work for. The LinkedIn survey supports that notion, noting that one-quarter of professionals across the globe have established new business partnerships through LinkedIn Messaging. Of course, networking often helps people find new jobs as well, as the LinkedIn survey also found that 70 percent of people hired in 2016 found work at companies where they had existing connections.

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Proud sponsor Union Bank® is proud to support 2021 Women in Business. 2018 Lompoc Branch 805 North H Street Lompoc, CA 93436

Women can employ various strategies to build strong networks and maintain those networks once connections are established. 1. Join professional organizations. Professional organizations provide great networking opportunities, serving as avenues to begin new business relationships. Many such organizations host annual conferences, and attending these conferences can help women maintain the relationships they develop through their participation in these groups. That’s an important benefit, as the LinkedIn survey found that 38 percent of professionals admitted they find it hard to stay in touch with their network. 2. Offer help as much as you seek it. The LinkedIn survey found that only 48 percent of professionals keep in touch with their

networks when things are going well in their career. By reaching out to a network when things are going well, women are showing a willingness to offer help as much as seek it. That can lead to stronger, more easily maintained networks. 3. Schedule networking each week. Build networking into your weekly schedule. Even the busiest professionals can find time each week to email someone in their network to see how things are going or share updates on previous collaborations. That’s a quick and easy way to maintain connections. The value of networking is undeniable. Women can take various steps to build strong networks and maintain those relationships for years to come.

How women can make their way in male-dominated fields

recognize the need to change not just their pay structures, but also their working environments to make them more accommodating to women. Women who encounter problems at work, such as routine resistance to their ideas and input,

should discuss such frustrations with their employers. Women working in male-dominated fields face many challenges. But such challenges can be overcome in various ways.

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omen have made great strides in various industries over the first two decades of the 21st century. Highly publicized pursuits of gender equality, such as the ongoing gender discrimination lawsuit by the United States Women’s National Team against the U.S. Soccer Federation, have done much to further the cause for women in a great number of industries. But the fight for equality is far from over, as evidenced by the array of fields that remain predominantly male. In 2017, the United States Bureau of Labor Statistics tracked the percentages of women in a variety of professions, ultimately finding that many professions are male-dominated. For example, the BLS found that only 20 percent of software developers were female, while roughly 63 percent of financial analysts are male. Each of those fields can be lucrative, suggesting women can benefit greatly from making inroads into these professions and others in which they are underrepresented. Women may face an uphill battle as they look to establish themselves and subsequently thrive in male-dominated fields. That challenge can be overcome by employing various strategies. • Build your network. Networking is essential for modern professionals. According to a global survey of nearly 16,000 LinkedIn members across 17 countries, 79 percent of professionals agree that networking is valuable for career progression. Networking also can make it easier for women to thrive in male-dominated fields, as they can seek advice from professional colleagues, male and female, about hurdles they can expect. In addition, professional networks can serve as support networks as well. That can be invaluable as women face the challenge of establishing themselves in male-dominated fields. • Work with professional women’s organizations. Many professional organizations now cater exclusively to women within certain professions. Working with these groups places women in direct contact with peers with varying levels of experience. That means women will have access to people who have faced and overcome challenges at various phases of their careers. • Work with your employer. Wage gaps have narrowed in many professions, but that’s not the only way industries have become more accommodating to women. Many businesses now

How women can handle reentering the workforce

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ual-income families became the new normal in recent decades. According to data from the U.S. Bureau of Labor Statistics, 63 percent of married-couple families had both parents employed in 2018. The same trend emerged in Canada, where the Labour Force Survey from Statistics Canada found that the number of Canadian families with two employed parents nearly doubled between 1976 and 2015. Couples in dual income households have difficult decisions to make when starting families. Women who want to take time away from their careers to raise children no doubt recognize the long-term effects that such a decision may have on their careers. Researchers behind the ÒGoldman Sachs Global Investment ResearchÓ report released in October 2018 found that women who leave the workforce at age 31 and do no reenter it for five years can expect to earn 20 percent less over their lifetimes than male counterparts who never left the workforce. That’s a significant loss in earning potential, but one that millions of

