Change The Game, Not The Players: Why Nobody Should Have To Overcome Imposter Syndrome
In 2020, the Fortune 500 saw 7.4% of its companies led by women, with 37 out of 500 representing a record high for women in CEO positions. 2021 so far has seen two Black female executives appointed as CEO of Fortune 500 companies: JPMorgan Chase’s Thasunda Brown Duckett, named CEO of the Teachers Insurance and Annuity Association of America, and Starbucks executive Rosalind Brewer, named CEO of Walgreens. Prior to these appointments, the Fortune 500 had been without a Black female CEO since 2016.
These trends, while going in the right direction, are still indicative of the pervasive racial and gender inequities and biases that continue to plague corporate America, and which 2020’s mass exodus of women in the workforce due to Covid-19’s disproportionate impact has only reinforced.
“So much of feeling confident is seeing others who look like ourselves reflected in the teams and leaders of the organizations we work with and for. Being the only one in a room that looks and sounds a certain way is enough to make ourselves feel extra isolated,” notes Solome Tibebu, Director of The Upswing Fund for Adolescent Mental Health. Tibebu is a behavioral health strategist and consultant specializing in advancing frontier technologies and solutions to transform mental health, equity and access.
Women-led companies account for 42% of digital health startups, but only 15% of capital raised in 2020. RINAT KHAIRITDINOV - STOCK.ADOBE.COM
The feeling of isolation and lack of representation that Tibebu references is unfortunately not unique, but it is increasingly getting the attention it deserves.
Rectifying Imposter Syndrome: A Paradigm Shift In The Way Corporate America Thinks
A recent article in Harvard Business Review is gaining attention for challenging the traditional assertion that the onus should be on women (and minority women in particular) to modify their professional behavior to succeed in today’s work environment. Written by Ruchika Tulshya and Jodi-Ann Burey, the article details how the concept of “imposter syndrome” came to be, how it’s evolved since its academic inception in 1970, and most importantly and poignantly, calls out the need for a paradigm shift in the way corporate America thinks.
Specifically, Tulshya and Burey rebuke the notion of imposter syndrome as a “diagnosable” issue that women must “overcome,” instead challenging employers to recognize biases in traditional models of leadership and reward systems that have largely catered to recognize the accomplishments of confident white men. Tulshya and Burey suggest that Corporate America recalibrate itself to account by “adopting and creating an environment that fosters a number of different leadership styles and where diversity of racial, ethnic, and gender identities is viewed as just as professional as the current model.”
A Particularly Challenging Year
Women have lost substantially more jobs than men since the start of the pandemic, accounting for nearly 56 percent of workforce exits since the public health emergency began, despite the fact that women make up less than half (48 percent) of the workforce. The impact is far worse for women of color: In December alone, Black, Hispanic, and Asian women alarmingly accounted for all of women’s job losses, including 154,000 Black women who dropped out of the labor force entirely.
In terms of job recovery, McKinsey and Oxford Economics’s recent economic models suggest that women’s employment may not recover to pre-pandemic levels until 2024, taking two years longer than the projected recovery period for men. While Covid-19 vaccinations and economic activity suggest that the tides are (slowly but surely) starting to turn, the systemic challenges that women face will continue to persist unless corporate America fully recognizes, appreciates and commits to changing its mindset, biases, policies, behaviors and politics.
Inequality In The Digital Health Investment Ecosystem
The inequitable construct of corporate America writ large is also alive and unwell in the digital health ecosystem, including the venture capital and start-up landscape. In Rock Health’s Diversity in Digital Health: 2020 Annual Report, data shows that women-led companies account for 42% of startups but only 15% of capital raised in 2020. This is despite the well-documented research that overwhelmingly supports both the economic and interpersonal benefits of having women-led companies.
In fact, recent research suggests that stock prices of publicly traded companies with female CEOs outperformed those headed by men by an average of 20% in the two years following their appointment. Research also shows that gender diversity drives increased employee productivity, greater innovation, better decision-making, and higher employee retention and satisfaction, where companies with more board diversity also have lower volatility in earnings and dividends.
Megan Zweig is Chief Operating Officer at Rock Health
Rock Health’s 2019 gender equity report also includes tactical guidance for digital health investors and startup leaders “to promote the advancement of women, from setting transparent expectations and salary ranges to analyzing one’s deal flow pipeline to unearth unconscious bias,” shared Megan Zweig, Rock Health’s chief operating officer.
“Specifically, the most commonly used tactics VC firms use to promote gender equity within their own ranks (e.g., flexible work arrangements, informal mentorship) are not necessarily the tactics VC employees deem to be the highest impact: measures to address pay inequity and corporate diversity goals,” said Zweig, who also shared how bias can creep into the investment decision making process.
According to one study, “women and men entrepreneurs get asked different types of questions by investors—while men are more often asked ‘promotion’ questions that show off their achievement and growth potential, women are asked ‘prevention’ questions that put them in a defensive posture,” explained Zweig, and these questioning methods led to differences in funding levels.
And this bias exists among men and women VCs, said Zweig, so simply having more women partners isn’t a complete panacea for funding disparities. “By acknowledging this bias, investors can be more consistent in their questioning, offering a balanced opportunity to entrepreneurs regardless of gender.”
