August 30, 2011
Money From Your Mentor
We know the benefits of having a good mentor – they provide words of wisdom, business connections and honest advice. But many women miss out on a key mentor benefit: more money.
Recent research shows male MBA grads with mentors received approximately $9,000 more than women with mentors during their first post-MBA jobs. And financially, most never catch up.
How can women get the most out of mentors, money-wise?
“It's important for women to ensure they have both mentors and sponsors to support their career advancement,” Christine Silva, a director of research at Catalyst, tells PINK. “A mentor is someone who provides career
support and advice. A sponsor actively advocates on your behalf behind closed doors, at the decision-making table, which is critical.”
She adds that men tend to have mentors in more senior positions who are more likely to also provide sponsorship – this directly affects promotion and salary progression, according to Catalyst research.
Seeking a mentor who can inform you of your marketplace value, tell you which role will help you meet salary goals and coach you on negotiating strategies can help lessen the post-grad pay gap.
When looking for a financially-beneficial mentor, experts suggest searching for someone with dominance in their company, influence in decision-making, good problem-solving skills and conscientious organization.
Bonus PINK Link: Find out how to get mentored like a man.
By Caroline Cox
"A lot of people have gone further than they thought they
could because someone else thought they could." Unknown
*Supporting images from FreeDigitalPhotos.net, vichie81, nuchylee and Pixomar