A recent survey by GOBankingRates asked American workers which they valued more: salary or work-life balance. The results showed that 38% placed salary first, and that the remainder (62%) chose work-life balance. When it came to gender, there was a notable discrepancy: 65% of women chose balance, versus 57% of men.
So, why do nearly two-thirds of women choose work-life balance over salary? According to Beth Lawlor, president of U.S. Bank Affluent and Private Wealth Management, the answer is simple.
“Statistics show that women are substantially more likely than men to take time away from their careers to care for others,” she says. “In fact, a recent study found that a full 50% of women aged 25-54 who are not in the labor force cited caring for others as the main reason they are not working.”
As a result, Lawlor believes that women’s careers tend to be crooked lines, more “lattice” than linear, so finding a way to blend life with work (rather than balancing it evenly) is critical. Following are her seven principles for women to consider when thinking about career growth.
“Oftentimes, as women, we tend to check in with our posse or our husbands or wives, because they love us and prop us up,” Lawlor explains. “But a better approach is to create a board of directors of people who you respect but who are not always going to tell you what you want to hear. They're going to tell you what you need to hear. Having diverse opinions—different genders, in your industry, out of your industry—that really is a very thoughtful approach to how you make big decisions.”
“That sounds very, very basic, but integrity really matters,” she says. “No one ever gets promoted from writing an awesome email, but plenty of people get fired for writing a horrible email, or a too-colorful email, or an accusatory email. So be thoughtful; think about who you are as a person.”
“I always give the example of a safari,” says Lawlor. “You’re dead set on seeing a lion and her cubs, and you're so busy looking for the lions that you miss the giraffe, and you miss the hippopotamus. My advice to women is, don't be so prescriptive with your careers and with your life. Give yourself permission to make choices where your heart leads.”
“My advice to women is, don't be so prescriptive with your careers and with your life. Give yourself permission to make choices where your heart leads.”
Beth Lawlor, president, U.S. Bank Affluent and Private Wealth Management
“Even if you're in a job that you hate, it teaches you what you don't like,” she says. “No matter where you are on the food chain, you always want to learn, and you can always learn from people at all levels of the organization.”
“I was laid off from a job 10 years ago,” Lawlor recalls. “Sometimes it's hard to bounce back. It wasn't fine what happened to me, but I’m thankful it happened because it taught me to focus on the lessons I learned, like resilience. Sometimes, the biggest growth opportunities come from failure. I came out better on the other side.”
“We have to support one another from a career perspective,” Lawlor says. “And we need to give permission to one another, as women, to make choices on where our hearts are and not always where our minds are.”
“For women, you have other stuff to identify who you are, outside of your career,” she concludes. “Everybody has a different path. And, knowing your worth outside of work, it's just an incredible gift.”
Given that careers can be lattices and that breaks are sometimes necessary, there are important considerations you’ll need to make before stepping away from the workplace. First and foremost, Lawlor says, make sure you can swing it financially.
Start by speaking to a financial advisor. “Think of the financial advisor as being like Ferdinand Magellan,” she says. “You've got somebody that's an explorer who wants to uncover what your goals are. What things are really important to you? What do you worry about? What will give you peace of mind? What's your risk tolerance? A financial advisor can be the steward of your finances while you're going out doing something great that you love to do. We've got you. That's what we do.”
If you need to keep the money coming in, think about doing some freelance or consulting work. “Have some kind of plan, but accept that your plan may change, and that's OK,” she says.
But whatever you choose to do, stay relevant. “Stay connected, stay networking with people,” Lawlor advises. “Stay in women's groups, stay on LinkedIn, write an interesting article. Stay relevant by keeping your name out there. Maybe take some courses online; listen to podcasts. Don't just disappear and not listen to what’s interesting, relevant and newsworthy in the industry that you're in.”
Even though it may seem counterintuitive to step back from a career, it can be advantageous, offering perspective on what really matters to you. When you return to the workforce, Lawlor advocates wearing what you’ve achieved as a badge of honor.
“Sometimes a certain demographic may say, ‘Oh, you took a break to have kids.’ I would say, ‘Yeah, and thank goodness I did because my kids are amazing. That is one of the greatest accomplishments in my life.’
“It's all in how you position it,” she adds. “Be proud of what you gained as an individual during that time. And when you say it with confidence, people believe you, and they honor that.”
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