Women in Leadership: The Importance of Sponsorship
Leadership is not just about having a title; it's about being a role model and shaping the future.
However, despite the progress that has been made in recent years, women are still largely underrepresented in leadership positions.
According to a study completed by the Workplace Gender Equality Agency of Australia (WGEA), women are underrepresented in key decision-making roles across almost all industries in the Australian workforce.
While women make up half of the employees in the 2020-21 WGEA dataset (51%), women comprise only:
19.4% of CEOs
32.5% of key management positions
33% of board members
18% of board chairs
This is not just a problem for women, but for society as a whole. Women bring a unique perspective and set of skills to leadership positions, and it is important that we create opportunities for them to thrive.
One of the most effective tools in achieving greater levels of representation for women in leadership is sponsorship.
While many leaders use the terms mentorship and sponsorship interchangeably, they are two distinct concepts. Mentors provide guidance and support, but sponsors actively advocate for their protégés and help drive opportunities for them. Sponsorship can be a game-changer for women who are looking to advance in their careers and become leaders.
So, how can you, as a leader, take the right steps to sponsor women into leadership roles?
Here are 3 actionable steps:
Provide introductions to key people:
Networking is critical for success in any field, and as a sponsor, you can help women expand their networks by introducing them to key people in your organization or industry. This can facilitate the opportunity to build relationships, learn new skills, and gain exposure that opens new pathways.
Advocate for promotions or high visibility projects:
Sponsors can play a critical role in advocating for their protégés when it comes to promotions or high-visibility projects. By doing so, they can help women build their reputation, demonstrate their skills, and increase their chances of success.
Keep your ear to the ground for opportunities that will elevate your sponsee to greater levels of experience and connection within their chosen field.
Provide financial guidance:
Gender roles should not be a factor in calculating salary progression. However, data collected by a study out of the University of South Australia suggests that we still have a long way to go when it comes to pay equality.
The study reports that female executives earn 80.7% of the total pay earned by male executives.
Sponsors can guide and support women in negotiating salary and compensation packages, ensuring their value is being acknowledged and fairly rewarded in the workplace.
By advocating for fair compensation, sponsors can help maintain equitable opportunity and facilitate growing diversity. This results in beneficial outcomes for your company, your executives, your culture and your industry.
Are you a sponsor?
If you have a great sponsorship program in your organization, we’d love to hear from you! Share your story and help others learn from your experiences. By working together, we can help create a more inclusive and diverse leadership landscape for the future.