The FINANCIAL — Bank of America and Vital Voices launched a week-long mentoring initiative in Mexico City, according to Bank of America Corporation.
The Global Ambassadors Program (GAP), which runs from March 4 through 8, brings together influential women leaders from the public and private sectors to mentor women from Latin America and the Caribbean (LAC) who are engaged in business and social enterprise. The program will include one-on-one mentoring sessions, strategic planning workshops focused on building business acumen, and participation in a mentoring walk on International Women’s Day, according to Bank of America Corporation.
More than 70 million women have joined the workforce in Latin America and the Caribbean region in the last 20 years, and female income has helped alleviate extreme poverty in the region by 30 percent, demonstrating that gender equality is crucial to economic growth, according to The World Bank. However, there is still substantial room for improvement. Women in the region tend to be in low-paying jobs within fewer occupations, and one out of every eight employed woman works in domestic services. Additionally, because women disproportionately bear domestic and family responsibilities, they are often passed over for promotion and consequently underrepresented in top management positions. These disadvantages often prevent women from advancing in their companies or starting and growing their own businesses; it’s estimated that women in the region lead 23 percent of small businesses but only 9 percent of large businesses.
In order to advance women’s economic development in Latin America and the Caribbean region, Global Ambassador Program mentees will work with mentors during the week to improve leadership skills, helping them overcome obstacles and achieve strategic goals. Discussion will focus on ways to build a community of social and business leaders from the region who are poised to take their enterprises to the next level, with resulting economic benefits for them and their countries, according to Bank of America Corporation.
On March 8, mentors and mentees will also participate in the Vital Voices Global Mentoring Walk, a global movement sponsored by Bank of America that celebrates International Women’s Day around the world. The Global Mentoring Walk brings emerging women leaders together with senior women leaders for an informal mentoring opportunity which enables them to gain perspective and learn from stories of success. In addition to Mexico City, women in more than 30 countries will come together to experience the walk’s unique environment of collaboration and networking.
“Mentorship is critical to bringing emerging women leaders into high-skill professions and entrepreneurship that will help drive economic growth,” said Candace Browning, head of global research at Bank of America Merrill Lynch and a Global Ambassador.
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