| Please note: This is a working draft only. All text is subject to revision and correction of inadvertent errors and misinterpretations of theories and research findings. |
Robertson (1989) refers to socialisation as "the lifelong process of social interaction through which individuals acquire a self-identity and the physical, mental, and social skills needed for survival in society." Put another way, socialisation is the process by which members of a given society adopt and internalise that society's culture. The majority of one's socialisation occurs in the home, at school, and through close peers and family members. However, with increasing numbers of people spending more time at work, the workplace itself is becoming a strong agent of socialisation (Maanen & Schein, 1977).
Socialisation is a powerful process that deserves consideration in the organisational behaviour literature because it can have a significant impact on the career and work lives of employees. By very definition, socialisation involves the development (and change) of one's personal identity, self-concept, and self-esteem—qualities which are strongly related to issues of mental health and wellbeing, not to mention productivity, efficiency, and workplace adjustment.
Before and upon entering a new firm, stockbrokers experience a significant socialisation process that can affect all aspects of their personal and professional lives. However, a literature review shows that socialisation in this population has not been studied. This is unfortunate because two trends suggest that socialisation is going to become an increasingly important issue for securities firms. First, over the last several years there has been a 50% increase in the number of new stockbrokers (Morgenson, 1997; see also Malpass & Dunkin, 1998; Financial Post, 1996). Second, more mergers between securities firms and investment banks (Santini, 2000) means that many stockbrokers are being forced to adapt to the culture of new organisations.
To fill the gap in the literature, this paper will discuss the culture to which stockbrokers are expected to adapt when joining a new firm and will draw on socialisation theory in attempts to explain and understand the process of this adaptation. It will also discuss the outcomes and breakdowns of the socialisation process and the potentially negative consequences of socialisation. This information has two critical applications. First, it can help managers and brokers alike pinpoint failures in and improve the quality of the socialisation process. Second, it can help clinicians who work with emotionally distressed stockbrokers. It is our belief that psychological distress amongst brokers is often a result of failures in the socialisation process. A clinician cannot, therefore, provide effective services unless s/he is aware of the extent to which the stock brokerage culture affects his/her client's life. Those brokers who are no longer able to withstand the culture and who may wish to leave the brokerage industry need assistance in shedding the image and identity that was instilled in them through a myriad of different mechanisms.
As mentioned above, socialisation involves the adaptation of employees to the culture of their organisation. "Culture" refers to "a system of shared meaning, held by organisation members, that distinguishes that organisation from other organisations" (Robbins & Langton, 2001, p. 381; see also Schein, 1985; Wanous, 1992). Stanley Davis (Schwartz & Davis, 1981) postulated a similar definition. He used the term "corporate cultures" to define "roughly, the unwritten code of conduct that seems to govern the workplace" (Changing Times, 1985).
We feel that the culture of stockbrokers can be best explained by drawing on the related theory of Deal and Terrance (1982). This theory postulates four different corporate cultures, each determined by two factors: the degree of risk associated with the job (usually financial risk), and the speed with which employees receive feedback on their performance (see Appendix A; see also Elmer, 2001; O'Reilly, Chatman, & Caldwell, 1991; Chatman & Jehn, 1994). Stockbrokers would typically fall into the "Tough Guy / Macho"* culture (see Deal & Kennedy, 1983). In this culture, brokers experience a significant amount of risk (they may lose many millions of dollars on any given day) and they often receive immediate feedback on their performance (i.e., markets can immediately determine their financial gain or loss). All the subtler aspects of stockbroker culture (to be discussed) seem to branch out from this "Tough Guy / Macho" culture. It is this culture to which incoming stockbrokers (male or female) are eventually socialised.
Maanen and Schein (1977) propose an elegant model of workplace socialisation. According to these researchers, individuals go through a three-stage socialisation process. The pre-arrival stage encompasses the socialisation that occurs before an individual joins an organisation. In this stage, individuals are socialised into future careers and organisations through family, school, the media, and society at large. In the second stage—encounter—an individual confronts the reality of the organisation's culture. In the final stage—metamorphosis—the employee starts the process of adapting to the organisation's culture. This adaptation process can be facilitated in a number of different ways. Finally, Maanen and Schein consider three outcomes of the socialisation process: productivity, commitment to the organisation, and possible employee turnover.
