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Sponsorship and Mentoring: Fast Track to the Top?

By Collete English Dixon
2011 CREW Network President
Vice President, Transactions
Prudential Real Estate Investors

Women in many industries, including commercial real estate, are lagging behind their male counterparts in terms of salaries and promotions, but why is this happening and what can be done to help women reach their maximum career potential?

Women are continuing to enter the commercial real estate industry; however they’re not rising to senior management and C-suite level positions at the same pace as their male peers. Structural issues including lack of women role models, inclusive networking opportunities, and sponsorship/ mentoring programs have been identified as obstacles, as well as some lifestyle issues such as concerns over work-life balance, which can become significant, especially if women choose to have families.  

What can be done about the structural issues to help the women who do stay in the industry and who are motivated to reach the higher levels of responsibility and opportunity?

Networking through professional associations is a valuable tool to connect with peers and learn industry and leadership best practices, but for women who are qualified and driven to reach the C-suites and senior levels of the industry, there is another necessary step -- pairing with a mentor and having a sponsor.

Mentoring has long been viewed as a beneficial business tool, matching established professionals with less experienced professionals to provide guidance, networking, and proactive support, but can it really make a difference in this tough commercial real estate market?  The answer is a resounding yes, and it is even more critical for women in the industry who don’t have the number of women role models as guides to help them, according to data gathered in Commercial Real Estate Women (CREW) Network landmark 2010 industry benchmark study.

Arguably, mentees receive the primary benefit from regular engagement with a more influential professional, receiving critical feedback and advice. But mentors benefit as well from the sense of satisfaction realized through sharing their expertise and being reenergized by assisting another in the field.

Beyond mentoring, a true sponsorship relationship means that someone has an active advocate in the industry, one who seeks promotions and advancements for someone else. Research has shown that women have fewer sponsors than men, and they are an invaluable tool.

CREW Network and commercial real estate services provider Cassidy Turley have teamed to create the CREW Network Executive Mentoring Program, which pairs senior level women in the industry with women who have both the potential and desire to reach the senior levels and the C-Suite, with a goal of advancing more women into the leadership levels in the commercial real estate industry.

To succeed in the global economy, it’s important that business leadership mirrors the clients it serves.  To that end, the workforce should reflect the demographic diversity of the markets it is in and provide a gender-neutral platform for career growth and success.  The creation of the CREW Network  Executive Level Mentoring Program is another step in helping the commercial real estate industry realize the diversity and equality a successful business model demands.

Selected mentors for this nine-month CREW Network Mentoring Program are C-Suite level professionals and those being mentored are CREW Network members on leadership tracks with clear goals of reaching senior industry leadership levels and the C-Suite. For more information, visit  www.crewnetwork.org.