Maryann Bruce, a distinguished corporate director and former Fortune 100 division president and CEO, champions the cause of female mentorships within the financial services industry. She outlines a myriad of ways in which such mentorships can foster a more diverse and inclusive environment in banking, mortgages, credit cards, payment services, accounting, and investing.
Bruce outlines a pragmatic approach for both mentors and mentees to extract the maximum benefit from these professional relationships.
Building Effective Mentorship Programs in Financial Services
Bruce begins by identifying key elements that financial service providers should incorporate to establish successful mentoring programs:
- Recognize the Importance of Mentorship and Encourage Senior Leadership to Participate: Bruce emphasizes the critical role of mentorship in career advancement, especially for women in male-dominated fields. Bruce states, “Mentorship is one of the top strategies to help close the gender gap in business leadership.” When highlighting the invaluable insights and opportunities senior leaders can provide, Bruce shares her own experience: “Even today, as a Corporate Director, I often serve as a mentor… to encourage [colleagues] to reach their full leadership potential.”
- Create Structured Opportunities and Promote Diversity: She advises on the strategic pairing of mentors and mentees based on common professional interests, goals, and compatibility, noting, “Mentees and mentors work best together when establishing mutually agreed-upon goals and objectives.” Bruce urges financial service providers to encourage mentees to seek mentors not just within their direct professional circles but from diverse backgrounds as well, explaining, “A mentor can be any age, at any level, and in any field.”
- Foster Open Communication, Highlight the Benefits to Mentors, and Measure progress: She underscores the importance of transparent and supportive dialogue, stating, “Your relationship should foster a safe environment where you both feel comfortable being vulnerable and communicating honestly.” Bruce points out the importance of recognizing the rewards for mentors, including personal growth and the joy of aiding others’ successes. She recommends using surveys to assess the effectiveness of mentorship arrangements, highlighting the benefits of iterative improvement.
Essential Steps for Mentees in Financial Services
Bruce also offers guidance for individuals seeking to advance through mentorship in the financial services field:
- Identify Potential Mentors and Set Clear Goals: She encourages newcomers to look for experienced professionals they admire and to articulate what they hope to gain from the relationship. “Be truly honest with your mentor about your career goals,” she advises, emphasizing the need for clear, shared objectives.
- Embrace Feedback and Contribute to the Relationship: Bruce stresses the importance of being open to honest feedback, asserting, “Expect and accept honest feedback.” She reminds mentees that mentorship is reciprocal and that sharing their own insights can enrich the relationship.
Building a Stronger Financial Future with Female Diversity and Leadership
Bruce’s advocacy underscores the transformative potential of female mentorships in the financial services industry, highlighting how such relationships can significantly advance gender diversity and leadership. By fostering structured mentorship programs and creating environments that value open dialogue and diversity, organizations can make meaningful strides in supporting women’s professional development. Likewise, individuals who actively seek and engage in mentorship can greatly enhance their career prospects.
The full text of Maryann Bruce’s article, Mentoring Matters: The Importance of Female Mentorship, can be found at Forbes.
