Business
Are You Suffering From Impostor Syndrome?
Are You Suffering From Impostor Syndrome?
If you have ever felt unworthy of your position at work, or felt uncomfortable about receiving praise from colleagues, then you’re not alone.
The psychological pattern of impostor syndrome is widespread, with the majority of people experiencing some form of it over the course of their careers.
Today’s infographic, from Resume.io, provides a useful guide to identifying the various manifestations of impostor syndrome, and how to potentially overcome it.
What is Impostor Syndrome?
People suffering from impostor syndrome doubt their skills and accomplishments, live in fear of being exposed as not worthy of their position, and even downplay their success, attributing it all to luck or good fortune.
These feelings, which were first collectively known as “impostor phenomenon,” were introduced in a 1978 study of 150 highly successful women. Today, we have an even more nuanced view of how feelings of anxiety and inadequacy can afflict people in a professional setting.
Impostor Syndrome Archetypes
According to Dr. Valerie Young, a leading expert on the subject of impostor syndrome, these feelings of self doubt are not one-size-fits-all.
Here are the five different types of impostor syndrome:
| Number | Archetype | Description |
|---|---|---|
| #1 | Expert | You expect to know everything and feel ashamed when you don't. |
| #2 | Soloist | You believe work must be accomplished alone and refuse to take any credit if you received any kind of assistance. |
| #3 | Natural Genius | You tell yourself that everything must be handled with ease, otherwise it's not "natural talent". |
| #4 | Superperson | You feel you should be able to excel at every role you take on in your life. |
| #5 | Perfectionist | You set impossibly high standards for yourself and beat yourself up when you don't reach them. |
Understanding the different types of impostor syndrome is an important first step, as each manifestation requires a unique toolkit of solutions to help overcome this common psychological trap experienced by professionals.
Slaying Self Doubt
While impostor syndrome can afflict anyone, women have been shown to experience it more often – even once they have experienced high levels of success in their career.
A recent KPMG study of 750 high-performing executive women found that:
- 75% had experienced impostor syndrome at some point in their career
- 81% of these woman also believed they put more pressure on themselves than their male counterparts
Though progress has been made, lack of diversity at the C-suite level is still fueling some of these feelings. 32% of women identified with impostor syndrome because they did not know others in a similar place to them either personally or professionally.
When it came to combating feelings of self-doubt, many woman found support within their network and organizations:
- 72% said they looked to a mentor or trusted advisor for help and advice when the doubt creeps in
- 54% received support and guidance from performance managers
Actively creating a culture that supports honest conversations in the workplace is key to helping individuals slay professional self doubt.
Together, we have the opportunity to build corporate environments that foster a sense of belonging and lessen the experience of impostor syndrome for women in our workplaces.
– Laura Newinski, U.S. Deputy Chair and COO of KPMG
Retail
Visualized: 10 Black Friday Retail Trends
Consumers are expecting more this Black Friday, but for retailers, the pressure is mounting. Here are 10 trends that may impact them in 2023.
10 Black Friday Retail Trends
This year, retailers are under major pressure to orchestrate even more substantial and enticing Black Friday discounts for their customers.
We partnered up with Airwallex to visualize the latest available data from 2022 to understand what this year’s holiday weekend could look like for retailers.
Consumer Loyalty and Price
Theme: Buyer Behaviour
In a 2022 U.S. study conducted by Emarsys, 58% of people claim they are more loyal to retailers that offer them discounts, incentives, and rewards, indicating that price plays a crucial role in fostering loyalty.
Moreover, 60% of respondents admitted to turning their back on the brands they were previously loyal to in an effort to save money amid inflation hikes.
Convenience is King
Theme: Buyer Behaviour
Salesforce notes that 2022 saw a global increase of 9% in Buy Online, Pick Up In Store (BOPIS) adoption during Cyber Week compared to early November data.
Specifically in the U.S., retailers offering BOPIS experienced 38% higher growth in online revenue during Cyber Week compared to those without this service.
Global Spending is Up
Theme: Spending Patterns
Globally, 2022 Cyber Week spending increased 2% YoY to $281 billion. This is despite some regions experiencing a decline and some retailers reporting lighter foot traffic.
Margins at Risk
Theme: Spending Patterns
While consumers are spending more, retailers are still seeing their margins squeezed due to a variety of factors such as high inflation, high cost of goods, strained systems, and increased demand for discounts.
That is why we are starting to see certain retailers choosing to “boycott” Black Friday, and although estimates vary, The Guardian reported that as many as 85% of smaller retailers were not participating in Black Friday in 2021.
The Smartphone Surge
Theme: Buyer Behaviour
According to Adobe, 47% of U.S. online sales came from smartphones during the 2022 holiday spending season—up from 43% in 2021.
This reflects a broader trend within the retail sector, aligning with projections for substantial growth in the global mobile commerce market.
Deeper Discounts
Theme: Spending Patterns
In another benefit to consumers, discounts are getting deeper. Throughout the 2022 holiday season, the average discount stood at 21% compared to 19% in 2021 with apparel, skincare, and beauty touting the deepest discounts.
Alternative Payment Options
Theme: Payments
When it comes to payment methods, alternatives such as Buy Now Pay Later (BNPL) are gaining traction, as evidenced by a 5% increase in orders YoY.
Financing Lower-Priced Goods
Theme: Payments
Despite the success of Buy Now Pay Later, the average order value decreased 5% YoY, meaning consumers are using the payment method more, but to help finance lower-priced goods.
Sales Spikes in APAC + Europe
Theme: Payments
Even though Black Friday has been traditionally viewed as an American retail phenomenon, it has transcended its U.S. origins and has been embraced by consumers the world over.
Several countries witness significant spikes in online sales in 2022, most notably in Australia with a +239% sales spike, and Spain at +576% spike when compared to average October sales.
Retailers Hit with Hidden Fees
Theme: Payments
Did you know that merchants of all shapes and sizes can often find it hard to escape paying unnecessary transaction fees during the holiday season?
For context, every international dollar a retailer generates during the holiday period could be converted up to three times, costing them up to 5.5% of every transaction.
Considering the multitude of benefits afforded to consumers during Black Friday and the holiday season, the question that looms is: is this retail bonanza genuinely worthwhile for retailers?
By partnering with Airwallex, retailers can simplify global payments, but also capitalise on increased consumer spending—without sacrificing on profit.
Learn more about Airwallex now.
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