Mentoring 101: What to expect and how to make the most of the relationship
Considering a mentor to help boost your career? Here, we break down the essentials - what to expect from a mentor-mentee relationship, how to make the most of it, common challenges, and ways to overcome them.
Steve Jobs and Mark Zuckerberg. Mahatma Gandhi and Jawaharlal Nehru. Maya Angelou and Oprah Winfrey. Just a few iconic mentor-mentee duos that shaped history.
Sure, Zuckerberg, Nehru and Winfrey achieved success on their own merits. But part of their rise to the top came from having a trusted advisor in their corner.
Mentoring is nothing new. Alexander the Great, for example, put much of his success as a military leader down to his relationship with mentor, Aristotle.
Why has mentorship stood the test of time? Because it works. A study in the US found that employees with a mentor at work are happier and more likely to say they’re well paid.
So, as you navigate the early years of your finance career, now could be the perfect time to seek out someone who can help guide you.
But before you start shortlisting candidates, it’s important to understand mentoring: what it is, what you should (and shouldn’t) expect and how to make the most of the relationship.
What is mentoring?
Although they share some similarities, mentoring is different to traditional coaching.
Mentoring is typically when someone further along in their career shares informal, personalized advice and guidance with someone less experienced, over a long period of time.
Coaching, on the other hand, involves someone specifically trained helping a person develop and improve a certain skill or reach a goal. The relationship is generally short term.
What are the benefits of mentoring?
Mentoring can benefit both parties.
- For the mentee, the pros are: skill development, career growth, increased confidence, networking opportunities - and more.
- For the mentor, the upsides are: legacy building, leadership development, fresh perspectives and the satisfaction of giving back.
What to expect from a mentoring relationship
Knowing what to expect from a mentor is key to avoiding any confusion or disappointment.
Here’s a rundown of what a mentor can help with:
| Guidance and support | Mentors offer advice based on their experience. They’ll have worked in your industry (or another) for several years, so will be able to give insights and practical advice. |
| Goal setting | Your mentor can help you figure out where you want your career to go and set goals to help you get there. |
| Feedback | A mentor will offer you feedback on your work or decisions related to your career. For example, whether a job move is a good idea or not. |
| Networking and connections | Your mentor can often connect you with other people in your field and make valuable introductions which can help expand your network. |
| Emotional support and advice | Your mentor has quite likely walked in your shoes so will be able to offer advice on work/life balance and other important decisions. |
What mentors won’t do
It’s important to bear in mind that your mentor won’t:
- Solve your problems for you
- Do your work
- Tell you what you want to hear
- Be accessible 24/7
- Be your therapist
How to make the most of mentoring
As with any relationship, you get out what you put in. Yes, you’re relying on your mentor to help steer you toward your goals with their advice and suggestions. But you need to put in the legwork too.
Here are some ways to maximise your mentoring experience:
Be open and receptive
This isn’t the time to get defensive or take offence. Your mentor wants the best for you. Even if their advice isn’t quite what you want to hear, be willing to listen and open to feedback. And never be afraid to ask questions.
Set clear goals
To avoid wasting anyone’s time, establish your goals early on and be explicit about what it is you hope mentoring will do for you.
Take initiative
This is a two-way relationship. Don't rely on your mentor to lead the conversation. If you have topics or questions you’d like to discuss, come prepared to your meeting or drop them a note beforehand with a list of points you’d like to cover.
Be consistent
Regular check-ins are crucial for progress so try to show up to all your meetings and make sure you follow through with any actions from the previous meeting.
Common mentoring challenges
You can enter into a mentoring relationship with good intentions, but challenges can pop up along the way.
Here are 3 common obstacles and how to avoid them:
1. Mismatched expectations
If you and your mentor aren’t aligned on goals or approach, it can cause friction. So, make sure you set expectations from the beginning. Consider writing them down and sharing them with your mentor (you could use a shared Google doc, for example).
2. Lack of communication
If you're not satisfied with how the mentor relationship is progressing or feel your expectations aren’t being met, speak up. Your mentor is offering their time for free (usually) and won’t want it going to waste. Regular check-ins are a great way to discuss progress and share ideas for improving the relationship. This goes for both you and your mentor.
3. Time constraints
Both you and your mentor are busy people with day jobs and other commitments. Carving out time in both your diaries for mentoring sessions can be hard. To overcome this, agree on a time and date to meet in advance. Consider meeting on the same day every month (e.g. the last Friday of the month). Or, use tools like Calendly or TidyCal to help with booking slots.
A mutually beneficial relationship
If both sides stay committed, great things can come from a mentoring partnership - for mentor and mentee.
Laying the groundwork from the beginning - by setting clear expectations, boundaries and goals together - will ensure you both get as much out of the experience as possible.
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