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Why Professional Mentorship is a Highly Underrated Business Tool

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StrategyDriven Talent Management Article | Why Professional Mentorship is a Highly Underrated Business ToolIf you’ve never heard of a mentorship program, look no further.

Mentorship programs are often overlooked by business owners because they’re seen as an expense instead of a beneficial investment. You should understand the importance of mentorship because it will help you and your company.

Mentors can provide a plethora of benefits to employees and business owners that allow them to make better decisions and improve their workspace. This will allow any business owner to earn more money in the long run.

Keep on reading to learn more about mentorship programs and what they can do for your business!

What Is a Mentor?

A mentor is someone that can enter a company and guide both the employees and owners. They act as the eyes and ears of the operations because they’re constantly involved with employees and see what goes on daily.

Depending on the size of a company, there may be multiple mentors. The more employees you have, the more mentors you’ll want so that everyone can get mentored equally.

Mentors typically go to school to learn how to deal with people. They’re effective at providing support to others and giving business recommendations when needed. You can learn more about the experience that mentors have if you’re interested in hiring them.

Asking Questions and Getting Advice

One of the main benefits of mentorship programs is that they allow employees to ask a question and get advice whenever they need assistance.

Many employees, especially newer ones, struggle to get the hang of things when they enter a new job. This is because they’ll go through a standard training procedure that all employees do and will be expected to start working efficiently right away.

The problem with this is that each role needs to be trained in a certain way so that employees aren’t confused about what their job is.

Bringing in someone to mentor employees will ensure that they do their jobs consistently and effectively because they’ll have someone that’s always available to answer questions.

Receiving a Different Perspective

It’s important to hear from another perspective before deciding to do something because it helps you guarantee that what you’re doing makes sense.

One of the mentorship program goals that most programs have is to provide unbiased and useful information. Whether a business owner or an employee is looking to hear from someone else, a mentor can give them their thoughts and explain other scenarios.

Improving Key Skills

The main purpose of mentoring is to guide someone through a process by helping them improve their key skills.

If you have a new IT employee that doesn’t know how to repair a broken motherboard, a mentor can show them what they need to do. In this case, the mentor would act as a trainer.

Should your employees constantly complain about not knowing how to do things, your mentors will tell you how you can make the training process better.

Venting with a Trusted Person

Although a mentor will often assist employees with tasks, they’ll also be a person that employees can go to when they want to vent. If an employee feels as though they can’t express themselves, you’ll usually see a decline in their work because they’ll feel stressed.

Similar to a counselor-patient relationship, mentors won’t disclose the personal information that’s shared between them and the person they’re mentoring.

Expanding Networks

Mentors give employees and business owners the opportunity to expand their networks by introducing them to new people. Most mentors have worked with several companies, so they can give you contact details and mention you to others.

Even inside a business, a mentor can expand a new employee’s network by introducing them to other coworkers. It’s common for employees to not know everyone within a company, especially if it’s larger.

This benefits business owners because they can start partnering with other companies, and it benefits employees because they’ll be able to interact with more people and feel included.

Methods and Strategies

Every business has a set of methods and strategies that they employ to fulfill their services. A mentor can drill these things into employees, making them better employees as they won’t feel lost when they’re working.

If a strategy is outdated or isn’t working as effectively as it should, mentors will make recommendations to improve the system. They’ll have a better idea of what’s working because they’ll be interacting with various employees daily.

Confidence to Make Better Decisions

Having a mentor gives employees the confidence to make better decisions because they’ll know they can fall back on someone if they mess up.

Their guidance encourages employees to make bolder decisions, even if there’s a lot of risks involved. They’ll do the same with a business owner that’s struggling to decide on something.

Start Looking Into Mentorship Programs Today

Investing in a mentorship program is one of the best things you can do as a business owner because you’ll save a lot of time and money in the process. Instead of having to deal with employees when they’re stressed or don’t know what to do on the job, a mentor will take care of that.

If you own a business, we encourage you to start looking into mentorship programs in your area to help you take your business to another level. You’ll quickly notice that the company is more productive, ultimately allowing you to maximize your profits.

Browse our articles to learn more about mentorship programs and other business ideas.

How to Reduce Employee Turnover Rate

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StrategyDriven Talent Management Article | How to Reduce Employee Turnover RateEmployee turnover rate refers to the number or percentage of employees who leave an organization and have to be replaced by new workers. Employee turnover is a common issue affecting both big and small firms. The problem with employee turnover is that it costs a lot of money and time to replace an employee.

