Pub. 10 2020-2021 Issue 1

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S July • August 2020 13 Grit + Growth Mindset: Women Advancing in the Post-COVID-19 World T he world is experiencing unprecedented upheaval and disruption. In response to COVID-19, the banking industry rapidly pivoted to address how financial institutions conduct business, how employees work, and the ways consumers manage their finances. While most states have lifted stay-at-home orders, the long-term economic impact of this global pandemic remains to be seen, especially if second- and third-wave pandemic predictions are accurate. Rather than dwell on specific solutions to the current crisis, it ’ s important to focus on how women can navigate this (or any) crisis by adopting fundamental strategies for success: the grit and growth mindset. When coupled together, a grit and growth mindset yields success regardless of the uncertainties and challenges faced, because it enables a person to focus on opportunities that arise from challenges, rather than only focusing on the challenges. The Merriam-Webster Dictionary defines grit as “ firmness of mind or spirit: unyielding courage in the face of hardship or danger. ” Grit consists of five elements: • Courage (the ability to manage the fear of failure) • Conscientiousness (the ability to make sure the job is done well) • Perseverance (the ability to steadfastly continue toward your goal) • Resilience (the ability to quickly recover from a setback) • and Passion (the desire for excellence, not mediocrity or perfection). The good news is women tend to score higher than men on the Grit scale, in part, because we have had to learn to navigate gender-based challenges. Amindset is a perception that people hold about themselves. Mindsets fall into two broad categories: “ fixed mindset ” and “ growth mindset. ” According to Carol Dweck, author of Mindset: The New Psychology of Success: “ In a fixed mindset, people believe their basic qualities, like their intelligence or talent, are simply fixed traits. They spend their time documenting their intelligence or talent instead of developing them. They also believe talent alone creates success — without effort. ” By contrast, people with a growth mindset believe their abilities and talents can be developed through dedication and hard work. A growth mindset helps cultivate a love of learning and resilience because challenges, and even failures, are embraced as opportunities to improve. COVID-19 presents myriad challenges, with more to come. Applying grit and a growth mindset to the current circumstances can leverage this crisis into opportunities. Below are a few strategies to consider: 1. Learn from failures. What lessons did we learn from previous recessions or crises that can be applied to the current situation? 2. Practice optimism. Optimism is merely being hopeful about the future, even when the present feels difficult. Steps to increase optimism during this crisis include: practicing compassion toward yourself and others, finding pleasure in small things, looking for meaning, being altruistic and processing negative emotions. BY ANN JENRETTE-THOMAS, CHIEF DIVERSITY AND INCLUSION OFFICER, STINSON LLP