Abstract
Gender inequalities may be observed in different fields. When women choose to succeed in their career growth, they should be ready to encounter significant challenges and find out the balance between their professional and personal lives. This creates a conflict in managing the components of life for women who want to have a successful career and a satisfying personal life. In this paper, the hypothesis that modern American women taking executive positions in the sphere of finance may achieve the work-life balance in case certain internal and external factors are taken into consideration is discussed.
The purpose of this paper is to examine the role of earning potential in women’s careers as a factor to navigate the conflicting dynamics between career and family without any sacrifices and evaluation of the situation when women can or cannot achieve the work-life balance. The paper will explore the background of women searching for the work-life balance and dealing with the inequalities in the workplace and analyze the literary sources published after the 2000s about women and their attempts to achieved equality in the workplace alongside with men in the field of finance.
Introduction
The progress of feminism in the 21st century has brought a number of changes in the American society. These changes began in the rediscovery the role of female artists and the importance of women in art and the possibility for women to write and investigate and continue in such forms the necessity for women to work and earn for living the same way men do it. The question of women in the workplace remains to be crucial from many perspectives. The ideas of feminism provide people with a new direction and explain how social changes may occur.
Today, more than ever before, women are involved in the workforce. At the beginning of the 20th century, several career opportunities in the fields of nursing and teaching were available to women, and, since the 1970s, women were able to participate in an expanded labor force including educational and professional growth. American women and men have a right to participate in selected activities in regards to their own demands and needs. For example, the number of hours women spend on work and related activities is between 26-28 hours per week regardless of their age in comparison to men the number of working hours of which depends on their age considerably (27 hours for a 24-year-old man and almost 40 hours for a 34-year-old man per week).
Besides, much attention is paid to working women and the positions they occur. Women with successful careers demonstrate progress towards gender equality in the United States. However, while women are gaining acceptance and success in business, the existing patriarchal nature of society continues to influence women’s lives and careers. Specifically, when women seek careers outside of their homes, they encounter changes in their attempts to balance their professional and personal lives.
While single women and married, childless women have free lives to give their energy and attention to careers, women with children should make sure that their attention is divided between their professions and personal lives. Such requirement creates a conflict in managing the components of life for women who want to have a successful career and a satisfying personal life. After all, if a woman is expected to devote all her energy and attention to her career to be successful, she may have no energy to be used in her family relations. It has also prompted years of discussion and controversy as to the ability for women to achieve a successful balance between their professional and personal lives.
This balance, often referred to as work-life balance, appears to be an elusive concept in women’s lives. Both advocates and critics argue fiercely for their sides, and this controversy seems to be no closer to a resolution either in discussion or in practice in the workplace. Such authors as O’Brien, Jones, Fredrickson, and Mumby take the position to support the idea of the work-life balance and provide women with suggestions on how to become a successful worker and a good mother.
At the same time, such writers as Farmer and Greene put the same possibility under a question and challenge women, who are eager to achieve positive results. Women can achieve success as career mothers or fail that opportunity because of the necessity to sacrifice. Taking into consideration the approaches and aspects discussed by four supporters of the work-life balance and the facts used by two opponents of the idea, it is possible to pick the supportive side and develop a hypothesis relying on the achievements made.
Significance of the Problem
The issue of the work-life balance in women’s lives has deeper ramifications in comparison to such aspects as if women demonstrate the same losses and payments as their male counterparts. The conflict associated with this issue, and whether it can be resolved, speaks to the larger issue of gender equality in the United States. That is, if women do not have equality in the workplace, it is likely they do not have equality in other areas of their lives. If it is expected that women are the nurturers in a family, even when they have successful careers, it is expected that they would sacrifice their careers for the sake of their families.
The issue of the work-life balance is not only a problem or a matter of personal concerns. It is a challenge that has to be addressed by the representatives of different fields and discuss the elements of overall society that negatively impacts equality and helps to move towards greater gender equality in all areas of life. Today, more than 70% of women with children under 18 years participate in the labor force, and only 40% of them are satisfied with the conditions they are provided with.
