Tag Archive for: mentorship

Why Creating Inclusion at Senior Levels Requires Formal Sponsorship

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formal sponsorshipInformal sponsorship and mentorship can proliferate inequitable power dynamics in organizations. Organic sponsorship is a big part of how leadership proactively recasts the pipeline in the majority image. Meanwhile, the status quo power dynamic inhibits individuals who are in the minority among leadership from lifting others up behind them.

(This contribution from Pulsely dives into how informal sponsorship works to reinforce the glass ceiling).

Here’s one core way in which your organization is perpetuating inequitable power dynamics at senior levels: informal sponsorship and mentorship.

When you connect the dots of power, organic sponsorship is a big part of how leadership proactively, repetitively, and, by default, recasts the pipeline in the majority image. Meanwhile, the status quo power dynamic inhibits individuals who are in the minority among leadership from lifting others up behind them.

We offer a six point case for why leadership inclusion requires formal sponsorship programs that are deliberately disruptive in creating more equitable opportunities.

Mentorship and Sponsorship – What It Really Means

When it comes to career advancement, mentorship is both necessary and not enough. The common distinction is: a mentor talks with you, a sponsor talks about you.

A mentorship is 1-1. Mentors help you within your journey. They help you to navigate the intersection of your goals and career choices, identify and amplify strengths, and develop in core areas. Mentorship often acts as a trustworthy mirror for personal growth.

A sponsorship is more than 1-1. A sponsor relationship is 1-1+ an audience of power. Sponsors put skin and reputation in the game by leveraging their social capital (influence) in rooms you’ve yet to enter, and advocate for opportunities and advancement for you among their peers. The protégé also has the motivation of stepping up to the challenge because the sponsor’s reputation is on the line, too. Sponsorship often acts as a spotlight that shines on you to lift you up to the next level of career advancement.

As written by Rosalind Chow in Harvard Business Review, “Sponsorship can be understood as a form of intermediated impression management, where sponsors act as brand managers and publicists for their protégés. This work involves the management of others’ views on the sponsored employee. Thus, the relationship at the heart of sponsorship is not between protégés and sponsors, as is often thought, but between sponsors and an audience — the people they mean to sway to the side of their protégés.”

Why Informal Mentorship and Sponsorship Are Inequitable

“Regardless of education, motivation, and personal and professional success factors, being sponsored by a white man remains the primary accelerant to the career mobility of Black women.” (Stephanie Bradley Smith in HBR)

As this quote underlines, and Catalyst iterates in Sponsoring Women to Success, “Sponsorship is focused on advancement and predicated on power.”

The dynamic of organic sponsorship is ultimately majority promoting majority, with the same repeated outcome at leadership, save minor and temporary shifts. Even the common phrase of “winning sponsorship” has a blinding and dubious premise.

While data from different surveys inevitably differs on absolutes (for example, the % of people who report they have a sponsor is highly contextual to the criteria), what remains steady across studies is a debilitating power gap between individuals of the majority and non-majority when it comes to both sponsorship and who they are sponsored by.

Here’s what reproduces the current senior management and leadership profile:

1. Mentorship and especially executive sponsorship have a catalytic impact on career advancement for both protégés and sponsors.

  • Male managers with sponsorship are 23% more likely (female managers with sponsorship are 19% more likely) to progress to the next rung of the career ladder than peers who do not have sponsors.
  • Managers and executives who sponsor high-achieving junior talent are 53% more likely to advance to the next leadership level relative to peers who don’t sponsor.

2. Access to mentorship and executive sponsorship is highly variable depending on who you are, regardless of performance = inequitable.

3. Mentorship and sponsorship are especially necessary to advance women and people of color.

  • Black managers are 65% more likely to progress to the next rung in the ladder if they have a sponsor.
  • Mentorship programs increase representation of Black, Hispanic, and Asian-American women, and Hispanic and Asian-American men, by 9% to 24%.
  • Having mentors and sponsors who advocated for them is the single attribute shared by people of color who have progressed furthest in the leadership ranks.
  • Executive sponsorship has been proven to be the most effective organizational intervention to advance Black talent.
  • Latina women with sponsorship earn 6.1% more than peers who lack sponsors and black women earn 5.1% more.

4. But people tend to mentor and sponsor those just like them – and this means the majority (with the power) mostly sponsors the majority.

  • 61% of people indicate their mentorship developed naturally.
  • As much as 91% of white managers have no Black, Asian, or Latinx people in their immediate social network.
  • 71% of sponsors report their protégé is the same race or gender as their own.
  • 58% of women and 54% of men who sponsor choose a protégé because they “make me feel comfortable.”
  • A study of 72 protégés found that 100% of sponsors of white male protégés were men and the majority (73.5%) were white. Among Black female protégés, most sponsors were Black (57%) and 27% were women.
  • Payscale found 77.1 percent of male protégés said they had a male sponsor while women were about half as likely to have a male sponsor.
  • Payscale found 90% of white men and women protégés reported they had a white sponsor, while Blacks and Hispanics were 35% less likely to.

5. Not only are there far fewer female and minority senior leaders, but increased personal career risk can hinder their sponsoring.

  • Women hold only 1/4 of executive roles in the 1000 largest companies and BIPOCs make up only 17% of the C-suite.
  • Despite a desire and even a higher sense of obligation to lift others of similar sex/gender up (26% for Black leaders vs. 20% for Hispanic and Asian and 7% for Caucasian), Black senior leaders face higher scrutiny and are 26% less likely to commit to being a sponsor than white executives.
  • More than one third of black leaders report they never sponsor a junior talent who looks like them – despite often wanting to, at tension with personal career risk.

