The past week was full of Puget Sound region business news. Ashley Stewart, fresh from her trip to Alabama, had a scoop about the pending purchase of two major downtown bank buildings, and real estate reporter Marc Stiles, who told us about why Wave decided to bail on Kirkland Urban. Aerospace reporter Andrew McIntosh broke down a big Boeing deal, and data reporter Deena Zaidi, got to the heart of SBA loans and how integral that was for the future of Camano Island Coffee Roasters.
Marc Stiles sat…
Seattle Biz Journal
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The pay gap between men and women is still not close to equal, but there are more signs when it comes to motherhood that the gap is widening even more.
For example, one study showed that for women, incomes drop 30% after giving birth for the first time and never catch up. That’s according to a working paper by Henrik Kleven, Camille Landais and Jakob Egholt Sogaard published by the National Bureau of Economic Research in January 2018. The study used Danish administrative data from 1980-2013. (source: CNBC)
Also called the “motherhood penalty,” women start falling behind men in terms of their rank and their probability of being promoted just after the birth of the first child, the researchers found. About a decade later, women’s earnings plateau around 20% below the level just before becoming a parent. (source: CNBC)
So, is this motherhood penalty something that will continue, and just what can be done to help this increasing problem for families in America?
While the Danish study showed that mother’s incomes drop by 30% after the birth of their first child and never catches up, another study showed that men’s income actually went up by 20%. Although roles are changing at home and in corporate America, the odds are that if there is a sick kid at home, the mother will be the one to stay home.
And even though there are new programs such as flexible work schedules and telecommuting, it is a real question about whether you can be promoted in a corporate environment today without being visible. I’ve seen some clients who have successfully run many direct reports from a remote location where they are not visible, and other clients who tell me without physically being there as the leader, you really can’t spearhead running a division or a branch of a company.
The real horror about this situation is that many expecting mothers won’t even tell their bosses about their upcoming pregnancy. In 2014, only 12% of women would tell their boss about an upcoming pregnancy whereas, in 2019, 21% of women will not tell their bosses which is a 70% increase from five years ago. We recently changed our policies at all of our companies, allowing for families to deal with this parental leave by doing fully paid maternity leave for women, and six weeks of paternity leave for men.
Families say that child care is the number one factor that most families consider in the process of deciding a return to work, but certainly closely behind are items such as a flexible work schedule, benefits, and thinking about having one parent stay at home with the kids.
It’s a challenging question and debate amongst leaders across companies small and large on how to handle these issues. It’s important that everyone gets a fair shot and equal treatment, let alone equal pay. Nobody should be punished for something so great as a new child in our world. Not the moms, the dads, or the company. But the reality is that every new child adds responsibility for each family both physically and financially. On this Mother’s Day, I’m truly grateful for my wife who is a great mom, my own mother who was a great role model, and all moms across America.
Are Mothers Losing Income Equality When They Have Kids?
A Union Hill estate belonging to David Cole, retired Microsoft senior vice president, came on the market recently at $4.75 million.
Windermere Brokers John Kritsonis and Karl Lindor have the luxe listing, which has already garnered strong interest including a star athlete from the Midwest.
Cole, who loves to travel and fish, wanted a lodge-like estate with a look and feel of some of the grand fishing lodges of the world. The Redmond property, 15 minutes from Microsoft, seemed like the perfect…
Seattle Biz Journal
Patti Payne's Cool Pads: Retired Microsoft exec lists his gated Union Hill home for .8M
Blackstone will own Seattle corporate offices of Bank of America, Wells Fargo and US Bank after the expected sales.
Seattle Biz Journal
Sources: Blackstone plans to buy Wells Fargo Center, US Bank Centre
After an almost five-month redesign, the new restaurant inside the Thompson Hotel is open for business as Conversation.
At 4,320 square feet, the restaurant has a 44-seat dining room, 12-seat bar and 30-seat lounge. It also has a private dining area that seats 24 — for a total of 110.
Scout PNW restaurant closed in January, making the way for the new concept that is meant to inspire a sense of community among its guests.
“We are incredibly proud to unveil our new signature restaurant…
Seattle Biz Journal
New Thompson Hotel restaurant revealed (Photos)
We all know the iconic line from Kevin Costner in Field of
Dreams “If you build it, they will come”.
It was actually “…he will come”, but the business world has taken that
line and transformed it to mean that no matter what you build, people will use
it or pay for it. As James Earl Jones
said “…they most certainly will come”.
But will they REALLY.
This business advice can be disastrous for entrepreneurs, as
they cannot just create a product and hope it sells. It is
still very important to engage your customers for feedback. The more important statement should be “who
are we building this for?”.
Here are a few things to think about for your next startup.
- Your idea is not a secret: The secret formula to Coke is one thing, but
ideas are different. Don’t guard the
idea like a national secret. Circulate
it to see if it is valuable and get some validation to the idea. A non-disclosure agreement (NDA) is usually
not needed as most intellectual property is stolen after you are massively
successful, not before. Use the startup
time to openly explain in detail your idea to potential customers. What questions do they have? Would they pay for this service? How much?
The earlier you get this feedback the better.
- Be nimble:
Often the entrepreneur is so consumed with the idea, that they put
themselves in a position that does not allow for change. You may think the idea is perfect, but if
your feedback tells you something different, you need to be prepared to make changes.
- Everyone has competition: Your product or idea
is always being compared to others. It
may be unique, but when a consumer makes a buying decision, they will look at
other options. Entrepreneurs need to be
prepared to differentiate their brand and if need be, do it better.
- Use your outdoor voice: Telling your own story is crucial once you
know who you are. An entrepreneur has to
be able to communicate with a confident voice about their brand. These days, you have to use that voice not
only on your website, but across all relevant social media platforms and any traditional
There are plenty of tech stories of them “building it, and
people coming”, but make sure you have not stuck your head in the sand thinking
they REALLY will come. The Smart Money
Move is to not forget there will always be basic foundations of business that
need to be followed. There is no new
If you build it, will they REALLY come