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Why I mentor: Two successful executives explain

More recently, women have started forming formal and informal mentoring networks. Rich has been involved in a formal program, Women in banking and finance, in which mentors and mentees are matched. “The Women in banking and finance been very skilful in matching mentor and mentee,” says Rich. “They do all sorts of psychological testing.” Rich […]
Kath Walters
Why I mentor: Two successful executives explain

More recently, women have started forming formal and informal mentoring networks. Rich has been involved in a formal program, Women in banking and finance, in which mentors and mentees are matched. “The Women in banking and finance been very skilful in matching mentor and mentee,” says Rich. “They do all sorts of psychological testing.”

Rich is referring to one of the primary aspects of the nature of the mentoring relationship – the need for rapport between both parties.

Schwartz says rapport is essential. “If there is no sort of electricity, no ‘clicking’, it is not going to work for me. There has to be some sort of chemistry.” However, her diverse interests from property to art to philanthropy and social enterprise make for plenty of opportunities to find common ground with others.

Rich believes there is some benefit even in a mentoring relationship that is lacking rapport, but says she can’t imagine it occurring. “I can’t imagine it. There is always some way you can help someone,” she says.

Both women think it is essential for the relationship to be developed face to face, rather than over the phone.

Rich says: “I have found meeting face-to-face is the most effective by far, because you get a sense of the person, you pick up on the nuances. But it is equally important to be accessible in the moment – if your mentee rings and says ‘I am just about to go into the boss’ office’. It reduces nerves because you have an affirmation that what you are saying is good. If it is in a confronting situation, that inevitably brings out emotions so it is good to rehearse beforehand.”

Schwartz says a coffee or a dinner is ideal, but that it should be short and focused. “Forty-five minutes is usually enough,” she says.

Mentors must maintain an honest stance with their mentees, even as rapport builds; that is the purpose of having a more objective relationship.

Schwartz says that entrepreneurs, optimistic by nature, often need a reality check.

When Rich sees a mentee heading down the wrong path, she “holds a mirror” to them, and by reflecting their thoughts back, finds they usually rethink their ideas or approach.

Mentor as advocate

It is important for mentors to act as a support and provide encouragement, and to understand a person’s goals and how they want to reach them.

But there is another important step.

“The second aspect is the sponsorship role,” Rich says. “This is becoming an increasingly important role. It is no longer good enough to give encouragement. We need to step out and say to our peer, ‘Give them a go’.”

Rich says she received this opportunity when a mentor recommended her for her first board role at the age of 31 on the Treasure Corporation of New South Wales. “I benefited from this woman sponsoring me.”

To apply to be accepted into the first Springboard Enterprises program, click here