Why Mentoring Works

Let's first have a look at what has changed in the last 12 months. The economy has faltered, and we all have to face many more challenges than ever before. Reduced resources mean increased workloads. The need to be more economic, efficient and effective brings with it additional pressures. This can and does impact hugely on our time. For many that means extended working hours and additional responsibility. This can all take its toll and we get overwhelmed with the day to day work.

In light of the UK Governments Comprehensive Spending Review (CSR), the task ahead may appear to be even harder than before.

Having the opportunity to "clear some space" just to reflect on what we are doing and how we can approach it from a different perspective is often difficult to do. Having a sounding board to explore ideas, develop solutions or to discuss how to handle an issue can make a huge difference.

What I will cover in this article is briefly the definition of Mentoring, and then proceed on to look at the different types of Mentor relationships. I will talk about the different methods of communication, the frequency and some of the common processes used.

Identifying what makes a good Mentor will be discussed as well as looking at the benefits for both the Mentor and Mentee. The relationship is not without risk so we will also cover some of the potential pitfalls. Mentoring is not for everyone, so I'll describe some examples where it may be appropriate. Finally I will share a brief case study demonstrating the Mentoring process in action and the outcomes.

A definition of Mentoring
There are a lots of discussions around what Mentoring is and isn't. I'll bypass this topic as it is a whole discussion on its own, and use two of the most relevant definitions to this article.
Mentoring allows "the transmission of knowledge, skills and experience, in a supportive and safe and challenging environment " according to the Chartered Institute of Personnel and Development.
The Chartered Institute of Logistics and Transport (CILT) definition of Mentoring is "the deliberate pairing of a skilled and experienced member (the Mentor) with another member (the Mentee) with the agreed goal of the professional development of the Mentee".

Types of relationships
There are different types of mentoring relationships, ranging from upwards (your manager or boss, although this is very infrequent), peer to peer, cross functional and most commonly downwards.
Mentors can be from inside your own organisation be it directly from your department or function, or from another business unit. There are also Mentor/ Coaches available from within some Professional Institutions (for example the Chartered Institute of Logistics and Transport UK, and the Institute of Leadership and Management.) Other accredited Mentors/ Coaches are available externally.

Key to Maximum Success in Minimum Time: Get a Mentor

A funny thing about real estate investing. It continues to be one of the best ways for individuals to achieve financial freedom. But it's also one of the toughest businesses to stay in. Adding to the challenge is that today's real estate landscape has a number of pitfalls, but a savvy investor can avoid them by getting the right mentor. The right mentor will help you see where the traps are and how to avoid them.

But let's not get ahead of ourselves. Just in case you're not familiar with mentoring, let's start with what mentoring is all about.

What is mentoring?

Mentoring is a relationship built on learning. Typically, it is a one-to-one relationship between a more experienced and a less experienced real estate investor. It is based upon a mentor that is committed to your growth and development. Having a good mentor can be a short cut to success because you learn from other people's mistakes, enabling you to avoid the same traps and progress quicker. It's about applying learned knowledge that is hard to do on your own. Most of us don't succeed alone. That's were mentoring comes in - you're not alone.

What is a mentor?

A mentor is a real estate investor who will provide you with needed advice, consultation, direction, or practical help for the effective achievement of your investing goals. A mentor has already done what you want to do. A mentor should be your learning coach: someone you can talk to and trust. A mentor should help you focus on your goals and give you direction that helps you succeed more quickly than you could alone.

Delivering Unmistakable Value Through Training

Training and development is at one of those proverbial forks in the road.

Most training organizations take the familiar and well-worn path, crowded with committed, enthusiastic, and highly capable corporate training specialists from around the world. The discussion on this path consistently revolves around difficult, often intangible goals such as "creating world-class knowledge workers" and "delivering competencies." Traffic moves at a steady, purposeful pace, as it has for decades.

Innovative organizations take a different path. On this road less traveled, the pace is fast, the destination clear. Here, training is driven to be better, faster, and cheaper by the relentless forces of impatient customers and the bottom line - in short delivering unmistakable, tangible value to their customers as well as the organization itself.

The direct and indirect costs of training, including lost productivity, add up very quickly.

In the United States, training costs more than the equivalent of a thousand U.S. dollars per employee each year at many companies, and it is often much more.

The Training Paradox

The value of learning in today's knowledge economy is clear. The oft-quoted leadership sentiment that "people are our greatest asset" is not mere posturing. Top firms in every industry place high emphasis on hiring the most capable people and providing continual learning opportunities to make them as effective as possible. In aggregate terms it clearly works: firms that spend more on training produce considerably more profit per employee.

Research published by the American Society for Training and Development shows that companies that spent an average of $900 per employee on training generated more than 30 percent more gross profit per employee than those firms that averaged $275 in training expenditure per employee.

The value of learning is not questioned. What should be questioned strenuously, is whether training organizations as operated today can deliver the kinds and quality of training-on time, on budget, and on target-that will consistently drive bottom-line results. As an executive, board member, or even a shareholder, you expect continuous productivity gains from manufacturing and shorter development cycles from R&D.