How to Find & Become a Sponsor
In last week’s Collaborative Coffee session, executive Jennifer Hawkins, SVP, North American Personal & Business Banking at BMO Financial Group, shared tips for both finding and becoming a sponsor. Here are 4 key takeaways:
1. Why is Sponsorship Important?
We need more women at the top. Unfortunately, there are few women sponsors in top roles. Women represent only 3.5% of CEOs and an average of 17.9% of executive officers in Canada.[1]
You need someone who’s got your back. Whether you’re looking for funding, running a startup or small company, your next steps depend on decision-making. Think about who’s got your back, and who can help fund your idea.
Cultivate more than one sponsor. Look both inside and outside your organization. Sponsorship becomes more critical the more senior you become.
2. What’s the Difference Between a Mentor and Sponsor?
Sponsor: someone who has your back and is moving your career forward when you’re not in the decision room.
Mentor: someone who is good to have for knowledge sharing and soliciting feedback, one should use mentor relationships to prepare for formal meetings with sponsors.
Earn vs. Ask: Unlike mentorship, one must earn rather than ask for sponsorship. A sponsor knows you and sees your work in action.
3. How is Sponsorship Cultivated?
Consistently network and suggest coffee chats to discuss aspirations, identify what’s important to you, and ask for opportunities. Remember to get out of your day-to-day calendar and ask, “What am I doing to continually support my business and promote what I’m doing?”
Think about what successes you can send your sponsor to pique their interest or curiosity. Work to build your relationships over time.
Do not rely only on women sponsors to support you. Speak with both senior men and women to raise your profile.
4. How Do You Reap the Benefits of Sponsorship?
Now that you’ve developed a relationship, jump in and directly ask your sponsors for what you want. Ensure your ask is clear and crisp, highlighting what you need and why.
If the answer is no, ask, “why not, or why not now?” Practice role-playing with coworkers or friends, and experiment with your approach.
Finally, think about how you can pay it forward and help other women advance to gain sponsorship!
How are you cultivating sponsorship? Are you helping other women advance? We’d love to hear your thoughts! Become a member today to join the conversation on our online community platform!
You can request the recording from our chat HERE.
[1] https://www.catalyst.org/research/women-in-the-workforce-canada/