Research Purpose
The purpose of this paper is to examine the role of earning potential in women’s careers as a factor to navigate the conflicting dynamics of climbing the corporate ladder and maintaining a family without sacrificing one or the other, focusing on professional, executive-level women in finance. The paper will explore the background of women in the workplace and the concept of the work-life balance and analyze the influence of earning potential as a tool to empower women to achieve the work-life balance in their own lives. It is expected to investigate different ideas and approaches to clarify if the idea of earning potential empowerment of executive-level women in the sphere of finance can be used to achieve the work-life balance and succeed as an organizational leader in a company and a successful mother and wife in a family without any sacrifices. The identification of such scope of work should help women comprehend the possible impact of internal and external factors on the work-life balance.
While there is a great deal of research that offers advice for employees and employers to promote a successful work-life balance, an analysis of current research suggests that the work-life balance is the thing women may or may not achieve regarding such factors as the type of society they have to live in, the type of a family they may have, and the type of the relations that can be developed together with men and their personal obligations and professional responsibilities.
There are many factors that may prevent an effective work-life balance overshadow women’s empowerment through earning potential. While earning potential suggests an upward trajectory in a career, family interrupts that trajectory for women in nearly every sector at different levels. Therefore, the idea of empowerment they may have from earning potential to navigate the work-life balance cannot be neglected.
Ultimately, the environment in which women work in is substantially an obstacle. Until the gender roles shift more toward equality between mothers and fathers, women will always be considered to be the nurturers in a family and men will always be considered to be the providers. With this perspective, women will always be expected to choose between their careers and their families, which would effectively prevent a balance from occurring between the two factors.
While it is true that legislation and feminism have changed society and helped facilitate something resembling gender equality, mothers can argue that to be the contrary as there is evidence of the gender wage gap, statistics representing gender discrimination, and the inability for women to maintain successful careers. Therefore, earning potential may empower women to want to balance their professional and personal lives, but it may not facilitate a successful balance.
Research Hypothesis
Though there is no certain answer to the question if the balance between work and life can be achieved by women, there is a hypothesis that earning potential and the liquidation of gender inequality in the workplace are possible and effective in case women are empowered and find out their balance in regards to their professional needs and personal demands on the example of the women who take executive positions in the field of finance as a male-dominated industry and nursing as a female-dominated industry.
Background
Historical Perspective
While women have held jobs for generations upon generations, it was only the end of the 1970s when women were accepted as part of the American workforce. In fact, early in the twentieth century, when women faced unfavorable and dangerous working conditions, the law passed in an attempt to protect women’s labor rights actually reinforced the patriarchal structure of society that served to try and keep women’s place at home in the kitchen.
Instead of creating an environment in which women were working safely and fairly in the workforce, it was necessary to create an environment in which men could provide more effectively for their families, preventing women from needing to work for their families. The results of such requirements were as follows: 40,000 – 60,000 men were observed in the civilian labor force between 1948 and 1998, and only 19,000-30,000 women could work.
One of the most notable shifts occurred during World War II when an entire generation of men was drafted into the military to serve their country. With fathers, husbands, and sons serving overseas, women had no choice but to step into the jobs left behind both to preserve their husbands’ positions as well as to keep the American economy stable. This was particularly important in manufacturing. Factories were used to produce munitions and other equipment to be sent to Europe for the war. It was in this environment that women were asked to contribute to the war effort. The increase of female labor was observed during the war time from 15,000 to 19,000. Since women could not fight in the military, they were expected to contribute in other ways to the war effort, showing their patriotism and loyalty to the cause.
However, after World War II ended and the men returned to the home front, many women did not want to return to their lives at home. Many women wanted to remain in the workforce because of the opportunities it afforded them. The women who earned while their husbands were away had money, which gave them power, and they did not want to give that up. While this may not have been enough within the context of American society to prompt social change, another factor led to the continued employment of women in the United States. The death toll of World War II meant that, even when the men returned home, a large population of young men did not return home and many who did were so badly injured they could not work. As a result, it was necessary for women to continue working both to provide for their families and to keep the American economy going after the war. 30% of women continued working.
In the decades after World War II, more women entered the workforce, though the positions were significantly gendered. For example, women were relegated to positions such as secretaries, nurses, and teachers, while men continued to dominate all other fields and positions. When the Korean War erupted in the 1950s, there was another need for women with the experience in the workforce, and many women gained during World War II, the female workforce was much more effective.
By the 1960s, it was clear that women in the workforce were going to be part of American society. As a result, it was necessary to regulate and protect women’s labor rights as a separate entity to men’s labor rights. In 1963, the first Equal Pay Act was passed, with the Civil Rights Act following in 1964, which expanded anti-discrimination protections to include race, skin color, religion, and gender.