According to a report by the Society for Human Resource Management (SHRM), the average cost of replacing a single employee can be as high as $4,425. The cost of replacing an employee may include the onboarding and training expenses, severance benefits, and fees for processing technical details and documents. The figure also includes any time lost during the recruitment and onboarding process. So, how can you reduce or prevent employee turnover and avoid losing valuable time and resources?

Hire the Right People

The very first step towards avoiding a high turnover rate is hiring the right people to begin with. Create thorough hiring, recruitment, and onboarding process that sieves through the job applicants to find the most suitable candidates to work in your company.

Although skills and qualifications are important, selecting the right staff goes beyond examining academic and professional achievements. Scrutinize candidates on soft skills that would come in handy for the job position. Also, ask about the candidates’ career paths and goals to see if they align with what your company has to offer. These are excellent criteria to measure whether a candidate will be happy and satisfied with their position in the business.

Create A Flexible Work Environment

The 9-to-5 workplace regimen seems like an outdated and traditional workplace arrangement nowadays. Many employees are now looking for more flexible workplaces where they can balance their work and personal life more easily and conveniently. In fact, most employees value workplace flexibility more than other job descriptions.

Flexibility defines things like working hours, collaborations, workload, deadlines, and rules about absenteeism and reporting to work.  With modern IT solutions, you can have employees working from home, on a contract or freelancing basis, or even during odd hours. In such a case, however, you have to implement work from home policy guidelines to ensure accountability. Remember, the goal is to create a relaxed atmosphere without compromising productivity.

Offer Competitive Salaries and Benefits

One of the main reasons why people go to work is to earn money. Offering competitive salaries and benefits can help your business attract exceptional talent and retain employees. Money is a great incentive that you can use to lure employees into dedicating their time and effort to meeting the company’s goals.

You don’ even have to raise your salaries and benefits by thousands of dollars. Just take a look at what other employers in the same industry are paying their staff and raise your offering by a noticeable margin – and that should be enough to discourage competitors from poaching your employees.

Praise and Reward Exceptional Employees

Besides compensations, benefits, and salaries, you should also look into recognizing and rewarding exceptional work and employees. Recognizing your workers’ efforts and rewarding their hard work accordingly makes them feel valuable and important to the company. This gradually develops into building trust and long-lasting relationships between the employees and the employer. Plus, a fair reward and recognition system helps motivate morale and determination among the workers, which leads to higher employee satisfaction and productivity.

Many employers fail to see the importance of their employees, probably because they think they’re dispensable. However, your employees are most certainly one of the essential assets that your business has. Employees are the lifeblood of any organization that needs human input or labor, which is why they must be valued and appreciated. And although employees can be replaced, it’s a costly process, and a high turnover rate can hurt your operational costs and productivity significantly. So, work on ways of retaining your employees to avoid expensive surprises along the way.

Do You Have What It Takes to Hack It as a Female Founder?

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StrategyDriven Entrepreneurship ArticleWomen’s curiosity and interest in entrepreneurship is at an all-time high. Getty Images has seen a fourfold increase in searches for “woman entrepreneur” photos in the last year alone. With the popularity of television shows such as Shark Tank and The Profit, more and more women are wondering if they have what it takes to be a female founder.

It takes more than having a good idea to be a successful entrepreneur. While there are a vast range of personalities, educations, and backgrounds among female founders, there are a few personality traits that are paramount to hacking it as a woman entrepreneur.

Passion is one such trait. To be a female founder, you must be passionate about the product or service you have devised to solve a problem. Authentic passion is what helps women find the best employees, sell their customers, and sell potential investors. If you don’t believe in yourself and your idea, no one else will, no matter how good it is.

Having enough grit and self-motivation to overcome setbacks and disprove early nay-sayers is another important characteristic of successful women entrepreneurs. The women who use negative statements as fuel for success instead of self-doubt are the ones who build ideas into thriving companies. Entrepreneurship is a high-contact emotional sport. If you get knocked down or denied seven times, you need to stand up eight times and keep pushing to make your dream a reality.

Long-term vision is needed for women to make the leap into entrepreneurship. Our tendency to be risk adverse serves us well after we launch a company, but that same tendency can having us making lists of reasons why we shouldn’t launch our own businesses. Female founders typically have the ability to see the big picture and justify the risks and challenges that come with startups because they know they will be successful.

If you have an amazing idea as well as the traits outlined in this article, you have what it takes to hack it as a female founder. Take the time to validate your idea and market, map your business plan, and prepare for the ride of your life!

About the Author

Danielle Tate is the author of Elegant Entrepreneur and founder and CEO of MissNowMrs.com, a multimillion dollar online name-change company. As a female founder in her 20s she noticed that few business guides offered step-by-step advice to smart but inexperienced entrepreneurial woman.