Change The Game, Not The Players: How Four Healthcare Leaders Have Tackled Imposter Syndrome
Challenging bias and pushing for equal representation of women in the workforce requires a sea change across corporate America, and the healthcare and digital health universe is no different.
Advancing gender equality also requires efforts in the form of education, awareness, collaboration, and support of women. This means leveraging available resources, platforms, and networks to help improve communication, drive awareness, and shepherd in targeted solutions. It also can be helpful to hear from those on the front lines of the industry about what challenges and opportunities they’re seeing on a daily basis, and how they strive to overcome the imposter syndrome “diagnosis” at a time when, unfortunately, it’s still largely a burden women bear.
Corporate America must change; the system is broken and must be fundamentally redesigned with equity at the center and eyes wide open. Until then, four of healthcare technology’s most dynamic and influential leaders weigh in on how they deal with imposter syndrome and offer advice for how they approach the issue in today’s tumultuous environment:
Solome Tibebu, Director, Upswing Fund for Adolescent Mental Health
“Early on, as I was just starting my blog and first mental health startup, I had a lot of imposter syndrome. I felt strongly that more resources for youth mental health needed to exist online, but I couldn't explain exactly why I was the person to develop them. After all, it was my first time attempting any kind of digital health startup venture and I had minimal experience. Finally, over time, I accepted that as an anxious teen myself, at least I knew about the experience of teen anxiety pretty well. In particular, I knew my own experience very well and I knew others were frequently interested in hearing about it. That gave me the confidence to continue sharing my story and empowering others to know they weren't alone. Today, I channel a lot of this through my work as the Director of the Upswing Fund for Adolescent Mental Health, a collaborative fund seeded by Pivotal Ventures. I'm excited to partner with adolescent-serving mental health organizations with leaders who reflect the populations they serve. So much of feeling confident is seeing others who look like ourselves reflected in the teams and leaders of the organizations we work with and for. Being the only one in a room that looks and sounds a certain way is enough to make ourselves feel extra isolated, fueling any imposter syndrome that may already be looming below the surface. Something we can all do is become more intentional about inviting all perspectives, learn about what unconscious biases we may be holding, and pay attention to the fact that we all have meaningful personal experiences and journeys that are valuable.”
Lisa Suennen, Lead, Digital + Technology Group, Managing Director, Manatt
“There’s no denying that most people, even men, experience imposter syndrome. I think the trick is to fake it til you make it, by which I mean, get in touch with your best-acting skills and project confidence even when you’re not feeling it. Go full Meryl Streep on the situation. When you ultimately realize you know more than you believed and thus added real value to the situation, you can give yourself “real confidence” credits on your personal balance sheet! These affirming moments also allow you to move the goalposts further away on what triggers this complicated syndrome.”
Alexandra Dranes is co-founder and CEO of Rebel Health and ARCHANGELS. She serves as Wellness Expert for Prudential, and co-founded Eliza Corporation (acquired by HMS Holdings Corp: HMSY), Engage with Grace, and three other companies (all boot-strapped).
“I have two brains: one is 12, the other is 49. The 12 year old is louder, more demanding, and SURE that we are nowhere near strong enough, smart enough, anything enough. The 49 year old thinks feeling inadequate is a great reminder to focus on the two to three things we can do immediately that make a measurable impact in some way – even if just for one person – and to get on about doing that. The 49 year old is also aware that so long as that sense of inadequacy is channeled back to curiosity, the reality is none of us have THE answer, and that if we think we do, we’re likely about to get eaten by something – so being PRODUCTIVELY paranoid is actually a gift. The 49-year-old is also aware that tomorrow isn’t guaranteed – so it’s VERY focused on making sure we are making the most out of this very day… as in, ‘If this is the last conversation I have/meeting I join/email I write/talk I give – did I give it my best? Was I honest, compassionate, hard-working, kind, humble, curious? If yes, proceed. If no – hit restart.’”
Dr. Molly Coye is Executive in Residence at AVIA, the leading network for health systems seeking to innovate and transform through the employment of digital solutions.
“This is home territory for most of us. But the best leaders are always curious and learning, because they've learned to turn their imposter syndrome into a tool for continual testing and growing. If you get too comfortable with what you know, you’ll miss key insights, or fail to ask the "emperor’s new clothes" difficult questions. There are some other tricks that help, too - meditation calms and fortifies you, and then listen to yourself - do you use “um” and “I think” and “maybe” and other hedges in conversations at work? Practice editing them out. Finally, the best antidote is a tight circle of good friends, both for mutual support and frank assessments. Armed with these, you can be a warrior!”
Equitable treatment and equal representation of women in the workforce demands both a top-down and bottom-up approach, starting with acceptance and recognition of the systemic problems and biases that persist and the willingness and fortitude to change them. Things are better than they used to be, but we have so much further to go, and it’s the experiences, advice, strength and conviction of women like Tulshya and Burey, Tibebu, Suennen, Drane and Coye that will help get us there.
Continue the conversation with Seth Joseph at seth@summithealth.io
