It is a powerful tool that allows younger professionals to start their careers in new companies or careers. However, this may not always be true as there have been many underrepresented groups in professional settings.
According to Investment News, there are other ways to make it happen. A professional in reverse mortgage lending is one of the people who came up with this conclusion. Kellan Brown (VP of retirement strategies, Finance of America Reverse) shared her thoughts on how to build better mentoring relationships and achieve more of the goals of elevating professionals who are underrepresented.
Jean Heath (Managing Director and Head of Envestnet Inc’s Asset Manager Network) also contributed to the discussion.
“The fatal flaw with mentoring, Heath and Brown said, is that it’s so commonly referenced that it has become almost meaningless,”The story is simple. “What is a mentor anyway? A career coach? A boss who takes time to listen to you? A confidant who lets you weep on their shoulder?”
This lack of a standard definition of mentoring has resulted in different definitions of success, but also created a new opportunity for businesses to reinvent the concept of mentoring.
“Heath and Brown are doing just that, by centering mentoring around metrics and measurable results — the bull’s-eye that until now has been missing for the silver bullet,”The story is simple.
According to Brown, the key to a long-lasting mentor/mentee relationship lies in a good match between leaders and subordinates.
“Mentoring confusion is perpetuated when senior leaders who have had meaningful but loosely defined mentoring experiences try to simply replicate their own haphazard history,” the story reads based on Brown’s input. “Change the game by first defining the goals for different types of mentoring relationships, then engineering matches designed to achieve those goals, Brown said. Mentoring needs to have a focus, whether that’s helping the mentee develop specific skills, translate high potential to high achievement, or network across the enterprise, she said.”
The FAR has adopted a matchmaking platform to help find the right combination of mentors and students. This was a result of Brown’s efforts. The platform also tracks data about the pairing, including business activity.
“Get the data on retention and turnover so you can see what works,”Brown spoke to the outlet.
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