Title VII of the Civil Rights Act promoted the creation of a new wave of the women’s movement. In case a female worker was sexually harassed, the employer could be strictly liable for such case. During the first year after the introduction of the Title, 15 legal cases against employers occurred. The legal improvement led to a greater influx of women in the workforce, including an expansion of the positions women occupied.
It was also the time when health care was improved. The introduction of the birth control pills could be used to prevent pregnancy and allow women the option to work rather than to be bound to their homes due to pregnancy and childbirth. In addition, women’s education was expanded and gained importance as well. More women attended colleges and earned degrees beyond high school. They also delayed marriage and family creation and used the opportunity to work. At the end of the 1960s, the representatives of 26 states declined the importance of birth control and promoted the development of birth control sabotage as a tactic of domestic violence when one of the partners ignored the necessity of reproduction in a family.
Women in the 21st Century
The investigations of the 21st century show that not all women are ready to use the birth control opportunity. 62% of women of reproductive age use different contraception methods, and 28% of them choose birth control pills meaning that approximately 10,6 million of American women use pills to prevent pregnancy and save their working place. Regarding the statistics, pregnancy is not a problem for the employers anymore. Therefore, it is important to promote the development of new policies and rules to protect gender equality in the workplace. The employment provisions of the American with Disabilities Act was one of the improvements for the already offered Act within the frames of which women could take advantage and ask for additional education and employment.
In fact, some organizations faced troubles when they hired disproportionately. Inequality turned out to be a problem in several fields, including technologies, math-based activities, information technology, sciences, and engineering. Social justice was important at the beginning of the 21st century and remains to be crucial today. It aims at advocating women in the workplace and underlying the importance of inequities. Therefore, many organizations continue narrowing the gender gap in different fields and ensure women with equal opportunities in the workplace.
The increase of American women in the workforce was achieved at the beginning of the 21st century. In the 1990s, approximately 55,000 of women were observed in the civilian labor force (in comparison to men’s number that was approximately 69-72,000), and, in 2015, the number of women was increased up to 65,000. Still, one challenge occurred when women had to learn how to establish and maintain a balance between their professional and personal lives, especially if they have a child or several children. Women, who were mothers, faced difficulties advancing their careers and getting working opportunities in comparison to single women.
Among parents with at least some work experience, mothers with children under age 18 were about three times as likely as fathers to say that being a working parent made it harder for them to advance in their job or career (51% vs. 16%). In their turn, employers could develop different attitudes to working parents due to the possibility of unexpected requirements and responsibilities. For example, if a child is ill, a parent may have no choice but to miss work and take care of the child. Unfortunately, only 90% of working mothers could use an opportunity to stay at home and avoid working complications. There are still 10% of women, who experience inequality in the workplace because of having children.
The case of Dena Lockwood was discussed when the woman had to miss her work in order to deal with her sick daughter and was fired. In three years, the woman was able to prove her rights and win the case against her past owner. Parents must also accommodate their children’s schedules, such as school and childcare transportation, extra-curricular activities, and days on which school is not in session. These schedules are not always conducive to full-time business employment.
In 2015-2017, the question of care for children offered by fathers and mothers is frequently discussed. Only 28% of working fathers agree to reduce their working hours in order to take care of their children or some other family members in comparison to 42% of working women, who agree to do the same without any regrets. Nowadays, in families with two working parents, the income issue is also discussed in order to clarify the parental leave of each parent can be beneficial for a family or for a company. However, it is necessary to remember that having a baby may include a number of unpredictable steps and decisions. Mothers can stay at home because of some health problems caused by pregnancy or childbirth and ask for more time to stay with their newborns till they completely recover from childbirth.
In Figure 1, the results of the comparison between mothers’ and fathers’ career interruptions are mentioned:
The United States is a developed country that offers its people a number of opportunities, but only ¼ of all US employers offer their employees fully paid maternity-related leaves. Therefore, 1 in 4 new mothers have to return to work as soon as two weeks after giving birth, and some mothers may have a week or even less. The environment in which women have to work may vary considerably. However, despite the attempts made by men, women try to demonstrate how to establish an equal work-life balance and not to sacrifice something.
