: executive career briefcase
The Benefits of Mentoring
Employee retention is currently a major challenge for businesses, especially given today's lower unemployment levels. One of the most effective methods to help keep valued staff, promote advancement opportunities and ensure a steady influx of talent is to establish an internal mentoring program.
In a survey commissioned by Robert Half International, 94 percent of U.S. executives said that having a mentor is important for professionals just beginning their careers. In addition, of the three-quarters of respondents who said they personally have had mentors, 63 percent reported the greatest benefit is gaining a confidant and advisor. Most believe it's a highly successful strategy for transferring internal wisdom, nurturing talent and facilitating future business growth.
Through mentoring, experienced employees provide guidance to junior-level and newer staff members on the subtleties of office protocol, such as dealing with delicate or challenging situations, participating in team projects, and developing strong interpersonal and communication skills. In addition, mentoring can enable junior executives to broaden their responsibilities and gain the skills necessary for leading an organization into the future.
A Win-Win Situation
Mentoring helps new employees become acclimated to office operations quickly and efficiently, allowing management to build a team with the precise skills the firm or department requires. Instruction on preferred procedures will also lead to better implementation of the department's best practices. For accounting and finance professionals who interact frequently with other departments, for example, understanding the organization's overall business goals and corporate culture nuances is as important as technical abilities.
A mentoring program also builds dedication and loyalty in mentees, who come to appreciate the company's commitment to their learning process, as well as mentors, who gain a sense of pride and ownership in contributing to the firm's future. And, as you select prospective mentors, your recognition of their considerable expertise is likely to provide them with a high level of job satisfaction. Most will consider it an honor to play such an important role in the professional development of their colleagues.
Establishing a Mentoring Program
The first priority when creating a mentoring program is to outline the goals and scope (e.g., whether it will be an informal or formal policy and how results will be measured).
There are a number of approaches to mentoring. For example, a smaller company might assign an individual accounting manager with the task of developing and supervising the program, while larger organizations may ask human resources professionals to coordinate efforts. Another option is to engage an experienced accounting or finance executive on a project basis to guide a junior executive into an expanded role or to provide strategic counsel.
Mid- to senior-level accounting and finance professionals with strong leadership, communication and technical skills, along with a healthy, enthusiastic attitude toward their work, should be recruited to serve in mentoring roles. You might also consider creating a team of mentors with expertise in specific areas, such as financial systems, auditing or international transactions. Junior staff members can be assigned to work with various mentors on a rotating basis to learn diverse skills.
Consultants as Mentors
While employees have traditionally been paired with mentors within their organizations, companies are increasingly bringing in experienced project professionals who can assume mentoring roles to junior executives.
These consultants are not intended to replace traditional mentoring programs. However, project professionals can bring intellectual capital and practical experience to a company and make an immediate impact on productivity. For example, a consultant can help guide a company's controller through a new project in which he or she lacks the appropriate experience and when an internal mentor is not available.
Through mentoring roles, consultants can transfer valuable knowledge to employees and share with them their objective insights into big picture corporate issues. While project professionals can provide finance and accounting managers with the benefit of their industry experience, companies need to instill in employees a sense of the firm's values and management style or the mentoring process is incomplete.
Whether you identify internal managers or engage a consultant to mentor employees, the investment will yield substantial returns. Mentoring will not only lead to increased motivation and loyalty, but will also enhance your staff's skills and allow them to become more productive members of your department and company.
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