The pre-arrival phase is the least "clear-cut" of the three stages of socialisation, particularly because it has no definite "beginning" or "end". In this phase, an individual is exposed to a myriad of different socialisation influences, some of which may start right from birth and thus seem rather innocuous. For instance, one may have been raised in a family where it was expected that the eldest son "make lots of money" and enter a lucrative career such as investment dealing. Since this phase of socialisation appears to have no boundaries, individuals may not even be aware that they are being actively socialised. We feel that when they are unaware of the process, they are less likely to actively defend themselves against it. This is what makes the pre-arrival phase particularly powerful.
In our formulation, pre-arrival socialisation involves two factors: the personality traits of the individual to be socialised, and the interaction of those traits with various agents of socialisation. The extent to which a particular agent of socialisation is influential on a particular individual depends on the extent to which that individual's traits are similar to those of the people in a particular career. If we keep in mind that personality traits start developing when we are very young, we can surmise that even at a young age (e.g., senior high school, university), those individuals who possess traits that are common amongst stockbrokers will be more likely than other individuals to be influenced by agents of socialisation related to the stock brokerage industry.
Briggs and McCaulley (1985), for instance, suggest that salespeople (of which stockbrokers are a type) are often very extraverted, with a practical, realistic orientation and an ability to quickly make decisions. Aggressiveness, dominance, intuition, and persistence are also common traits (Caminiti, 1999; Cooper, 2000b). These are the kinds of individuals who at a young age are quite susceptible to adopting the stock brokerage culture—the powerful, fast-paced, high-pressure, high-risk environment where split-second decisions can mean millions of dollars (Herera, 1997). In our opinion, such individuals seem drawn to the exaggerated images of high-flying brokers as portrayed in such movies as Wall Street (Pressman & Stone, 1987) and Boiler Room (Brener & Younger, 2000; Gillespie, 2000), or in television series such as Traders (Mitchell, 1995-). They also seem drawn to literature that dramatises power and opulence, as in The Making of a Stockbroker (Lefevre, 1925), Bombardiers (Bronson, 1995), The Bonfire of the Vanities (Wolfe, 1987), Liar's Poker (Lewis, 1989), and even American Psycho (Ellis, 1991). In Street Fighting at Wall and Broad (Sage, 1980), a real-life stockbroker describes his world:
My appearance hardly distinguishes me from hundreds of other men milling around the skyscraper-darkened canyons of lower Manhattan. Our suits are invariably dark, usually tailored with great care to look unfitted. Our hair is sometimes scarce in quantity and always cut with restraint and without overt styling. Our offices are to be found in those towering, marble-lobbied buildings that give the foot of the island its dramatically futuristic look. Once inside these massive structures, one has the feeling, by no accident, of solidity, prosperity, and sobriety. What actually goes on in our thickly carpeted sanctums is something else again (p. 4).
Indeed, as Herera (1997) writes,
Wall Street has long been, in both myth and reality, a world populated by swaggering men. From the Seligmans to the Morgans, from the Rockefellers to the Buffets, the investment marketplace of yesterday and today has long been portrayed by the press as the province of brash white men in white shirts, tailored suits, and power ties who make and lose fortunes. Whether brilliant, lucky, brave, foolish, stubborn, or stupid, these men have captured the imagination of novelists and movie producers, as well as the financial press that covers them.
We seem to have an insatiable curiosity about the personalities who make names for themselves in this rough-and-tumble playground (p. xx).
It should also be noted that women consistently rank stockbrokers as the most attractive men (Accountancy Ireland, 2001). This undoubtedly provides added incentive to keep the "redblooded stockbroker" myth alive. The end result is a characterisation of stockbrokers around the world as—to use a term that is not infrequently heard in the press—"Masters (or Mistresses) of the Universe" (Surry, 2001).