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women accept each year. Reentering the workforce after a long period of not working is a challenge, but it’s one that women can overcome with the help of a handful of strategies. • Get a head start. Fair or not and intentionally or not, prospective employers may attach a stigma to applicants who have not worked in several years. There’s no guaranteed way to clear that hurdle, but volunteering or interning in your field and/or taking a course at a local college before you begin your job search can serve as something of a head start. This can be a great way to dust off old skills and learn about any changes within the industry that took place during your hiatus. • Deemphasize chronology on your résumé. The online job bank Monster.com recommends using your résumé to highlight your skills and accomplishments instead of your dates of employment. This shifts the focus away from your time out of the field and toward your

experience and previous successes. • Get in touch with your network. Many professionals advance their careers with the help of a strong network of fellow professionals. So it makes sense to contact this network when you’re reentering the workforce. Former colleagues can be great sources regarding job openings and changes in the industry that might have taken place while you were out of the loop. Reach out to them and let them know you’re ready to reenter the workforce. • Consider part-time work. If a full-time offer is not materializing, consider part-time work. Part-time work will bring some money into the household, let you ease back into working and give you a chance to add some recent experience to your rŽsumŽ. And part-time jobs may ultimately lead to offers for full-time work. Reentering the workforce after time away is a challenge, but it’s one women can overcome with perseverance and some savvy strategies.

College majors that can lead to higher earnings Choosing a college major is an important decision that many students delay making until their sophomore or even junior years. Only after taking a few courses and uncovering one’s interests do some college students figure out what they want to do with their lives. Each student is different, and while some may pursue a degree based on a particular passion, others may choose majors that can lead to highpaying jobs. While men often lean toward majors like engineering and computer science that have traditionally been linked to high earnings,

women have historically gravitated to lowercounterparts and find successful careers. paying specialties like education and social • Architecture sciences. But in recent years a shift has occurred, • Pharmaceutical sciences and more women have begun to choose majors • Information sciences associated with higher post-graduate salaries. • Chemical engineering Reports from the career guidance site • Computer science Glassdoor analyzed how much male and female • Electrical engineering professionals with the same college degree • Mechanical engineering earned and identified many instances in which • Computer engineering women went on to earn more than men in the • Business economics first five years of their career. They’ve identified • Civil engineering several majors where female college graduates • Sports management can earn as much or more than their male Despite these findings, the college resource CollegeFactual and the U.S. Department of Education says that women remain likely to pursue education, design and applied arts, health services, and social work as career options. Female students unsure of which major they want to pursue can take career assessments to help narrow down their options. Working with mentors or engaging in internships also can present a first-hand idea of high-paying career paths.

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Lompoc Record | Women in Business | February24, 2021 | 5

Sherry Contreras is the Office Manager at Contreras Insurance Services. Sherry has worked for Ben Contreras Jr. since 2001, and was born and raised in Lompoc. She provides services such as quotes for individual health and dental plans, schedules appointments, and oversees insurance billing and payments. Owner Ben Contreras Jr. has been serving individuals and business owners for over 43 years in the Lompoc area. Contreras Insurance Services offers services including individual and group health, dental, life, workers comp, and liability insurance. They also provide investments through Variable Investment Advisors such as 401(k) and roll over IRA’s. They are willing to help you find the best price for your insurance and investment needs. Located at 300 Oakhill Drive in Lompoc. Please call 805-733-1133 to get a quote or schedule an appointment.

More women becoming primary financial providers

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omen are increasingly becoming the primary breadwinners in their homes. In 2018, Prudential surveyed more than 3,000 Americans between the ages of 25 and 70 for its “Financial Wellness Census.” The survey indicated that 54 percent of women are the primary breadwinners in their family, while 30 percent are married breadwinners who are producing more than half of their household income. This marks an increase from 2015, when the Center for American Progress found 42 percent of women were sole or primary breadwinners — bringing in at least half of their families’ earnings. This represents a long-running trend that indicates women’s earnings and economic contributions to their families are of growing importance. Studies show how much more likely it is for today’s mothers and working females to provide essential financial support to their families compared to earlier generations. It

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can be empowering to be a sole or primary earner. However, this role also may place extra pressure on women who also want to be ideal mothers. While gender roles have become much more egalitarian, the traditional household dynamic, in which women take on more responsibilities around the house, remains predominant in many families. That can contribute to stress for women who work. A 2015 University of Chicago study found that opposite-sex couples in which women were the top earners reported greater relationship strife and were more likely not to endure as couples. The study also found that some women who earned more did a greater amount of housework in order to make their husbands feel better about the situation. There are several ways to address and cope with feelings that arise from an increase in

female breadwinners. • Stay open-minded. Couples need not fall into dated ways of thinking regarding gender roles. If they adjust their roles accordingly and continue to adapt, things can work out just fine. • Divide tasks evenly. Evenly divvy up tasks around the house so that neither partner feels as if they are doing more than the other. • Share financial goals. Even if one person is bringing in more money, the overall household should be the main priority. That means that all adults have an equal say in financial goals, regardless of who earns the most money. Many women are now the primary breadwinners in their households. That has, in many cases, led to shifting gender roles and couples and families may have to adjust accordingly.