6. To further the gap, white and male sponsors hold more influence on outcomes of their protégé’s employment than those from the non-majority groups.

  • In U.S. law firms and among lawyers who had sponsorship, white men were half as likely (30%) as women of color (62%) to feel that the lack of an influential mentor was a barrier to their advancement.
  • Payscale found: black women with black sponsors are paid 11.3% less than black women with white sponsors; Hispanic women with Hispanic sponsors make 15.5% less than those with white sponsors; women with women sponsors make 14.6% less than those with male sponsors, and even men with female sponsors make 8.7% less than those with male sponsors. Payscale notes the gaps shrink after compensable factors are weighed in, but the gap remains.

If you want to introduce more equity into talent development, you cannot look away from the affinity bias-based pattern of those with high social capital using that power and influence to promote those who look like them into power, too, while also further advancing their own status. Nor can you look away from how the non-majority individuals who break through to leadership are inhibited from doing the same.

Formal mentorship and sponsorship programs are about deliberately disrupting the cycle of inequitable talent development that has strongly influenced your management and leadership to date. In the next article, we explore how in more detail.

‍Guest contribution: Originally published on the Pulsely blog, written by Aimee Hansen. Pulsely delivers diversity and inclusion diagnostics and actionable DEI insights to drive inclusion, equity, and performance. Pulsely’s scientific framework combines the power of understanding four key drivers of inclusion: diversity data, workplace inclusion, inclusion competencies, and performance indicators. To learn more, visit Pulsely, read an interview with Co-Founder Betsy Bagley, or check out the Pulsely blog to find more content like this. 

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Alison Hoover: Partner, Banking Transformation Leader and Advisory Diversity & Inclusion Leader, PwC U.S.

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Alison Hoover“It took a long time to shake imposter syndrome. I’ve shifted my perspective now to believe that being a woman is an asset,” says Alison (Alie) Hoover. “It’s not just this sideline thing. It’s as much part of who I am, the same thing as being smart or outspoken.”

Hoover talks about going part-time after motherhood, growing her leadership confidence and how she is approaching diversity by championing the upside.

Braving the Part-Time Conversation

Four years into consulting, Hoover went on for her MBA at Kellogg School of Management. She joined Diamond Technology Partners, the hot tech boutique, after and continued on with PwC, when Diamond was acquired in 2010, where she is currently the banking transformation leader.

But her career almost ended abruptly after she had her first baby. Hoover returned to the office, after 12 weeks of leave, on a Monday morning in 2002. By Wednesday at 5pm, she had quit her job.

“I literally threw all of my stuff in the trash, all the notebooks and articles and old project folders.” And she recalls saying, “There’s no way I can do this. I have this baby. It’s impossible.”

After moving to Washington, D.C. to be near family, she decided on her daughter’s first birthday that she did want to work, but part-time. She decided to brave the conversation where she was a “known commodity.”

Hoover phoned a Diamond partner in Chicago and proposed to be their person on the ground in D.C., to help build the firm’s newly started public sector practice, at three days a week. Successful, she ended up being the first to pilot a part-time work arrangement.

For seven years, Hoover worked part-time, upgrading to four days a week once she became a director because “I felt like at three days a week, I could be an individual contributor. I didn’t feel like I could effectively manage other people.”

While still in her part-time stint, she had a second daughter and became a Partner at PwC.

“Honestly, if I hadn’t had the opportunity to work part-time, I don’t think I would be in consulting at all anymore,” she reflects. “Maybe I made partner a year or two later. I’ll never know, but the flip-side is I wouldn’t be here at all. I wouldn’t be sitting in a leadership position.”

Asking, Receiving Support and Valuing Yourself

“You have to ask for what you need and what you want,” Hoover notes. “No one’s going to be mind reading that you need it and give it to you. Sometimes, you have to lay these things out.”

Hoover not only had to ask for part-time, she also had to train her teammates to consider when she was available and not. It also helped that her husband is a huge supporter of her and has been an active co-parent, and she notes that having people around her—a husband, parents, colleagues, partners—that believed in her, maybe even more than she believed in herself, mattered.

Her bosses even reflected to her that she could work at 80% and still get as much done as others, so she didn’t need to sweat the clock.

When she made partner, Hoover remembers a PwC leader advised her: “’You are a partner now. Work when you want to work. Do the work that you need to do, and don’t worry about the rest.’”

Hoover had to get past the hesitation of asking for support from others by reminding herself of the value she added, and that giving and receiving support were more than reciprocal.

“When you’re giving it, it’s what you’re supposed to do, it’s your job,” she comments. “When you’re asking for it, somehow it feels like a favor. I think that’s how we’re wired.”

Stepping Up To a Leadership Mindset

Prior to becoming a partner, Hoover remembers wondering aloud where the senior women were to support her. Someone in the room called out: “You’re a director, you’re pretty senior now. Who are you turning around and reaching to?”

It was a teachable moment.

“I realized that I had been so self-focused, wondering where the help was above me, that I hadn’t considered that someone might actually be looking to me to help them,” admits Hoover. “There’s the little factor of that voice, ‘Who am I to help anybody else?’”

Hoover realized that even if you still have your own learning curves or insecurities, others are taken their cues from you as a leader. You have accrued guidance to give to others.

“What you realize, more and more, and especially as a partner, is that while you might feel like the same person in your own head,” she says, “your positional authority and tenure creates an obligation, and there is something valuable you have to share.”

When appointed to lead the banking transformation team, Hoover was tasked with leading more senior and more experienced partners. Initially, she stepped tentatively into the role, until a boss pulled her aside and reiterated she had been chosen for a reason.