Recruiting firms often visit school campuses to "pitch" the brokerage business to individuals whom they feel possess the personality traits requisite for a brokerage career (e.g., Fortune, 1996). It is at this stage that brokerage firms start more formally socialising potential brokers. They make extra effort to give the impression that they are hiring "only the best" (see Fortune, 1996). This gives potential recruits the sense that they will be valued members of the corporate culture—and of an exclusive social coterie. For instance, the website of New-York based Goldman Sachs indicates that the firm is looking for people with "contagious energy, creativity and an entrepreneurial spirit, whose vision is boundless and aim is to make a mark on the world". Similarly, JPMorganChase claims it is "a firm of innovators and problem solvers, seeking candidates who have the initiative, drive, and focus to win". At New-York based D.E. Shaw & Co., 12 fulltime recruiters sound more as if they are selecting Nobel laureates than investment professionals:
Like a top academic institution, D.E. Shaw spends a lot of time and money recruiting brainpower. The head of the talent spotters, Charles Ardai, spares no superlative when speaking of his mission. "We want people who make our jaws drop. We know a D.E. Shaw hire when we say, 'I can't believe this person did this at age 25,'" says Ardai (age 26). . .Shaw's 12 fulltime recruiters scan the intellectual horizon for fresh talent by cultivating contacts at universities, poring over scholarly journals, and gathering intelligence in academic and professional fields (Fortune, 1996, p. 112).
As an added effort to heighten the cultural status to which recruits aspire, brokerage firms even dispense with using the term "broker" in their promotional literature. They refer, instead, to "equity strategists", "financial consultants", and "investment executives" (Malpass & Dunkin, 1998; Surry, 2001).
Colleges themselves begin the socialisation process by using simulation trading floors that encourage students to adopt the frenetic and masculine brokerage culture. Says one student of such a trading floor, "It's really loud. People are in here 24 hours a day, seven days a week, and everyone's yelling back and forth. . .You're butting elbows with the guy next to you, but there's a sense that we're all in this together" (Wakefield, 2000, p. 16). Even the infamous licensing exam for brokers—the Series 7—is seen as part of the brokerage culture. It is dubbed "the notorious Wall Street rite of passage"—a "hazing ritual" (Vinzant, 2000, p. 442). Those who pass the extremely difficult exam** are already on their way to becoming part of the fraternity. Indeed, a future stockbroker is socialised and made to feel "part of the club" even before s/he applies for a job!
Having been exposed to the above influences, individuals who were at first only considering the stock brokerage career are by now probably positive they want to try it. Deci (1971, cited in Maanen & Schein, 1977) claims that one reason for this is "postdecisional dissonance reduction". Once an individual makes a preliminary decision to enter a given career, s/he starts to rationalise and defend it, thus reducing any dissonance between one's actions (choosing the career) and the attitudes towards the career and its culture. Thus, by this time in the socialisation process, a future stockbroker has already formed a significant part of his/her self-concept (i.e., "I am going to be a broker.").
Upon entry in the brokerage firm, the potential stockbroker must now confront the reality of the corporate culture. Is it what I thought it would be? In our view, because the individual must decide whether or not s/he accepts the culture, this is a crucial crossroads in his/her personal development. In deciding to accept the culture, the individual is priming him/herself to internalise it (Maanen & Schein, 1977). Once internalised, the culture—and how others sees oneself as player in that culture—forms a strong part of the self-identity (see also Cooley, 1902). For managers and most brokers, internalisation is ideal because it will ensure that brokers will fit into the culture and, hopefully, perform efficiently. For other brokers, however, internalising the culture may mean internalising some behaviours that are at odds with one's more personal values and norms. Yet as long as the "culture shock" is not too severe (Maanen & Schein, 1977), we feel that in many cases the culture will inevitably be internalised. This may be due to a broker's effort to reduce cognitive dissonance. If a potential broker came this far in the socialisation process, s/he may think "Surely I believe in this corporate culture—even if it's only 'somewhat' divergent from my initial expectations."
The first culture shock comes with the realisation that firms almost literally expect brokers to work 24 hours a day (Hristo Kojoutharov, personal communication, 2002; Malpass & Dunkin, 1998; see also Solomon, 1994). We suggest that this is not so much a requirement of the job, but a way to wed the broker with the firm's culture. Indeed, research suggests that the individual who is exposed to a gruelling training period (Malpass & Dunkin, 1998) will come to value his/her membership in an organisation more than will the person who is not exposed to such an initiation (see, for example, Gerard & Mathewson, 1966). And the longer one stays in the job, it seems the likelier s/he is to meet this expectation (see also Adbusters, 1999). Says one young broker, "If I didn't have a family and kids, I'd work here 24 hours a day!" (Registered Representative, 2000).
