You've heard how effective mentoring is.

In this post we will focus on economic methods to provide mentoring to your managers and staff.

Mentoring
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
Remember that as soon as you leave the one-to-one relationship you are entering the role of coaching rather than mentoring. Coaching is powerful too, but it tends to be for shorter periods and is much more focused on a specific topic. The key to mentoring is the relationship built between the mentor and mentee.

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
No matter what method you choose, your staff will benefit from mentoring. Select the method that suits your operating model and budget most effectively. Talk to external mentoring companies to see if their mentors can design a more efficient programme for you.

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
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Published in Thought Leadership
Wednesday, 15 July 2015 06:57

The Power of Mentoring

Have you ever wondered how effective mentoring is?

In this post we will focus on the benefits to the person being mentored.

Mentoring
Mentoring is defined as a long term relationship between a younger individual and a more experienced individual. In traditional cases 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.

According to Gartner research, 71% of all Fortune 500 companies have formal mentoring programmes. The results of this are significant.
  • 25% of the younger employees who were enrolled in mentoring had a grade-change in salary while only 5% of those who were not involved had similar changes
  • those receiving mentoring were promoted five times more often than those not receiving mentoring
  • the retention rate of poeple involved in mentoring was 72% higher than those not involved
  • those involved experienced higher job satisfaction, engagement and more positive job attitudes
No matter whether your organisation has a formal mentoring programme or not, everyone benefits when it occurs. This is why so many successful individuals get mentoring outside their workplace regardless of whether there is a formal programme or not.

Finding a Mentor
Just as any of the top tennis players at Wimbledon had coaches and mentors, so too do outstanding leaders in other fields. It is best to find someone who has the experience you seek, is willing to have an occasional, but long-term relationship with you to make sure you really progress. The mentor does not need to be a friend, does not need to be in the same organisation and does not need to be older. They must have had the experience you need and must want to help you achieve peak performance.

Mentors and Leadership
  • a mentor demonstrates a key trait of leadership
  • a leader who does not mentor those closest to them will find it hard to progress
  • leaders seek ways to ensure that all are being mentored by appropriate people, and not just through formal programmes
  • leaders make sure the topics being discussed are almost always pertinent to the mission
  • leaders ask for feedback on mentoring they give, and about others who are mentoring
  • leaders set the example to ensure engagement of all
No matter what your situation, you can benefit from a mentor, at work or in outside activities. If you are finding it difficult to achieve something significant, make sure you find a mentor who is willing to give you up to a year (or more) of support. Talk as often or as infrequently as you need to achieve your goals. Thank your mentor and don't be afraid to end the relationship. If it was valuable, you will achieve your goals and then you will probably need mentoring on a different topic. 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.

We also offer a free mentoring session for people in
or .
Published in Thought Leadership