Owl Have You Know

Season 1, Episode 8

Devina Bhojwani ’06, president and co-owner of IDEA Lab Kids International, talks about her pivot from working at an international offshore drilling contractor to entrepreneurship within the education space.

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Based on research by Siyu Yu

• Research and common sense suggest that membership in a high social class improves one’s sense of well-being. 
• Social class, however, is made of up several components. Two in particular play powerful roles in the way social class affects psychology.
• The first component is status: respect, prestige and admiration from others. The other is power: a mix of factors such as autonomy and control in social encounters. Researchers need to study these two factors separately.

How nice! You’re early. It’s just you and your mat, alone for a moment at the office’s weekly Zoom yoga session. Breathing in, you silently applaud yourself for investing in your well-being.

Then a guy from upper management pops onto the screen for a bit of his own inner peace. He’s not even looking your way, but suddenly you’re comparing yourself to a fit, well-groomed, manicured corporate star. You wonder if you’re a victim of a gender wage gap. You muse whether your social standing is undermined by race, age or your choice of partner. 

Humans can’t help comparing social status. What goes into the social pecking order, however, is surprisingly complex. What we call social class is actually a web of subtle signals telegraphing traits including wealth, education and occupational prestige. 

But the effects of social class are concrete. Membership in a high social class alters our influence over other people, our professional and personal opportunities, even our health. Social class even affects the private, internal gauge of how we’re doing – what researchers call subjective well-being, or SWB. And what you, in Zoom yoga, might call your level of chill. 

But why exactly is external class ranking so potent?

For years, research and common sense suggested that external social class largely determines our subjective well-being. But the exact dynamic has never been fully analyzed. So in a recent paper, Rice Business Professor Siyu Yu and colleague Steven Blader, of NYU Stern, looked closely at how the status/well-being link functions – and why, in certain cases, it’s irrelevant.

According to their findings, simply belonging to a higher social class actually has a weaker, less consistent effect on inner well-being than do two specific components of class: status and power.

To analyze the way status and power affect the impact of social class, Yu and Blader designed a set of four studies. In one, they used archival data from two employee surveys, Midlife In The United States and Midlife In Japan, to measure employee status and power and how these variables affected each individual’s social class and sense of subjective well-being. 

In the three others, the team analyzed the interplay of social class, power and status in various walks of life. To do this, they looked at employee data sets of 325 and 370 people respectively, drawn from Amazon’s Mechanical Turk (a crowdsourced marketplace favored by researchers which performs tasks virtually). In one study, the researchers ranked each participant’s self-perceived social class by asking them to state their own level of status and power. In another, they asked 250 participants questions about their individual psychological needs and how they might be addressed by status or by power. In the third, they isolated the precise ways that status and power affect subjective well-being.

Status, the researchers found, greatly boosted the effect of social class on subjective well-being. Power, they found, had separate and significant effects of its own on SBW. Of the two separate factors, status had the stronger impact. The researchers theorized that this is because power, energizing as it may be, also tends to stunt feelings of social support and relatedness, which is crucial to a sense of well-being. High status, on the other hand, is by definition a reflection of relationships, which we’re hard-wired to crave. As Yu and her cowriter put it, status is “voluntarily and continuously conferred based on one’s personal characteristics and behaviors and, thus, others’…highly personalized assessment of our value.”

Both status and power, the evidence suggested, boost inner well-being because they fulfill key psychological needs: our desire to belong, for example, or our wish to have a say in situations affecting us. 

Partly because of the study’s methodology limitations, however, the researchers cautioned there’s more to understand. Most pressing: in the U.S. sample, between 83%-95% of participants were white. Would the researchers’ current findings hold true across a broader racial spectrum? How about with groups that have spent decades overcoming outside assaults on their sense of self? 

What the team’s research does show definitively is the multi-faceted nature of social class – something that otherwise might seem to be monolithic. It sheds light on the various facets that make up social rank. And it spotlights the need for research on the separate effects of power, of status, and how each element fulfills psychological needs. Isolating the effects of these factors, Yu and her colleague argued, show why researchers need to consider power and status distinctly when studying issues like income, education and occupation.

Back to Zoom yoga. Breathe out. Then do your best to just look away from your high-ranking colleague in the neighboring zoom box. You’re not imagining the unease you felt when he sailed into the room. Yet who knows? Your high-flying superior worker may not actually feel as respected or empowered as you’d think when he rolls up his mat and goes back to his desktop. You, meanwhile, are equipped with new analytical insights that could help establish your next goals. Do you aspire to more power? More external esteem? Or maybe you already possess some other key to inner equilibrium – some element apart from either status and power – that research has yet to uncover.

Siyu Yu is an Assistant Professor of Management – Organizational Behavior at Jones Graduate School of Business, Rice University.

Yu, S., Blader, S. L. (2020). “Why Does Social Class Affect Subjective Well-Being? The Role of Status and Power” Personality and Social Psychology Bulletin, 46(3) 331–348
 

Owl Have You Know

Season 1, Episode 7

Ope Amosu ’14, talks to host Christine Dobbyn, about his passion for representing West African culinary cuisine and culture in Houston through his restaurant, ChopnBlok.

Subscribe to Owl Have You Know on Apple Podcasts, Spotify, Youtube or wherever you find your favorite podcasts.

This blog post was originally featured in Poets & Quants.

We understand the pivotal role that networking plays in the MBA experience. Effective networking is about the quality of your connections, not just the quantity. 

Explore Full-Time MBA Katie Chung's networking tips to start your MBA journey with confidence:

Why is networking so difficult?