The expectations in caring for their children and families demonstrated by women may differ from those, demonstrated by men. Though such disparity is not intended, there is no question that there is an imbalance in the workforce and the necessity to strengthen gender equality in the American society. It is this imbalance that continues to cause problems for women who are seeking a true work-life balance that includes a successful career and happy family.
Women in Finance and Nursing
There are many fields where modern women can be involved in. In this project, the attention is paid to two crucial spheres: finance and nursing. The choice can be explained by the fact that finance remains to be a male-oriented working field, and nursing is the sphere where a number of women can work and take different positions. In this project, the task is not only to compare male and female working conditions and opportunities but to focus on the conditions offered within two certain fields.
Finance is a particularly significant career field in which to examine not only the competitiveness of the American workforce, but the gender disparity as it relates to women’s ability to balance work and life successfully. As a result of the disparity in women’s perceived ability to manage a successful work-life balance, the financial field presents an environment in which pay inequity is substantial. For example, there is a gender pay gap in the US workplace that includes 7,2% in the insurance industry and 6,4% in the financial industry when such factors as age, education, occupation, and experience are taken into consideration.
Even though progress is being made to minimize the pay equity in the American workforce, women in finance are not only less likely to achieve pay equity, but they are less likely to be promoted, thereby reducing the likelihood they will achieve senior-level positions in their sectors.
In the field of finance, a woman’s potential earning power is lesser than a man’s, which prevents a woman from being able to achieve a successful balance between work and life. Regardless of a woman’s ability to navigate the work-life balance on her own, certain external factors may influence a woman’s ability to progress in a career path, such as in finance, overshadow any internal factors that determine her career path. Therefore, an executive-level women’s potential earning power may have a certain impact on their ability to navigate the complex dynamics of the work-life balance in the field of finance.
Such statement is made not only because women are less likely to ask for what they deserve regarding their earning potential, but because the stereotypes of gender roles and the work-life balance have already created the environment in which women in the finance field are unable to maintain and pursue aggressive career paths by both their own doing and by the doing of the structures of the American workforce itself in comparison to the same opportunities available to women involved in the field of nursing. The gender pay gap is also observed in finance and nursing: for example, female financial workers can perform 61% of what male workers do in comparison to 90% of female work that can be performed in nursing.
Literature Review
The topic of women in the workplace, particularly as it relates to the work-life balance, is a complex one with a long history in the United States. In order to understand the context in which this paper takes place, it is important to understand the background of women’s role in business and the ways that intersect with their conflicting roles of managing a career and creating a family. It is only with the idea that individuals, organizations, and businesses can develop an understanding of the ways how various factors may influence the work-life balance for women and provide equality of women in the workplace, as well as a successful balance between their professional and personal lives.
Creating a context and foundation of information about the work-life balance is important not only to comprehend the issue but also to place it in the context of application in a greater perspective of society. This section examines different situations when women have to prove their rights in the workplace and provides an overview of the work-life balance for women in the United States from the perspectives of different authors and researchers.
Challenges of Women in the Workplace
The desire for women to achieve the work-life balance in their lives impacts more than advancement opportunities. Working mothers who want to have their careers in the fields of law, finance, and business are often treated differently in the workplace. They may be overlooked for large projects in their expertise, or their organization may not have appropriate accommodations for their needs, such as pregnancy parking near the front of a large parking lot or a comfortable, private location for breastfeeding mothers who need to pump throughout the day.
If an organization is in a field dominated by men, or if the women in the organization have never spoken out about their needs to achieve the work-life balance, it is likely that their needs will not be met. The lack of needed accommodations can prevent women from having the support and resources they need to be successful in their careers, further impeding the ability to achieve a successful work-life balance and reinforcing the existing imbalance and inequity that exists in society and in the workplace. Sometimes, working parents can quit jobs and choose families: 27% of working mothers and only 10% of working fathers.
Existing Variety of Families and Needs
Nowadays, the question of the work-life balance is frequently discussed because of the existing variety of family types. Though there are more than 64% of families have two married parents with 54-62% of both employed parents, there is still a number of problematic or challenged families maintained by mothers (25%) or by fathers (7%) only. Besides, there are the situations when women may earn more than their men in a family (38%).
