The Importance of Mentoring
by Lauren Malensek
If you’ve read the economic headlines lately, you know the
labor market is turning over every rock to find quality employees. Nowhere is this demand for qualified employees
more evident than in the professional services arena. Corporate
governance regulations and the impending mass exodus of baby
boomers have greatly increased the demand for the next generation of finance professionals. Yet in this high demand for quality professionals, the bigger question becomes: How does a
company keep the staff it has and avoid becoming another firm
searching for top talent? In an era plagued with high turnover
and expensive employee training sessions, keeping employees
is just as important as recruiting new employees.
So what is an employer to do? And what is the secret to keeping those good employees? According to a study conducted by
the Hackett Group, a global strategic advisory firm, organizations that are successful in attracting and retaining top talent
consciously create a culture of engagement. In addition,
research has shown that engaged employees are more likely to
stay with their employers and to contribute in ways that improve
business performance.
One example of employee engagement is instituting a mentoring program to help your employees develop their career.
Employee learning is accelerated when on-the-job training is
supplemented with informal coaching on the side by a trusted
Lauren Malensek is the chief human resource officer
for Clifton Gunderson, one of the largest certified
public accounting and consulting firms in the U.S.
mentor. Mentoring enhances relationships with employees and
also allows companies to be more proactive in identifying potential issues and resolving them. The result? Employee retention
improves and client service is enhanced. Better retention of staff
results in more meaningful relationships with clients.
Workplace Mentoring Makes Sense
Streams of people enter and exit our lives every day. While some
leave only the faintest imprint, others help shape and direct our
outlook and actions. Mentors are those who lead us in realizing
our full potential. Today, mentoring is becoming a core, value-added component of a company’s commitment to employee
development.
Organizations can see the positive effects of mentoring on
employee attitudes, work environment and productivity.
Mentoring is a two-way street, eliciting positive responses from
both management and employee perspectives. Since implementing a mentoring program in 1999, our organization has
received these comments in annual employee surveys:
“My Career Development Adviser/mentor is there for me when I
need her to be. I feel I have a clear understanding of my career goals
and how I can achieve those goals, alongside a mentor who cares
about my career development. “Other firms talk about the”ir mentoring programs, but at Clifton Gunderson, it’s not lip service. The mentoring program is a real and suc- cessful initiative. In my opinion, it’s one of the best in the industry. “I feel I have learned a lot from my mentor; and the program”has worked in helping me develop my career. Mentoring goes a long way. In fact, o”nly a few hours a month
can provide tremendous insight to the person being mentored.
By using e-mail and phone, mentors and mentees can keep regular contact. The flexibility of e-mail allows a mentor to offer
guidance at his or her convenience, but still in a timely manner.
It also permits a mentor to be accessible if he or she is traveling
or not often near the phone.
Time spent mentoring actually increases productivity, according to Peer Resources of Canada, a recognized mentoring authority. Better communication, goal clarity, increased commitment
and succession planning all contribute to improved output. The
return on investment for mentoring is high. Mentoring also benefits both parties—not just the person being mentored. Mentors are
recognized as individuals with valuable knowledge, and mentoring is a validation of their worth in the company—a mark of respect