“Sometimes we all need that kick. It gave me more confidence,” she recalls. “He was giving me permission, in fact a mandate, to lead these other partners.”

“So much of consulting is built on expertise and knowing the most about a given topic, but there’s so much about leadership that is not just about knowledge but behaviors and other skills,” Hoover notes. “That was a mind shift for me, that I didn’t have to know everything about everything to lead other people.”

She prides herself on her integrity of word, ability to get things done and adeptness in leveraging her network for other people’s benefits.

“I think one of my biggest and best skills is being that connector who is bringing things together, connecting ideas and people, to help them advance whatever their agenda may be,” she says.

Affirming A Culture of Inclusion

“As one of the fewer women leaders, I feel a great responsibility to be present and accessible and visible,” says Hoover, noting it’s a personal choice, as often the responsibility for showing up for diversity falls too much on the shoulders of the under-represented.

Hoover is also PwC’s U.S. Advisory Diversity & Inclusion leader, and she falls into stride when talking on D&I. Having significantly less than 50% women in the partnership ring (PwC transparently publishes their diversity report) is one priority.

“My focus is twofold. There’s the very public, very visible things like representation. Who are we hiring? Who are we promoting? Who are leaders?” says Hoover. “But I think so much of those outputs is the result of the small, everyday decisions that the majority, for the most part, are making. Who gets staffed on a project? Who gets called on in a meeting? Who makes the dinner reservations? Who talks first? Who gets the chair at the head of the table? Whose e-mail are you responding to first?”

Hoover threads that conversation across conversations and decisions—suspecting those “everyday nudges help to tweak behaviors that over time add up to massive impact. “

“It’s often much more who are you helping versus who are you hurting, because I think 99% of the time, people are not intentionally discriminating,” she pinpoints. “How do we harness the good intentions of our leaders to create a more inclusive culture on a regular basis, and change all of the things that people unconsciously do that are not increasing inclusion? A lot of what I’m very focused on is subtler culture dynamics. Like, what does it feel like to go to work every day? How much do you believe in your ability to succeed and to make an impact?”

She indicates that her approach to that conversation is to positively reinforce the inclusive-habits that leads to organizational wins—more “carrot” than “stick”.

“How do we tell those stories where people are actually doing better or winning because of their inclusive behavior? Every time we get that note from a client impressed at the number of women present and speaking in the session,” she says, “I want to celebrate the successes, advancements, achievements and accomplishments.”

As well as accountability metrics, Hoover emphasizes the importance of top leadership in driving cultural change.

“I think everyone’s looking for that silver bullet around implementation, and cultural change is always a challenge, regardless of what element of culture you’re trying to change,” observes Hoover. “But those key decisions—tone at the top, who are your leaders, who and what you’re celebrating, transparency—go a long way.”

Outside of work, Hoover loves to cook homemade meals, spend time with her 15 and 18 year old daughters, keep up with politics and enjoy the outdoors as much as she possibly can.

By Aimee Hansen

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Leah Meehan: Enterprise Data Governance, Measurement and Reporting, State Street

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Leah Meehan“The most important thing is to listen to your gut. Whatever it is, the voice in your head, there’s something that just drives you,” says Leah Meehan. “I have zero regrets in life because I’ve made every decision I had to make with the best information I had at the time.”

Meehan also talks about translating between worlds, the most important time you’ll ever invest in, diversifying your personal board of directors and creating balance through a fake commute.

Listening To Your Gut

With a master’s degree in criminal justice from Boston University, Meehan’s path threw a curveball. After about five years of working as a Correctional Program Officer, Meehan knew that civil service was not for her.

She did not resonate with the annual cycle of indiscriminate pay raises for which performance was irrelevant. She was one of four women out of a class of 84, and often had to remind herself that she had earned her place there as a woman, just like everyone. But what leaving really came down to was the undeniable knowing in her gut and heart.

“I started talking about leaving, and people thought it was crazy because the retirement package is so good and the stability and pay are good,” she recalls. “But it was one of those things in my gut that I knew I had to do, no matter, and I’m so glad I did.”

Once she first crossed to the private sector with Fidelity Investments, Meehan was involved in employee background investigations and from there she moved to analyzing behaviors related to money laundering. From there, she eventually moved towards her current focus on data governance, now with State Street.

Translating Between Two Worlds

With data and analytics becoming an even bigger part of our lives, Meehan’s work is moving and expanding, faster than ever.

She loves the ability to reach through the hard evidence of the data to prove or disprove something that the client perceives, sometimes opening up a whole area of insight they had not even considered.

“I’m a visual person and when you visualize data, it’s amazing how that can get across to people in different ways and in different languages. It doesn’t matter if you’re an introvert, an extrovert, a data person or not,” Meehan says. “When you see a visualization you know what that means—there is an art to that.”

To craft a compelling story for her clients with the data, she has to be able to listen closely and bridge the numbers with what is important to them.

“If you’re not gearing your data towards your audience, it can be totally lost on them, or falsely interpreted,” says Meehan. “You have to understand what the client is doing, what’s important to them, what their end goals are, what their process is, how they view success or failure and then you need to interpret that in the data.

“I think my job over the last 15 years has developed to be an interpreter between the technical and the business side,” she continues. “That middle section is where I live.”

Investing In Fostering Connection

Meehan feels that the most valuable mentor-mentee relationships she has developed over the years are those that came together informally, through meeting casually and recognizing a connection.