In such cases, wives’ contributions to family’s incomes cannot be neglected, and gender inequality may not be observed in the workplace but in family relations. Much depends on people and their readiness to live under certain conditions. If women earn more, it is possible not to make a choice between work and family and continue working in regards to the policies of a company and participate in family growth relying on the achievements made by an unemployed or temporary unemployed husband.
Each type of family may have different needs and expectations. For example, in some cases, men expect that if women choose their careers, they still can find enough time for their families and develop the relations in the same way. However, the results of such families are usually frustrating because one day, a woman should be ready to make a choice and reject an offer that can influence her career or her family in some way.
Methodology
In this paper, the main method of gathering information is a systematic review of the literature and the evaluation of different works written after the 2000s. Besides, a certain attention is paid to the statistical data and the numbers reported by such organization as the U.S. Department of Labor. As a rule, the official site of this organization represents up-to-date information and the latest changes that can prove or disprove the chosen direction and the point under consideration. Regarding the information obtained in research, it is possible to say that it is a quantitative thesis.
Results
Work-life balance is essential for women who have families and work to experience the quality of life. This section uses the results of current research in order to develop the hypothesis and explain if it is possible for the women involved in the field of finance achieve the work-life balance and avoid the necessity to sacrifice.
The primary factor that may influence women’s ability to achieve the work-life balance is the framework of society. For a long period of time, the USA was known as a predominantly patriarchal country when men performed the functions of presidents, led the government, and made laws. However, the population of the US has almost equal ratios in regards to male and female citizens: 1000 females to 1016 males were in 2016, and 50,6% includes the current female population of the country in 2017.
In the American society, women are defined as nurturers, while men are providers. Woman’s place is at home, and her role in the business world should be secondary to her role in her family. With this perspective, women’s responsibilities are skewed toward their home lives. Unfortunately, this places a great deal of pressure on women, particularly if they want to have a successful career.
If women want to have a successful career, their career goals must be placed within the context of their home lives and expectations:
Work-life balance becomes highly important to study what women undergo in their career path as they will be handling their family as well at the same time. The stress and work pressure is far more than others as a lot of time management, job management, kid management, house management everything is put under criteria [sic]. It is critical for work and family research to fully understand the conditions under which the married women employees experience conflict between their roles.
If women focus on one of the aspects of their lives and try to achieve the work-life balance, their quality of life may suffer. The creation of an appropriate environment is the goal that has to be achieved and supported. Still, the patriarchal nature of society works against that goal, and many women experience discrimination when trying to balance their personal and professional lives. The results of such necessities may be demonstrated in the number of occupational injuries: for example, 13% of men may suffer from violence and other injuries in comparison to 23% of women.
Existing legislation does not accommodate for an employee’s work-life balance, and the federal law does not prohibit employers from discriminating against all types of workers regarding such factors as the importance of caregiving. Men and women are equally part of families and have responsibilities to care for those families. However, because women are viewed as nurturers more than men, women tend to experience more discrimination by employers when they try to fulfill their caregiving responsibilities.
Discussion
In this section, the description of external and internal factors that may influence the work-life balance among executive-level women in the field of finance will be developed to comprehend if it can be achieved without any sacrifices being made.
External Factors Influencing Work-Life Balance
External factors may influence women’s ability to be successful both at home and at work because they are out of the control when women attempt to balance their personal and professional lives. Quite often, these factors are influenced by society. Understanding such external factors can help determine whether or not the work-life balance is possible at all, since women cannot change these factors in business or in their families. The primary external factors examined as influencing factors in women’s work-life balance are work and home life expectations.
Within any career position, an employer has expectations that must be met in order to continue employment. Expectations impact the work-life balance and vary in regards to the positions taken and companies chosen. These expectations depend on HR policies that include the number of working hours and the possibility of having maternity leave policies. These policies can have a direct and significant impact on a woman’s ability to maintain the work-life balance. Unfortunately, this can be problematic for American employees. The United States is highly capitalistic, and the business world is extremely competitive. As a result, success requires a highly competitive and performance-driven personality because life becomes all competition, and not many people are able to compete and succeed in this culture.
Young people have all chances to compete, and the opportunities of working mothers reduce considerably. Since the business world is so competitive, women who are unable to compete, such as those who have family responsibilities that divide time and attention, may find it much more difficult to succeed in the workplace. Women between 25 and 44 years spend 18 hours per week dealing with their household activities when women under 25 find it necessary to spend about 9 hours per week on the same type of activities.