The unpredictability of the job (Herera, 1997), constant pressure (Martin Ford, personal communication, 2002; Cohen, 1997), and very fast pace (Borrell, 2001) are part of the culture that must be accepted. Unfortunately, so too must extreme competition and "backstabbing" amongst brokers in the same firm (Cohen, 1997; Prial, 1999; Dunstan, 1999). Says one broker, "At bigger agencies, there's so much pressure that salespeople are pitted against each other for the same business" (Cohen, 1997, p. 34). Regular binge drinking and illicit drug use (Herera, 1997; see also Schmidt, 2000) appear to go hand-in-hand with these travails. Those who do not accept this overall culture are often quickly shunned—if not run out of the brokerage by fellow co-workers. According to one industry worker, "Conformity is a prerequisite for survival here. . .It's still mainly a. . .macho, opinionated group of people. You conform or you're not going to advance very far. The look, the demeanour, everything is very unified" (Ianthe, 2000, p. D12).
Adherence to the culture is facilitated in a variety of ways (Maanen, 1978; Schein, 1990). Formal training, mentorship programs (Fagenson, 1989), sporting events (Colvin, 2001; Schwartz, 2000), and extravagant parties (McIntyre, 2000) encourage a new broker to feel part of the culture. So do stories about the firm's illustrious history (Pettigrew, 1979), pep rallies (Benn, 2000), and various "rituals". In the not too recent past, such rituals were quite intense, with some including such lewd activities as group sex with prostitutes (Mitchell, 1999). One Toronto broker writes of his past experiences:
The sales directors would march down the aisles first thing in the morning and exhort us: 'Gentleman! Mount your telephone!' A different kind of mounting went on in suites at the old Lord Simcoe Hotel on King Street. . .When someone's sales went into the million-dollar range, they'd [the brokers] get a suite and stock it with hookers. You had to go in—and be seen going in—to the bedroom with the hookers. I'd have sex with them, and I would come out and declare 'Goddamn, I feel better!' (Mitchell, 1999, p. 5).
In our opinion, these methods of cultural indoctrination are particularly potent because they encourage an actual emotional "attachment" to what seems like a real "family".
While the above practices ensure adherence to the corporate culture, potential deviations in other directions are pre-empted right from the beginning of the socialisation process. For instance, at New York-based Merrill Lynch, individual stockbrokers are given "personalised homepages" which provide only basic identifying information (Weisul, 1997). Any other personal information, such as professional associations outside the brokerage industry, is not listed. It is believed that such additional details might undermine the cohesion of the firm's overall identity—which is necessarily a part of its overall culture.
In the metamorphosis phase, an individual starts the actual process of officially accepting the new corporate culture (Feldman, 1981). The future broker starts to identify himself as "a broker" and engages in a variety of mechanisms to reduce any divergence between pre-entry expectations and the experiences in the encounter phase. We suggest that the primary mechanism involves a re-affirmation of one's gender identity—particularly, one's masculine ideals.
Brokers seem to consistently view men and money as one unit. Despite more liberal attitudes amongst younger managers and brokers, the brokerage industry and Wall Street continue to fill the role of "America's ultimate men's club". (Herera, 1997, p. xx). Indeed,
[w]hile women can point to significant inroads in almost every area of U.S. business, political, and cultural life over the last 30 years, the trading rooms and offices of the Street have been more resistant to change than many other industries and professions. Nowhere are the lines between the sexes drawn more clearly than in the crisscrossing avenues of money and power in lower Manhattan (Herera, 1997, p. xx).
In the culture of the brokerage, money is made by men, and men are made of money. These two values suggest that the more money a man makes, the more of a man he is. As Alden Cass, a researcher studying the mental health of stockbrokers, writes, "A lot of these people base their entire identity on making money" (Chaffin, 2002, p. FP3). Taken the other way, these values also suggest that the more of a man someone is, the more money he will make. Essentially, it seems to us that the greater one's acceptance of stereotypical male behaviour, the greater that one is able to consider oneself a bona fide "broker".
