In this post we will focus on economic methods to provide mentoring to your managers and staff.
Mentoring is defined as a long term relationship between a younger individual and a more experienced individual who can impart wisdom and knowledge to make the younger more effective. For over 50 years a persons mentor was considered to be their 'elder' boss. Today, there may be no such age differentiation and no such need for a direct reporting relationship. It only matters that the mentor has more experience in the topic of interest than the person or persons being mentored.
Gartner research suggests that 71% of all Fortune 500 companies have formal mentoring programmes and similar studies show a high rate of formal mentoring in the FTSE 100. The results of this are significant, but for smaller organisations - and that is most of us - how can this be done? It is still just as necessary as in the Fortune 500 / FTSE 100.
Choosing the most effective method for your company depends on the number of your staff and the intent of the mentoring. One of the key benefits of mentoring is the individual being mentored learns new ideas, tries them out and then critiques the results with their mentor. There is no more effective method of development, after all it is like an apprenticeship and those have been around since the time of King Solomon, perhaps earlier.
Here are the most popular models:
- a one-to-one assignment of a staff member with a younger one within the company
- designated mentors in an organisation available for any staff who wish to speak to them
- a formal mentoring programme for a staff member with an external mentor - weekly or monthly
- a pairing with an outside mentor with a specialist in the organisation - for example a supervisor or manager being prepared for a promotion
- a less formal approach that can be effective is establishing a small group (rarely more than five people) with a diverse range of experiences and skills that act as mentors with each other through a team effort
Most Effective Mentoring for Your Staff
How much mentoring can you afford to provide for your staff? Here are some mentoring models you may not have thought of that can be very economical, especially when compared to the value you gain from more capable and empowered staff:
- an internal mentor assigned to an individual - basically the cost of that persons time to mentor
- designated mentors within an organisation, used as needed - again the cost of that persons time to mentor, plus some administration time and effort
- a mentoring company that can provide a programme for one or more of your staff; by buying a day per week for example, several staff will benefit from the continuity and the company will give better rates as the focus for the single day is your company
- placing staff in external programmes; these range from an hourly rate through to a 90-day or 365-day programme fee and can vary considerably depending on the mentor and the level of the mentee in your organisation
As for the mentees, remember to talk as often or as infrequently as you need to achieve your goals and always be prepared for the session. Thank your mentor and don't be afraid to end the relationship when the time is right. A great mentor will take it is a compliment that you no longer need their help.
You can join our leadership mentoring programmes if you need to accomplish goals with others. Using the power of the internet, the cost is just a fraction of more traditional methods.
For a private consultation to determine the most cost effective way to develop your staff through mentoring, speak to us right away:
We also offer a free mentoring session for people in