FINANCE
Across all industries and roles, women are promoted at a slower rate than men with every 86 women promoted to manager for every 100 men. Sadly, it’s much worse in tech. Only 52 women are promoted to manager for every 100 men. Caroline Sands of Odgers Berndtson suggests ways to improve this
The importance of mentorship and sponsorship for women in technology These are stunning statistics given the volumes of data showing the most gender-diverse companies outperform the least gender-diverse companies. In fact, data from McKinsey shows they are 48% more likely to outperform those lacking gender diversity. For the most part, technology companies know this and want to do something about it. So how do we square this circle? A serially underutilised approach is mentorship and sponsorship. Done right, this can be the key to unlocking critical career transitions and overcoming the glass ceiling. As an executive headhunter with a network of women leaders, and a dedicated women’s mentoring programme, this is something we know is crucially important. Mentoring helps women broach discussions about salary and progression, challenge biases and expectations with confidence, improve self-promotion and capitalise on their strengths.
Simply knowing someone ❛❛ ‘is in your corner’, that a senior leader has your back, is a huge confidence boost for women
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Sponsorship is arguably even more impor tant as a woman’s career progresses. While a mentor offers advice, a sponsor is an advocate – a role that essentially boils down to ‘putting in a good word’ to the right people. It is invaluable in providing opportunities to grow and develop. Research shows sponsorship accelerates career advancement considerably. With men holding the majority of leadership roles in technology, both mentors and sponsors are likely to be male. While the gender doesn’t matter, their understanding of women’s behaviour does. Women are far more likely to undervalue their own skills and be self-depreciating over self-promoting. Across all levels, women tend to rely on recognition for their delivery rather than having to advertise it. A good mentor will know this and help draw out a person’s strengths, giving them the confidence to establish their abilities and achievements. Mentoring also works in the context of significant discussion points or transitions. For those settling into a new role or organisation, a mentor can help navigate the culture, the politics, and develop relationships. The benefits extend beyond just those for the mentee. New hires from diverse backgrounds will quit within one month if they don’t feel like they belong in their new company. A mentor can therefore go a long way in retaining