Mentorship’s transformative touch4 min readReading Time: 3 minutesReading Time: 3 minutes
Mentorship stands as an indispensable catalyst in the business realm, especially for those poised to initiate a venture, diversify their professional undertakings, or seek wise advice on their journey. The alliance with a mentor, armed with expertise and a profound understanding of the industry, opens doors to a reservoir of knowledge, accelerating the learning curve and simplifying the comprehension of intricate concepts for the mentees. This intellectual companionship aids in the articulation and realization of tangible goals, fostering skill development and imparting crucial career guidance. Beyond the personal growth and development that mentorship cultivates, it is a conduit to expand one’s professional network. It links mentees with influential individuals and resources pivotal for realizing their professional aspirations. Experienced mentors uniquely position themselves to deliver constructive criticism and insights, producing tangible results and substantial professional advancement.
According to a survey by CNBC and SurveyMonkey, about 91% of workers with a mentor are satisfied with their jobs, compared to 81% of workers who don’t have a mentor. A survey by the Association for Talent Development found that 29% of employees who had participated in a formal mentoring program had a salary grade change, compared to only 5% of workers who did not participate. These numbers indicate that mentorship programs can play a significant role in career advancement. A study by Deloitte found that millennials planning to stay with their employer for more than five years are twice as likely to have a mentor (68%) than not (32%), highlighting the role of mentorship in employee retention.
However, 71% of executives tend to mentor individuals who share their gender or racial background. It becomes problematic considering the demographic composition of leadership in major corporations, predominantly white and male, which consequently limits access to mentorship and career progression for people of color. It is essential to highlight that there is an underrepresentation of Hispanic, Latinx, Asian, and Black individuals in CEO positions; this issue connects to the lack of diversity in mentor-mentee relationships. As of 2023, only about 6.6% of Fortune 500 CEOs are women, and the number of CEOs of color is even lower.
In Coursalytics, we’ve organized a series of 1:1 mentorship sessions with seasoned experts for the senior executive team of a top IT company. The management of our clients has grown within the company, and they wanted fresh external insights to develop further, so they asked for our services. We put together a group of experienced mentors to lead 1:1 sessions covering strategy, wellness, HR, and more, all to supercharge business performance. Is external mentoring or coaching for senior executives something your company may benefit from?
Engage with distinguished professionals in a thought-provoking dialogue on mentorship, integrating both academic insight and practical expertise in human capital, innovation, finance, and project management. They will guide you toward effective mentoring strategies for professional growth. Have a look at the experts’ profiles and book the perfect match for your professional development needs via Coursalytics.com:
Senior Fellow in Human Capital and Chief-Reframer at Reframe.Work Inc
• Adjunct instructor at NYU to mentor Fortune 500 companies and individuals in modern workplace strategies and inclusive practices
• Сo-founder of the Strategic HR Analytics Meet-up that, over the past five years, has been bringing together almost 2,000 members in the NYC area to shape their thinking around people analytics
• Mentor in human capital development with extensive experience in transforming corporate workplaces through technology, analytics, and human-centered design at firms like IBM and PwC Consulting
Senior Lecturer in Technological Innovation, Entrepreneurship, and Strategic Management
• Consultant and executive educator in leadership, strategy, and organizational change
• Worked with various companies, helping them develop their strategy and the capabilities and culture to deliver it. Examples of her clients include American Express, Citibank, Deutsche Bank, Google, Oxford Instruments, etc
• Regular contributor to Harvard Business Review and writer
Professor of Finance, The Rothschild Chaired Professor of Banking, Co-Director of the Hoffmann Research Fund
• Research, published in top-tier journals, spans topics like asset management, corporate finance, and behavioral finance
• Consultant in strategic issues related to governance, financial strategies, and growth
• PhD in Financial Economics from Yale University, alongside with qualifications as a CPA and Auditor
Professor of Project Management & Strategy Implementation
• Recognized by Thinkers50 with the prestigious award “Ideas into Practice” and is ranked #4 in the global gurus’ Top 30 list
• Sustainability Transformation Program Director at GlaxoSmithKline Vaccines and Head of Project Portfolio Management at BNP Paribas Fortis
• Advised hundreds of senior leaders on prioritizing and implementing strategic initiatives and leading transformational change in companies like Nestle, L’Oreal, Google, Metlife, KLM, etc.
In any case, the concept of mentorship must evolve beyond the traditional confines, recognizing that mentorship is a reciprocal relationship. Engaging in mentorship as both a mentee and a mentor enriches one’s professional journey, fostering a culture of mutual learning and growth. As we embrace this paradigm shift, mentorship transforms into a partnership, a collaborative endeavor with the potential to influence the trajectory of one’s career profoundly.