Give to gain: why mentorship and sponsorship remain central to women’s progress across the financial services profession

As the financial services sector prepares to mark International Women’s Day, industry leaders are highlighting the role mentorship, sponsorship and workplace culture play in supporting women’s career progression.

As part of today’s focus on IFA Magazine of the role of women in finance, we talk to Protiviti’s Janet Barberis and Bernadine Reese about  why they believe that having a “give to gain” mindset can help create more opportunities, stronger teams and lasting change across the profession.

As we prepare to mark International Women’s Day this Sunday, and its’ theme of ‘Give to Gain’, we see many firms across financial and professional services reflecting on how they can better support the development of women in the workplace.

While some progress has been made in improving representation over the years, there is still much more to be done to encourage real gender diversity across the financial services sector. Leaders are saying that the next stage will depend less on statements of intent and more on everyday actions that build confidence, opportunity and visibility.

For many working in the sector, one of the most effective frameworks for achieving this is the principle of “give to gain”. At its core, the idea centres on investing time, experience and opportunity in others as a way of strengthening both individual careers and the wider organisation.

According to Janet Barberis, Managing Director in Protiviti’s Finance Services Audit practice, the principle translates into a practical commitment to developing people. She says that in professional services environments such as financial services, the concept must be grounded in meaningful action.

“‘Give to Gain’ in a professional services setting is about truly investing in people,” she explains. “It means taking the time to understand their individual aspirations and motivations, mentoring them, and supporting them with training and stretch opportunities so they can develop and succeed.”

Bernadine Reese, Managing Director in Protiviti’s Risk and Compliance practice, agrees that meaningful investment in people is critical, even when that requires leaders to take a longer term view.

“It is a conscious decision to invest in an individual’s development, career aspirations and performance,” she says. “It may mean prioritising the development of the individual over the longer term compared to shorter term business needs, but investment in that individual will encourage and sponsor their development while positively enhancing the business in the longer term.”

Embedding a culture of support

Industry leaders argue that for this type of support to be effective, it must be embedded in workplace culture rather than relying on informal gestures.

Barberis believes leaders need to be deliberate in building environments where development is encouraged and recognised.

“Leaders can ensure giving is part of the culture by being deliberate about it,” she says. “That means promoting alignment around shared team goals, recognising development in performance assessments, and fostering an environment where people feel comfortable to speak up, take calculated risks and learn from experience.”

Reese also stresses the importance of leadership visibility when it comes to encouraging supportive behaviours.

“For giving to become part of the culture, it has to be recognised and role modelled by leadership,” she explains. “It should be an intentional way of working, with advisers, mentors and performance managers routinely considering how they can support and develop others in their day-to-day interactions.”

The role of mentorship

Mentorship remains one of the most powerful tools for supporting women as they progress through financial services careers.

For Barberis, the foundation of effective mentoring lies in understanding each individual’s journey.

“Listening is the key to success,” she says. “This means understanding individual motivations, aspirations and concerns, and recognising that the path to success is different for each person.”

She adds that seeing mentees grow in confidence and capability is one of the most rewarding parts of the process.

“Watching a mentee overcome their insecurities, develop and achieve their goals has always been one of the most satisfying aspects of my role.”

Reese also highlights the importance of carefully understanding what support a mentee is looking for before offering guidance.

“First and foremost, it is about listening and understanding the ask, then helping mentees work through the areas or development needs they may find more challenging,” she says.

“Sometimes a different perspective, a suggestion to work with someone who does this well, or practical ideas to build skills and confidence can make all the difference.”

A two-way relationship

Both leaders emphasise that mentorship should not be viewed as a one-way exchange, but rather as a relationship where both sides benefit.

Barberis believes mutual understanding and shared goals are essential to building meaningful mentorship relationships.

“By building up a rapport with each other, understanding each other’s motivations, and collaborating together to drive development and change towards a common goal is the key to building mutual gain between mentors and mentees,” she says.

Reese agrees that mentors themselves often gain valuable insights through the process.

“Support should never feel one way,” she says. “Many mentees and coaches take a great deal from those interactions, and I often reflect on how much I have learned from the women I have mentored.”

“I have been able to apply those lessons to my own development and career, which is why mentoring other women can be so inspirational.”

Looking ahead

As the financial services profession continues to evolve, both leaders believe active sponsorship will be crucial in helping women take on more visible leadership roles.

Barberis says she is committed to continuing to champion talented women within her organisation.

“This year, I am committed to continuing to be a proactive sponsor for women at Protiviti,” she says. “That means ensuring they continue to be seen and heard, and creating meaningful visibility and stretch opportunities for women to develop and grow.”

Reese is particularly focused on encouraging women to step forward in emerging areas of the industry.

“As we look ahead, I want to encourage more women to take up leadership roles in new and emerging areas such as AI implementation initiatives,” she says.

“Actively sponsoring their leadership in high visibility projects is particularly important in areas where women have traditionally been under-represented.”

As the industry marks International Women’s Day this weekend, these perspectives highlight a common theme. Progress for women in finance will increasingly depend on leaders who are willing to invest their time, influence and support in the next generation.