The Importance of Mentorship

1. The Importance of Mentorship Linda K. Stone, FSA On Behalf of The Forum of Executive Women stone.linda.k@gmail.com 215-704-7131

2. Why is Mentorship/Sponsorship Important? • Catalyst Research Says… • Having a mentor led to more promotions and greater compensation • It matters where your mentor is in the organization • Women whose mentors were highly placed in the organization, and who could also advocate, benefitted most • Center for Work-Life Policy Research Says… • Advocates/Sponsors facilitate stretch assignments • Advocates/Sponsors impact pay • Advocates/Sponsors create career traction • Advocates/Sponsors open doors

3. What is a Mentoring Relationship? • Partnership • Readiness, willingness, openness • Work collaboratively toward goals • Role of Mentor (NOT your manager or supervisor) • Advisor/Coach • Shares insights/institutional knowledge • Offers feedback and support • Role of Mentee • Asks for advice • Encourages feedback • Follows through on activities • Welcomes growth and change

4. How to Find Your BEST Mentor – Part 1 • Understand yourself, your career goals, and your specific challenges… • Then think about who is in the best position to help you (i.e. are you at a transition point, looking to develop a specific skill, have work-life balance issues, or looking for a big picture guide) • Think about… • Who has the skills and/or experiences you desire? • Who has taken an interest in you? • Who has the willingness to spend time, listen, and teach? • What attributes matter most to you (e.g. gender)? • Who can you trust? • Who can you communicate with effectively? • Who do you have good chemistry with?

5. How to Find Your BEST Mentor – Part 2 • Then… • Be proactive • Be clear about time and level of commitment • Formal “ask” (“why me”) vs. building relationship one step at a time (ask for advice and take it) • Cast a Wide Net • Your company, industry groups, networking and/or alumni organizations, social media • Types of Programs • Board of Directors approach • Formal; can be company sponsored • Informal; can be peer, circles, one on one

6. How to BE a Mentor • Desire to focus on others, find out what makes them “tick”, and LISTEN • Make mentee’s needs a priority • Give help unconditionally • Give honest feedback • Help mentee achieve full potential even if their goals differ from yours • Look for a mentee who seizes opportunities and lives up to commitments • Help mentee see the big picture and navigate office politics • ADDED BONUS: Being a mentor helps YOU develop a better idea of how to work with a mentor yourself

7. How to Structure Relationship • Mutually agreed upon • Formalize goals • Structured meetings • Two-way street • Reverse Mentoring

8. Importance of Sponsorship • A sponsor is someone who has a seat at the table and who actively and visibly advocates on your behalf for pay, promotions, and opportunities • They have leverage and can make things happen • They benefit from the identification of and development of the next generation of leaders • They look for opportunities to increase your exposure to higher levels in the organization • Your challenge: How to get exposure to potential sponsors and how to build a network with those at the level to which you aspire

9. Create Your Action Plan • Identify your career goals, current challenges, and opportunities • Think about who you know and would like to know that can help you with the above • Learn about your company’s pay/promotion/talent management process (e.g. who gives feedback, who makes decisions, who has a seat at the table) • Plan your approach • Be someone others want to mentor/sponsor • Make it happen!