High-paying professions M

uch of the talk centered on women in the workforce concerns the disparity between earnings when compared against men in the same positions. The U.S. Bureau of Labor Statistics indicates that the earnings difference between women and men varies with age, with younger women in the country more closely approaching pay equity than older women. Still, Pew Research Center says the female median annual earnings is around 83 percent of what men earn in the United States. The gender pay gap exists to some extent in every country in the world. Statistics Canada points out that women between the ages of 25 and 54 earned 87 cents an hour for every dollar made by men in 2015. Business Insider UK says Iceland, Finland and Norway boast relatively small pay gaps between the genders. Even though a gender wage gap may exist, women can still pursue careers that are known to be well-paying. The following are some of the top-earning positions women (and men) can

consider, courtesy of Forbes, Monster.com and the U.S. Bureau of Labor Statistics. • Obstetrician/Gynecologist: Many women feel more comfortable being examined or discussing female issues with female doctors. This may account for the higher percentage of female OB/GYNs in practice. The job can be very rewarding because it enables one to care for women at various stages in life. The median annual salary for OB/GYNs is $207,000. • Chief executive: It’s a large responsibility overseeing an entire company or division, but that’s what chief executives do on a daily basis. Approximate median annual earnings are $97,552. • Pharmacist: Pharmacists manage the distribution of medications, but they also consult patients on medication use and administer some immunizations. Some pharmacists work in drug or grocery stores, while others are employed in clinical settings. The median annual salary for pharmacists is $95,628.

• Optometrist: Responsible for the examination and care of their patients’ eyes, optometrists also determine prescriptions for glasses and contacts. Optometrists earn a median annual salary of $102,000. • Attorney: Lawyers are consumers’ advocate and help explain the often confusing nuances of the law. Attorneys may specialize in different areas, such as corporate law or family law. Attorney salaries vary depending on the specialty lawyers choose, but law can be a very lucrative field. • Computer and Information System Manager: These workers are also known as Information Technology (IT) Managers. They coordinate and implement company-wide IT efforts, including networking, database development and troubleshooting. IT managers earn median annual salaries of $87,400. While gender pay gaps may still exist, women can earn high salaries in an array of professions.

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Lompoc Record | Women in Business | February24, 2021 | 7

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Tips for women mulling a career change

omen considering a career change may experience mixed emotions. The excitement elicited by such a decision may be tempered by fear. Such fear is natural when embarking on a new path and leaving behind some security and professional equity, but that fear should not be the deciding factor when women mull whether or not to change careers. The decision to change careers is something that requires careful thought and ample consideration of a host of factors. Women facing such a decision can consider the following tips to ensure they make the best choice for themselves. • Consider your motivation before pursuing a change. The motivation behind a career change can go a long way toward determining if that change is ultimately successful. Money can be a great motivator, but if money is the only thing driving a change, then women might be better off pursuing new opportunities within their existing field rather than changing careers entirely, as staying within the field will allow women to capitalize on the professional equity they have

built over their careers while also providing a new challenge. A genuine interest in another profession or a desire to find a better work-life balance might make for better motivators to change careers than simply switching to make more money. • Do your homework. Career changes require hard work and, if extra schooling is necessary, a potentially sizable financial investment. Women should thoroughly research any fields they might pursue before making a change so they can fully understand the commitment they will need to make. Once they get an idea of what they will need to do make a successful career change, women should speak with their family to discuss the effects that their pursuit may have on family members. Such a discussion can make the transition to a new career easier, and the support a woman’s family provides along the way can serve as something to lean on if or when things start to feel overwhelming. • Don’t be afraid to ask for help. Many people are dissatisfied with their careers, and those who aren’t might have been at one time. When mulling

8 | February 24, 2021 | Women in Business | Lompoc Record

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a career change, don’t be afraid to seek help. Help might come from family or friends, but women shouldn’t limit themselves with regard to whose help they will accept. If a woman wants to become a college professor, she shouldn’t hesitate to contact a professor at a local college, explaining her situation and asking for any advice. Women have nothing to lose by reaching out and such help can prove invaluable. And women might be surprised to learn just how willing even strangers might be to lend a hand. • Give yourself time. Career changes are rarely an overnight process. Successfully switching careers takes time, so don’t give yourself a quick deadline to make a change. Such pressure likely won’t increase your chances of making a successful switch, and you won’t enjoy the process nearly as much if you bury yourself in pressure. Changing careers can be exciting and nerve-wracking. Affording such a switch the consideration it deserves and doing your homework can help make the switch as successful as you envision it being.

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