With CFOs retaining a tight focus on cost, cash and capital control and expected executive rewards being challenged by RemCos, top teams are taking a creative look at the overall package of executive benefits. At the same time, the retention and recruitment of high potential, talented colleagues is a board priority.
Where compensation rewards are constrained, some businesses are looking to provide personal development opportunities such as business school programmes, profiling and mentoring. Few people want to be in a role with no progression, so what are the real benefits of mentoring for star performers?
Here are three to consider:
Increased understanding of strengths
Effective mentoring can provide stability, clarity of decision making and improved self-belief by unleashing individual strengths, which can in turn result in an appreciation of self-development within the company you are working with right now, rather than looking for other opportunities.
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Clear career progression
Top performers welcome the fact that their employer is investing in them and their careers and as the impact of mentoring becomes more visible to peers and leaders, individuals can improve their prospects by increasing the potential for making more impact. This creates a more energised future for themselves, their teams and organisations, with all the benefits that this provides.
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Deeper learning opportunities
Improving skills and broadening knowledge can increase confidence and focus, making existing roles more rewarding and encouraging increased overall performance. Understanding what energises and motivates people to come to work is crucial and can also have a positive impact on other areas of life, giving them the skills to embrace change and thrive in a world of uncertainty.
"Since starting my mentoring programme I feel re-energised; I have a more confident voice and my perspective matters, so I can add value, see a clear way ahead and help others understand how to do the same."
With retention being such a hot topic, understanding how best to retain our top performers is key – choosing to care about their futures and supporting them by offering mentoring can be a smart move.
Mentoring can go on delivering enhanced leadership performance levels far and above the investment required and not just for the individual concerned. Visible changes can be seen in a relatively short space of time, giving the organisation deeper insight into the extent to which development and further progression might be possible in the longer term, delivering the business benefit of having more capable leaders in the future.
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