Within the context of the finance field, competitiveness, along with gender stereotypes and other factors, impacts women’s ability to progress successfully in their careers. Even women who enter the field with the intention to move up to senior-level positions reach a point at which they are unable to move to the next level, which may be a result of the gender disparity in the career field and the inability for women to overcome the perception of the work-life balance and the perceived inability of women to meet expectations at home and in the workplace effectively.
Along with expectations in the workplace, women have expectations for their own personal lives, as well. Since the United States continues to expect mothers to be the primary nurturers and caretakers of the home, there is an expectation that women will take on the majority of the responsibilities at home, even if they are working a full-time job. For example, the US makes numerous attempts to achieve good results in developing appropriate HR policies and consider the example of Quebec that has already introduce child care policies and programs in regards to which mothers are able to take 18 weeks of unpaid maternity leave, and fathers can use 5 weeks of the same leave.
Internal Factors Influencing Work-Life Balance
Along with external factors that influence a woman’s ability to achieve the work-life balance, there are internal factors that may be equally influential. Internal factors refer to those factors that are within the control of the individual, such as perceptions about work-life balance or the motivation to take the steps needed to be successful at home and in a career. Often these factors can be overcome because they rely on the individual rather than on others.
It is for this reason that identifying the internal factors may overcome the external factors that cannot be avoided. It may not eliminate the challenges but may give women the ability to overcome them more effectively to achieve a successful work-life balance. The two internal factors addressed as influencing the work-life balance are women’s feelings about the work-life balance and the expectations women put on themselves regarding both workplace and home life.
The first internal factor that influences a woman’s work-life balance is her own feelings about and attitudes to the importance of balance. This factor is the most significant and perhaps the most impactful because it influences the decisions women make in their own lives as to their careers and personal lives. Unfortunately, this is an area in which women struggle because of the framework of society and the way women are expected to behave as mothers and career women. In particular, women in finance do not ask for what they deserve and neglect the possibility of financial raises or the importance to negotiate for salaries in an aggressive way as men prefer to do.
Since women are viewed as primary caretakers, women who negotiate their salary, even when deserved, are perceived as prioritizing their careers at the expense of their families. Society has created an environment in which women are expected to be the primary caretakers of their children. There are certain expectations that must be met in order for a woman to be considered a “good” mother.
Along the same lines, women experience guilt when they are unable to maintain their careers due to family obligations. Career success is measured by factors such as promotion, salary, or prestige. However, it is important to note that the elements of a successful career are measured by men who do not have the same family obligations. Society is such that women are the primary nurturers in families while men are the primary providers.
This often absolves men of the obligations of family, freeing them to focus their attention and energy on their careers. Since men do not have the same influential factors as women, it is unfair to hold women to the same standards for success. In addition to a woman’s feelings about work-life balance, another factor that can influence the ability to maintain the work-life balance is a woman’s perspective on her workplace and home life expectations.
In the context of internal factors, work and home expectations are included together because of the way they are viewed in women’s minds. While home and life expectations are external factors, and what is expected by an employer or needed by a child cannot be ignored by the woman, work expectations can also be considered as internal factors because of the perspective women have regarding their own expectations. Many mothers in the workforce suffer from the inability to control their workdays and hours in regards to their own possibilities and needs. Because American society places high standards on women to be perfect in their efforts, women place high expectations on themselves as well. Because of these expectations, which are external factors, women develop their own perspectives on their expectations.
Quite often, this means that women must complete their responsibilities without even knowing how to succeed in the transformations that occur between work and life. Since they must appear to be the perfect employee and perfect mother, they feel they cannot rely on support systems to do what is needed. This places further pressure on them, which can only exacerbate feelings of guilt when women fall short, even when the expectations are self-established.
Arguments in Favor of Work-Life Balance
There are arguments that support the ability for women to achieve the work-life balance. These factors are used to maintain the status quo rather than addressing any circumstances or factors that prevent women from achieving an effective work-life balance. Three arguments in favor of the work-life balance are an examination of gender comparisons, the legislative measures already in place, and progress toward gender equality.
One prominent argument that supports the ability to create work-life balance comes on the heels of discussions of feminism and gender equality in society. Specifically, it is argued that if men are able to achieve the work-life balance, women are able to, as well. Many argue that, in today’s society, legislation and overall societal norms are such that women can achieve whatever men can achieve. However, this argument does not specifically address the work-life balance.
