The MBA Guide to Mentoring

Has your career mobility stifled?  Has your salary flatlined?  Perhaps you’ve fallen into the trap of trying to achieve your career success individually.  As a high achiever, you already know that many have achieved greatness.  We’ve read about them and you find tons of stories about they continue to do great things.  But they don’t achieve these things merely with their own effort.  They have help.  So many of try to gain success by impressing others.  Unfortunately, the ones we’re trying to impress aren’t really concerned with our success, only their own.  So how do you select the right people?  You must search and find those who are willing to invest in YOU.

Here are a few statistics to consider:

The Society for Human Resource Management (SHRM) notes in this article from August 2011:  “The Corporate Leadership Council of the Corporate Executive Board surveyed 880 high-potential employees. More than 25 percent said they planned to change jobs within the next 12 months. That’s potential attrition 2.5 times greater than just five years earlier. Among the dissatisfied, 64 percent said their current employment experiences are having little impact on their development.”

Inc Magazine says CEOs can’t find the talent they need.

In an overview of its “2011/2012 Talent Management and Rewards Study, North America,” Towers Watson says, “…almost 60% of North American companies are having trouble attracting critical-skill employees, an increase over 2010.”

In an article from The Wall Street Journal on reverse mentoring: “In an effort to school senior executives in technology, social media and the latest workplace trends, many businesses are pairing upper management with younger employees in a practice known as reverse mentoring. The trend is taking off at a range of companies, from tech to advertising.”

For my friends in the UK:

Sage surveyed more than 11,000 small and medium sized businesses in 17 countries across the world, to find out their attitudes towards business mentoring. Here’s what they found.

  • 93% of small and medium sized businesses acknowledge that mentoring can help them to succeed.
  • 28% of small and medium sized business currently make use of business mentors
  • 27% of business decision-makers would be most likely to go to people they know for business advice and mentoring.
  • 9% of business decision-makers would go to ‘select business mentors’ as their first option for business advice.

There are so many things you can learn from mentors.  Think about it.  Why do you read a book?  To learn from others.  But you can’t usually get access to the author to understand how to mold their advice from the book to fit your situation.  But mentors can help you do that.  While it’s hard find statistics that identify the impact mentors have, some mentoring statistics show that professionals who have used a mentor, earn between $5,610-$22,450 more annually, than those who perhaps didn’t use a mentor.  That’s a pretty good benefit, at the very least.

Stop chasing dreams by repeating lessons others have already learned.  Your career should be a learning experience but don’t make it one full of things you wish you hadn’t learned.

Before you head off to find a mentor, check out our latest ebook release, The MBA Guide to Mentoring.

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