Therefore, to be successfully socialised into the brokerage culture, a recruit must exaggerate his—or her!—own masculine traits: aggressiveness, competitiveness, cockiness, ostentatiousness (Ianthe, 2000; Caminiti, 1999). Herera (1997) writes about the underlying core of these traits:
[A major] element of the Wall Street money/power equation is ego, and men still outflank women at the game of attracting attention to themselves—regardless of whether the attention is scathing criticism or lavish praise. Either way, men seem gratified by the ego boost and will go to great lengths to fill this need. By contrast, women are more focused on their reputations and what people think of them as individuals—good publicity is the only kind they're interested in. The temptation to become a Soris is outweighed by the fear of being perceived a Milken or a Boesky (p. xxv).
The need for displaying masculine traits becomes evident when we look at the experiences of Gail Dudack, who works at UBS Securities (Herera, 1997). According to Dudack, in order to fit into the corporate culture of her firm, she had to exploit her own masculine behaviours, literally by "exchanging blows" with the very men who tried to undermine her:
I think those things [behaving in a masculine fashion] put off a lot of women back then, but it didn't bother me. There were a number of times when people would come up and say something quite. . .blue, right to my face to watch me blush, and I would give them a bunch of four-letter words right back and start laughing—that's when I became one of the guys (p. 107).
Although this can be considered an episode of a woman resisting the corporate culture, we feel it demonstrates a strong desire to belong to the culture, because the act of engaging in the same masculine behaviours as the other men is an acceptance of the predominate corporate culture. Unfortunately, taken to the extreme, the assertion of masculine ideals may involve accepting as normal the undermining of female, minority, and homosexual brokers and peers. The evidence for this is staggering, with numerous female and homosexual brokers claiming that they have been subject to discrimination, isolation, and exclusion from social events (e.g., Spiro, 1996; Ianthe, 2000; Associated Press, 1998; Canadian Press, 1999, 2001; Edmonton Journal, 2000; Globe & Mail, 1997; Hanley, 1998; Kalogerakis, 2001; Mumma, 2001; Reuters, 1996; Peirce, 1999; Lefkowitz, 2000; Mitchell, 1999). Several lawsuits, for instance, allege that male brokers who had production difficulties were given help, while women received no help, or were penalised (Antilla, 1997). Some suits even claim that male brokers demeaned female brokers by demanding oral sex and other gratuities (Antilla, 1997). A lawsuit by three former employees of Lew Lieberbaum and Co. of Garden City, Long Island stated that their workplace was
. . .the scene of a daily hailstorm of harassment against women, including dancing strippers and crude sexual insults. . .Words and deeds were laced with suggestions that sexual favours were expected and rewarded. . .Those who did not comply were bombarded with lewd behaviour so horrifying that the women vomited, cried or ate obsessively to cope with the embarrassment and humiliation dished out by their bosses" (Associated Press, 1997. p. C8) .
Masculine ideals appear to be legitimised when the trading floor is glorified as a "war room" (Koppel, 1997; Vinzant, 1999) or "locker room" (Ianthe, 2000) loaded with "testosterone" (Surry, 1997). As one broker says, "It's an animalistic mentality that you need to survive at those places" (Cohen, 1997, p. 34). It seems that when the brokerage environment is made to sound like a jungle where brokers "play" with money (Marr, 2000), it surreptitiously plays on one of man's greatest needs—to "stake his/her own place" in the "game of life". To be sure, one of Canada's leading investment executives—Gordon Scott Paterson of Toronto-based Yorkton Securities—is described as having instilled an "unrelenting Darwinian ethic" to the brokerage business (Newman, 2001). If the new stockbroker is given a ripe opportunity to claim his/her own space, s/he is given a ready platform from which to advertise masculine traits, and, therefore, a ready opportunity to internalise the firm's corporate culture.
In the end, socialisation is said to be complete when the new stockbroker is finally comfortable with his/her new image and the adoption of the firm's culture. The culture finally fits into the broker's narrative "framework" and no longer causes any uncomfortable dissonance.
From a management perspective, "successful" socialisation has occurred when the new broker is comfortable enough in the new environment that s/he 1. feels a strong sense of organisational commitment, 2. is a productive employee; and 3. does not have an inclination to leave the firm (Maanen & Schein, 1977). Joe Pope, one of Canada's venerable brokers (dubbed the "Pope of Bay Street"), puts it another way: "The work becomes part of your life, and life is something you never want to give up" (Trimble, 1996). Thus, both the organisation and broker are satisfied. Conversely, the socialisation process has "broken down" when, essentially, the culture has not been fully internalised.
