PAPERmaking! g FROM THE PUBLISHERS OF PAPER TECHNOLOGY Volume 5, Number 1, 2019
Women outnumber men at almost every educational level and are about half the workforce in most countries, but: x Women hold just 24% of senior management roles. x Women make up a mere 3% of Fortune 500 CEOs. x Only 1 in 18 women earns a 6-figure salary in the US — versus 1 in 7 men. x For women of colour, this wage and leadership gap is even wider. x Progress has been slow or stagnant in the percentages of women reaching senior, top, and director- level positions in all countries in which benchmarking studies have been conducted. Yet the business case for advancing women leaders is compelling. In addition to doubling a company’s talent pool, recruiting women increases financial performance: x Fortune 500 companies with the highest representation of women on boards financially outperform those with the fewest female board members. x A recent Gallup study found that gender-diverse business units have higher average revenue than less diverse business units. x Having larger percentages of women in an organization also predicts greater job satisfaction, higher levels of employee engagement, and decreased rates of burnout — for all workers, regardless of gender, age, ethnicity, or leadership level. In short, having more women in the workplace is associated with positive outcomes for both women and men. So, how can women advance their careers, and how can organizations ensure they’re making the most of all their talent? A key strategy is to prioritize the mentoring and sponsorship of women — particularly by influential (often male) leaders. Both mentors and sponsors are critical to helping aspiring women leaders gain the perspective and connections they need to take on larger roles and advance their careers. What’s the Difference Between a Mentor and a Sponsor? By the time they reach mid-career, most leaders can name a handful of advisors — bosses, coaches, colleagues, and friends —who’ve helped them build confidence and develop needed skills. These advisors may be mentors and/or sponsors. While both guide professional development, there are important differences between mentors and sponsors: MENTOR SPONSOR Role Experienced person at any level Senior leader in the organization Goal Provide guidance for career choices and decisions Use influence to help employee obtain high-visibility assignments Who drives the relationship?
Both mentee and mentor; requires mentor to be responsive to the needs of the “mentee” Helps mentee determine paths to meet specific career goals
The sponsor, who chooses to advocate for “sponsoree,” including behind closed doors with other leaders Advocates for s ponsoree’s advancement; champions her potential
Actions
Mentors vs. Sponsors Mentors provide guidance and support , whether around a specific need or for ongoing development. They listen to their mentees’ experiences and give constructive, direct, and honest feedback.
Article 10 – Women and Leadership
Page 2 of 5
Made with FlippingBook Digital Publishing Software