So, what do top performing leaders have in common? They’ve all received some form of mentoring throughout their careers to get them where they are today.
In fact, Harvard Business Review surveyed 45 CEOs who had formal mentoring in place, and found that ‘71% said they were certain that company performance had improved as a result. Strong majorities reported that they were making better decisions (69%) and more capably fulfilling stakeholder expectations (76%).
While it’s certainly not a new concept in the business world, but it can be lonely at the top and many leaders find it challenging to know how they’re performing – and what exactly they need to do to be more effective in their role.
As a business leader you have to frequently make decisions concerning matters that have never before been undertaken. In such high-stakes conditions, leaders require wise mentoring with apparent rules of engagement to ensure total confidentiality.
Finding the right mentor can sometimes be the difference between success and failure. By working with a mentor, leaders are able to benchmark how they’re performing as well as be held accountable from a wise role model, someone with genuine guidance based on true-life experiences.
Here’s how some of our top performing members benefited in key areas of their business from having a mentor:
Transitioning into the C-suite
There are a number of challenges involved in transitioning from a functional executive into the C-suite. By engaging with a mentor who has personally experienced such transitions, new leaders can gain access to perspectives that are uniquely contextualised and personalised. These ongoing relationships are often one of the most important when it comes to giving leaders the confidence to tackle new issues as they arise, particularly in areas that fall outside their core expertise and experience.
This is exactly why Director of Save Sight Institute and Professor of Ophthalmology at the University of Sydney Peter McCluskey, was drawn to seeking an experienced mentor.
‘I look after a lot of people, a lot of students and do a lot of administration, plus working as an eye doctor, a researcher and a teacher. Moving to this role was a big, big change and involved a lot of learning on the fly.’
‘TEC has really been a fabulous sounding board for helping me make sure I understand what the problems are that I was facing with personnel, strategy and implementation,’ Peter explained.
As someone who transitioned into a Director role from a research and teaching background, Peter wanted to ensure he had the right skill set, outlook and thought processes to successfully lead the institute, which is where mentoring made a measurable difference.
Building and retaining top talent
One of the many challenges affecting businesses regardless of the industry in which they operate is building and retaining top talent.
Managing Partner of Marsh & Partners Bronwyn Condon found that both external and internal mentoring is essential for retaining and developing employees throughout the firm.
‘We have a mentoring program within the firm where we ensure accounting graduates are getting to whatever level they need,’ Bronwyn explained. ‘Beyond that is when I get involved directly. That means ensuring they can move from an accountant to a manager role and eventually a partner.’
Bronwyn has experienced firsthand the impact of this talent strategy in action, with a number of different employees advancing their careers within the firm. ‘We’ve got a lot of people who have been here for 10, 12 years who have worked their way up to the manager level. They wouldn’t be here if we didn’t have a strong mentor process in place.’
Having the right mentor that understands the importance of a talent strategy is crucial to business success, and leaders who can implement this strategy will set the organisation up for future growth.
Mentoring extends across the C-suite
Traditionally, mentoring is viewed as a one-on-one connection. While this is a still a valuable way to pass on insight, there’s also merit in extending this connection and bringing it into a group situation. Spending time with a group of senior executives, who share similar experience, insights and challenges associated with their respective industries helps to broaden and develop leadership perspective.
That was certainly the case for WBP Property Group CEO, Greville Pabst. Greville believes that the group connection is one of the most important parts of his mentoring experience. By attending both his monthly one-on-one mentoring session and meeting with his peer network of senior executives, Greville is able to project his ideas and refocus.
‘Not only do I have an experienced business mentor, I also have sixteen or seventeen other CEOs that I can talk to,’ Greville said. ‘We can all speak in trust and with confidence and I just think that is a really understated resource that TEC brings to its members.’
Greville explained that a key component of his mentoring experiences is the ability to help keep him grounded, ensuring his ideas and aspirations remain realistic for the future. On top of this, the members’ diversity means that no two opinions are the same.
‘We keep each other very accountable, that’s for sure. We have a vast wealth of experience from all walks of life. It’s been a great learning experience for me’ Greville explained.
Mentoring remains a valuable and versatile method of enhancing business success and ensuring leaders have the confidence, skills and knowledge necessary to make key business decisions. When business leaders fail to seek outsider input for support, their companies can suffer.