“I’ve also been lucky throughout my career to have several people sponsor me, and I mean they would go into a room and fight for me—a job, a raise, a promotion, taking on a new project,” she says. ”I’ve been fortunate to have that, and I’ve also worked hard at fostering those relationships.”

Meehan recognizes that with work to do and often pending deadlines, dropping everything to go for a half hour coffee can sometimes feel like time not well spent.

“But to me, it’s the most important time,” she iterates. “If you make those personal connections with people, it will help you down the road, personally and professionally.”

Even now, she finds nothing more rewarding as a manager than watching her team members grow and advance to dreams they have aspired to, no matter where it might take them.

“I encourage that, and to think I had a small part in their progress makes me happy,” reflects Meehan. “When I see my team doing well, spread out over the years at various firms doing what they love, and still coming back to me to let me know how they are or to ask for references, that’s what makes me the most proud.”

Diversifying Her Board of Directors

Meehan is a big believer in cultivating your own personal board of directors—the people that you can call on as advisors from a personal and professional standpoint. Recently, she’s been focusing on bringing in a greater diversity of perspectives to bounce ideas off of.

“I realized the people I go to often are very similar to me, so when I go to them for advice, they’re probably going to give me what I want to hear,” she observes. “So I have one person on my board who has been a friend for a long time, and he tells me ‘how it is’. He does not hold anything back, to the point it sometimes upsets me, but he’s helping me to move ahead; I need more of those people, to diversify my board.”

Creating Balance in Covid Times

Certainly the remote working office has impacted office dynamics, including going from wearing a suit everyday to yoga pants. But the stronger impact for Meehan has been on her work-life balance.

“In the beginning of Covid, we thought we were the lucky ones because all of our friends with kids were really struggling with homeschooling,” says Meehan, speaking for her husband and herself. “But then we went through a period where we worked more online, and our work-life balance got thrown completely off.”

Meehan realized that her friends with children at least had some consistent schedule of making dinner, putting kids to bed. Her husband and her did not have the external pulls on attention, so could work into the night and barely make dinner.

“We had to take a step back and create some boundaries,” says Meehan.

In her remote home office in Boston, she has now created a “fake commute” at both the beginning and end of her workday to mimic the transition of her twenty minute walk to work—she goes on a walk and may do yoga or meditation. She blocks off an hour in the middle of the day as well for herself, and has dinner with her husband.

Together they share a passion for travel, have summited Mount Kilimanjaro a few years back and are bound for Antarctica in 2023.

By Aimee Hansen

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Kelli Hill: Senior Director of Planning, Central Region, Wells Fargo Private Bank

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Kelli Hill

“In the moment, you might think that your path in life doesn’t seem clear. It might seem like it’s going in a direction that’s not what you had planned,” says Wells Fargo’s Kelli Hill, based in Minneapolis. “I’ve learned to go with it and have confidence that life will take you right where you need to be.”

From unexpected career and personal turns to crossing the finish line at an Ironman Triathlon, Hill shares on navigating towards growth and fulfillment.

Trusting A “Zig-Zagging” Career Track

“Prior to joining Wells Fargo over eight years ago, I would have described my career path as a bit of a zig-zag road. That’s the way that I thought of it.”

While at the University of Minnesota Law School, she wanted to become a public defender. But Hill remembers sitting in a tax class one day and turning to the student next to her and saying, “Isn’t this fantastic?” The reaction she received was quite the contrary.

That was the moment she suspected this might be the field for her.

Out of law school, Hill took a job in public accounting at Deloitte & Touche. She left Deloitte (now Deloitte Tax) to practice law and spent most of private law practice in the trust & estates and business transition planning groups at Minneapolis-based, Fredrikson & Byron, PA. She enjoyed the work, the firm and her colleagues, and was learning a lot, but felt like something was missing.

“I didn’t want to look back and say, ‘I was a successful attorney and worked at a terrific firm with so many talented colleagues, but was never really completely fulfilled.’” reflects Hill.

Hill left private law practice to run the tax, trust and legal group of a single-family office headquartered in St. Paul, Minnesota.  It was during her time at the family office that Hill discovered the benefits and impact that having a financial plan and, specifically doing strategic wealth planning, can have on high net worth families.

When she joined Wells Fargo as a senior wealth planning strategist in 2012, she began to see congruency in the experiences she’d accumulated and where she was going, eventually rising to a Senior Director of Planning in Wealth Management.

“I thought to myself, ‘my entire career path has been tailor-made for this role and this experience,’” says Hill. “It was no longer a zig-zag to me.”

Working with Individuals and Families

What Hill loves most about her work in wealth management (and wealth planning, in particular) is supporting and advising clients on personal and financial decisions that are otherwise difficult to make, to greater outcomes than you might even imagine.

“As a professional, when you help somebody to make financial decisions, it has a qualitative impact that often far outweighs any tax dollars saved,” she says. “It can have such profound impacts on their lives and, when that happens, the appreciation and gratitude is overwhelming.”

As an exemplary moment of this, Hill recalls working with a family to transition their business to the next generation.  Her work led to conversations that, as a family, they had not previously been able to confront.

“We had this moment where they actually told each other how they felt about the business and their desired places in it,” remembers Hill, “I will never forget it.”  Beyond ultimately being able to identify solutions that enabled the family to achieve their financial goals, Hill recalls this moment and how important to the family their work together had become.

Being Open and Receptive to Mentorship

“I would not be in the position I am today without having had the benefit of supportive mentors and sponsors,” Hill attests. “I’ve worked with some pretty wonderful people in my career, especially while at Wells Fargo.  In fact, most of the mentors and sponsors with whom I’ve had the privilege of having were/are managers of mine.”

