Mentorship in 2024. A new set of rules for a new generation (part 1)


Mentorship has long been a cornerstone of professional development.  Throughout our careers we can all point to select individuals that took the time and exerted the extra effort to help us proceed along our paths. We also most likely have a mental list of jerks that tried to get in our way, (but that is for another article!). 


For today, we look at mentorship from an employee perspective.  In the next article, we will address it from an employee’s point of view. 


In 2024, a LinkedIn survey revealed that 80% of professionals believe mentorship is vital to career growth, yet only 1 in 3 reported having a “real” mentor.  As we’ve shifted to hybrid / remote work models, effective mentorship has become even more crucial, and more difficult to achieve.   Hybrid work environments, blending remote and in-office arrangements, challenge traditional mentoring norms. The physical distance can dilute the personal connection that is fundamental to a successful mentor-mentee relationship.  How we navigate this will be crucial to the development of the next generation of leaders. 


From an employer perspective, mentoring in today’s dynamic work environment is about more than just imparting knowledge; it’s about fostering a culture of continuous learning and mutual support, especially in the high-stakes sector of financial services.  Here are a couple of tips to help the process:


Personalize the Experience: Every team member has unique aspirations and learning styles. A Gallup study revealed that employees who feel their managers are invested in them as people are more engaged. Tailor your mentoring approach by setting individual goals and learning paths for each mentee. 


Promote Psychological Safety: Google’s Project Aristotle showed that successful teams feel safe to take risks without feeling insecure or embarrassed. Encourage team members to voice their ideas and concerns, creating an environment where learning from mistakes is valued over punitive measures.


Emphasize Soft Skills: A LinkedIn report highlighted that 92% of hiring professionals believe soft skills are equally or more important than hard skills. In financial sectors, where technical skills are a given, mentor your team on negotiation, emotional intelligence, and leadership to prepare them for upper management roles.


Foster Peer-to-Peer Learning: Encourage knowledge sharing among team members. This not only leverages the collective skill set of the team but also builds a supportive network, crucial in today’s remote and hybrid work models prevalent in the financial industry.


Leverage Technology: Use digital platforms to provide ongoing learning opportunities. According to the Brandon Hall Group, organizations with strong learning cultures are 92% more likely to innovate, crucial in the ever-evolving finance sector. 


Lead by ExampleTeam members often emulate their leader’s behavior. Maintain high professional standards, showing commitment to ethics and continuous learning. This sets a precedent, especially in financial disciplines where trust is pivotal.


Ultimately, it is important to remember that it’s the quality of the interaction, not the proximity, that ultimately shapes a successful mentorship journey. 


Effective mentoring is about inspiring your team to reach their full potential while contributing to the organization’s success. Keep abreast of the latest industry trends, regulatory changes, and technological advancements to ensure your mentoring remains relevant and impactful. 


Happy to hear what you are doing to mentor your team.  Please share your insights with me. 

Feel free to reach out directly to discuss this topic further as well as any other questions or concerns regarding the current hiring climate. I guarantee that in our call together you will leave with 2 or 3 ideas that will greatly impact your ability to find, attract, and procure the top 10-15% of the candidate pool on a consistent basis.


Leave a Reply

Your email address will not be published. Required fields are marked *