PLANADVISER - July/August 2021 - 11

women, satisfaction with career performance comes mostly
from having a promising career path, more so than reaching
the highest possible position. Unfortunately, only half
agreed that their career path looks promising, representing
one of the largest gaps in this research between defining
and achieving success. "
Norr emphasized the importance of the communication
aspect of career paths. Simply put, people will not assume
they have the opportunity to advance, especially over the
mid- and long-term, unless they are told so and given clear
guideposts along the journey from employment to promotion
to leadership.
This is true for everyone, including white men, but it
is an especially pernicious problem when considering the
outlook of women and people of color. When there is nobody
who looks like them at the highest levels of leadership, it is
natural for people to question what their own future at any
employer looks like, WIPN says.
In terms of actionable takeaways from the research,
Norr says, there are plenty, but perhaps the most important
is the central role of-and the differences between-what
WIPN refers to as " mentorship " and " sponsorship. "
" Mentors are like your guru, " Norr says. " They are critical
sources of information and inspiration, but they may
not be in a position to provide you with direct support in
your workplace. A true 'sponsor' or 'advocate' is someone
you can identify and work with on the job, who can and will
use their own influence to help someone else succeed in the
financial services industry.
" Both an advocate and a sponsor help to connect you to
opportunities, " she continues. " At WIPN, we ask our sponsors
or mentors to do three important things: listen; validate
or suggest alternate behaviors; and share their resources
and network. The role of an advocate is a bit simpler but still
very critical: to be a champion for you when you aren't in
the room by suggesting you for a specific client or job. "
According to the survey data, women find both mentorships
and sponsorships valuable, but agree that a sponsor
is more likely to help with advancement than is a mentor:
64% said a sponsor would be more apt to help them vs. 47%
who said a mentor would. The value of having a mentor or
sponsor is recognized by many-not having one is cited
among the top five barriers
to success-but only 17%
of respondents feel they
have a sponsor, though
42% of women reported
having a mentor.
50%
of respondents are their
family's primary wage
earner-yet a strong
majority of the total
group reported being
more responsible than
their spouse for familyrelated
household
tasks and caregiving.
" The lack of mentors
and sponsors is a particular
concern among women of
color, " Norr notes. " Almost
a quarter cite the lack of a
mentor/sponsor as a barrier
to career growth. Women
of color who do not have a
mentor say this is often due
to an inability to find one
who's a fit. Additionally, the
data show that a significantly
higher proportion
of women of color feel excluded from formal and informal
networks at work as compared with white women. "
The analysis goes on to show that women of color not
only express higher levels of dissatisfaction with their
careers, but they also bear the dual burdens of having to
" represent " their race and ethnicity and not being able to
bring their full selves to work.
" Together, these factors can serve to inhibit career growth
and a sense of belonging, " Norr says. " These sentiments are
not just homespun but, rather, stem from the cultures of
many workplaces where employers' actions often do not
align with their stated values, even when formal diversity,
equity and inclusion efforts exist. " -John Manganaro
Survey Respondents: Mentor vs. Advocate
64% 47% 17% 42%
say an advocate is
more likely to help
with advancement
say a mentor is
more likely to help
with advancement
Source: " The Story of Us: 2021 Evolution of Women in the Retirement Industry "
say they have
an advocate
say they have
a mentor
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