If you want to attain strong mentorship and sponsorship, whether you are the mentor or mentee, Hill recommends listening, being receptive and open, and most of all—being yourself.  Early in her career, Hill recalls a mentor saying to her “don’t try to fake it, people will know.”

“I always try to be open to feedback, even if it stings a little.  I want to continue to improve and work on my professional and personal development,” she notes. “The individuals who have become my mentors and sponsors have pointed out that my openness to feedback and focus on self-improvement are characteristics they enjoy most about working with me. The other is my being authentic, being me.”

Hill says her professional self is just who she is. These days, that includes embracing the realness of her seven year old daughter wanting to say hello to her colleagues on a Zoom call.

“This is me,” says Hill. “I always try to be my authentic self.  To really connect with people —your colleagues, your clients —you have to let them see you. I’ve learned that to be a great leader, it’s a good thing to be vulnerable, authentic, natural. To be you.”

Hill also recommends implementing the advice you receive.

“It’s one thing to solicit and ask for advice and guidance,” says Hill. “It’s another thing to actually take it, and I do my best to do so and will continue to.”

Growth Through Change And Adversity

On a personal level, Hill values personal growth through challenge as well as learning through making mistakes.

In her early thirties, she experienced an unexpected divorce that shook her world.

“I took the opportunity to work through a big change in my life very seriously,” says Hill. “I remember saying, ‘This is an opportunity for me to really figure out who I am.’ It impacted my life tremendously, it was traumatic—and yet I would do it all over again, every bump, every hurdle. My life experiences have helped shape who I am today and, as painful as some may have been to go through, I appreciate them all.”

In both personal and work life, Hill is aware the road of transition can be a time of discomfort and challenge, but keeps focused on the vision.

On an organizational level, Wells Fargo has embarked on an evolution to create greater consistency around bringing financial products, services and solutions to all clients through a more horizontal structure.  While the work will result in “a more effective and efficient organization for our clients and shareholders, the change can be challenging.”

“When we look back six months from now, we’ll see how we’ve transformed and know that it is right where we are supposed to be.” Hill tells her team.

Trusting Your Own Strength

Hill never for a moment doubted her own vision of being personally successful.  Though she came from a single-parent household with modest financial means, Hill is proud of being the first in her family to go to college and then on to law school, which was the beginning of her career path.

While recovering from that divorce years ago, she remembers a moment of personal empowerment that taught her she was capable of anything.

A few years into her career, she was a self-confessed coach potato who realized it was time to change. The first time she put on a pair of tennis shoes and ran a single mile, it took her 14 minutes. But she was thrilled.

Then, she was hooked—training up to participate in marathons and eventually an Ironman triathlon.

“I remember crossing the finish line of the Wisconsin Ironman and thinking, ‘There is nothing I can’t do’” beams Hill, who also met her husband through the triathlon community, with whom she is raising their daughter.

Her contagious enthusiasm has encouraged several others on the running path, and she keeps up a morning workout which she loves, though being a mom is now her number one priority.

Her favorite time with her daughter is bedtime reading. It began with she and her husband reading to their daughter when she was an infant and now it’s listening to their daughter read to them—and Hill wouldn’t trade it for any finish line, not these days.

Abbot Downing, a Wells Fargo business, offers products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.

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Allison Yacker: Partner and Co-Chair, Investment Management and Funds, Katten

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Allison Yacker“From the moment I joined Katten, the attorneys most keen to invest in me — both personally and professionally — quickly became my mentors,” says Katten’s Allison Yacker.

“Reflecting on that moment, not only were those mentors some of the smartest and hardest working attorneys at Katten, but more importantly they were the ones who realized this was a two-way street.” Years later, Yacker now co-chairs the firm’s Investment Management and Funds practice and is based in New York.

Yacker offered insights on her journey to becoming a firm leader, and being recognized as a great mother and a go-to legal counsel for some of the largest global financial institutions.

Pivoting to Make Her Own Path, and Rising to Leadership at Katten

Throughout her 18 years at Katten, Yacker continues to rise through the firm ranks: from being selected as a summer associate, to becoming one of the youngest capital partners in the firm, to acting as a co-chair of the New York Financial Markets and Funds practice group and serving as a member of the firm’s Board of Directors.

“I knew Katten was a great place to work, and by the time I was a third-year associate I had solidified a terrific roster of mentors who happened to be all men,” Yacker said. “As I thrived in my career, I was determined to make capital partner by the time I was 40 and to serve in a leadership position at the firm because I wanted to prove to myself that it was possible and to help create a similar path for other women in the firm.”

And she did just that.

Yacker began her career at Katten in the corporate group, handling general securities work and mergers and acquisitions. She credits this experience with providing her the skillset that would serve as the foundation for her current practice. 

Soon Yacker was presented with the opportunity to be seconded to a major financial institution, where she gained practical legal experience in the derivatives and private funds market. Yacker relished the experience, and quickly found that the clients she enjoyed working with the most were traders and key decision-makers at hedge funds and private equity funds.

When she returned to the firm from her secondment, she quickly realized that she was one of only a few associates who could handle complex derivatives and structured products transactions for both the buy and sell sides. These types of transactions were regularly handled by the Financial Markets and Funds group, so when practice leaders invited her to join the group she knew it would provide her the platform needed to expand upon this niche. She jumped at the opportunity.