5 Leadership Lessons I Learned from A Billionaire Investor: Ray Dalio

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StrategyDriven Management and Leadership Article | 5 Leadership Lessons I Learned from A Billionaire Investor: Ray DalioThe name of hedge fund billionaire Raymond Dalio triggers emotions of adoration, admiration, and even dislike. That’s the effect success has on people. You do not climb your way up without meeting people who have mixed feelings about you. This should not deter you, and if anything, it should motivate you to be a better version of yourself.

The success, and sometimes, failures of Dalio has made him an inspiration to many. He is on record for saying we make millions of decisions during the course of our lifetime. These decisions, or the logic behind them, determine the quality of lives we lead. While many of us are afraid of failure, Dalio fears mediocrity and boredom.

These are the hallmarks of a true leader, be it in business or politics.

Born in 1949, the American investor, philanthropist, and hedge fund manager is the founder, Co-Chief Investment Officer, and Co-Chairman of Bridgewater Associates, one of the world’s leading hedge funds with a more than $130 billion in assets under management.

With a net worth of $18.7 billion, Dalio started investing at the age of 12 and his life has revolved around finance. There is no doubt that he has lot to teach people and you can learn to be a better leader by imitating how he has managed the investment firm he launched from his apartment in 1975, around the same time that Bill Gates and Steve Jobs founded their tech companies.

Here are five leadership lessons that you can learn from Dalio.

1. Hire people who are better than you

The self-made billionaire is a firm believer in the importance of the people you hire for your business. After many decades of hiring, grooming, and firing people, Dalio says one of the best decisions you can ever make as a business leader is hiring someone who is better than you.

The key to this is the ability to recognize talented employees who bring a particular skill set on the table. This means that if you have people on your team that can perform a certain task better than you, it takes away the need to micromanage them.

This has two advantages. It gives you much time and room to focus on the bigger picture of managing your business. You can spend more time growing the business instead of fulfilling tasks that can otherwise be done by your employees. Secondly, employees are more productive when they are left to their jobs with little to no micro-management.

Real leaders know how to choose the members of their team.

2. No harm in making mistakes

Mistakes are a part of life and there should be no shame in making them once in a while. However, Dalio points out that not correcting them is a big mistake. You have probably heard making the same twice is a choice because you have an opportunity to correct it.

A mistake needs to be identified, analyzed, and lessons learned to prevent the same thing from happening again in the future. A common issue that many organizations face is the lack of courage to personalize mistakes, but more often, generalize them.

At one time in the early 1990s, Ross Waller, the head of trading at the time forgot to place a trade and cost the company some money. Dalio did not fire Waller but instead created a management tool to deal with mistakes and errors.

Dalio learned from the experience that people deserve second chances. He also capitalized on the mistake to develop new methods that can be used to achieve desired goals.

3. Be open-minded

Open-mindedness is one of Dalio’s important lesson yet the hardest. Being open-minded goes hand-in-hand with the ability to evolve fast and learn new things quickly. Some of the techniques that go a long way in helping you to be open-minded are:

  • Feedback – try to get as much feedback as you can especially from other successful people that are not in your immediate circle of mentors.
  • Spend around 90 percent of your time on what you don’t know and the remainder putting what you know to good use.
  • Be an avid reader and on the lookout for new ideas.
  • Listen to people who don’t disagree with you.

4. Taking risks with humility

Dalio became popular in the early 1980s when he pointed out that American banks were overloading Latin American countries with debt. He was proved right when Mexico’s president announced that his country was not able to repay its debt amounting to $80 billion.

He became the go-to person on financial issues. Analysts and the U.S. Congress sought his advice on what would happen next. He predicted that the American economy was headed towards a downturn.

It didn’t happen. In fact, the opposite happened. Stocks went up and the U.S. economy was in a bull market. Dalio was wrong and lost money for his clients. He had to borrow money from his father to pay the bills.

After recovering, he realized that he was not going to stop taking risks, but was going to do so with humility and a changed mindset. He became more open-minded and diversified his portfolio. He has tried to maintain a perfect balance between what he knows and doesn’t.

5. Don’t build walls in your company

One of the biggest mistakes that companies make is personalizing their departments so much that the employees are isolated from each other.

Dalio suggests that employees should be allowed to mingle as much as they can in order to share knowledge and motivate each other to perform their jobs better. Having no walls allows team members to bond and increase productivity when they work together on projects.

This does not literally mean that companies have to break down walls and have an open office space. It’s all about encouraging communication amongst employees and possibly having an open-door policy where employees can feel comfortable approaching each other with their problems.

Conclusion

One of the traits of intelligent people is learning from the experiences of others. Whether it’s value investing in Singapore or learning a new language, it makes sense to learn from those that have traveled the journey before you.

