A new report from the Association of Business Mentors shows that 65% of business leaders felt that the mentoring they had received helped them directly boost their revenues, and 64% said the same of their profits. The research also showed 7 out of 10 business leaders said working with a professional business mentor improved their mental health and confidence.
I’ve found those benefits to be true in my own career. As the report also said, it can be harder than expected to find a business mentor.
Having recently celebrated National Leadership Day on Thursday, my thoughts have been on leadership development and ways that mentoring has fueled success in my own financial services career, from my first banking job to my current role as a Fortune 50 company leader in Nevada.
Ivan Ferraz
Throughout my career, early career to midcareer, mentors have helped keep me nimble, innovative and avoid stagnation. Most importantly, though, they have always provided me with a unique perspective on how to handle business challenges. Learning to reframe a situation and apply a new point of view has been invaluable in my role as a senior leader. From early career to midcareer, having mentors has kept me nimble, innovative and even out of ruts at times.
In my experience, there are two important factors that outweigh others for both mentors and mentees in business.
Skills at stages
In the early stage of a career, mentorship is often internal, possibly company focused, prioritizing the rote skills needed to navigate the industry.
The mentor acts as a guide helping to blaze a trail and build an important foundation. Early-stage career mentors can have a positive impact on mentee salary increases, exposure, awareness and performance, compared with their non-mentored counterparts, according to Financial Management Magazine. Further, as a result of increased engagement and leadership awareness, early career mentees may achieve promotions at a faster rate than their counterparts as well (44.6 months vs. 59.4months).
At the mid-career level, a senior mentor can help develop strategic skill sets with an external focus that extends beyond company or industry.
Many business leaders may plateau in midcareer, and a skilled mentor can make the link to acquire additional skills or find additional projects to handle. The mentor might even advocate or sponsor the leader for key “stretch” assignments. As a result, mentored managers are also most likely to see the largest salary increases compared with their non-mentored counterparts (6.3% vs. 3.9% annual salary increase).
A mid-career leader could also find themselves strategizing on complex decision making and hiring manager skills with their mentor, which could lead them to senior-level career opportunities and roles.
The mentor relationship
Some of my most-influential mentors have come from outside my industry, even sometimes from unexpected sources, such as social and community activities outside of business.
Regardless of where mentors are discovered, the key is that it takes a commitment of time by both mentor and mentee, and each must be consistent about meeting. It could be monthly, every other month or even quarterly, but committing to a regular meeting schedule is essential to success.
The meeting does not have to be long: 30 to 45 minutes will do. But the mentee needs to prep for the meeting with their mentor just as they were attending a meeting with their boss.
The mentee should be prepared with issues, concerns and career ideas to discuss with the mentor. It is critical that both sides should find the conversation beneficial, and the relationship both positive and synergistic.
In recognition of National Leadership Day this year, make sure to find and connect with a mentor who can provide you key networking and connecting opportunities that can take your leadership influence to the next level in your career.
Ivan Ferraz is the Wells Fargo Commercial Banking leader in Nevada.