A sad reality is that many businesses around the world don’t take mentoring seriously and miss out on a golden opportunity to onboard new employees, engaging with them from the start or assisting existing team members to develop and progress to new stages of their careers.
The benefits that are sacrificed include: -
Fast-tracking skills development – instead of “letting them find their own feet”, a mentoring approach provides guidance and support helping mentees develop knowledge and hone their skills, making them productive sooner.
Increased role enjoyment – research confirms that participants in mentorships report higher levels of job satisfaction by helping them feel more confident in their roles.
Retention – Mentoring supports employees, helping them feel more invested and fulfilled in their commitment to the business.
Improved Performance – because of the feedback they receive, mentees demonstrate higher levels of performance than those left to fend for themselves.
Positive Culture – because mentoring is based on communication, collaboration and healthy relationships, an enhanced work atmosphere and workplace relationships are created.
The mortgage broking industry is well suited to mentoring and mentorships. Mentoring is the conduit to pass invaluable and specific knowledge and experience to others and it is integral to growing and building successful finance brokerage businesses.
As new to industry brokers, the benefits of being mentored include:
Professional experience – there is no substitute for real-world experience and mentors can assist new brokers to navigate those situations and scenarios which have been faced, by others, before.
Building confidence – Success is built on confidence. The support mentors provide helps mentees to make decisions and communicate solutions with the level of confidence needed to garner the rapport and trust of clients.
Networking - Mentors are typically well-connected within the broking industry and have a great resource network. The mentorship platform can open doors for the mentee to get connected with the right professionals in various fields.
Industry Information – For mentees, mentors are a great source of up-to-date information, because they are “engrained” in the industry.
However, it is not a one-way street. Mentors also benefit from the mentorship provided to others.
Self-Esteem – A successful mentorship where the mentee has gained knowledge, started to succeed as a broker and generally benefited from the mentoring demonstrates that the mentor is capable of assisting others, in a positive way.
Further Exposure – During the mentoring journey, the mentor may come across new or unique scenarios that build on their knowledge and expand their capabilities as a broker.
Giving Back – working with and helping others provides a sense of personal satisfaction and investment in the future of the business and the industry.
One of the biggest impediments to mentoring in the finance and mortgage broking industry is the lack of a structured approach or program. There is no shortage of new mentees coming into the field. And the levels of experience, knowledge and expertise of potential mentors have never been higher. However, when these are put together in an unstructured, ad hoc manner things rarely go to plan.
To address this, in conjunction with the FBAA, we have put together a structured online professional development program that provides mentees with a guided learning journey to their role as a broker, whilst allowing mentors the oversight to add value as their mentee proceeds through the program.
We also provide direct training, feedback, support and encouragement to assist mentees to complete the program and get the most out of it.
For more information go to https://www.elevateb.com.au/fbaamentoring