In our opinion, a breakdown occurs when: 1. when the broker refuses to accept the culture and leaves the organisation; 2. the broker does not accept the culture and stays with the organisation; or 3. the broker partially accepts the culture and stays with the organisation. In the second circumstance, the consequences can range from being seen as a "poor team player" to downright ostracism (Iante, 2000) or loss of a job. The third circumstance is of particular interest. In this circumstance, the broker can stay with the organisation long enough that a dissonance between his norms and values and those of the organisation are reduced (via cognitive dissonance reduction). The danger, however, is in not knowing how long it will take for that dissonance to be reduced. This can lead to numerous negative consequences.
While the broker stays with the firm hoping
that his/her attitudes will change, numerous symptoms of psychological distress may start
developing. Extreme anxiety, nausea, vomiting, nightmares and sleeping difficulties,
depressive and manic-depressive disorders, and suicidal ideation are increasingly common
(e.g., Landon, 2001; Gorrell; Martin Ford; personal communication; <
We feel that this—and not just stress—is part of the reason why many stockbrokers are experiencing clinical depression and suicidal ideation—at rights significantly higher than in the general population (Cooper, 2000a; Business Wire, 2001; Gorrell, 2001; Landon Jr., 2001; <get from Cass et al.>). We also think it partially accounts for the significant risk for heart attacks in this population (indeed, Wall Street firms are already purchasing their own heart defibrillators, e.g., Rublin, 1998). Moreover, the fact that stockbrokers work at such a fast pace—to the point that they experience "sensory overload" (Rublin, 1998)—means they do not have ample opportunity to step back and evaluate their situation. Unfortunately, those who are able to step back and evaluate their situation are shocked to realise just how much of their personal identity and ego has become wound up in the culture of money and trading. Indeed, as Donald Thain of the University of Western Ontario writes, "You really need to read Freud to understand [these brokers'] restless egos and their obsessive drive. Up close, they are almost beyond human proportions and they can carry the seeds of tragedy later on" (Newman, 2001, p. FP1). In the end, the amount of work necessary to "undo" the socialisation process (i.e., give up one's current identity) can seem overwhelming. This, in turn, only reinforces a broker's decision to stay with an organisation***.
The overall tone of this paper may strike the reader as fairly pessimistic. We have pointed out several negative consequences of socialisation process amongst stockbrokers. Our intention has not been to paint stock brokerages in a negative light or to suggest that there are not many stockbrokers who are very happy with their organisational culture. Indeed, there are many. However, an appreciation of the potential negative consequences of socialisation can help us better understand the extent to which socialisation can affect individuals' self identity, self concept, and self esteem. We have demonstrated that the socialisation process can begin right from birth and continue indefinitely, meaning that the identity of future brokers is constantly reinforced. If any part of this identity is at odds with the individual's more personal values and norms, dissonance can occur. If this dissonance is not recognised in a timely fashion, there can be negative consequences in terms of mental health.
Moreover, from a broader social perspective, managers and brokers alike should take into account the extent to which their corporate culture marginalises and excludes certain members of the population. In fact, we would suggest that one of the benefits of successful socialisation—increased productivity—would be multiplied ten-fold if the process included encouraging an appreciation for diversity. A diverse workforce would certainly increase productivity, which in turn would increase pride for the brokerage firm and, eventually, increase organisational commitment. If used in the right way, culture can, indeed, be a powerful force.
As wrote,
[Final quote]
* It is recognised that even though more women have been entering the stock brokerage
business, the majority are still male.
** The difficulty of the exam may partly account for the number of prospective
stockbrokers who pay imposters between $2,000 and $5,000 to take the exams for them (see
Napach, 1997)
*** Interestingly, more money is not enough to assuage a broker's internal conflict.
One gay broker, for instance, claims that the more money he makes, the more difficult it
is for him to stay in "straight character" (Mitchell, 1999). Furthermore, in a
confounding result from a recent research study, the more money a broker makes, the more
depressed s/she becomes (see Knight-Ridder, 2000; <get from Cass et al.>).
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(Adapted
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