But in 2008, when the Dodd-Frank Act was enacted, she quickly realized that the complex derivatives transactions that she had spent a significant amount of time on were essentially regulated out of business. Good lawyers anticipate future risks; great lawyers identify it and pivot. It was at that moment Yacker decided to move away from derivatives and toward refocusing her practice on fund formation and investment management. There she found success faster than anticipated, and her clients quickly came and continue to rely on her to serve as their outsourced general counsel. Later on, she would pivot again – this time toward representing sophisticated investors looking to make investments in hedge funds, private equity funds, and other alternative financial products.  

Today Yacker represents hedge funds, private equity funds, commodity pools and managed account platforms that engage in a wide variety of strategies, including quantitative trading, private credit, distressed debt, futures, litigation finance, securitized products, affordable housing, renewable energy and carbon credits, to name a few. She also advises clients with regards to seed and early stage investment opportunities and global regulatory issues that arise in connection with investments in funds and managed accounts.

“You need to be able to work dynamically within your industry to find a practice that makes sense for you — one in which you respect and like the client base, and, most importantly, one that you enjoy,” Yacker said. “Do not be reactionary when it comes to your career, be proactive, take the reins and make the tough decisions.” 

Being Her Personal and Professional Self

In 2018, Yacker was named Katten’s Working Mother of the Year by Working Mother magazine. The article profiling her pointed out how integration of personal and professional self is only growing in importance. 

“Personal and professional—the lines become blurred when you’re predominantly working from home in New York City and raising two children who are remote learning,” she said. “It’s definitely a challenge to shift back and forth between the mom hat, the teacher hat, and the lawyer hat,” says Yacker. “When it comes to my kids, I make every effort to do so with love and respect, and of course a sense of humor, which I know resonates with my children.”

All joking aside, she remarked that her career often dictates that she be deliberate and efficient with her time, and that she create boundaries for herself and her children so that no aspect of the services she provides to her clients is impacted. To that end, she noted that she periodically goes to Katten’s mostly empty midtown Manhattan office when she has an intense work day planned, and joked that she never thought she would enjoy going to an office as much as she does now.

Positive Vibes and Being the Difference

Yacker is most energized about her work when her clients commend her skillset, style and work ethic when it comes to servicing their needs.  

“My clients often remark that they see me as a true counselor — a person that they know will give them not only insightful legal advice and the answer under the law, but also an answer that will work for their businesses,” she says. “My clients know that I am not a scrivener, and that I don’t stop at ‘no you can’t’ when they have a difficult issue — I’m here to solve their problems, to be creative, and to use the resources of my firm to find the best possible solution to any problem they have and to get the deal done.”

Yacker primarily attributes her professional integrity and intense work ethic to her grandfather, whose first job after arriving in America after surviving the Holocaust was that of a janitor who made 65 cents an hour. Through incredibly hard work, her grandfather eventually built a successful business. Both of her grandfathers were incredibly hard workers but family came first to them. To Yacker, every day that she puts in a hard day at work is a testament to her grandparents and an attempt to honor their memory.

Learning Along the Way

Yacker gained valuable insight while ascending to become one of the firm’s youngest capital partners.

She recommends that young lawyers work with and learn from as many different lawyers as possible. 

“You learn different ways of thinking, different ways of networking, different analytical abilities, and different techniques for maintaining relationships and running a practice,” she observes. “I think that’s been critical to my success.”

Yacker also says that she has always worked hardest for the people who were fully invested in her.

“Seek out mentors who are looking to invest in you personally and professionally,” says Yacker. “And take those relationships as seriously as possible. And then, give back to younger associates in the same regard.”

And most importantly, she encourages young lawyers to take ownership of their careers — not to wait for an opportunity to be handed to them, but rather to take the initiative in building a successful practice and to think proactively and deliberately about their goals. 

Networking and Outreach

Yacker stays connected with her clients and colleagues — even in pandemic times. Whether it be a virtual group wine tasting, hosting socially-distanced cocktails and meals on her terrace, or virtual tea with clients in London, Yacker tries her best to proactively stay in touch with her clients both professionally and personally.

She has found it particularly fulfilling to work on pro bono matters,  providing legal counsel through the Small Business Legal Relief Alliance to small businesses in New York that are struggling during the global pandemic. 

Yacker also sits on the steering committee and national mentoring panel of the Katten Women’s Leadership Forum, which supports the growth of Katten’s women attorneys with professional development events, networking and practical advice. 

She is also one of the founding members of Katten’s Women in Finance Initiative, which seeks to build a strong community of women within the firm with a view toward driving cross-selling opportunities and driving more business to this community.

She is an Angel Member of 100 Women in Finance, an organization dedicated to empowering women in the finance and alternative investment industries through meaningful connections, high-impact programming and initiatives that help build the pipeline of future leaders in the industry.

Also close to her heart is the new Parents Affinity Group at Katten—a virtual support group for attorneys and business professionals to connect with each other and discuss approaches to navigating work and family responsibilities. 

Crowing Achievement

As committed as she is to her professional success, she views her crowning achievement as the balance she has struck between being a successful lawyer and being a successful mother.

“My children know that mommy’s business means I have to be available to my clients almost all the time, so I work a lot. I think they respect me for how hard I work at my job, but they 100 percent know that they come first and they always will,” Yacker said. 

Yacker’s “work hard, play hard” attitude has always resonated with her sons Jackson and Ashton, ages 8 and 12 respectively. She revels daily in how resilient they are, how kind they are to each other, and how hard they work to do their best in school, even under these extraordinary circumstances. Yacker said she finds inspiration from her kids, who make her want to be the best at anything she is doing.

Her most cherished daily moment is the time when it’s just her and her boys — whether they are on the baseball field, cuddling in bed, or laughing together in hysterics on the couch. Those are the moments she is most grateful for.