Instead, it deals with women’s ability to be successful in their careers. Adding children as an element that complicates the dynamic, changes what women can accomplish. This is particularly true because women do not have the same obligations as men. While men and women may be able to achieve the same within a career path because of their expectations as primary caregivers, it is unfair to make a comparison when the foundations on which the comparison is made are not equal.
In addition, it is argued that work-life balance can be achieved because of the legislative measures that have been put in places, such as the Equal Pay Act and the Civil Rights Act, which provide the opportunity for employees to combat discrimination through legal channels. This suggests that enforceable legislative actions help create an environment in which women have the ability to be treated equally in the workplace. These are not the only legislative measures in place. In 2016, President Obama took steps to protect women in employment further. “On Friday, the Obama administration announced executive action that would require companies with 100 employees or more to report to the federal government how much they pay their employees broken down by race, gender, and ethnicity.”
The goal of this order was to draw attention to equalities and inequalities in pay that contribute to the gender wage gap. That is, the measure is intended to improve transparency by organizations to prevent discrimination against employees by gender, race, and ethnicity. However, it should be noted that even though these legislative measures are intended to prevent gender discrimination, they do not address the work-life balance.
They simply serve to create equality within the workplace, but not outside of it. These provisions may help narrow the gender wage gap, but they do not create an environment in which women can balance their personal and professional lives.
Finally, it is argued that progress in feminism has helped society to be more accepting of women in the workforce and to be more accepting of the work-life balance as a component of that workforce. Since women are securely in the workforce, and women in the workforce typically come with the possibility of family, organizations understand that accommodations must be made. However, accommodations for work-life balance are continually omitted in legislation and human resources policies. This can be illustrated through the field of finance that is defined as a male-dominated industry with its long hours, inflexible working schedules, and the inability to think about the work-life balance. Though there are anti-discrimination laws in place, the laws do not address the work-life balance, which indirectly causes women to be discriminated against when they try to maintain a successful balance between the two elements in their lives.
Arguments against Work-Life Balance
There are also several arguments to oppose the idea of the work-life balance. These arguments focus on the framework of society as a significant influential factor and that these arguments must be addressed and changed in order for women to be able to achieve the work-life balance in today’s society. Three arguments against the work-life balance exist.
The first argument against the ability to achieve the work-life balance is that the work-life balance is a myth. Many argue that it is simply impossible for women to have it all, at least within the context that it is expected. Since society expects that women put all their efforts into work and all their efforts into their families, there is simply not enough of them to achieve both simultaneously. One must be sacrificed in order to achieve the other. The number of hours spent on work and related activities has to be three-time reduced in order to have these hours for household affairs.
According to this perspective, one reason for the inability to achieve the work-life balance is the nature of the work environment in American society, “In the space of a single century, we have gone through nothing less than a revolution in terms of the workplace. We’ve gone from a workplace that most people (whether they were artisans or craftspeople in small family workshops or agricultural workers) imagined as part of an extended household to a workplace that is so far removed from the household that commitment to it conflicts with household functions. Paid work is not only an extension of the household for most people; it’s actually the opposite. It’s alienated from the household.”
Within the context of the field of finance, some women select the career field because of the need to be flexible to provide for the needs of a family so that sacrifices are not needed. However, this flexibility, even when offered to employees, is seen as prioritizing family over career, and can result in not only lowered pay due to fewer hours, but employees taking advantage of these flexibility options are seen as being of a mindset that is not conducive to the highly competitive environment of the American workplace. After all, if a colleague or competitor is working sixty hours to do the same job, a woman who works only thirty hours a week in order to care for family is seen as being less dedicated to the career.
Though women may want the same level of success as men, they may feel the need to remain in a comfort zone in their careers in order to be able to maintain a balance between work and life without making a sacrifice in one area or another. In addition, when women pursue ambitious careers in finance, such as on a path toward executive-level positions, they leave the field more frequently than in other fields:
In the past 10 years, 141,000 women, or 2.6% of female workers in finance, left the industry. The ranks of men grew by 389,000 in that period, of 9.6%, according to a review of data provided by the federal Bureau of Labor Statistics. This statistic does not address executive-level positions. However, it does point to a declining trend of women in finance, which suggests a decline in executive-level positions, as well, since executive-level positions require a strong background of education and experience.
