8 benefits of being mentored
Did you now that 71% of Fortune 500 companies have mentoring programs? Why? Because investing in leadership pays off – improving creativity, productivity and improving the wealth of knowledge a company has in its people.
But you might ask yourself, what does it mean for mentees? Well – in a survey of 1000 employees undertaken by Gartner in 2006:
- 25% of employees who enrolled in a mentoring program had a salary-grade change, compared to only 5% of workers who did not participate;
- Mentees were promoted 5X more often than those not in a mentoring program;
For CEOs, Harvard Business Review found:
- 84% said mentors had helped them avoid costly mistakes;
- 84% said they had become proficient in their roles faster with a mentor; and
- 69% were making better decisions.
Research also showed that participants in mentoring programs were 40% more likely to achieve their goals if they write them down, however this success rate jumps to 70% of participants when they share their goals with a mentor.
Whether you’re the founder of a brand-new startup or an entrepreneur with a bit of business experience under your belt, the benefits of mentorship are numerous. Here are 8 benefits of having a mentor:
Finding a mentor who you aspire to be like, within your chosen profession helps you add to your network. It’s highly likely that should your mentor not have the answer to a question or problem, then someone they know will. They can introduce you to like-minded people and some of these people could be valuable connections throughout your career. Never underestimate the power and benefit of having a broad network of people – as they are the people you can call upon for information, advice or maybe a leg up in an organisation or an entry point into a new industry or profession.
2. Career progression
Having a mentor is a great way to find out about new job opportunities as they may hear about opportunities before they are advertised and should be willing to give you an introduction to any potential employer. Being introduced like this gives you a head start in the application process and its always great to have someone in your corner like a mentor.
Further, having a fresh set of eyes or someone with greater experience and perspective in an industry to review a job offer or opportunity can be helpful – to make sure it is the right move for you, will help you reach your ultimate goal and also to make sure you are getting a fair deal.
A mentor could be a sounding board at critical points throughout your career. They can provide guidance on career management, an insider’s perspective on business or make introductions to key industry contacts. If you have an idea for your business or product then having a mentor to bounce these ideas off can help you plan and organise how to put them into action and make them a reality.
Your mentor may be able to see potential pitfalls and opportunities that had not occurred to you, which could be the difference between success or failure. Mentors can save entrepreneurs valuable time and money by helping them craft a road map to success – usually curated from years of experience.
Motivation can be a hard thing to manufacture but telling your mentor you’re going to achieve something and setting yourself a goal means you have someone to hold you accountable to these goals. This means you’re more likely to take action and will therefore see results quicker.
5. Problem Solving
If you are having a problem at work, a mentor can give you helpful advice to navigate the problem in a professional way. Their experience and insight can stop you making mistakes and can give you the answers rather than you having to waste valuable time and money working out the right way to handle the situation. Additionally having a mentor outside your organisation can be beneficial as the advice is more likely to be bias-free advice not bounded by politics – for instance they can tell you the harsh truth such as its time to leave you job and find another.
Asking friends and co-workers for help when you’re struggling can be helpful but a mentor is likely to give you an entirely different perspective from anyone who knows you personally. They can offer you impartial advice from a professional point of view, which may help you see opportunities and challenges from a more constructive perspective.
An independent mentor can be honest and not guided by internal office politics – for instance if you are an excellent employee but you have no future in an organisation – your boss or co-worker may not give you honest feedback, but an independent mentor may suggest alternate employment options to realise your true potential.
7. Personal Development
Building a network of influential people who you can call on and that add value to your experiences is a great way to continue your own personal development. Talking through things with people more experienced than yourself can help you to learn and grow quicker. Since your mentor knows what additional skills and optional certifications are valued in your field, he or she can point you in the right direction when it comes to investing in your continued education and training. Having a mentor will also potentially open new and different perspectives – such as from a business owner vs staff member, a career veteran vs a new industry graduate. Having alternative perspectives allows you to adapt and develop, overcome obstacles, negotiate from different perspectives and understand strategic motivations.
8. Sharing success
A mentor is not only handy when you are having a problem at work. Sharing your successes with them can be hugely rewarding for them as well as for you, and can help you find out ways to build on this success in the future.
To learn more about MentorSelector or to find your mentor or life coach, please click here. We are always looking for more mentors to join our family – its a great initiative that is mutually rewarding for both mentor and mentee. Register now to become a mentor or a mentee.