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(MENTORING) Retain Top Talent & See High ROI

(by Rene Petrin )

According to a 2008 Deloitte Research study, “Research suggests that a company’s ‘stars’ are the first to be poached by competitors and are less likely to stay. Moreover, a study of investment banks found that when imported from elsewhere, stars rarely sustain their performance in the new organization.” The last thing you want to see is your top people walk across the street to one of your competitors. Talent retention affects the bottom line not only by reducing costs, but also by building an effective workforce. Companies often invest hundreds of thousands of dollars in recruiting talent but then stop there and miss the opportunity to get the best return on their hiring investment.

Some organizations invest in a “buddy” system, which is a good investment, but it’s a short-term (2-3 months) solution and addresses only the issues of adjustment. Mentoring, however, is more strategic and aims to do the following:
• Demonstrate to new employees the company’s investment in their future with the organization.
• Create a more effective contributor to the company’s overall goals
• Engender a sense of loyalty in employees

Think of it this way: loyalty breeds longevity. If you invest in nurturing your top talent early on, the less likely you’ll be dealing with the scenario of him or her walking across the street to another company.

Here are 3 Mentoring Skills ALL Good Mentors Have! All mentors are unique in the skills they bring to mentoring.  But there are 3 that are the most critical in being an effective mentor.

1.  Be a good listener. This means not just listening to the words but to the whole communication: body language, tone of voice, gestures, etc. Many mentorees feel that when engaged in a mentoring session it is the only time where they get to speak and be heard. Being a good listener invites the person to share within a safe space. 

2.  Be a good facilitator and not a manager. Mentoring is a partnership between the mentor and mentoree not an employment relationship. It is sometimes difficult for mentors to step back and not take control of a situation as they feel by doing so they could solve the mentoree's problem. But this does not empower the mentoree. Facilitating involves sharing ideas, providing resources and offering sage advice when appropriate but not solving problems for the mentoree. "How do I assist my mentoree to gain what s/he needs to resolve the issue for themselves?"--that's the mantra of a good mentor.

3.  Be empathic. Understand things from a mentoree's viewpoint.  Provide support in terms of resources, encouragement and validate their feelings. It doesn't mean you have to agree with their perspective but it is important for the mentoree to feel that you are there and have genuine concern for them. 

Practicing these skills will not only make you a better mentor but will also make you a better co-worker.

Rene Petrin is the President and Founder of Management Mentors, Inc. He can be reached at 617-789-4622 or  Visit his website HERE

(10/24/2013 6:53:39 AM)
1vgEnG Major thankies for the post. Cool.

- NY

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