By Kelli Kiemle, AIF®, Managing Director of Growth and Client Experience as featured in WealthManagement
A mentorship program provides opportunities for employees to build strong relationships, learn from each other, and grow in their personal development.
In today’s highly competitive job market, particularly in industries facing talent shortages, a strong mentorship program is a powerful tool for attracting and retaining top talent. By investing in the development of internal employees, firms can address skill gaps while preparing staff for future leadership roles. This approach can strengthen the company and help mitigate the challenges posed by a tight labor market.
Starting a mentorship program is easier than you might think, and research shows that mentorship programs significantly boost employee retention, with mentees having a 72% retention rate compared to just 49% for those without mentorship. Whether you’re building a new program or enhancing an existing one, the effort aims to contribute to the happiness and success of your employees.
Define Participants—Mentor and Mentees
I suggest pairing mentees with senior colleagues in the role they aspire to or with individuals who have a strong understanding of the firm’s culture and expectations. Assigning all new and transitional employees (either those who have received a promotion or are transitioning to a new department) a mentor is incredibly important. It’s important to note that a mentor shouldn’t replace the employee’s manager. In fact, it has proven beneficial for employees to have someone, aside from their manager, to guide them as they move into a new role. The mentor is someone the employee can go to with questions related or unrelated to their job function, as well as questions about the firm and expectations.
Your management team should work together to select the best mentor for each mentee. Consider factors such as role, personality and goals. It’s also very important to ensure that the mentors are fully committed, willing to make time for their mentees, and able to engage in both formal meetings and impromptu check-ins. A successful mentor provides constructive feedback, pushes their mentee towards accomplishing their goals and maintains confidentiality, separate from the mentee’s relationship with their manager.
Establish Clear Guidelines
A good mentorship program has guidelines for each party to abide by. To ensure that both parties take the partnership seriously, I suggest creating a formal mentorship agreement for both the mentor and mentee to sign. The agreement should outline the timeframe of the program. Consider what other requirements you want to include, such as how often meetings occur and topics to cover. Here is what we recommend, based on whether the employee is in their first three months or beyond:
The First Three Months:
- Any issues or concerns this week?
- What have you enjoyed?
- Where do you see room for improvement?
- Are you on track to meet your goals?
- Schedule the next meeting and set the agenda
After the First 3 Months:
- Any issues or concerns from the past quarter? (If ongoing, schedule follow-ups)
- Discuss employee’s progress
- Track goals and progress
- Highlight one item that both feel is a strength/improvement and one item to continue working on in the future.
Creating guidelines give the mentor and mentee a clear starting point, acknowledging that individuals have different perspectives on what is needed and the appropriate cadence for these types of meetings. This framework helps both parties stay accountable in their relationship and provides structured discussion points. This approach ensures a sense of direction until they become more familiar with each other and build a level of trust, enabling mentors and mentees to address more sensitive, real-life examples.
These are just guidelines, and the meetings often evolve based on the needs of the mentor and mentee. The goal is that both parties learn from each other and develop a strong, supportive relationship.