The second argument against the ability to achieve the work-life balance is the nature of actions women have to do in order to achieve the goal. Actions must be taken to achieve the balance, and it must be cultivated to be maintained. This once again speaks to the competitiveness of American business. If women want to be successful in business, they must be competitive. This is particularly true in finance, which is highly competitive and male-dominated, which requires women to work harder in order to meet expectations and have the ability to progress successfully in their careers.
The same competitiveness that motivates women to be successful in their careers should be used to manage their work-life balances. However, because of the competitiveness of American business, it seems impossible for women to be able to maintain a personal life and a career simultaneously. Further, when women make a choice to prioritize their families, it is viewed to be at the expense of their careers. Either they are giving up their jobs because they are unable to be successful in their careers or they were maintaining their careers at the expense of their parenting abilities.
The third argument is the statement that career success may require sacrifices in family relations or vice versa. In order to reach positive results in career, people should think about the possibility to sacrifice something that is dear to them, including a balanced lifestyle, personal time, or sanity. There is an idea that people cannot have all at the same time, and many women continue accepting this fact and neglect their opportunities or choices just because someone believes it is impossible to be successful at work and as a part of a family.
Summary
In general, the work done in order to discuss the chosen hypothesis shows that despite the already made achievements, modern people continue facing various discriminative issues in the workplace. Women are challenged to make a choice if they should be successful in their careers, or if they should better focus on their families.
To have a child means to have a number of problems connected with pregnancy, working hours, family responsibilities, and the distribution of tasks. Though there are a number of supportive and opposing ideas, women are still free to make their own choices and decisions if they are ready to struggle and prove their success in both, career and family, or if it is enough to achieve success in one field and make a sacrifice in another field.
Recommendations
The field of finance requires a strong foundation of education and experience, and the idea of being competitive remains to be central. As a rule, women should be ready to demonstrate their dedication to the career path and move through the field to an executive-level position. The external and internal factors may be too substantial to overcome. However, there are several recommendations that can mitigate the obstacles. Two specific steps women can take to increase the likelihood of achieving the work-life balance are to set clear, realistic goals and rely on the available support systems for success.
Women are free to make their choices and consider their own opportunities. Still, women may often place unrealistic expectations on themselves, including too high salaries, long and paid maternity leaves, and the possibility to ask for days off any time. Therefore, it is possible to change the goals and make the improvements regarding the available sources and personal values.
Setting goals within the context of personal and professional circumstances will ensure that those goals can work cooperatively instead of in contrast with each other. This can help overcome the barriers related to the conflicting needs of home and career. If the goals work together, women are more than likely able to achieve them, which helps facilitate a successful work-life balance.
Though society often expects women to be perfect at home and work entirely on their own, there is a chance for women to rely on support systems they have access to. “Across the board, senior executives insisted that managing family and professional life requires a strong network of behind-the-scenes supporters.” Just as business relationships are essential for women to advance their careers, personal relationships are essential for women to have successful family lives. By allowing themselves to rely on their support systems, women can achieve their professional and personal goals without sacrificing something as much as would be needed to accomplish the same goals independently
Conclusion
The purpose of this paper is to determine the impact of potential earning power on the navigation of the work-life balance among women with a focus on executive-level women in finance, which is a highly competitive field in a competitive American workforce. Current research indicates that the obstacles to the work-life balance overshadow women’s empowerment due to earning power and several internal and external factors that may motivate them to be successful in business and at home. However, even evidence suggesting that a true work-life balance is impossible, it is likely that women will continue to try to have as much as possible and create their successful lives through a balance between career and personal life.
Limitations
The main limitation of this project is the inability to compare working conditions available for women and men in different countries. The scope of this paper includes the US population and the policies the American government offers to people. There are many other countries to be used as the examples or the basics of research. Still, the necessity to focus on American women and the importance of the work-life balance narrow down the work.
Future Research
There are several ideas on how to expand the already offered investigations. First, it is possible to focus on the racial differences that exist between women in the workplace or to choose new countries for the analysis. The examination of the dynamics of the work-life balance within different fields and at different levels in organizations is also possible. Such approach should help to prove or disprove the chosen research hypothesis and identify additional factors that may or may not influence a woman’s ability to have a successful career and a family.
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