By Aimee Hansen

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Fixing The Broken Mentorship Model To Help Close The Leadership Gap

by Anna Robinson, CEO and co-founder of Ceresa

Walking into a Fortune 500 boardroom today, you’re more likely to find a CEO named John than a female CEO.mentors

In fact, only 5% of Fortune 500 CEOs and 20% of board members are women, which has been the case for multiple generations, as reported by BCG.

Breaking the cycle – the continuing need for female mentors

As most people know, the number of women in the workforce has grown over the last century. However, the number of women in senior management roles has plateaued. According to the Women Ahead report, Women make up nearly half of the global workforce (49%), yet one-third of organizations don’t have any women in senior management roles. Why the disparity? A study by Bain & Co found that when women enter the workforce nearly 50% of them aspire to move to senior leadership, but within just five years this number drops to just 16%. This typically corresponds with the time when many women receive their first major promotion but before they are typically starting a family. The promotion to manager is where men have a higher promotion rate than women. McKinsey & Co’s Women in the Workplace report shows that , only 79 women are promoted to manager for every 100 men. Largely because of these gender gaps, men end up holding 62 percent of manager positions, while women hold only 38 percent. This is also the time when support for women in the workplace drops off – as found by both Bain and McKinsey’s studies. These are all critical junctures where mentorship can be most effective in helping women to set their aspirations, navigate these changes and excel in both their personal and professional lives.

Ceresa’s research of the first cohort of 50 mentees shows that the top five reasons women seek mentoring encompass questions of work-life balance and finding meaning, alongside professional development and tactical career planning. This is why the need for effective mentorship for women is greater than ever. Programs that offer support in only one of these crucial areas leave women drastically under-resourced. Companies offer programs geared toward traditional skill development. Yet, as pointed out in HBR, traditional mentoring for women typically ends up focused on operating style and psycho-social issues.

So, how do we fix the broken model?

The good news here is that there is an answer that can help both women and their companies. Mentoring, when done well, has a significant impact on companies and the women participating. One of the most comprehensive studies of mentoring impact found that formal mentoring programs can drive an increase in retention by 40-50% for mentees and mentors. Yet, we very rarely come across internal mentoring programs that have been set up to achieve meaningful, long-term impact.

63% of women have never had access to any formal mentoring, according to a 2012 DDI survey, and especially lack access to senior mentors. While some people argue that mentoring should be organic, in reality, these stats prove this is not working for women. With fewer women in leadership roles, women are missing mentorship that can help with gender-specific issues, and research even shows male mentors can be intimidating rather than helpful in empowering their female colleagues and mentees, as reported by the Huffington Post. This broken model also holds the belief that any senior leader can be a mentor – which is definitely not the case.

The new mentoring model needs to provide mentors training on the skills and attributes needed for successful, high-impact mentoring. And the skills required for quality mentoring are not necessarily synonymous with the qualities needed to be an effective leader. Deep listening, asking powerful questions and focusing on sharing experiences rather than giving advice are all critical to high impact mentorship but are not always required of senior leaders in the workplace. Formal mentoring programs need to coach mentors on these mindsets and skills.

Traditional models also lack structure and accountability. If both parties fail to have mutual and clear expectations, the relationship often fizzles out because one or both parties become discouraged or uninterested. The new model solves for this by encouraging each party to dedicate time and effort in fostering the mentorship relationship – with a clear cadence and schedule upfront. Critically, mentees need to be prepared and intentional about their goals – including submitting a specific agenda ahead of time to their mentor.

We’ve also seen that in status-quo mentoring models, the feedback women receive focuses on psycho-social issues or is based around their work style rather than true career development and professional success, as referred to in the HBR article. The new model must incorporate hard career development and goals while incorporating broader health, wellness and personal issues. This also requires mentees to be prepared before they begin working with a mentor so they can identify the areas in their lives where they need the most help, and define their vision and specific goals.

Finally, to ensure a deep impact from mentorship, the engagement, participation, and impact of the program should be tracked. Collecting feedback and outlining the impact for the company and the individual is critical. This might include tracking satisfaction and sense of empowerment from the program, as well as measuring promotion and pay grade changes. Companies can also track improvements in brand loyalty and retention, using measures such as Net Promoter Score.

The future is female (mentorship)

While working to solve the gender leadership gap through mentorship, we are doing more than just addressing inequality for inequality’s sake. We are also opening the doors to leverage all women to improve business and societal outcomes. As seen, mentoring can improve retention by 40-50% for mentors and mentees. Furthermore, Women Ahead found that 75% of executives claim mentoring was critical to their success. Now is the time to accelerate the rate at which women achieve and thrive in leadership positions, and better mentorship is one tactical step to reaching this goal. But companies need to do more than offer lip-service to mentoring. They need to take the effort to structure the program, help mentees be prepared and intentional, offer specific coaching and support to mentors, provide more sophisticated methodologies in matching mentees and mentors – and then measure impact. If you can’t measure it, it cannot be improved upon – and will rarely be sustained as a business imperative.

About the Author

Anna Robinson is CEO and Founder of Ceresa, a tech-enabled and research based mentorship platform for aspiring women leaders. Anna launched Ceresa in 2018, with the mission of closing the global leadership gap for women. Anna dedicates her time to shaping the company’s vision and strategy, driving consistent high-quality programming, building a world-class team and culture, and shaping a sustainable social impact business model. Prior to launching Ceresa, Anna was a Partner at McKinsey & Company, where she led strategy and transformation work for US and global health systems, as well as leading several women’s initiatives. Anna was also COO at an early-stage tech company. She holds an MBA from the Stanford Graduate School of Business, MPhil, and BA from the University of Oxford in England. She currently lives in Austin, Texas with her husband and three daughters.

