Good morning, Broadsheet readers! Cognosante founder Michele Kang pledges $50 million to training and educating female athletes, U.S. Treasury Secretary Janet Yellen says moving the world to a low-carbon economy will cost $3 trillion a year, and data exclusive to Fortune shows that men are experiencing more imposter syndrome than women at work. Have a great Tuesday!
– Spot the imposter. We often hear about how men apply to jobs they’re not qualified for. The most commonly cited stat is that a man will apply to a role if he meets 60% of the requirements, while a woman will only apply if she meets 100%. Often, this comes up in the context of urging women to put themselves forward for a wider variety of positions.
But what if there are other consequences to the application gap? According to new data from organizational consulting firm Korn Ferry, there may be. Sixty-two percent of men report feeling imposter syndrome at work, the firm found, compared to just 46% of women.
“We’ve heard before how many more men are comfortable applying for jobs that they might not be totally qualified for,” explains Jane Stevenson, Korn Ferry global vice chair for board and CEO services. “It makes sense that women would feel more comfortable in their roles and experience less feelings of imposter syndrome.”
Imposter syndrome, defined as a difficulty to believe your success is earned or that you’re good enough for your role, increases with an employee’s rank; 71% of CEOs and 65% of senior executives said they felt it, compared to 33% of early-stage workers. Imposter syndrome is a different question than competence; 82% of employees, both male and female, agreed they are competent in their roles.
Often, the conversation about imposter syndrome feels exclusive to women; women are often more open about discussing those feelings as they rise the ranks. The new data shows that the opposite may, in fact, be true, and men just aren’t talking about it.
The mountains women have to climb to get to the top (90% of Fortune 500 CEOs are still men) could also mean that they’re more secure by the time they finally get there. “Women just don’t get as many chances to lead companies compared to men,” Stevenson says. “Women have to build their confidence in themselves more independently and stand on their own more consistently because they don’t get as many chances to lead.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- Female-funded. Michele Kang, founder of technology company Cognosante, will give $50 million to Kynisca Innovation Hub to better train female athletes. Kang said that the new nonprofit “will become a pioneer of female performance research, so we can stop training women as if they are simply small men and unlock their true potential.” Bloomberg
- Pay to save. U.S. Treasury Secretary Janet Yellen said that shifting the world to a low-carbon economy would require $3 trillion annually until 2050. “Neglecting to address climate change and the loss of nature and biodiversity is not just bad environmental policy,” said Yellen after a meeting of G20 finance leaders in Brazil. “It is bad economic policy.” Reuters
- Making friends. Advisers for Vice President Kamala Harris have reached out to crypto companies, looking to improve the Democratic Party’s relations with the sector. Someone close to her campaign said Harris wants to convey that Democrats are “pro-business, responsible business.” Financial Times
- Another abortion ban. Iowa’s six-week abortion ban has taken effect; previously, the state allowed abortions up to roughly 22 weeks of pregnancy. Under the new ban, abortions will still be allowed beyond the six-week mark in instances of rape, incest, or medical emergency. The Guardian
MOVERS AND SHAKERS
- Blackstone global head of portfolio operations Jennifer Morgan is leaving the firm to become the CEO of UKG.
- Qurate Retail Group appointed Mara Sirhal as chief merchandising officer for QVC U.S. Sirhal had been chief merchant and brand officer at Saks Off 5th.
- RIP-IT Sports appointed Amy Craven as chief marketing officer. Most recently, Craven was director, brand and global advertising at American Airlines.
- Color of Change named Portia Allen-Kyle as managing director, from her role as chief of staff, interim head of external affairs. Previously, Allen-Kyle was senior advisor for equity, policy, and stakeholder engagement in the Office of Civil Rights at U.S. Department of Transportation.
- Nano Banc appointed Mary Lynn Lenz as president and chief executive officer and Lynn McKenzie-Tallerico as board chair. Most recently, Lenz was chairman of the Board for Nano Banc. McKenzie-Tallerico previously held a leadership position at KPMG.
ON MY RADAR
The private equity staffer with a shot at Olympic glory Bloomberg
America’s new political war pits young men against young women Wall Street Journal
The Supreme Court is ‘actively undermining’ democracy: Elizabeth Warren Vanity Fair
PARTING WORDS
“I had to switch my thinking. Why am I doing it for everyone else? If I’m doing that, then I’m doing it for the wrong reasons.”
—Olympic gymnast Suni Lee on her difficult path to the 2024 Games
