According to Amy Barrett, a Bloomberg contributor, CEOs often underestimate the importance of mentoring. Business mentoring has several benefits, and it can help improve employee onboarding and performance. As she points out, CEOs need to expand their search beyond their immediate professional circles. By developing a relationship with a mentor, they can open up a whole new network of experts and contacts. A mentor may also introduce the CEO to other people who can help the business.
Business mentoring improves performance
CEOs who receive mentoring benefit from a variety of approaches. First, business mentoring is private, and the mentor is not allowed to share confidential information with other employees. Second, it must be consistent with the priorities of the organization. Finally, CEOs should have access to an adviser who can act as an informal coach. In this way, the relationship is based on the shared goal of achieving mutual success. It is possible to develop business mentoring relationships with CEOs by utilizing a combination of the following methods.
While there are many ways to find a mentor, the best way to get started is by searching online for a reputable organization. Some online business communities allow members to seek mentorship from other business owners. There are also groups for business owners on Facebook. In many of these communities, you can find groups dedicated to business mentoring, masterminds, and coaching. Small business owners and their employees can also use the Small Business Administration (SBA) for assistance. Its Small Business Development Centers offer free consulting and training to help entrepreneurs grow their businesses.
It fosters trust
While many people think of a mentor as someone who has experience in the industry, CEOs can benefit from a mentoring relationship just as much. The relationship between a CEO and a mentor is one of total confidentiality. There’s no way a CEO’s boss could contact the CEO’s mentor. And all interactions between CEO mentoring are designed to achieve a mutual goal. According to Jao, a mentor can provide a CEO with more than just knowledge on how to run a business.
Executive mentors are great storytellers. They can share insights and lessons learned from their own experiences. They can provide valuable guidance by asking probing questions and encouraging critical thinking. They can also introduce you to useful people. It’s no wonder that CEOs need mentors. However, many executives are too busy to find a mentor. Hence, a mentor should be someone who shares their personality traits, working style, and other characteristics.
It improves employee onboarding
Mentoring a new hire is an essential part of the onboarding process. It allows the employee to understand their role, establish relationships with colleagues, and understand power and team hierarchies. Sixty percent of manager report that their new hires failed to integrate into the team after they started working there. New employees need to be socially comfortable with the team, because integrating into a new team is directly related to their commitment and productivity.
CEOs need to take a leadership role in improving employee onboarding. Many companies have a strong HR team, but insufficient employee training can result in a lack of engagement and high turnover. As a result, a poor onboarding experience can cost a business a great deal of money. In addition, employee engagement is crucial to the future success of a company. When employees feel engaged and happy at work, they are more likely to stick around and do a great job.
It improves performance
The role of a mentor is often associated with a teacher or guide, but business mentoring can benefit anyone, including CEOs. Here’s why CEOs need mentors:
A mentor provides guidance and support for a CEO through a range of topics, from personal growth to professional development. While the CEO’s boss is not allowed to communicate with his or her mentor, the relationship between the two must be totally confidential. This encourages the mentee to disclose and seek out guidance on specific issues. Ideally, the relationship is based on mutual benefit. Coaches can also be a valuable source of insight and ideas, especially if the mentee is new to a field.
Boards often offer a mentor to new CEOs to help them transition to the role of CEO. Boards often believe that CEOs need a trusted sounding board to help them test their strategies and ideas. Boards view mentoring as a risk management strategy. The CEO’s mentor is not the CEO’s boss, but someone who understands the pressures of leading a company and its people. Having a mentor can help the CEO to make good decisions for the company.