Don’t just get a mentor, get a sponsor
In 2017, Lloyds Banking Group developed a Sponsorship Programme to nurture and progress its home-grown talent. Research shows that females are less likely to have a sponsor and therefore less likely to achieve their full potential.
The Sponsorship Programme was innovative because it not only paired talented women to influential leaders who were willing to advocate them for their next key role, but it also ensured that they capitalised on this opportunity by providing bespoke development solutions to improve their transferable skills. These are underpinned with a comprehensive ‘Self-serve Toolkit’.
Over the past 12 months, this unique approach continues to produce exceptional results. To date, women on the Programme have achieved a promotion rate 5 times greater than the Group average for female progression. The Group is also seeing an improvement in movement across Divisions, providing different career opportunities for colleagues across the Group. In 2018, the Programme included both male and female Black, Asian and Minority Ethnic colleagues.
During 2018, to further maximise and promote sponsorship across the Group, a self- service toolkit entitled ‘Sponsorship In A Box’ was developed, allowing Divisions to identify and promote talent.
‘I was fortunate to be matched with a fantastic sponsor who helped me develop my confidence to explore roles in other Divisions.’
Kate Freeman, Consumer Cards, Lloyds Banking
‘Whilst ‘Sponsorship In A Box’ is a new initiative for Lloyds, it has clearly demonstrated that having a sponsor, combined with a bespoke development approach, significantly improves the progression of our talented individuals. Sponsors enjoy sharing their experience and colleagues build broader networks and are confident to apply for roles they wouldn’t otherwise have considered.’
Fiona Cannon, Group Responsible Business, Sustainability and Inclusion Director, Lloyds Banking