That’s a question I have asked myself countless times throughout the MBA experience. Is it because I am an introvert? Or maybe I feel so awkward that I want to just back up out of a conversation (and hopefully no one will notice)! I can’t tell you how many pep talks I have given myself before a networking happy hour or a phone conversation with an alumni member. Just the thought makes me a little nervous.

However, after a recent discussion in one of my classes, I realized I am not alone in this feeling. Many classmates also dreaded those same interactions. I was shocked. As a self-proclaimed introvert, I understand why networking can be difficult for people like me. However, I learned from my classmates that networking can be tough even for extroverts.

Why is that? Well, I don’t have an answer to that question. But I can speculate. And what I have come to understand is that we put so much pressure on ourselves to talk to the right people and make a natural connection in what is normally a very unnatural setting. We forget what making a connection is all about.  Sometimes I forget there is an actual human being on the other side of my happy hour conversation or networking call.

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And it’s probably awkward for them too.

In my previous life as an actor and dancer, I felt the same way heading into an audition. Sometimes, I would put so much pressure on myself, I would forget there was a human being on the other side of the table who wanted me to succeed. Now that I have had this revelation, I wanted to equip myself with some tools to make networking a little bit easier. That involves trying to balance the art of making meaningful connections while also working towards my career goals.

Recently, I called in some back up; I talked to two of my classmates who pretty much beasted the networking game throughout their recruiting processes.  I spoke with Matthew Manriquez, who is heading to Morgan Stanley as an investment banking associate, and Kelly DeMoya, who is off to Accenture Strategy. My classmates gave some great tips for the pre-networking pep talk!

Quality vs. Quantity

That starts with finding a certain balance. According to Kelly DeMoya,, that means having meaningful conversations and ensuring you meet enough people from each company.

“Strike that balance of making sure you hit the right people, but you also really need to network everywhere in a finite amount of time.”

While we may hope to just have one conversation at each company or school, this approach is not always enough. First semester is filled with endless cases, practice problems, and team projects. It can be difficult to throw meaningful networking into the mix. So, remember to find the balance like Kelly has mentioned. It’s in genuine, quality conversations where you can find your advocates. These are the advocates who are in the room where it happens (Hamilton fan over here) and who will vouch for you.

With quantity it is two-fold. The first thought is, sometimes it takes a few conversations to get to the individuals who make decisions. Ultimately, those are the people you want to meet and get to know.  And second, the more people you speak with, the more YOU learn about the company.

Early on, I found it very helpful to keep track of a lot of the conversations I was having. I wanted to make sure I remembered what I learned and who I spoke with. I made a spreadsheet of my notes. Future business school me would be so impressed! If my goal was to try to connect with another employee, I made sure to remind myself so I could include it in my thank you email.

Remember you are building a career. The goal is that you are as much a fit for the company as it is for you. So learn as much as you can.

Know Your Outcome

When juggling so many coffee chats, happy hours, and classwork, it can be difficult to bring your full self to each event. But it is important. It is important to know what the bottom line of this conversation or happy hour is. Bottom line: Know why you are there!

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Matthew Manriquez emphasized the importance of knowing your outcome and he dropped the mic with this one.

“Have an outcome in mind for every interaction you are going to have.”

Seems simple but can be difficult in practice. It is easy to go through the motions and check things off a list. The question is, where does that lead?

“It’s important you know what your objective is so you can structure your conversations accordingly while not coming across as too transactional, Matthew adds

This is really helpful to me in the quantity aspect. When recruiting for a job or a school, it may require speaking with a lot of people. However, a conversation with an alumni or future team member can be very different from a conversation with a recruiter or admissions officer. A recruiter is not in the job day-to-day; they will know about the company culture and recruiting timeline. But it’s your future teammates who will know what it takes to be successful. Go into your conversations understanding why you are there and what you would like to get out of it. Whatever it is, know before you go!

Level Up

Networking is a marathon, not a race. That requires you to keep track of your conversations, says Matthew Manriquez. “If you are having repeated interactions with a school, person, or company, there should be a leveling up of your questions. For banking I shouldn’t be asking the same questions I asked in August versus October.”

And that is a great point! Use early conversations to get to know the basic details, such as the job and travel requirements. As you move through the process, level up your questions. As you begin to have conversations with future teammates and bosses, use that time to dig deeper and understand what the work is really like. For example, you can inquire about what keeps team members motivated or what constitutes growth in the position. These deeper conversations will build your rapport with the company.

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Be Yourself

As discussed earlier, there is a person on the other side of your conversation and they have likely been in your shoes. As important as it is to make a good impression, you want to make sure it is a true impression. This is hard. It has always been difficult for me to balance ‘serious, best foot forward, business Katie’ with the ‘awkward, slightly introverted Katie.’ I have found my pep talks before any networking event to be very helpful. There are three points I like to make: focus on making genuine connections, be myself (which is not always easy) and now I remind myself why I am there (thanks Matthew!).

Hard skills can be learned. If the fit isn’t right, that is a bit more difficult to change says Kelly DeMoya. “Really making it about connecting with the person it’s easy to forget that there is that relationship component.”

The people you network with are in your industry, in your city and potentially on your MBA team. These are people whom you can hopefully help one day. Take networking as a time to make lasting connections. When you remember to be a human and put meaning behind your conversations who knows: your 20-minute coffee chat could lead to a lifelong career supporter and teammate.

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Networking is a crucial skill for MBA students and professionals alike. It opens doors to new opportunities and provides insights that are critical for career advancement. At Rice Business, we equip our students with proven professional networking tips that help them stand out and connect effectively in any professional setting.

Ready to harness the power of effective networking? Dive deeper into our networking strategies for MBAs and start building relationships that propel your career forward. Remember, the right connection can open the door to countless opportunities. Begin your journey to networking mastery and professional growth at Rice Business. 
 

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