The investment world is filled with successful figures such as Dalio, Warren Buffett, George Soros, and more. They have made a few mistakes along the way. We should learn from them. These great leaders also teach us what it takes to be a great leader. There is no shame in copying what is right and noble.

4 Guiding Principles That Serve as a Foundation for Leadership Success

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StrategyDriven Management and Leadership Article |Leadership Success|4 Guiding Principles That Serve as a Foundation for Leadership SuccessEarly in my business career, I worked as a team leader on a high-level project. I had what I thought were great ideas, and I was excited to jump in and get started. I immediately doled out assignments, telling everyone exactly what to do and how to do it. Unfortunately, one of my team members disagreed with the vision that I tried to share.

I didn’t spend the time I should have explaining my reasoning and collaborating with my team to ensure that we all felt we were moving in the right direction. As a result, this lone team member did all they could to sabotage the project, and it was ultimately a failure.

Since then, I’ve come a long way, leading many successful and profitable companies, and I’ve learned a few things about the best way to do it. In fact, I have come up with a set of 4 guiding principles that have been successful for me many, many times over.

1. Trust

Trust is perhaps the most important principle in leadership. If you build trust within your organization, then it will run smoothly. I’ve learned through experience that micromanaging doesn’t work. If someone can do the job, and build that trust with me, they deserve to play an integral part in the company. If they don’t build that trust, they probably don’t belong in our organization. While everyone needs self-discipline, it can’t come from the top down. It has to come from personal ownership and pride in what they’re accomplishing.

2. Vision

Clear business goals are almost always the key to success in both the short and long-term. You need a clear vision of where you want to go, what you want to accomplish and how you will achieve it. Stephen R. Covey, someone I admired greatly, said, “If your ladder is not leaning against the right wall, every step you take gets you to the wrong place faster.” This is true in both personal and organizational goals as a whole.

3. Unity

As my opening example illustrated, if everyone in your organization doesn’t share a unified goal, you will have a much tougher time reaching it. If someone doesn’t believe in the vision, they won’t give their best effort to push for that final destination. That is why it’s critical to spend the time and energy necessary to truly sell your vision inside your organization. Build that trust, and keep the end goal in mind as you go, and everyone is more likely to get behind you.

In addition, implementing a good leadership team development program with the help of experts can help your organization achieve unity and leadership success.

A leadership team development program promotes continuous learning. This means providing opportunities for team members to learn new knowledge and skills and to develop their leadership abilities.

When team members are constantly learning and growing, it’s said that they’re better equipped to lead the organization into the future. With this, organizations can create a leadership team that’s united and focused on achieving the organization’s goals.

For instance, an enterprise transformation program is a comprehensive, customized program that can help large regional, national, and global organizations attain unprecedented, sustainable gains with shared goals and objectives. With this program, personnel can be leaders in the future.

On the other hand, accelerated coaching programs for executives are science-based one-on-one coaching, aiming to uncover behaviors and blind spots that impede their desired goals and performance.

4. Execute the Vision With Kindness

People respond to the best kind of treatment. As you move forward with your vision, keep kindness at the forefront of all you do. Employees that are treated with respect are employees that will continue to respect both you and your vision.

Be empathetic by trying to understand others’ perspectives, even if you don’t agree with them, to build trust and rapport. Also, be compassionate by showing that you care about their well-being for them to feel valued and appreciated. Treat everyone with fairness, dignity, and respect, regardless of their position or title, to create a positive and highly productive workplace.

In addition, make sure that everyone is treated right, regardless of their race, gender, religion, or sexual orientation, to create a sense of equality and justice in the workplace. Show willingness to listen to feedback from your team members to improve as a leader.

I truly believe in these principles. Last year in one of my current ventures, we made building trust our internal priority for the entire year. We focused on extending trust to every employee in their role – giving guidance, then empowering them with what they needed to get their job done. From there – we let them find the best way to accomplish the company vision. Without the burden of micro-management, our sales improved by around 30%! It’s difficult to argue with that kind of success.

Building trust takes time and energy, but it is always worth it in the long run. With a foundation of trust, sharing a unified vision becomes easier. Respecting your employees can turn into expecting more from your employees – and because they trust you in return, they will rise to the occasion.

About the Author

Glenn JakinsGlenn Jakins is a serial entrepreneur with a multi-decade track record of taking creative ideas and turning them into successful products that change lives. With a strong background in logistics and operations, he has helped launch multiple 8-figure companies and been instrumental in the increase of tens of millions of dollars in sales for many more. Currently, in addition to other investment ventures, Glenn heads Humless as CEO, pioneering reliable power systems based on clean energy sources.

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