The opinions and views expressed by guest contributors are their own and do not necessarily reflect those of theglasshammer.com

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11 Ways Mentors Can Help You Succeed – And How To Get Their Help

,
11 Ways MentorsMost successful women will tell you that mentors made a big difference in their careers. Their mentorship may not always translate into breaking through the glass ceiling, but mentors can help your work performance, help you achieve success in a company and also help you be more fulfilled in your work.

Here are 11 ways a mentor can help you during 4 general stages of your career:

Stage 1: Newbie: Your Mentors Help You Acclimate to a New Job or Work Environment:

1. Find Your Way and Learn the Rules: Bonnie Marcus, author of The Politics of Promotion, says, “The mentor can offer advice on how to best navigate in the new work environment and give information about the people and politics.” A mentor within your company can help you understand corporate expectations—both spoken and unspoken rules. They can point out mistakes if they see you in action. Your mentor can help you feel comfortable operating within that environment.

2. Identify your skill set and anything missing that you need to work on. In my second job out of business school, a mentor suggested I attend trainings in time management and organization, which helped me be more effective in my job.

3. Model what works: Ask your mentors to share their stories of what’s worked in their careers and what hasn’t. Learn from your mentors’ experience. Beth B. Kennedy, a Leadership Coach who has taught many Leaders how to begin a successful mentoring relationship, shares the success of a client whose mentor taught her “excellent delegation and time management strategies” that led to the client’s success and promotion.

Stage 2: Strategic: Your Mentors Help You Plan Where you are Going for a More Successful and Fulfilling Career:

4. Create a Vision: A mentor can help you think about where you want to go in the long run and what can help you get there. This type of mentor can be someone in your workplace, someone in your field, or more of a general business coach, perhaps even someone you hire.

5. Look for Resonance: A mentor or coach can help you assess how well your current environment fits your values, skills and interests. You will be happier with a job and environment that resonates.

6. Help you define success: Long term success is not only about what a company or environment defines as success. Says Amy Beilharz, former corporate executive turned serial entrepreneur and business coach shares that as women, group goals, our relationships and contribution to a larger cause are all important to feeling fulfilled in our careers.

Stage 3: Mobile: Your Mentors Help You At Key Decision Points

7. Solve Problems: You can turn to your mentors for feedback on any challenges you are experiencing, offering possible solutions to problems, as well as general strategies that have worked for them in similar situations.

8. Evaluate Job Offers: You may be offered a job within your own department, another part of your company or even your own company. Sometimes it’s hard to see all the ramifications of taking a particular job—both for short-term fit and also for its long term strategic value. A mentor can help you see all angles and evaluate the fit.

Stage 4: Successful: Your Mentors Help You Get Where You Want to Go:

9. Help You Network: Marcus says mentors can introduce mentees “to potential allies and champions.”

10. Get You Noticed: Beth B. Kennedy, a Leadership Coach who has taught many Leaders how to begin a successful mentoring relationship notes, “A current client of mine learned strategies from her mentor that led to her promotion. Her mentor taught her ways to raise her visibility in an authentic way.

11. Your Mentors Can Serve as Sponsors: Marcus points out that at the upper echelons, it’s not just about mentoring. To get promoted, women need sponsors who are willing to introduce their mentees to the right people and suggest them for promotion.

12. Look Outside Your Company: External mentors in your field can help you look beyond your company for opportunities. They may help you decide what you are looking for, introduce you to contacts of theirs, or even help you get into their own organizations.

Where to Find a Mentor? Cultivate mentors within your company and outside of it. Kennedy offers the possibility of someone “from a different department to add a more systemic and strategic perspective.” Your boss can also be a good mentor, depending on the person.

How to get mentored? Kennedy says that, “The best mentoring relationships take place when they’re not forced mentoring programs. A proactive way to get a mentor is to begin the process in a more unofficial way.”

How?

a) Identify someone who has been successful in your organization or field in a way that resonates with you or that has certain skills and relationships you’d like to emulate.

b) Get to know them. Kennedy suggests you ask for a brief meeting or coffee, nothing fancy.

c) Kennedy says, “Asses the synergy.” What does your gut tell you about the mentor? “Does the possible mentor have the time and energy to mentor?”

d) After a few casual meetings, Kennedy says you can then ask the person if they would be your mentor. “Share your expectations. Some of the best mentoring relationships my clients have shared with me are the relationships that meet once a month and the mentee brings questions and an agenda. The mentee needs to be proactive and discuss their needs.” It’s also a good idea to share articles on mentoring and “other best practices with your mentor.”

e) At some point you want to evaluate the effectiveness. Kennedy suggests an assessment six months or a year down the road. If it’s not working, you can thank your mentor and move on to someone new.

Don’t wait for someone to offer to mentor you. Start to think now about specific ways you want a mentor to help you and list people who might be of help. You can have more than one mentor at a time, too. Ask other women about their mentoring experiences, as well. And if your company has a mentoring program, find out how one gets chosen to participate. No one goes it along in the corporate world. The support of your mentors can be one of the most important determinants in your success.

Guest contribution by Lisa Tener

Lisa Tener is an author, trainer and four-time Stevie Award winner, including the Silver Stevie Award for Mentor/Coach of the Year 2014. Lisa serves on faculty at Harvard Medical School’s CME publishing course  and blogs on topics like how to choose a literary agent. You can also find her posts on the Huffington Post. Follow Lisa on twitter @LisaTener and Facebook.

Guest advice and opinions are not necessarily those of theglasshammer.com

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