Sometimes when you see something that stuns you a bit you try to shake it off...
That's how I felt when I read an article about a corporate beauty contest at Duke University. That's right - a beauty contest!
This funny lady shaking her finger at the business world adds some comic relief to this disturbing and intriguing topic (for me at least). It's like a train wreck - can't look away.
At first it was the headline that caught my eye. Then I quick-skimmed the details. I couldn't believe what I was reading. A lot of choice words came to mind so I put the article down and went on to something else for a few days. Of course I had to explore it further.
Not only are professionals already competing for leadership slots based on an array of known challenges, now they're unknowingly competing in beauty contests too?
Now that's just taking it too far!
Let's be real. Everyone knows that the way a person presents herself or himself makes an impression. What we may not be aware of is how much an impression may cost us. Also, if we are in positions of leadership and decision-making, we may not be aware of how our appearance-based decisions impact the earnings of others.
Duke University researchers set out to discover whether "looking the part" made a difference at the executive level in terms of pay and perks. Their findings?
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...one standard deviation increase in the competence facial trait is associated with an 11% to 14% increase in total compensation
...The economic magnitude of this effect is large; in 2012 the average CEO pay in S&P 500 firms is $12.25 million and 14% represents $1.72 million...
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Say What?
Duke's Finance Professors structured a 3-part study whereby photos with similar facial features, hairstyles, and clothing were evaluated for CEOs and non-CEOs in large and small companies. The test scenarios requested feedback from 2000 participants on the beauty (attractiveness), competence, trustworthiness, and likability of CEO faces. Also, facial features were assigned numerical scores to assess the impact on compensation and company performance. Guess What?
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...CEOs who appear competent earn more money than less competent-looking CEOs, even though appearance is not associated with measurable differences in company profitability
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If "looks" don't impact company profitability, then why are CEOs being judged on whether they "look" competent? Duke's professors were astonished by the results and so am I. There are studies, findings, and correlations which suggest that winners of political races can be determined by looks alone, but corporate leaders too?
Ladies we can sit this one out but not for long.
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Women are 60% of college students and 40% of MBA students; research predicts 30% women CEOs by 2040
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Duke's study results are about male CEOs. Women CEOs were removed from the final analysis because there were too few making them identifiable thus introducing additional factors into the results. That's a different challenge altogether.
What's This About A "Beauty Premium"?
Think this applies only to CEOs and corporate executives? Think again. There's an economic theory called pulchronomics (the study of the economics of physical attractiveness) which suggests that a "beauty premium" is attached to workers' earnings as well. The findings? Attractive workers earn more than workers with below average looks.
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...below-average-looking men earn 17% less than those considered good-looking, while below-average-looking females earn 12% less than their attractive counterparts...
[over a career span] good-looking workers earn a total of $230,000 more than those with below-average looks
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Harvard, Yale, UT Austin, and many others have also studied the phenomenon. None of the results make it right to judge someone based on appearance, but they do confirm and quantify what we already know. We're being judged and it's costing us big time.
I believe that beauty may get someone in the door, but it's talent, knowledge, skills, and attributes that will keep them there - or the lack of it will get them gone!
Now that we know, now what?
Shake It Off
If you haven't heard Taylor Swift's new song maybe now is a good time to hear it. I'm not a fan of parts of her new video, but I love the song (thanks to my daughter). "Shake It Off" is a great anthem that carries a ton of energy to help one to stay focused while eliminating noise.
Know Your Destination
Continue on your journey armed with facts and greater awareness. If you're like me, the shock is wearing off. Know where you want to go and go there with all due haste, but stop and smell the roses along the way.
Leverage Your Support Team
If you don't have a coach or mentor or support network, get one. Going it alone can be challenging and it's unnecessary. Even the greatest people in business, sports, medicine, politics, you name it - have a support team.
Execute Your Plan
There are no guarantees except that hard work makes it so. Roll up your sleeves, work hard, make adjustments along the way, and continue doing what you love and want to do. If you're not doing that yet, then develop a plan to get there.
Remember...
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Let each NO, CAN'T, SHOULDN'T be like drops of water to a thirsty plant. Be REVIVED by them!
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Bottom line - looks can be deceiving so don't judge a person by their appearance alone.
Deep breath... What do you think of the "beauty premium"? In anticipation of charged responses I'll say please be kind when you post comments ;-)
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